Article summary
There are times in life where you might need to send money to a loved one or transfer funds between your bank accounts to help with budgeting. Perhaps you’re splitting the cost of a birthday present between friends or supporting a grown-up child at university.
Whatever the reason, an easy way to do this is by transferring money from a bank account to a prepaid debit card.
Learn more about sending money to a prepaid card, including how to do it, how long it will take and your alternative options.
In this article
- What is a prepaid card?
- Why transfer money from a bank account to a prepaid debit card?
- How can I transfer money from my bank account to a prepaid debit card?
- How long will my money take to reach a prepaid card?
- How else can money be transferred to a prepaid card?
- FAQs and guides
What is a prepaid card?
A prepaid card is also known as a prepaid debit card and works on a pay-as-you-go basis. You can transfer funds into its account at any time using bank transfers, cash deposits or checks, and the money will be ready to spend on the card when you need it. When the balance is running low, you can also top up the card online, at an ATM or at your nearest bank branch.
Prepaid debit cards do not have an overdraft or borrowing limit, so you can only spend within your means. For this reason, people often use them when they want to keep within a budget or be accountable for what they’re spending.
Prepaid cards are also a good alternative to cash, as you can often use them for online purchases or sending money to another bank account.
Why transfer money from a bank account to a prepaid debit card?
Prepaid debit cards are a helpful tool for managing your money and purchasing items online. They can be used for transferring money between bank accounts and are often considered as a safer alternative to using cash or a credit card.
The benefits of sending money from a bank account to a prepaid debit card include:
- Less risk of incurring bad credit or getting into debt.
- Easier to keep track of spending.
- Purchases are better protected than cash purchases.
- Quicker than cashing checks.
- Safer than sending money in the post.
- Fewer fees than credit cards and loans.
- Less money may be at risk if a card is stolen due to its pay-as-you-go nature.
- Access to online banking and ATM services.
How can I transfer money from my bank account to a prepaid debit card?
So, you want to transfer money from your bank account to a prepaid debit card? Follow these steps and get your money on its way to the desired receiver quickly.
Confirm the prepaid card details
Whether you’re transferring money to your own prepaid debit card or to a family member’s card, you’ll need the account number and routing number for the account you’d like to send money to. The account number is different to the number on the front of a prepaid card. You’ll need to log in to your online prepaid debit card account or call the customer service number to find this information.
Set up an external account
Once you have the details of the prepaid card you’d like to send money to, you’ll need to add it to your bank account. Online banking is usually the easiest way to do this as the card will then be saved for future money transfers. Setting up an external account could take three to five business days due to the requirement for test deposits.
Make test deposits
The bank you are transferring money from may send a very small amount as a test deposit to ensure the prepaid card details are correct. Some banks might send two test deposits of under a dollar each, and you should check to ensure these reach the desired account.
Transfer the money
Transferring money from your bank account to a prepaid debit card should now be quick and easy. Select the account you have just set up and tested, enter the amount you’d like to send, and request the money transfer.
If you want to send money to this prepaid card regularly, you might be able to set up recurring payments depending on your bank.
How long will my money take to reach a prepaid card?
If your money transfer is time-sensitive, make sure you allow up to five business days for the money to reach the desired account. Try to plan ahead if the money is needed on the card by a certain date.
The money transfer won’t necessarily reach the prepaid card instantly, but in some cases it will go through very quickly.
How else can money be transferred through a prepaid card?
If you’re unsure about online banking or need a different method, check out these alternatives for sending money through a prepaid card.
Wire transfer
A wire transfer can be a fast way to send money between accounts, but your bank might charge you for the convenience. It’s also worth bearing in mind that there is a daily cut-off time for this kind of money transfer, and if this is missed your money may not be sent until the next day. If you request the wire transfer in time however, it could be completed in a few hours.
Direct deposits
A direct deposit is arranged by your employer with your prepaid debit card details. It involves sending a chosen amount of your wages to your prepaid card.
Person-to-person (P2P) payment apps
There are several apps which allow you to transfer money that’s been sent to you via a prepaid card. You’ll need to connect your prepaid card to access these P2P services, and the app may charge a small fee.
