How to Transfer Money From a Bank Account to a Prepaid Card
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What Are Prepaid Cards?
How Do Prepaid Cards Work?
How to Transfer Money to a Prepaid Card: 4 Steps
Step 1. Get the Card’s Routing and Account Numbers
Step 2. Add Your Prepaid Card to Your Bank Account
Step 3. Look for Test Deposits
Step 4. Transfer Money
Pros and Cons of Prepaid Cards
Offers a safer alternative to carrying cash Keeps you from running up debt Allows you to keep track of your spending You don’t need to have a bank account to use a prepaid card Less money may be at risk if the card is stolen, since the thief can’t access your bank account.
Can’t build your credit with responsible use of the card Spending is limited to the amount loaded on the card You can’t instantly transfer money from your bank account to the card Prepaid cards often charge fees for withdrawing cash, reloading your card, and other services.
Where Can You Get a Prepaid Card?
Transferring Money From Savings to a Prepaid Card
Transferring Money Online
How Much Time Does It Take for the Money to Transfer?
Other Ways to Transfer Money to a Prepaid Card
Direct deposit If your employer offers direct deposit, you may be able to arrange to have all, or part, of your paycheck, go directly to a prepaid card. To do this, you will need to provide your employer with the card’s routing and account numbers. Wire transfer A wire transfer can be a fast way to transfer money to a prepaid card. There are typically daily cut-off times, but if you initiate the transfer in time, the money could be on your prepaid card in a few hours. However, your bank may charge a wire transfer fee. Person-to-person (P2) payment app Some payment apps allow you to connect your prepaid debit card to the app so that when people send you money, you can transfer it to your debit card. The app may charge a small fee for the service.
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