How to Transfer Money From One Debit Card to Another

Transferring money from one debit card to another is a common need. While direct card-to-card transfers are generally not supported, various indirect methods using debit cards offer convenient solutions. This article explores current approaches and important considerations for users.

Direct vs. Indirect Debit Card Transfers

Direct transfers from one debit card to another without an intermediary are generally not possible. Debit cards serve as access points to linked bank accounts, not as standalone wallets. Financial systems move money between bank accounts, not directly between card numbers.

Transfers are facilitated indirectly through third-party services or bank functionalities. These methods use the debit card to access funds from its associated bank account, then route the money to the recipient’s bank account. The recipient can then access these funds via their own debit card. This process ensures security and compliance within the existing banking infrastructure.

Popular Transfer Methods

Peer-to-peer (P2P) payment applications are a widely adopted solution for transferring money using debit cards. These platforms act as intermediaries, enabling funds to move between individuals. Users typically link their debit card or bank account to the application.

PayPal

PayPal allows users to send money by linking a debit card. To initiate a transfer, users open the app, select “Send,” enter the recipient’s email or phone number, input the amount, choose the linked debit card as the funding source, and confirm the transaction. Recipients receive funds in their PayPal balance and can then transfer them to their linked bank account or eligible debit card. Instant transfers to a debit card usually incur a fee, typically 1.75% of the amount, with a minimum of $0.25 and a maximum of $25. Standard transfers to a bank account are free but take one to three business days. PayPal’s instant transfer limits to a debit card are generally up to $5,000 per transaction, daily, and weekly, with a monthly limit of $15,000.

Venmo

Venmo facilitates transfers via linked debit cards. Users open the Venmo app, tap the payment icon, select a recipient or add a new one, enter the amount, and choose their linked debit card or Venmo balance as the funding source. Recipients receive the money in their Venmo balance, which they can spend directly or transfer to a linked bank account or eligible debit card. Similar to PayPal, Venmo charges a 1.75% fee for instant transfers to a linked bank account or eligible debit card, with a minimum fee of $0.25 and a maximum of $25. Standard transfers to a bank account are free and typically take one to three business days. Venmo has weekly limits, with verified accounts typically able to send up to $60,000 per week for peer-to-peer payments and up to $19,999.99 per week for transfers to a bank.

Cash App

Cash App enables money transfers directly from a linked debit card. Users open the app, tap the dollar sign icon, enter the amount, tap “Pay,” enter the recipient’s $Cashtag, email, or phone number, and confirm. Recipients receive funds in their Cash App balance. Instant transfers from the Cash App balance to a linked debit card typically incur a fee ranging from 0.5% to 1.75% of the amount, with a minimum fee of $0.25. Standard transfers to a linked bank account are free and usually take one to three business days.

Zelle

Zelle, integrated directly with many banks, offers a streamlined transfer experience. Users access Zelle through their bank’s mobile app or online banking portal. They select the option to send money, choose a recipient from their contacts or enter their email or U.S. mobile number, input the amount, and confirm the transfer.

Funds are sent directly from the sender’s bank account to the recipient’s bank account, typically arriving within minutes if both parties are enrolled. Zelle generally does not charge fees for sending or receiving money. Transfer limits vary by banking institution, with daily limits ranging from $500 to over $10,000, and monthly limits also varying significantly.

Key Transfer Considerations

When transferring money using debit cards through P2P apps, understanding associated fees and limits is important. While sending money from a linked debit card is often free, instant transfers to a recipient’s debit card or bank account usually incur a fee. Standard transfers, which take one to three business days, are generally free. Transaction limits, whether daily, weekly, or monthly, are imposed by both the P2P service and the linked financial institution.

Transfer speed is another important factor. While some P2P transfers are near-instant, occurring within minutes, others can take several business days, particularly for standard transfers to bank accounts. Factors such as the P2P service used, the banks involved, and the type of transfer (instant versus standard) influence the speed.

Security and fraud prevention are important in digital money transfers. Users should always verify the recipient’s identity and details, such as their username, email, or phone number, before initiating a transfer, as transactions are often irreversible. Enabling strong passwords, two-factor authentication, and being cautious of unsolicited requests or suspicious links can help protect accounts from scams.

The accuracy of information is important. Double-checking all transfer details, including the recipient’s name and amount, before confirming a transaction is essential because reversing an incorrect transfer can be difficult or impossible. If a transfer does not go through or an issue arises, contacting the P2P service’s customer support or your bank promptly is advised.