How to Withdraw Money from a Virtual Card?

how to withdraw money from a virtual card

The virtual card is an innovation for cardless transactions for any e-commerce business or personal utilities.

You put your card number on the transactions and BOOM! You get the thing you want in a second without going for a physical card and cash in your pocket.

Virtual cards can be both credit cards and debit cards. It accepts credit cards or debit cards and provides access to digital wallets such as Apple, Google pay, or others. The virtual card makes cardless ATM access for users.

So, how to withdraw money from a virtual card (debit, credit), and make it work as a physical card for a credit card or debit card.

However, most importantly what are its benefits, and is a cardless ATM access chase?

Stick till the end, and get to know every single term about the virtual card and withdraw money process.

What is a Virtual Card?

A virtual card is an alternative to the physical card of any credit card or debit card which is issued by banks, virtual Visa providers, or MasterCard providers.

It provides accountability for digital wallet access and cardless ATM access for any one-time or ongoing purchases without exposing the existing credit card or debit card data.

Virtual Card

It has a unique 16-digit card number linked to an original credit card with more advancements in security and control when using a virtual card over a physical card.

Some of the virtual cards are associated with Amazon, Apple Pay, Google Pay, and other purchases for better purchase, use, and experience.

It is made available by Mastercard, Visa, or American Express and is valid anywhere for cardless credit cards, debit cards, cardless ATM access, or digital wallet access.

Virtual payment cards improvise the way of payment, protect your data, and give you more control which is beneficial for any kind of business without relying on your bank for any purchase, or transactions.

How does Virtual Card work?

A virtual card is an innovation to make any transaction within your place or anywhere at any time within a few clicks.

However, keep in mind not every virtual card offers cardless credit cards or debit cards, so you need to confirm with your credit card organizations for availability.

Some credit card organizations also allow virtual cards through their digital app, and others can use browser extensions for making online payments or transactions.

Read Also: 6 payment trends to watch out for in 2022

The greatest benefit of virtual cards is that you can use them for looping transactions and purchases since they are temporary for use one time.

You can use Virtual Card by better knowing its one-by-one steps:

Step 1: Go to your credit card organization and find out if they offer virtual cards or not.
Step 2: If yes! Select the offers you’d like to use.
Step 3: Perform details for obtaining a virtual card and within a few days they will create the card by setting expiration and spending limits.
Step 4: Set up the transaction pins and required information for further functioning it properly.
Step 5: Finally, you can check in with your virtual card anywhere, anytime whenever you want to do real-time spending or transactions.

Note: Even the virtual card is more secure than ever before, however, changing the parameter you set after 2/3 times use of it can help you to avoid cybercrimes.

What are the Benefits of Virtual Card?

The virtual card provides various benefits, and here are the next few steps to get familiar with its benefits. With these different benefits, you will know why you should start looking up virtual cards.

So, let’s get into those:

1. Monthly Budget

One of the best advantages of having a virtual card is you make monthly budgets on your virtual cards, and spend as much as you like while staying within your budget, and with proper money management.

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2. Easy to Create and Use

Previously virtual cards were only for huge enterprises, and businesses, but with the recent advancement in fintech, these products are now available to everyone as well.

They allow anyone or any business to create virtual cards within a few days or a few seconds. All you have to do now is create an account (which you can do entirely online) and start enjoying your virtual card for anything anytime anywhere.

3. Improve Transactional Security

Having a virtual card reduces the chance of theft and misuse. However, for specific lenders virtual visa cards or virtual MasterCard card issues with a specific period of 24 to 48 hrs., which unlimited advancement in the security.

However, some of the virtual visa credit card facilities cancellation policy for your convenience whenever you need to wish it.

4. Single Purchase

Various virtual visa cards or international visa card providers provide a promotional sample. A promotional sample is like a trial card for going for making one-time transactions or purchases.

You can let down your company’s credit card and get much more security by going around up a virtual credit card or virtual debit card which completes your online transaction through virtual payment without leaving you tied to extra few charges.

5. Budget Analysis

The virtual card allows cardless ATM withdrawal but It also links your budgets and provides compatibility for faster and easier to see exactly where and how you spend with virtual budget analysis. If any suspicious activities occur report them at the exact time.

6. Low Cost

Virtual cards are provided at a very low cost which can be afforded by the majority of people. However, some virtual credit card or virtual debit card issuers issue virtual visa cards with no charges.

Additionally, it works as same as the physical card, and some of the virtual cards make the credit card or debit card online transaction and also integrates Apple pay, google pay on one platform.

7. Activated Cards

Compared to physical debit cards or credit cards, a virtual debit card or virtual credit card doesn’t need to be activated, wait time, or go to ATM near me, phone call, SMS, or other means.

The functions are already activated and ready to use. It provides cardless ATM access chase or digital wallet to transfer the money wherever you want with a variety of online services.

How to Withdraw Money from a Virtual Card?

You can withdraw cash from any cash machine, transfer money to a bank account or use other means to get physical cash from anywhere by holding your phone up to the card reader.

Use virtual card numbers while shopping online, transferring money, or making contactless payments in stores. Some ATMs also accept virtual cards.

Virtual cards can work as virtual Visa or virtual Mastercard as well. It depends on what package you’re accessing, but keep in mind there may be a few changes that can be applied to your approaches. Some of them are

  • Using a Visa gift card to get gift cards from other vendors
  • Add the money to your PayPal wallet
  • Use “Venmo”, the best way to pay your invoice
  • Using trade-in with your gift card
  • Using a specific virtual credit card app

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How to Withdraw Money from a Virtual Card to PayPal?

However, here are some steps to withdraw money from a virtual card you need while transferring money to your PayPal.

Step 1: Go to the app or website specifically associated with your virtual card providers
Step 2: Search for the “Transfer” option
Step 3: Select PayPal
Step 4: Enter your PayPal number, then the amount you want to.
Step 5: Select the amount you wish to withdraw from your virtual card account.
Step 6: Click the “Next” or “Ok” button
Step 7: (This can be optional) There may be two-authentication before transferring money.
Step 8: Enter the generated OTP
Step 9: Finally, you will now get a confirmation screen. Once you’re done click “CONFIRM” to complete the transaction.

Note: This process is applicable to Apple pay, Google Pay, and other digital wallet approaches.

How to Withdraw Money from a Virtual Card to Bank Account?

However, here are some steps to withdraw money from a virtual card you need while transferring money to your bank account.
Step 1: Go to the app or website specifically associated with your virtual card providers
Step 2: Search for the “Transfer” option
Step 3: Select your bank account.
Step 4: Enter your bank number, then the amount you want to.
Step 5: Select the amount you wish to withdraw from your virtual card account.
Step 6: Click the “Next” or “Ok” button
Step 7: (This can be optional) There may be two-authentication before transferring money.
Step 8: Enter the generated OTP
Step 9: Finally, you will now get a confirmation screen. Once you’re done click “CONFIRM” to complete the transaction.

How to withdraw money from a Virtual Card to Virtual Gift Card?

However, here are some steps to withdraw money from a virtual card you need while transferring money to your virtual gift card.
Step 1: Go to the app or website specifically associated with your virtual card providers
Step 2: Search for the “Transfer” option
Step 3: Select your gift card at the retailer’s shop.
Step 4: Scan your virtual gift card
Step 5: Select the amount you wish to withdraw from your virtual card account.
Step 6: Click the “Next” or “Ok” button
Step 7: Finally, you will now get a confirmation screen, once you’re done click “CONFIRM” to complete the transaction.

And enjoy! You get the money or pay any bills with a few clicks.

Top virtual cards providers for your Compatibility

Few virtual card providers strive for the best facilities for your virtual debit card or virtual credit card.

1. Divvy

Divvy is one of the top-notch choices for a virtual credit card with an unlimited number of virtual credit cards.

Divvy

It provides instant free virtual credit cards to every merchant you get and a unique VCC for every looping payment you need to pay. It also provides one-time use of burner cards for single expenses and free subscription cards for recurring payments.

You can also freeze/unfreeze or delete individual cards. You can set limits against a budget and its free costs or hidden fees and one of the best apps to manage money all in one platform.

2. Payoneer

Payoneer is the largest virtual payment processor in the world and the best virtual debit card provider. Payoneer’s virtual card is easier to order and quick to get approved without being stuck.

Payoneer

It is the leading top 1 option for purchasing and payment for making business payments as convenient as possible. It is accessible to pay online almost anywhere where Mastercard is accepted, has low fees, and has multiple digital cards to use.

Payoneer provides its digital card to Russia, India, European Union, the United Kingdom, and a few other countries. You can integrate the Payoneer with local currency accounts, and bill your clients, marketplaces, and network.

3. Bunq

The Bunq travel card is sponsored by MasterCard and is one of the few travel credit cards powered by a neo bank.

Bunq

You can pay for your goods and services while traveling with this app, which is free and integrates with your Bunq account.

Bunq also records whether you have sufficient funds in your account and ensure you before making a transaction (they don’t offer credit lines), Bunq checks whether there are enough funds in your account to cover the payment.

So, once you get back from vacation, you won’t have to worry about hefty debts.

Wrapping up: Virtual cards as an Important Role in today’s Digital Payment

While virtual cards are easily available, easier to create and use, and also accessible for withdrawing money from it, virtual cards also play an important role in today’s digital payment world.

Virtual cards are also contactless, and cardless ATM access with transparency of digital wallets. It provides facilities for purchasing goods and services from anywhere in the world.

The majority of people accept virtual credit cards or virtual debit cards while performing any transactions and also can be your travel-monetary partner during your vacations.

Virtual cards have higher transactional security with one-time use or recurring payment which means they can be used once or used looping payment, it all depends on you and which packages you have approached.

FAQ

🏧 Can you use the virtual card at ATM?

Yes, you can! The virtual card provides cardless ATM access which supports the withdrawal of money from ATMs. However, the ATM operators can charge some amount for withdrawing.

💰 How to withdraw money from a virtual card?

Yes, you can withdraw money from a virtual card using a PayPal wallet, bank account, virtual gift card, or Venmo. 

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