Sometimes, you can come across complicated situations where you have to definitely transfer money from your virtual card to a bank account so knowing how to perform this action is vital to you. Nowadays, virtual cards has fast become very useful especially for online purchases. Since virtual cards acts similarly to prepaid cards, they are not dependent of your bank account.
It is advisable to have a virtual card for international shopping due to the high rate of online criminality since the card information cannot be stolen as physical cards are able to stolen and used without the owner's authorization or knowledge.
There exist numerous virtual card providers that allow you generate a unique disposable card for every transaction you want to make which means that even if your card gets stolen, the thief will not be able to make use of funds stored in the sub account of the card.
Nevertheless, though these Virtual cards provide you with all the security you need for online transactions, it is necessary you have at the back of your mind that they do not have any link to physical financial assets such as bank accounts making it quite challenging to transfer money from Virtual Visa or Mastercard to a bank account.
You are able to transfer money from a virtual card to a bank account but not directly. In order to transfer money from a virtual card to bank account, you will first need to link your virtual card to PayPal account and then now transfer the funds from your PayPal account to bank account. This means that for you to make a successful transfer, you have to make use of PayPal as a mediator.
I guess many of you will find this process a little bit complicated but this is the only way to complete the transfer.
Want to transfer money from Virtual Card to Bank Account? then you have the right article as I will show you how to do so below.
Table of Contents
What is a Virtual Card?
A virtual card in simple terms can be referred to as that card which is stored on your phone and may be used to make contactless purchases in stores or online. This cards has its own card number, expiration date and CVC. A digital card is simply a software version of your real bank card stored on your phone.
A virtual card that can only be used once and is not reloadable is referred to as a disposable card, Once you have made a payment, the card's details cannot be reused again for any other transaction.
Virtual card works in the same way as traditional banks by simply staying in your phone's digital wallet rather than you wallet. Thanks to encryption, this card provides its users with a safe and convenient way to pay online and in store.
Advantages of a Virtual Card
With a Virtual card, you will enjoy a variety of advantages that are not available with traditional credit or debit cards. With the help of these mobile spending solutions, customers can easily monitor their accounts, optimize their spending, and protect corporate assets. Due to the multiple advantages, virtual cards are becoming increasingly popular among organizations.
Below are the main benefits of virtual cards:
1. Fraud Protection
Virtual cards help you secure your personally identifiable information (PII) by limiting the amount shared anytime you make a purchase. Your physical card and virtual cards are often linked to your main credit or debit card account.
By encrypting account numbers and creating a random sequence, or token, that can only be used to make one-time payments, these mobile solutions tokenize data. Since tokens lessen the amount of PII linked to your card, they are useless to hackers.
What makes Virtual cards more difficult for unauthorized users to access your account is the fact that virtual cards do not have magnetic strips or visible card numbers like physical cards. Several virtual cards will demand your PIN numbers or Face scans before you can have access to the account.
This is one of the main advantages of Virtual cards over physical cards. The fact that they are convenient permits you to make quick and easy payments using their phones instead of passing around a corporate card with these alternatives. With virtual cards, you will not have to look for missing debit cards.
With this card, online purchases for businesses are secured and more convenient than never before.
3. Spending Controls
You are able to set spending limit and also restrict which merchants you can pay using virtual cards. By doing this, it will help safeguard and ensure that your employees spend corporate funds properly while also protecting you from hackers on the web.
Most of the virtual cards allow users to choose when they desire their card to close or have it close automatically after even a single payment.
4. Subscription Management
You can manage any internet subscription your business has by using virtual cards. If you set up virtual cards for each of your subscriptions, you may immediately determine if a merchant overcharges you and cancel the card without changing your payment information for each vendor. By simply deactivating the card, you can avoid the inconvenience of terminating a subscription with mobile cards.
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How to Get A Virtual Card
The process of applying for a virtual card is quite similar to getting a debit card. The steps for obtaining a virtual card are described below. Please be aware that before you can apply for a virtual card, you must already have a credit card.
- Go to your account settings for the card by providing the right credentials.
- Download the card issuer’s mobile app.
- Begin by entering the 16-digit virtual credit card number given in your online account.
- Complete the application process by following the prompts on the screen.
You can use the virtual card information to make online purchases after you have it all, just like you would with a real card.
Fortunately, the majority of the major card issuers now provide virtual cards that you may quickly and easily link to your current account.
Can You Transfer Money From Virtual Card to Bank Account?
Yes, you are able to transfer money from Virtual card to bank account but not directly and in order to make a successful transfer, you will first of all have to make use of your PayPal account as a mediator between the 2.
How to Transfer Money from Virtual Card to Bank Account Using PayPal
Transferring money from a virtual card to a bank account is challenging. You will first of have to create a valid PayPal account and then add your card to your PayPal account. The next thing you will have to do is to simply link your PayPal account to your bank account and then finally transfer the funds from your PayPal account to the final destination which is your bank account.
You can follow the outlined steps below in order to transfer money from Virtual card to bank account:
Step 1: Create a Verified PayPal Account
The first step is only for those that do not yet have PayPal accounts so incase you already your PayPal account opened, you can skip this step.
Step 2: Add Your Virtual Card to PayPal
Once you already have your PayPal account created, the next thing that you will have to do is to add your virtual card to PayPal. Some virtual cards are not accepted by PayPal but if you are making use of a well known virtual card provider, then PayPal should be compatible with your card.
You can follow the steps below to Add a virtual visa or Mastercard to your PayPal account:
- Login to your PayPal account.
- Go to "Wallets" tab and select "Add a Card".
- Now, tap "Add Debit or Credit card" and enter your card information (such as the card number, expiration date, and cvv code). Make sure the billing address of your card should match that of your PayPal account. Moreover, you can add a new address for your card if you want to.
- Finally, click "Add Card" button to add your virtual card to your PayPal account.
As soon as you have added your card to PayPal, the next thing you will have to do is to verify your card and PayPal charges every new card a sum of USD 1.95 for the verification process.
You can follow the steps below to Verify Your virtual Visa card or Mastercard on PayPal:
- Login to your PayPal account.
- On the site, find "Profile" and click it. Then, from the drop-down menu that appears, choose "My Money." Find the Visa or Mastercard you added to your account in the "My Profile" list of financial sources. The "Debit and Credit Cards" screen for your virtual card will then load after selecting the "Update" option, which is located next to the listing.
- After selecting "Confirm My Card," click "Continue." As an alternative, after selecting "Link and Confirm My Card," click "Save and Continue." Whatever option you choose on your virtual card. You will be charged $1.95 by PayPal as part of the verification procedure.
- Look for the $1.95 PayPal security charge on your visa statement. Your statement will include a four-digit code in addition to the fee. Log in to your PayPal account and select "Profile" from the drop-down menu, then "My Money."
- Once you've located the card as you did before, select "Update." Select "Input PayPal Code" after that, then enter the code on your card statement. Click "Confirm Code" after you're done to finish the verification procedure.
Step 3: Transfer Money from Your Virtual Card to PayPal
Virtual cards are very similar to prepaid cards. And one of the virtual card providers in the US is Netspend and it can be added to PayPal. As earlier said in this article, if you are making use of a famous virtual card provider, you might be able to add the card to PayPal for any transaction.
As soon as your card has been added to PayPal, transferring money from the card to PayPal and using it at the checkout for payments will be very well possible with just some clicks on your mobile.
You can follow the steps below in order to add money to your PayPal account:
- Login to your PayPal account.
- Go to your "Wallet".
- Select "Transfer Money".
- Select "Add money to your balance".
- Provide your bank information, by following the on-screen instructions.
Step 4: Link Your Bank Account to PayPal
To facilitate the transfer of funds from your PayPal account to your bank account, you will first of all have to link the 2 accounts. But do not forget that in order for you to link your bank account to PayPal, you will need your account and routing number.
- Login to your PayPal account.
- Click "Wallet" at the top of the page.
- Click "Link a bank account".
- Select your bank, or click "Don't see your bank?" at the bottom.
- Depending on the bank you select, you may have the option to link your bank instantly using your online banking login information. If the instant option isn't available, just enter your bank account details manually and click Agree and Link.
Step 5: Transfer Money From PayPal Balance to Bank Account
Once you have already linked your PayPal account to your Bank Account, Transferring money from PayPal to bank account becomes an easy task to do. You are able to transfer money from PayPal to bank account in 2 easy ways which you will see below.
- Instant Transfer of Funds from PayPal to Bank Account - This type of transfer takes a few minutes for your money to reflect in your Bank account.
- Standard Transfer of Funds from PayPal to Bank Account - This type of transfer takes 1 to 3 business days for your money to reflect in your bank account.
How to Transfer Money From Virtual Visa Card to Bank Account
In order for you to transfer money from a virtual Visa card to bank account, you have to link your card to PayPal or Cash App and then add the funds to your PayPal balance as shown above. The money will then be withdrawn and placed in your bank account. Be aware that your PayPal account needs to be connected to your bank account. You may easily complete the process by following the given steps.
How to Transfer Money from Virtual Mastercard to Bank Account
You can link your Mastercard to PayPal or Cash App and then add money to your PayPal balance to transfer money from a virtual Mastercard to a bank account. The money will then be withdrawn and placed in your bank account. Be aware that your PayPal account needs to be connected to your bank account. You may easily complete the process by following the given steps.
How to Withdraw Money At ATM Using Virtual Card
You are able to withdraw money at an ATM by following the steps below properly:
- Access your online or mobile banking account by logging in.
- From the "Banking" option, choose Card-less Cash Withdrawal (IMT)
- Self Withdrawal can be chosen from the drop-down menu.
- Choose a sender code for four digits that you like.
- As an alternative, you can can just scan your virtual code using the reader.
- Once the PIN has been approved, choose withdrawal as the transaction type and enter the desired withdrawal amount.
Final Thoughts On How to Transfer Money from Virtual Card to Bank Account
Virtual cards function precisely like traditional bank cards; they simply reside in your phone’s digital wallet rather than your wallet.
They provide a safe and convenient way to pay online and in-store, owing to encryption. Moreover, withdrawing real cash from a virtual card through an ATM is just as easy!
For daily use, virtual cards are significant financial assets. You must use some deceptive methods to execute the transfer because you cannot transfer money from your virtual card to a bank account directly.
Frequently Asked Questions
Can I use my virtual card at an ATM?
Yes. You are allowed to use the virtual card at an ATM to withdraw funds. The mobile app should let you cash out money from your account easily.
Can I transfer money from a virtual card to my bank?
You can transfer your virtual Visa funds to your bank just like you would transfer them from a regular card. The Visa card has a card number, expiration date and security code, just like a plastic card. If the issuer allows transfers to bank accounts, you should be able to do that by logging in to your online account.
How can I get money off my virtual card?
Because there is no physical card, a Visa virtual credit card cannot be used to withdraw money from an ATM. However, you may typically perform a transaction at your bank to add money to your account and withdraw it from your bank.