A prepaid card is a lot like a debit or credit card. But, rather than draw money from a bank account or line of credit every time you use it, prepaid cards pull from preloaded funds. You can spend only the amount available on the card.
While a prepaid card can help you manage your spending, there are times when you may want to move that money into your bank account instead. We’ll walk you through how to transfer money from a prepaid card to a bank account.
Can you transfer money from a prepaid card?
It’s possible to transfer prepaid card funds to your bank account, though not all card issuers allow it. The process varies by prepaid card and bank account and may involve fees. Log in to your card issuer’s website to review the exact steps and limitations.
How to transfer money from a prepaid card to a bank account
Even though the process of transferring money from a prepaid card to a bank account differs by card issuer, the steps are similar. Use the steps below as a general guide.
1. Check if your prepaid card allows transfers
First, determine if your card issuer allows transfers to your bank account. You can contact the card issuer and ask how to transfer money from a prepaid card or check the card’s terms and conditions. You may also be able to find this information online in the card issuer’s FAQs or help documentation.
You’ll also want to determine if there are fees associated with transferring funds from your prepaid card to your bank account. This will vary by card issuer.
2. Register your prepaid card online
If transfers are allowed, create an account on the card issuer’s website or mobile app. You may need to provide some personal information, such as your name and address. The good news is once you create an account, you’ll be able to use it for future prepaid card transfers (if they involve the same card issuer).
Once you’ve created the account, you’ll link the prepaid card by typing in the card number. You may also need to enter a security code or prepaid gift card code from the back of your card.
If you can’t create an online account but the card issuer allows prepaid card transfers to bank accounts, contact a customer service representative.
3. Link your bank account to your prepaid card
You’ll need to provide your bank account information before you can initiate the transfer.
The online account should have a ‘Transfer’ or ‘Send Money’ section. Navigate to this section, and you should find an option to add your bank account.
Next, you’ll enter your routing and account numbers. You may also need to verify your bank account. This might include entering a one-time code or verifying your bank credentials using a service like Plaid.
4. Initiate the transfer
Once you’ve connected your bank account, it’s time to initiate the transfer. Locate the ‘Transfer’ option and enter the amount you want to transfer. You generally don’t have to transfer your entire prepaid card balance to your bank. If you only need some of the funds in your bank account, you should be able to specify the amount you want to transfer.
Review the details and confirm the transfer by clicking ‘Send’ or ‘Confirm’ or a similarly worded button. You should receive a confirmation that the transfer has been initiated. Any associated fees will be deducted from your prepaid balance or collected at the time of transfer.
Once the transfer has been initiated, it will take several business days to reach your bank account. Check your bank account balance to know when the transfer has been completed successfully.
Why transfer funds from a prepaid card?
You might transfer money from a prepaid card to a bank account for many reasons. Maybe you want to consolidate your funds in your bank account or have them earn interest in a savings account.
You may also want to pay bills, such as a utility bill, but the provider doesn’t accept prepaid cards.
Important considerations
There are several things to keep in mind when transferring money from a prepaid card.
In particular, note that some card issuers may have transfer limits that prevent you from moving all your prepaid card funds to your bank account. They may also allow only one transfer rather than repeated transfers of small amounts.
If the card issuer charges fees, it will cost you money to transfer the money to your bank account. If you use the prepaid card instead, you will not incur fees.
Prepaid cards also offer an additional layer of security since they’re not linked directly to your bank account. If your bank account is compromised, a bad actor could drain your account of its funds. On the other hand, if your prepaid card is lost or stolen, you lose only the amount on the card.
Also, be aware of transfer timelines. If you need the money quickly, money from a prepaid card transfer might not reach your bank account fast enough. Alternatively, a Western Union® Netspend® Prepaid Mastercard® allows you to send and receive money transfers and get paid up to two days faster.
Prepay your way with Western Union
In addition to our Netspend Prepaid Mastercard, we also offer the Western Union Prepaid Visa® Card. Our prepaid cards are accepted at millions of businesses worldwide, wherever Mastercard or Visa is accepted.
Prepaid cards are a convenient way to send money to family and friends or control your spending. And when life happens, you now know how to transfer money from a prepaid card to a bank account easily.
FAQs
Can you transfer money from a prepaid card to your bank account?
If the card issuer allows transfers, yes, you can transfer money from a prepaid card to your bank account. You’ll need to contact the prepaid card issuer for more information on the exact process, but this guide details how transferring money from a prepaid card generally works.
Can you get money off a prepaid card?
Yes, you can get money off a prepaid card if the card issuer allows you to transfer money into your bank account. Some prepaid cards may also allow you to withdraw cash from an ATM using a PIN.
How can you transfer money from a virtual prepaid card to a bank account?
A virtual prepaid card works in the same way as a physical prepaid card. If the card issuer allows transfers, you’ll need to set up an online account with the card issuer and connect your prepaid card by entering the card number and PIN or security code. Once your prepaid card is connected, you can connect your bank account and initiate a transfer.
Can you transfer money from a bank account to a prepaid card?
Looking to reload your card and transfer money from a bank account to a prepaid card instead? Many prepaid card providers allow you to initiate a bank transfer to load your prepaid card. Some also let you link your bank’s debit card to transfer funds.
