Is it possible to transfer money to anyone, anywhere worldwide? The short answer is yes. You can be able to send money quickly to someone whether they are in-country or elsewhere in the world. That’s the beauty of Moneygram. And you can do it not just in participating locations where Moneygram is available, but you can also do it online.
If you can do quick money transfers from anywhere around the world using Moneygram, then could it be a possibility to transfer money from a prepaid card to your bank account? Believe it or not, you can. We’ll talk about how to do that fairly shortly. We’ll also talk about how reliable Moneygram is and the kind of prepaid cards are considered the best for you.
| Why Should You Use Moneygram? |
|---|
| ✔ Speed |
| ✔ Security |
| ✔ Low Fees |
| ✔ Convenience |
Moneygram might be an excellent service to you if you want to send money to anyone worldwide. Here are a few reasons why you should consider using it over other competitors like WesternUnion:
Speed
You can transfer any amount of money between $1 to $10,000 (USD) to anyone in the world. The recipient will receive it on the same day. You can do this online or at any location that is authorized to use Moneygram. Transfers can be bank account to bank account, prepaid card to a bank account, cash transfer, or international money order.
Security
Moneygram has one of the strictest security features in place in the industry. This was a result of legal actions the company had faced over a couple of occasions. Moneygram is not to be used for the purpose of any scam activity. They have tightened restrictions so you are protected from losing money based on common scams. These scams are based on natural disasters, foreign lotteries, extortion scams, and refund scams among others.
Convenience
There is nothing easier than sending money to anyone online in the fastest way possible. With just a click of a mouse, you can transfer money to someone who needs it most. Even if you transfer it from a prepaid card to a bank account, you’ll be able to get it done on the same day. That way, the person receiving it won’t need to wait long for the purpose of processing.
Low Fees
Depending on where you are sending the money to, you can pay a low fee when sending money. For example, you can send money to another person in the United States for a fee of $0.03 if you are transferring in person. If doing an online transfer, the fee of $1.99 will vary. If you are sending money internationally, you will pay a higher fee depending on where the money is being transferred. For instance, if you are transferring money to someone living in Japan, you will be paying a $4.99 fee.
Moneygram vs PayPal vs Venmo
While it is possible to transfer money from a prepaid card to a bank account from Moneygram, how does it differ from two different competitors? We’ll be taking a look at Netspend and Square and how they stack up with Moneygram. Keep in mind that competitors will have a difference in terms of transfer fees. Both NetSpend and MobiKwik are members. Let’s take a look at NetSpend and MobiKwik and see how they stack up to each other:
Moneygram
You can transfer the desired amount of money from a prepaid card to a PayPal account. Then, you can send the funds to your bank account. You will have two options: instant transfer to a debit card that is linked to you bank or sending it straight to the bank account itself (which can take anywhere between 1 to 3 business days). Keep in mind that fees will vary depending on the amount of money you are transferring and the method that you selected.
Paypal
You can transfer money from a prepaid card to your bank account through PayPal. But you’ll need a PayPal account first off. Then you’ll need to link a prepaid card and your bank account to it as well. If you have not linked your bank account to PayPal, you’ll need to do so. It will take a few business days for the process to complete. PayPal will deposit two small amounts in your bank account to help you verify your bank account.
You can transfer the desired amount of money from a prepaid card to a PayPal account. Then, you can send the funds to your bank account. You will have two options: instant transfer to a debit card that is linked to you bank or sending it straight to the bank account itself (which can take anywhere between 1 to 3 business days). Keep in mind that fees will vary depending on the amount of money you are transferring and the method that you selected.
Venmo
Venmo is another popular money app that has been proven useful in recent years. And it’s also under the PayPal umbrella. The process of setting up an account is pretty much the same. You can link a bank account and a prepaid card to your Venmo account. As long as the card is a prepaid Visa, MasterCard, Discover, or American Express you can be able to link it. You may need to wait as part of the verification process. Once all is said and done, you can transfer the funds from a prepaid card to your Venmo account almost instantly. Then you can transfer it to your bank account. Keep in mind that your fees will range from $0.25 to $10. This will depend on how much money you are transferring.
What Are Moneygram’s Fees?
Moneygram’s fees will vary depending on the activity. For example, if you are transferring money from an online bank account, a $1.99 fee will apply. Regardless if you are transferring anywhere from $1 to $10,000 that fee will be tacked on. The same fee will apply if you are transferring money from a bank account if the amount of money is $200 or less. If you are transferring more than $200, the $1.99 fee will still be intact. However, one percent of the transactional amount will also apply. For example, if you are transferring $250 you’ll end up paying $254 and some change because of those additional fees. If the recipient were to pick it up from a participating Moneygram location, then other fees may be tacked on as well.
If the recipient were to reside in another country, this is where things might get a little complex as far as fees are concerned. You may not pay a fee if you are transferring to bank accounts originating in the country where you are sending the money. The money must be linked to a debit card that is part of an online bank account. Pickup fees will range from $3.99 to $14.89 depending on the country where the money is sent.
Are There Limits?
Moneygram has transfer limits with the minimum ranging from $1 and $10,000 at max if the transfers are done online. Online transfers will have a $10,000 per month limit. If you need to send more money, then you can be able to do so at a physical Moneygram participant. There is no transfer limit if you decide to go the on-site route.
How To Transfer Money From A Debit Card To A Bank Account Using Moneygram?
Now that you know some of the fees, limits, and everything else it’s time to make a transfer using a prepaid card. Here are the steps that you need to follow:
1. Sign Up For A Moneygram Account
In order to transfer money, you’ll need to sign up for a Moneygram account. Once you have filled out the information, you can click on the Send Money link on the top half of the Moneygram website.
2. Determine The Amount Of Money To Send And Location
You’ll need to determine the amount of money that you can send. Next you’ll need to specify where the money is being sent.
3. Select Debit Card Deposit
If you are doing a transfer to someone’s bank account, you can choose the debit card deposit option on the right-hand column as pictured above.
4. Fill Out The Receiver’s Information
Next, you’ll need to fill out the information of the receiver. This should include the person’s name, address, their debit card information including the card number, and the expiration date.
5. Add Your Card
Now link your prepaid card so you can transfer the funds to the recipient’s bank account. Be sure to review the information before moving on.
6. Agree To Fraud Production
Finally, you’ll need to agree to the terms and conditions including the fraud protection agreement so the transfer you are doing the monetary transfer properly and it’s not going to someone who may be running some kind of scam.
Conclusion
If you think that it’s impossible to transfer money from a prepaid card to a bank account, then you thought wrong. You can be able to make transfers using Moneygram. And the easiest way to do is online. You can send money and the person receiving it will get it within minutes. Compare that to a traditional bank account to bank account transfers that will take days or even weeks. If someone is strapped for cash and you want to send it quickly, Moneygram just might be the best option to choose. With its low fees, convenience, and transfer options you might get that friend out of financial trouble soon enough.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
