Funding money transfers with a debit or credit card is the fastest and easiest way to pay for money transfers, but did you know that you can transfer money directly to a debit card? We’ll talk about card to card money transfers, and I’ll recommend the best five card to card money transfer services of 2023.
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What is a card to card money transfer?
A card to card money transfer is the transfer of funds from one card (debit, credit, or prepaid) to another, typically a debit card. Paying with a debit/credit card is a faster and more common way to pay for money transfers; most people prefer this payment method because it is simple and convenient. However, very few people are aware that it is possible to send money directly to a debit card.
When you transfer money to a debit card, the funds are credited to the bank account to which the card is linked. Despite card to card money transfers’ lack of popularity, this is the ideal choice if you need to transfer money quickly. Money gets to the other person in a matter of minutes because transactions are handled by automated systems used by card payment processors like Visa and Mastercard.
Can you transfer money from card to card?
It is possible to transfer money from one card to another, and it is the easiest and fastest way to send money to someone. Money transfer services like TransferGo, Remitly, and MoneyGram allow you to send money from one card to another. These money transfer services typically let you transfer funds straight to debit cards and let you pay with credit, debit, or prepaid cards.
What information is necessary to carry out transfers?
To transfer money from one card to another, you need to have both the sender’s and the recipient’s card information.
You need the following details in order to pay for money transfers using cards: the card’s 16-digit number, the full name of the cardholder, the card’s expiration date, and the CVV/CVC code (a three-digit number at the back of the card).
To send money to someone’s card, you need their card number, full name, and expiration date.
How long do transfers take?
In most cases, these transfers take less than 30 minutes. However, in some cases, transactions may take up to three days. Transfers are faster because transactions are processed automatically. Furthermore, transfer speeds differ from one money transfer company to another.
How much do the fees cost?
One of the downsides of sending money from card to card is that the fees are slightly higher compared to other money transfer methods. Aside from transfer fees, card providers such as Visa and Mastercard may also charge card payment processing fees. This tends to raise the total fees associated with card transfers.
When compared to debit card payments, credit card payments typically have higher costs. You should prepare to pay somewhere between 1 and 4 percent of the transaction amount when using credit cards. Debit cards, on the other hand, will unquestionably cost you far less than credit cards. Debit card transaction fees typically range from 0% to 2%.
Despite the fact that sending money between cards is an excellent and quick way to do so, you should look into other less expensive alternatives first.
Card to card money transfers: pros and cons
Let’s examine the benefits and drawbacks of card to card money transfers.
Pros
- Money transfers typically happen within a few minutes.
- When transferring money, fewer details are needed.
- Debit card payments may be cheaper than other forms of payment.
- When there isn’t enough money to cover the transfer, using a credit card may be helpful.
Cons
- In comparison to other payment methods, it is typically more expensive.
- It is an uncommon way of sending money.
- Paying with credit cards may lead to debt.
What is the best card to card money transfer service?
It is true that transferring money between cards is simple and quick, however, choosing the best money transfer provider is just as crucial. Here are the best 5 companies that provide card to card money transfer services:
1. TransferGo
TransferGo is a money transfer company based in London that offers both local and international money transfers. It primarily provides services in Europe, Turkey, and the United Kingdom. You may use TransferGo to send money to a number of countries, including the US, Canada, and Australia.
If you are looking for a quick money transfer, you should consider TransferGo. It offers 30-minute or less quick money transfer services.
In addition to being arguably the quickest money transfer service, TransferGo also provides competitive transfer fees and exchange rates.
TransferGo offers a variety of payment and delivery methods, including bank transfers, cash pick-ups, debit/credit card payments, and mobile money. However, the card to card money transfer service offered by TransferGo is our major objective here. Here’s how to use TransferGo to transfer money from one card to another;
- Log into your account and press Transfer Money to begin the transfer.
- Enter the recipient’s country, the amount, and the preferred delivery time, then click Continue.
- Enter the recipient’s details.
- Select the debit/credit card delivery option, then enter the recipient’s card number and expiration date, and click continue.
- Review.
- Use your card to pay for the transfer by providing the following information: card number, name, card expiration date, and CVV code located on the back of your card.
After making the payment, allow 30 minutes for the money to appear on the recipient’s card.
Get your first two free transfers on TransferGo below.
2. Remitly
Remitly is a company based in the United States that specializes in international money transfers. It offers extensive coverage in terms of delivery destinations, sending money to more than 130 countries worldwide.
Remitly provides debit card deposits in addition to bank deposits, cash pickup, mobile money, and home delivery as delivery alternatives. To use Remitly to transfer money between cards, follow these steps;
Enter the amount and then scroll down and pick debit card deposit as a delivery option.
Enter the recipient’s debit card number and the full names.
Press continue and pay for the transfer using your debit/credit card.
Give the transaction time to complete; you will be notified once the recipient gets the funds.
3. Paysend
Paysend is another great option to use when transferring money between cards. This is a reputable money transfer service that enables users to send money to more than 150 countries worldwide. With regard to this list, Paysend is likely the company whose website is the easiest to use for money transfers. You can send money in just two to three simple steps.
Paysend offers a variety of payment options, including card deposits. Paysend is considered the pioneer of card to card money transfers, largely due to the fact that you may use Paysend to transfer money to cards in a variety of currencies across different countries. Additionally, Paysend makes it incredibly easy to transfer money from one card to another.
Paysend charges a fixed fee of $2 or the equivalent in other currencies, thus being a very cheap option to transfer money with. But you might also incur additional charges due to the exchange rate.
Paysend’s card to card money transfers are quick and easy, all you need to do is provide your recipient’s name and their 16-digit debit card number.
4. Western Union
Needless to say, Western Union is the largest money remittance company in the world. There is probably no place in the world where Western Union can’t deliver money. With more than 500 000 agent locations globally, you don’t need to worry if Western Union is available where you want to send money.
What comes to the mind of most people when they hear the word Western Union is cash-to-cash money transfers. This is likely because Western Union is the leading pioneer in cash pick-up transfers. These transfers are typically expensive and time-consuming because senders and receivers need to visit Western Union Stores in order to send and receive money.
However, most people are unaware that you can send money via Western Union online and the recipient can pick up the money without visiting the store.
To transfer money between cards using Western Union, follow these steps:
- You need to create and verify an account on the Western Union website.
- Chose the destination and amount you’d want to send.
- Chose debit card deposit as a delivery option and enter the recipient’s card details.
- Pay for the transaction with your credit/debit card.
You can use Western Union to send money to someone’s debit card, even if you don’t have their card information. All you have to do is send the money and then provide the recipient with the MTCN number. The recipient picks up the money directly to their debit card using the MTCN number. To receive money directly to a debit card via Western Union, the recipient needs to:
- Create an account on the Western Union website.
- Log in and select receive money.
- Enter the MTCN (Money Transfer Control Number) provided by the sender.
- Enter the sender’s name, country, and amount.
- Select a debit card as a payment method and then enter the card information to receive the funds.
Western Union card to card money transfers are done within minutes. The recipient may choose to have the money deposited directly into their bank account or to pick it up in person.
5. MoneyGram
Founded in 1980 MoneyGram is Western Union’s main competitor. The US-based fintech company facilitates both domestic and international money transfers. MoneyGram is the world’s second-largest money transfer service, enabling people to transfer money to thousands of locations across 200 countries.
Despite its reputation for cash transfers, MoneyGram provides a variety of ways for transferring money both locally and internationally. A card to card money transfer is one of the methods of transferring money through MoneyGram. To send money from one card to another using MoneyGram, follow these steps:
- Sign up for a MoneyGram account and log in.
- Select debit card deposit.
- Enter the receiver’s information.
- Review and send.
There is no further action required; the money will arrive in a matter of minutes and be credited to the recipient’s debit card.
MoneyGram offers another service (MoneyGram FastSend) that enables text-based money transfers. Though not available in every country, this is the simplest way to transfer money using MoneyGram. To transfer money to someone, all you need to know is their full legal name and phone number.
To send money using MoneyGram FastSend, you must:
- Create or sign in to your MoneyGram account.
- Start a transfer and select FastSend as the mode of receipt.
- Enter the receiver’s full name and phone number.
- Review and pay.
The recipient receives a text message informing them that the money is ready for pickup. To receive the money, they must first create or log into their MoneyGram account. They should then enter their debit card number and request the funds.
Conclusion
A card to card money transfer, although unpopular, is something you might want to take into account when determining how to send money to your loved ones. Most likely, this is the quickest and simplest way to send money to someone. To make the money transfer, you only need the recipient’s full name, debit card number, and card expiration date.
Card to card transfers can be cheap when compared to other methods of sending money; however, avoid using credit cards wherever possible because they often charge exorbitant fees.
There are many companies that provide card to card money transfers. Although some of the best possibilities are provided in this post, you should always conduct your own research to ensure that you get the best deal. To compare various money transfer providers, use tools like Monito.
Is there anything unclear, or do you have something to say? Please share your thoughts in the comments section below. I will try to respond as soon as possible.
