How to Transfer Money From Netspend to Bank Account
Need to send or receive money from a family member, friend, or business associate? There was a time when the only way you could receive a wire transfer was through a traditional bank account. Although there are restrictions, you can send and receive transfers through a Netspend prepaid debit card.
Netspend accepts wire transfers to customers' accounts so users can access funds through their debit cards. There are also several options that customers have available for receiving or transferring money. Read on to find out more about how transfers work with this prepaid card option.
Key Takeaways
- One way to receive money to a prepaid Netspend card is via direct deposit. That is available for paychecks and a range of government benefits.
- Netspend customers may also transfer money from their own checking or savings account, or from their PayPal account.
- Netspend debit card holders can also exchange money with other Netspend customers, as well as ACE Elite, Control, and Purpose cardholders.
Netspend: An Overview
Founded in 1999, Netspend is a provider of prepaid MasterCard and Visa debit cards. Netspend cards can be purchased at local retailers or large chains such as 7-Eleven, Walgreens, and CVS Pharmacy.
Unlike regular credit cards, there's no credit check required, no minimum balance, and no annual fees to pay. Consumers use their Netspend cards just like a regular debit card when they shop, pay bills, or need cash from the ATM.
How to Add Money to a Netspend Card
Netspend customers can load the cards in a variety of ways. That includes direct deposit of their paychecks, Social Security payments, tax refunds, unemployment benefits, and other forms of government assistance. Netspend cardholders can also transfer funds from virtually any of their own checking or savings accounts directly to their Netspend debit card accounts.
This is easy to do online. The cardholder adds the Netspend account as an external account to which they authorize fund transfers. A cardholder can also transfer funds using the bank account's debit card if it has either a Visa or Mastercard logo on it.
Netspend is not a checking or savings account, but a prepaid debit card that can be reloaded.
Transfers From Friends and Family
Netspend customers can also send money to other Netspend cardholders, as well as ACE Elite, Control, and Purpose cardholders. All you need to send money is the recipient's name and FlashPay ID. FlashPay, which works with these specific brands, is a service that allows people to transfer money to and from their prepaid accounts. FlashPay users can receive money—or send it—with just a few clicks.
Sending Money From Your Netspend Account
Netspend cardholders can also transfer funds from their PayPal accounts. This essentially works the same as a bank transfer. The cardholder links their Netspend and PayPal accounts, just as they would link a bank account to their PayPal account. Once linked, funds can be easily transferred from PayPal to Netspend. Netspend users can also transfer money back to their PayPal accounts in the same fashion, so it works both ways.
Some Netspend customers can also send or receive money via Western Union.
Limits and Availability
Bank and PayPal transfers have daily maximum limits that vary and may result in fees that originate from either Netspend, the customer's bank, or PayPal. Transferred funds usually become available in one to three days. For bank transfers, the customer may opt to have the funds available right away for an additional fee. This option is not available for PayPal accounts. Fees vary from bank to bank and depend on the type of transfer.
How to Transfer Money From Netspend to Bank Account
Source: https://www.investopedia.com/ask/answers/113015/does-netspend-accept-wire-transfers.asp