Mall consumers use prepaid debit cards to help them manage some of their spending. It is also possible to use these cards to give an allowance to children in a way that helps them understand how to use plastic and send money to loved ones living far away.
At some point, however, you need to reload your prepaid debit card. Using a wire transfer to add money can be one way to do this. Here’s what you need to know to transfer money from a bank account to a prepaid debit card.
Get account and routing numbers for the prepaid debit card
Even though it is a prepaid debit card, a financial institution has issued it. You will therefore need to obtain the information associated with your prepaid debit card. Sometimes the account number that identifies your debit card is different from the card number. You will also need the routing number of the card issuing bank.
To get this information, you have two options:
- Sign into your account: Can you log into your prepaid debit card account online? Most of the time, you create an account when activating a card. This allows you to see your balance and manage other aspects of your prepaid debit card. Look for a menu item that allows you to transfer money to your card. This is where you will likely find the routing and account numbers you need.
- Call prepaid debit card customer service: You can also get the information by calling the customer service number. Make sure you are clear that you want to add money to the debit card by wire transfer. They should be able to tell you how to do this or where to find this information in your online account.
Once you get it, you’ll be able to set up direct deposit and perform other tasks besides adding money via wire transfer.
Add the prepaid debit card to your regular bank account
Many bank accounts allow connection to external accounts. Most likely, you will be able to configure this under a navigation element that allows you to transfer money.
It is quite easy to transfer money between multiple accounts that you have at the same bank. However, you will need to look for an “external” account on your bank’s website if you want to transfer money outside of the bank.
The good news is that once you’ve created an external account, it’s usually registered. So whenever you need to transfer money, you can just click on the prepaid debit card details and continue without having to re-enter the account information.
Keep in mind that before you can transfer your money, your bank will likely send out test transfers. These are usually deposits of less than a dollar, and many banks send two. This is to verify that the information you provided is correct.
Before you can proceed, you will need to check your prepaid account to see if the deposits have been made, and then enter them on your bank’s website in the required place. Setting up a prepaid debit card as an external account with your bank can take anywhere from three to five business days, so be sure to allow it.
Once you have set up the prepaid debit card as an external account with your bank, you can transfer the money. Just go to the transfer page, select the account and get started.
Depending on the bank, you may be able to set up a recurring transfer. This can be useful if you want to transfer money from your bank account to the prepaid debit card.
This is especially useful when using a prepaid card for an allowance or when sending a living allowance to a child attending college. Pick a regular day of the month or week to transfer the money, and you don’t have to remember when it’s time to transfer.
Be aware, however, that many bank transfers take three to five business days, so the money may not arrive quickly. Plan ahead so you don’t find yourself in an urgent situation.
You can send money faster by using a bank transfer, but it can cost you dearly. Many banks charge $ 20 or more for wire transfers.
Keep in mind that this method may take a few hours, and if you miss the daily cut-off time, the bank transfer may not be completed until the next day. Determine if these fees are worth paying before using a wire transfer.
Net expenditure is a popular reloadable prepaid card for those who want to manage their money. It offers a mobile application to track your finances. You can also deposit checks with the app.
Resource: Check out our recommendations for some of the best prepaid debit cards.
Alternatives to transferring funds to a prepaid debit card
There are other ways to get money on your prepaid debit card beyond a wire transfer. With so many unique financial products and services, you can try out different options for adding money to your prepaid debit card without having to go through a traditional bank.
One way is to use direct deposit. You can set up direct deposit through your employer. You’ll need the routing and account number information associated with your prepaid debit card, but once you’ve set it up you can have some or all of your paycheck sent to your prepaid debit card. .
PayPal is another way to add money to your prepaid debit card. PayPal now allows you to add a debit card to your account and transfer money to it. You just need the debit card number, expiration date and security code.
This allows PayPal to transfer money from your account to your debit card. The transfer usually occurs within 10 to 30 minutes. The fees are 1% with a cap of $ 10, so it’s cheaper than many traditional bank wire transfers.
You can also connect your prepaid debit card to your person-to-person payment app. Venmo is a good example. Add your prepaid debit card information to the Venmo app so that when people send you money, you can transfer it to your debit card. It happens quickly and comes with a plan of less than a dollar.
If you are using a prepaid debit card as part of your financial management, you should be able to transfer money to the debit card. When you know your options, it is possible to top up your card using a wire transfer or one of the many other options.
Related: Why are millennials using prepaid credit cards?
Carefully research your options, their costs, and determine what will work best for you in the long run.