Online money transfers have become exceedingly popular in the last decade or so and have now evolved into a way of dealing with scarcity of cash, among other important uses. Unlike the years past, online transfer of money has become speedy and the process to do so is rather simple these days.
The Credit cards are a big part of how purchases are made today, especially in the online medium. Credit cards have a myriad of uses and are provided by financial institutions. They allow cardholders to borrow funds to pay for products and services from businesses that accept these credit cards.
Moreover, these cards often have various schemes like cashback, reward points that can be redeemed for discounts, and many more benefits. Cardholders must repay the borrowed money, plus any applicable interest and any additional agreed-upon charges, in whole or over time by the billing date that they agreed upon. If you are looking to get a credit card for yourself, then the Bajaj Finserv RBL Bank SuperCard is your best choice.
Apart from all the features of a regular credit card, it also offers a ton of other “super features” like interest-free cash withdrawal of up to fifty days, the power to switch your card on or off within seconds, or its insta-card service.
Increased use of mobile wallets
Today, money may be sent quickly from your debit or credit card, and a comprehensive list of criteria and legal procedures is already a thing of the past. This simplification of the process has been made possible due to the introduction and widespread usage of mobile wallets.
A mobile wallet is a virtual wallet that saves information about credit cards, debit cards, coupons, and reward cards on a mobile device. The wallet saves this information by associating each card with a personal identifying format such as a number of keys, a picture of the owner, or some combination of QR codes (since almost all important identity marker/ card/ document has a digital copy with the registering authority, all these important cards, such as a driver’s license, hotel key cards, health information cards, loyalty cards, and bus or train tickets may also be stored in a mobile wallet). Mobile wallets are a handy way for a user to make in-store payments, and they may be used at any retailer that the mobile wallet service provider has listed.
Many people still see mobile wallets and credit cards as risky, but with mobile wallets, fraudulent acts such as identity theft are more difficult to perpetrate. If an access password or fingerprint check is put on a stolen smartphone, it may be difficult to access. Encrypted keys are also possible in mobile wallets. Moreover, they also enable users to transfer funds from their credit or debit cards to their bank accounts. This process is actually quite tedious to carry out without making use of a mobile wallet. You can choose to use either the installable mobile apps or even the official sites of these wallets to go ahead with the transfer process.
How to transfer money from a credit card to a bank account?
You may transfer money from a credit card to a bank account using one of the two techniques mentioned here. The first way, which has grown extremely popular in recent years, is to use e-wallets. Money transfer services such as Western Union Money Transfer is the alternate, less popular option.
Using an e-wallet – Open the e-wallet app or website where you have completed the KYC procedure and have a registered account. Then transfer the appropriate amount of money to your online wallet from your credit card. Now following this, you need to go to the ‘Passbook’ on the app or the website. You will find an option to transfer money from your e-wallet to your bank account there itself. With that, you will be able to finish the purchase once you have entered all of the needed information.
Before you complete the transaction, keep in mind that each e-wallet app and/or website will have its own set of regulations governing the amount you may transfer and the fees you will have to pay to transfer money from your wallet to your bank. The fees may vary from one app to the other. This eliminates the need for withdrawing money using the credit card from an ATM and subsequently needing to pay the credit card cash advance fee.
Using money transfer services – First, you need to log into the money transfer service account that you have registered. Second, you need to choose the nation of the person (be it you or someone else) you’re transferring the money to. Now, all you need to do is fill in the remaining details and the amount you need to send to the receiving account, and choose ‘credit card’ as the payment option. This completes the payment. However, you have to remember that the transfer of funds to your bank account may take 1-5 working days.
It is also important to note that money transfer credit cards have recently become more accessible and viable. These cards allow you to make direct bank account transfers. This is a function that isn’t available on balance transfer cards. In return for paying a money transfer charge, money transfer cards allow you a length of time to repay the money at 0% interest.