Online Money Transfer from Debit Card

Popular payment gateways and mobile wallets such as Paytm, Freecharge, Mobikwik, Amazon Pay, Airtel Payments Bank, Phone Pay, etc. have made money transfers and payments far easier. Such gateways also offer attractive gifts and discounts on payments made to selected merchants. The steps to transfer money via debit card to payment wallet are listed as follows:

• Login to the Payment App (for which you want money transfer in wallet)
• Look out for option ‘Add money to Wallet’ (usually on the home screen or under option ‘Add Money’)
• Now, enter the amount you wish to add
• Select option ‘Debit Card’. (if you have added a number of debit cards to your app, select the one with which you want to transfer money)
• Now, an OTP will be sent to your registered mobile number with the debit card.
• Enter the OTP to confirm the transaction.
• On confirmation, the money is added to your wallet.

For online money transfer from one bank account to another via a debit card, follow the following steps:

• Log in to your bank’s mobile banking application (of debit card used for transfer) or visit the website of your debit card issuer.
• Navigate to the section ‘Debit Card’, select the card account and set up your debit card details. This requires a 16-digit card number, card expiry date, and the card CVV number.
• Now choose option, ‘Money Transfer’ and set up the beneficiary details. Note that it may take up to 24 hours (may vary from bank to bank) for activating the beneficiary details with the bank.
• After the setup of the beneficiary account, you may navigate to the sections mentioned above and enter the amount you wish to transfer.
• To proceed, you need to confirm the payment by entering the OTP received on your registered mobile number with the debit card.
  

Online money transfer from debit card has several benefits to offer. Some of the important benefits are mentioned here.

Availability

You can transfer money through your debit card 24/7 and 365 days, irrespective of bank holidays. This feature of debit cards makes them a handy tool in the event of an emergency where you have to transfer funds immediately.

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Convenience

Transferring money from debit card is easy. You just have to enter your card details and the authorized amount is transferred. It does not take more than a minute for debit card transfer. It especially helps in the case of an emergency where you cannot be physically present for fund transfer. Your debit card also performs the task of payment authentication for you as only you are authorized for making payments from your card.

Safe and Secure

Money transfer from debit card is secure as the gateway will transfer money only to the designated account. These gateways protect your sensitive information through modern data encryption techniques that are almost impossible to crack. Entering wrong card details would also not affect as you would not receive OTP (One-Time Password) which is the final step for completing the transaction. Even if the OTP is sent to the wrong person whose details you have entered by mistake, the transaction will not proceed. You can be assured that no one else would be able to misuse your debit card for online money transfer as you will receive the OTP on your registered mobile number for the transaction.
No Requirement of Physical Records

Transferring money from your debit card allows you to keep all your payment information at one place. You receive a text message on your registered mobile number from each transaction stating how much money you transferred. The text messages act as a record that can be referred in future for tracking.

Tracking

Online money transfer from debit card lets you keep a track of your weekly and monthly expenditure. These electronic records provide you with sufficient proof that you made payments on time. Online payment services and mobile banking applications offer features such as payment history and m-passbook that help you track and manage your expenses.

Discounts and Small Rewards

Using your debit card for fund transfer and payments also offers you small discounts, free gifts, cashbacks and rewards. Many banks offer service tax waiver, fuel surcharge waiver and considerable discounts on booking railway tickets and rail catering, along with discounts on highway tool, insurance premium, restaurant bills among others.

Note, that the range of cashback & rewards benefits offered on a debit card are not that extensive. If you wish to get more rewards and cashback on your transactions, you must get yourself a credit card.

Suggested Read:  Benefits of a Credit Card | How is a Credit Card Different from a Debit Card | Check Top Credit Cards in India

Q. How do I transfer money from my debit card to someone else?

You can transfer money to someone using a debit card, in two ways, first, by adding him/her as a beneficiary on your bank’s mobile banking app or Netbanking portal or secondly, by adding money to payment wallet like Paytm, MobiKwik, Amazon Pay etc, and transferring it to the respective persons’ wallet.

Q. Can I transfer money using debit cards online?

Yes, you can transfer money using a debit card online to other bank account via the mobile banking app, or the NetBanking portal.

Q. What details are required for online money transfer using a debit card?

The details required for online money transfer with debit cards include, 16-digit debit card number; Bank account details of the beneficiary such as Name, Bank Name, Branch Name, IFSC Code, and Account number; OTP (sent on the registered mobile number).