How To Use a Debit Card for Money Transfer?

According to the World Bank report, the record-high amount of remittances was received in 2018. At the international level, the migrants and foreign workers use the online money transfer service providers daily or monthly. If you want to send money to Bangladesh, choose a professional company like ACE Money Transfer. In this scenario, the flow of money is from developed countries towards progressing countries.

How To Get The Best Out Of Your Money Transfer?

The transfers of goods to currency have shared the basic purpose. To fulfil your needs, the world runs a rule of giving and take. In today’s world, money transfer has been the focus. The transfer of money from one person to another can occur through banks, money orders, check payments and online money transfer operators. All of these options have different pros and cons. Some are efficient in sending money in no time; some are cost-efficient methods, whereas others provide reliability and security. The money transfer through these services uses credit cards, debit cards, and bank accounts.

What Do You Mean By A Debit Card?

There is a difference between the credit card and debit card. You can pay later with the credit card whereas your payment is deducted from your bank account when using a debit card.

  • Why would you take cash in hand and become prone to unfortunate events? Choose a hassle-free way. Choose to take the debit card with you.
  • A debit card can be used to make purchases, send money online, and use ATM service.
  • Money sharing through debit cards is a source of pleasure for most people. Unlike bank accounts, debit cards are processed immediately. These transfers provide a lot of satisfaction to the consumer. Although they are mostly linked to the bank accounts, the bank transfer can still take days to finish the process. This is why debit cards function and get famous in such a vast population.

What Are The Cost-Effective Way To Send Money Online?

Debit cards most of the time, charge a fee to make transactions. These debit cards provide a way to send money to Bangladesh online, locally and internationally. The banks charge no cost or a minimum fee to send money to another bank account, locally. The online money transfer operator using the debit card charges a fee for every transaction.

In global transfers, the banks have a high fee for transfers. The debit cards cost less amount for sending the money abroad.

Hence, for local transfers, the debit cards may cost high, but in case of international transfers, the debit cards have a lower fee than the banks. An estimate suggests that the bank fee is near to 20$ for global transfers, whereas using a debit or credit card will charge only four to five dollars.

How Much Is Time Taken For The Money Transfer Locally/Globally?

The transfers within the same country take almost no time. In international transfers, debit cards carry a few minutes’ subjects to the agent’s availability and the legal issues. In the banks’ case, the local transfers take almost one to three days. International transfers can take five working days.

Money transfer by using debit cards sometimes takes seconds and in other cases, just ten to fifteen minutes. Ages ago, who knew the transfer would be possible over the internet?

Do You Have Money Transfer Notification Alert?

The debit cards utilize notification alert. In case of any transaction, it is informed to the customer through SMS alert, email alert or the application notifications. The alert system will keep you updated on any mischief or suspicious activity. In case of any such activity, call to customer care and block the card temporarily or report to the higher authorities.

What Is The Process Of Sending The Money Through Debit Cards?

Many applications and websites are operating for online money transfer to Bangladesh. These support either use of credit card, debit card or bank account. The most convenient method is to use a debit card.

  • The debit cards function by deducting the amount from your bank account. Debit cards have a linkage to the banks. In most of the application software, you have to click on the “send money” option. The next steps will include the collection of details regarding the receiver. After confirmation, safely enter the payment details. The receiver receives the money on his phone, through the agent or in his/her bank account.
  • The fee and the ongoing exchange rates option is available, and you can check it on the website or application. Always select the applications that provide better exchange rates, lower fees, and no hidden charges. Public reviews and recommendations can help in this segment.
  • Provide the data available on your debit card except for the pin code. In the ATM service case, you have to provide the pin code. Do not forget to check the authenticity of the website. One of the most crucial vital points to notice is to check whether the organization is working under the higher authorities’ regulations. Rely only on regulated firms.

Examples:

A few examples of the applications and online money transfer websites are as follows:

  • ACE Money Transfer makes use of bank accounts and credit and debit cards. For example, the debit card takes seconds to minutes to send money to Bangladesh online from the UK. Hence, using ACE, money transfer to Bangladesh has become more straightforward and trustworthy.
  • MoneyGram can send money to the receiver’s debit card. The prepaid card’s reloading option is available at thousands of MoneyGram locations. To send money through MoneyGram agent, you will need to fill a form at the centre and provide the details regarding the transfer.
  • Remitly utilizes a low fee for the money transfers using debit cards. Mostly, it is 3.99$, and sometimes the fee is zero for a specific international transfer.

The developed countries enjoy a massive use of debit cards to send money to the developing countries. The increased usage has paved the way for the hassle-free digital money transfers.