Last Updated on October 26, 2022 by Mike Bush
In this article, you will learn how to transfer money from virtual card to a bank account in 5 easy steps, the simplest you’ll find across the web to save your time.
While the virtual card may be similar to conventional cards in some aspects, some differences exist between the two. For example, linking virtual cards to bank accounts cannot be done directly and is a little bit tricky.
Virtual cards unlike conventional cards are independent of bank accounts. This makes them a convenient and safe method of making online purchases. They are disposable cards and are therefore not susceptible to internet scams such as phishing scams targeted at acquiring card and account details. Fund transfer from a virtual card to a bank account can be tricky though, so you need this guide to complete your fund transfer.
How to transfer money from virtual card to bank account
Although virtual cards are similar to conventional cards and have an expiry date, a security code, and a card number, they cannot transfer money to bank accounts the same way as conventional cards. This is because they are not linked directly to any bank account.
So, here are the 5 easy steps to transfer money from a virtual card to a bank account.
Get a virtual account
To transfer money from a virtual card to a bank, you will be required to link the virtual card first to a PayPal account or any other e-wallet of your choice such as Cash App. In this article, we will be using PayPal as an example. The PayPal account, therefore, serves as an intermediary between the virtual card and the bank account.
The fund you intend to transfer to a bank account is therefore sent firstly to a PayPal account which then allows you to forward the fund to a bank account.
Below are steps on how to transfer money from virtual card to bank account:
Create a verified PayPal account
Add your virtual card to the verified PayPal account
Transfer money from your virtual card to the verified PayPal account
Link the bank account to PayPal
Transfer money from PayPal balance to a bank account
You’d have to create a verified PayPal account if do not already have one.
The transfer of money from a virtual card to a bank account cannot be done directly but require an e-wallet such as PayPal to serve as the intermediary. If you already have a verified PayPal account, move to the next step…
Add the virtual card to your verified PayPal account
PayPal is a flexible fintech app and supports various types of cards including virtual cards. In some situations, however, you may fail to add the virtual card to PayPal. This is seen with some virtual cards that are not supported by PayPal.
To transfer money from a virtual card to a bank account, the virtual card must be from providers supported by PayPal. Therefore, only procure virtual cards from reputable virtual card providers.
Here is how to add your virtual card to a verified PayPal account:
- Launch the PayPal app on your mobile device or log in using the official PayPal website.
- The home page shows a button that says “wallet”, select this and click on “add a card”
- Select “add debit or credit card”. You will be required to fill in card information such as card number, CVV code, and card expiration date.
- Cross-check your card billing address with that of the PayPal account. Ensure the addresses match.
- Click “add card” to complete the process and add your virtual card to PayPal
- A small token is charged from the card. The card owner will also be required to verify the card. A four-digit code Is usually received with the transaction statement
- Select “profile” from the home page
- Tap “my money”
- Select “update”
- Select “enter PayPal code” and enter the four-digit code
- Tab “confirm code” to verify the added card.
Transfer money from a virtual card to a PayPal account
After successfully adding the virtual card to the verified PayPal account, you cannot proceed to transfer money from the card to PayPal. Follow the steps below to transfer money from added virtual card to PayPal
- Launch the PayPal app and log into your account
- Select “wallet” from the home page
- Tap “transfer money”
- Choose “add money to your balance”
- Fill in the required bank details and follow subsequent instructions
Once the money is transferred from the virtual card to PayPal, you can now proceed to transfer this from PayPal to the bank account. To do this, you will need to link the bank account to PayPal.
Link bank account to verified PayPal account
To make PayPal the middleman between the virtual card and bank, it should be linked to both of these. Now that the card has been successfully added to PayPal, proceed to link the bank account to PayPal.
Here is how to link a bank account to a verified PayPal:
- Launch the PayPal app and log into your account
- Select “wallet”
- Select “link a bank account”
- Look through the list of banks provided and select your bank name. If you do not see your bank name then select “don’t see your bank?”
- There are two options for linking the bank account, instant linking or manual linking. The available option depends on the bank.
- If the instant linking option is not available for your bank, then proceed to manually link the bank account.
Transfer money from PayPal to your bank account
There are two transfer options, the instant transfer, and the standard transfer option. The instant transfer is faster and may attract additional charges.
Here is how to use the instant transfer to send money from a PayPal balance to a bank account
- Below the PayPal balance is a button that says “transfer money”, select this button
- Choose transfer to your bank
- Choose your bank account from the instant section
- Enter the amount you wish to transfer
- Fill in the required details and select complete
The difference between this and the standard transfer of funds is in how long the funds are to arrive in the bank account. The steps are however similar except that the bank will be selected from under the standard section.
The transfer of money from a virtual card to a bank account is done using PayPal or another e-wallet such as the Cash App as an intermediary. the funds are first transferred from the card to the e-wallet and then to the bank account in a few simple steps.