People today have hectic schedules, so transferring money from one account to another by visiting the bank is the least preferred option as it requires a lot of time and effort. In the present era of digitalization, there are numerous ways through which money can be transferred online from one debit card to another. Online money transferring facility has now become the most preferred medium, and this can save you from any cash shortage problems.
Though sending funds through net banking and mobile banking are the most favored options, the transfer of funds through ATMs using debit cards is an extensively practiced method.
Internet banking, mobile wallet, and app-based banking have become our savior in case of cash shortage. Many account holders are not that tech-savvy, so they can easily transfer money from one account to another using their debit cards at the ATM. It’s a simple process and takes no time to complete the transaction.
The debit cards are directly linked to the bank accounts, so the transfer of funds from one bank account to another using debit cards means that the transferred funds can be easily accessed through the debit card linked to the receiving account. Hence, this money transfer is commonly termed as the money transfer from one debit card to another.
Despite all these advantages, debit cards have certain limitations. They allow you to use only the funds available in your bank account. But in the case of an emergency or any financial crisis, you would require extra funds. In such cases, credit cards come to your rescue. If you’re thinking, ‘how can I transfer money from credit card to bank account’, there are several methods available to help you sail through this process.
Many credit cards provide you with interest-free cash withdrawal services for a certain period. The most preferred credit card is the Bajaj Finserv RBL Bank SuperCard, as you are not required to pay interest if you withdraw cash within the first 50 days. This Bajaj Finserv co-brand credit card comes with instant card approval facilities.
You can save up to Rs. 55,700 annually using this credit card by using it for shopping and other kinds of purchases. It provides you with a unique facility for converting your available credit limit into a personal loan with attractive interest rates.
That said, let us now take a look at different ways to transfer money from one debit card to another.
Methods to Transfer Money from One Debit Card to Another
1) By visiting the nearest ATM
Step 1. Insert the debit card and choose the preferred language
Step 2. Provide the debit card PIN to proceed further
Step 3. Choose the ‘Fund Transfer’ option from among the given options.
Step 4. Provide the required details like beneficiary’s bank, account number, IFSC code, account type, etc.
Step 5. Input the amount to be sent and confirm the transaction by clicking on ‘Yes’.
This completes your fund transfer from one debit card to another. This money can be easily accessed by the debit card linked to the receiver’s bank account.
2) Using Net Banking:
If you already have a net banking facility activated, then you can easily transfer money from your debit card to other debit cards. This process can be used at any time and you need not visit the bank or an ATM to complete the process.
Step 1. Login to your net banking account (available on your bank’s website) using your Customer ID /User ID and net banking password.
Step 2. Choose the ‘Fund Transfer’ option and proceed to add a beneficiary.
Step 3. Next, provide the beneficiary account details.
Step 4. Input the amount to be transferred and complete the transfer by entering your transaction password.
3) Using Digital Wallets – Paytm, PhonePe, BHIM, MobiKwik:
These apps are most commonly used to transfer money by using debit cards. You can start by generating a Unified Payment Interface (UPI) ID and then choose the fund transfer option on the app. Next, you have to provide the account details or the UPI ID of the beneficiary to complete the transaction. It is a very user-friendly method with a safe and secure transaction medium.
If you are considering applying for your first credit card, you can also consider applying for a free credit card. These free credit cards do not require any annual fees or joining charges to be paid. With a number of exciting offers like reward points, cashback, and discounts, you can save extra on your daily transactions. The Bajaj Finserv RBL Bank SuperCard is the best choice if you are considering getting a new credit card due to its numerous features and benefits.
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