Mastercard Send™ - Platform for You to Transfer Money Online (2024)

FAQs

What is Mastercard money send? ›

Mastercard Send enables Transaction Originators to send funds directly to a consumer's bank account within seconds1 using the debit card number associated with that account. Step 1: Sender initiates P2P transaction to Transaction Originator.

Real-time P2P and account-to-account transfers

Generally, within seconds, Mastercard Send facilitates the transfer of cash balances and P2P payments to the consumer's bank account via their debit card, making outdated registration and validation methods obsolete and improving the user experience.

Contact your credit card company's customer service number. Inform them about transferring funds from your credit card to your bank account. Provide the necessary details like transfer amount and bank account information. Follow further instructions provided by the customer service representative.

To send money, a user must have the recipient's account information, such as their bank account number or mobile wallet number. Once the information is entered, the user can specify the amount they would like to send and initiate the transfer. The money will then be deposited into the recipient's account in minutes.

The Mastercard® Send™ platform and services facilitate funds transfers and are intended for use by specific types of customer, see Participants. Mastercard Send enables payments and funding via a transaction type called 'MoneySend'.

It is possible to use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but we can't recommend it. Cash advances are risky because of the high interest rates and costly one-time fees. Balance transfers can lead to more debt if they're not handled correctly.

Step 3: Enter the recipient's bank account details. Step 4: Use your credit card to initiate the transaction. Step 5: You will receive a confirmation and a tracking number, also known as a Money Transfer Control Number (MTCN), via email. Step 6: The transfer of funds to the recipient's bank account will take place.

Most Mastercard credit cards also allow you to obtain cash advances at an ATM. You'll need a Personal Identification Number (PIN) to withdraw cash. You can find your issuer's contact information on the back of your Mastercard and on your billing statement, or you can visit the issuer's website.

To complete the transfer yourself, start by putting your credit card into an ATM and making a withdrawal. Then, you can initiate another transaction to deposit the funds into your bank account.

Can I send money to myself on PayPal from a credit card? ›

It is against PayPal's terms of service to send money to yourself from a credit card. This option is only available when sending money to a friend, client, customer, or business.

As mentioned, if you are trying to transfer money with only a card number and CVV, you are out of luck. Credit card companies and payment processors will require the card holders name, address, and zip or postal code. In fact, this is the most basic information that is used to verify transactions.

Mastercard MoneySend Payments enable fast and secure domestic and cross-border transfers to your Mastercard customers using their card details.

Consumers can seamlessly send and receive funds domestically to friends and family typically within seconds¹. Our partners include financial institutions, money transfer operators and merchants².

Mastercard Send does not charge a transfer fee for its services as it provides payment management services rather than executing money transfers. The card-issuing banks (also called card issuers or issuers) apply their own proprietary fees for these transactions.

MoneySend is the Mastercard transaction type (Transaction Code 28) designed for real-time money transfers by issuers connected to the Mastercard network.

Occasionally, a bank may issue a credit card in error. In such a case, you should direct the bank to close the account and remove any record of the account from your credit history. Receiving an unsolicited card also could mean that a third party has applied for the card after stealing your identity.

Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Bancorp is issuer of the Card only and not responsible for the associated accounts or other products, services, or offers from PayPal. PayPal is a financial technology company, not a bank.

Instant Payment Service by Mastercard is a real-time clearing and settlement infrastructure for bank account-based payments. It powers faster payments worldwide. Find out more. Bulk Payment Service. Bulk Payment Service by Mastercard is a batch processing and payment solution.