With technology gradually integrating the financial industry, understanding how to move funds from one account to the next is crucial for maintaining a healthy financial, and transferring money from a Payroll card to bank account is no exception.
Payroll cards are popular payment cards among unbanked employees — they offer them a simple and convenient way to receive payments from their employers.
Funds in a Payroll card aren't always flexible — making most users begin to wonder how to transfer money from Payroll card to bank account in order to carry out financial transactions that aren't supported by the card.
While transferring money from a Payroll card to a bank account isn't always possible, there are some walkarounds to transfer the funds conveniently and without much hassle.
To help you out, we've compiled the best ways to transfer money from a Payroll card to bank account.
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Can I Transfer Money From Payroll Card To Bank Account?
While only a few might offer this service, most Payroll card providers don't support transfers to bank accounts; — meaning, in a direct view point, it is usually difficult transfer money from a Payroll card to bank account.
However, if your Payroll card doesn't support the transfer, there are some indirect methods to help you transfer the funds without much hassle.
How To Transfer Money From Payroll Card To Bank Account
When looking to transfer money from a Payroll card to bank account, it is always best to consider inquiring from your bank or financial institution is they support transfers from Payroll cards.
If they do, they'll provide you with steps to help you transfer the funds.
However, if they don't support the direct transfer, you might want to consider using the indirect methods mentioned below to transfer the funds.
1. Withdraw Money From ATM and Deposit to Your Bank Account
One of the most straightforward ways to indirectly transfer money from Payroll card to bank account, that should work all the time is by first withdrawing the funds from an ATM or bank teller and deposit the money into your bank account.
You can withdraw money for free from your Payroll card from any participating bank or ATM and deposit it directly to your bank account.
Most ATMs support cash-in deposits to bank account, meaning you can even transfer the funds within the same day.
This method is not only convenient, but it is also free (if you withdraw from an in-network bank or ATM).
2. Add Your Payroll Card To A Money Transfer App
Adding your Payroll card to a money transfer app is a great way to transfer money from the Payroll card to your bank account in case you weren't successful with the direct method.
Money transfer apps let you do lot of financial transactions from transferring money to others and even trading cryptocurrencies within the platform.
A money transfer app such as PayPal allows users link prepaid debit cards like the Payroll card to your PayPal account and start transferring funds from the card.
This way, you'd be using the card's balance as a funding source for your transaction, thereby saving the funds you were to use for this purpose.
PayPal is a popular money transfer app among the worldwide population — which means even your closest friend or relative might be using the app and should probably need PayPal balance; — in this case, you can transfer them money from your Payroll card and request them to pay you with physical cash.
You can also use Venmo which is another great money transfer app that will let you transfer your funds conveniently.
3. Buy and Sell Gift Cards
Buying and selling gift cards is another great way to transfer money from Payroll card to bank account.
For this to work, you'll need to buy the most demanded gift cards out there such as Amazon gift cards or Google Play gift cards and sell them among your friends, relatives or even gift card exchange platforms, and request to get paid through bank transfer.
It should be more like transferring Amazon gift card balance to your bank account.
Frequently Asked Questions
Can I transfer money from a paycard to my bank account?
While some paycards allow you to transfer money to your bank account, others, on the other hand, do not support transfers to bank account. In this case, you'll want to use indirect ways to transfer your funds.
How long does it take to transfer money from a pay card to a bank account?
If its a direct transfer, it should take between 3 to 5 business days. However, if the transfer is through an indirect method, it can take lesser time or more (depending on the method you use) for the funds to hit the bank account.
Payroll cards are prepaid debit cards that offer a convenient way for employees to receive payments from their employers.
While you can't always transfer money from a Payroll card to bank account, there are some indirect methods that should let you transfer the funds.
Thankfully, this guide compiles the best ways to transfer money from a Payroll card to bank account without hassle.