How to Get Money From a Virtual Card

A virtual card serves as a digital payment instrument, existing purely in electronic form without a physical counterpart. These cards typically feature a 16-digit number, an expiration date, and a security code (CVV), similar to traditional plastic cards. They are linked to an underlying funding source, such as a credit card account, a debit card connected to a bank account, or a pre-funded balance. The primary purpose of a virtual card is to enhance security and control over transactions, particularly for online or card-not-present scenarios, by masking the actual account details. This guide will explain various methods for accessing funds or utilizing the value held on a virtual card.

Identifying Virtual Card Features

Consult the card issuer’s resources to understand a virtual card’s capabilities and limitations. Cardholders should review the terms and conditions, visit the issuer’s website, or use their account dashboard for detailed information.

Check if the virtual card supports direct bank transfers, as this is not a universal feature. Users should also check if the card can be linked to digital wallets like Apple Pay or Google Pay for broader payment options. Features to investigate include spending categories, merchant restrictions, expiration date, and balance inquiry methods.

Transferring Funds to a Bank Account

For virtual cards that support direct transfers to a bank account, the process generally involves several steps within the issuer’s online portal or mobile application. Cardholders log into their virtual card account and look for options like “transfer money,” “cash out,” or “send money” on the dashboard.

Upon selecting the transfer option, the system will typically prompt the user to enter their bank account details, including the routing number and account number. After specifying the desired transfer amount, the transaction usually requires confirmation, often involving a two-factor authentication step for security. The processing time for such transfers can vary, and it is advisable to monitor the bank account to confirm receipt of funds. Not all virtual cards permit direct transfers; some indirect methods, like payment apps, may incur charges.

Using Virtual Card Balances for Payments

When direct bank transfers are not an option or are not desired, virtual card balances can be effectively utilized for various payment types. The most common use involves online purchases, where the virtual card’s details (number, expiration, CVV) are entered at checkout, mirroring a physical card.

Virtual cards link to mobile payment applications (e.g., Apple Pay, Google Pay, Samsung Pay) for contactless or in-app purchases. This requires adding card details to the digital wallet. Virtual cards are suitable for managing recurring expenses like subscriptions or one-time bill payments, offering secure payment without exposing primary account details. The card’s balance can also purchase digital gift cards from retailers, converting its value for future use.

Understanding Associated Costs and Restrictions

Virtual cards, while convenient, come with various costs and restrictions that users should be aware of. Fees can include charges for transferring funds, which might range from 3% to 5% for certain payment app services. Some virtual cards may also levy inactivity fees if the card remains unused for a specified period, or foreign transaction fees for international purchases.

Spending limits are a common feature, imposed on a per-transaction, daily, weekly, or monthly basis, and these limits vary significantly depending on the issuer and the type of virtual card. Virtual cards have expiration dates, which can range from as short as 24 hours to a year or more. Funds on an expired card may become inaccessible if not used or transferred before the expiration date, though issuers often provide notifications prior to expiry. Many virtual cards, especially those issued for enhanced security, are designed for single use or are non-reloadable, meaning once the balance is depleted or the card expires, it cannot be funded again.