Online money transfer platforms is fast becoming part of our daily lives. Knowing how to transfer money from a prepaid card to PayPal can be very useful especially when you are trying to complete an online transaction safely and conveniently.
Actually, PayPal is the most used payment gateway in the world since it is accepted by several online merchants as payment method.
PayPal is a money transfer app that lets you send and receive money instantly to and from more than 200 countries in the world. This platform is accepted by many online shops and it users make use of it to buy goods and services online where PayPal payments are accepted.
Prepaid cards, are cards that actually work without a bank account linked to it and for this reason, they are one of the best options for online shopping.
PayPal immediately springs to mind when discussing an easier method to shop online because it enables secure shopping on any website. Furthermore, if you are not treated well, you are assured to get your money back.
PayPal has many benefits for managing finances as well as for online purchasing. You've come to the right place if you have money on a prepaid card but would prefer to have it in your PayPal balance.
Want to transfer money from a prepaid card to PayPal? then stay glued to this article as will show you how to do in a few steps.
Table of Contents
What is a Prepaid Card?
In a technical sense, prepaid cards are a kind of debit card. They are issued by a financial institution or credit card provider, such as Visa, MasterCard, or Discover, and are "loaded" or deposited with a particular sum of money. They can then be used to make purchases or pay bills offline or online. They can also be used to withdraw money from ATMs.
Prepaid credit cards function normally in the same locations as regular credit cards and have the same number and expiration date printed on the front or back. The credit limit of the card—the maximum amount that may be charged—is determined by the amount of money that has been "loaded" or deposited onto it.
Unless new money is loaded onto the card after the amount has been used up, it is worthless. In actuality, as long as the cardholder maintains loading money into the card, a prepaid debit card can be used repeatedly. But there can be a monthly charge.
Although the terms are often used interchangeably, these prepaid cards are not the same as prepaid credit cards.
How to Get a Prepaid Card?
As long as you are 18 years and above of age having the right paper works, you can get a prepaid card.
These documentation features a form of identification and your social Security number. You also need an Email address with a US phone number.
As soon as you have gotten the required materials, you can then browse several prepaid card website to discover which ones they offer.
There are so many platforms that provide prepaid cards and all have different terms and conditions. Looking through the terms below is necessary when you want to open an account.
- Monthly fees
- Annual Fees
- Minimum Balance requirements
- Overdraft fees
- Withdrawal fees
Once you have found the one that suits you best according to your pockets and terms and conditions too.
Most of the prepaid card providers allow you to open an account online and then have the prepaid card send to your home.
One of the best prepaid card that you can open online is Netspend or you can still decide to apply for some like Walmart Moneycard in store or online.
After you have chosen your prepaid card, you will have to activate and recharge the card when you get hold of it.
What is PayPal?
According to Wikipedia, PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.
How Does PayPal Work?
Between you and a bank, PayPal acts as a middleman. A user can choose which bank account to debit when making an online payment after adding a bank account or credit/debit card to the PayPal system. All transactions are handled by PayPal rather than your bank.
In conclusion, we can say the following about PayPal
- Enables online and in-person payments for goods and services
- Provides a way to send and receive money internationally
- Ensures various levels of digital security and payment protection
- Charges a variable and/or fixed fee for services rendered.
Can You Transfer Money From a Prepaid Card to PayPal?
Yes, you are able to transfer money from a prepaid card to PayPal even though not directly. You must first transfer the funds to a bank account or debit card that is linked to PayPal.
As soon as the money reflects in your bank account, you can now add the money to your PayPal balance by making use of the Transfer Money option on PayPal.
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How to Transfer Money From a Prepaid Card to PayPal Using a Linked Bank Account
Even though PayPal allows you to link your Prepaid cards, you cannot use a prepaid card as a funding source for your PayPal account.
With PayPal, you can add funds to your PayPal balance with a bank account. So the first thing you will have to do is to transfer money from your prepaid card to bank account before adding the money to PayPal.
So now that you already have an idea on what to do so as to transfer money from a Prepaid card to PayPal, below are the steps to follow so as to make a successful transfer.
Step 1: Gather All Information
Well before most of the transfers that involves your bank account, you will need to gather some information such as your bank account and routing number so as to complete the transfer. But have in mind that if you are initiating a local transfer, you might not have to use a routing number.
Step 2: Transfer Money from Prepaid Card to Bank Account
As soon as you have already noted your bank account number, the next thing that you will have to do is to transfer money from your prepaid card to a bank account. In order to make the transaction easier, you will have to make use of online banking platform.
Below are the steps to follow so as to transfer your money from Prepaid card to bank account:
- Log into your card account online via the mobile app or web.
- Tap "Transfer Money".
- Provide the bank account details you want to transfer money to.
- Next, navigate to transfers and select to transfer to a bank account.
- Enter the amount to transfer.
- Enter your PIN or any other convenient verification method.
- Finally, tap send to transfer the money.
Step 3: Set Up and Verify Your PayPal Account
To access all of PayPal's features if you don't already have one, you must first set up and verify your PayPal account. Your newly established account will be restricted if you don't validate your PayPal account.
Step 4: Link Your Bank Account to PayPal
As soon as your account is already set and your funds are available in your bank account, the next thing that you will have to do is to link your bank account to PayPal.
It is quite simple to link your bank account to PayPal and below are the steps involved:
- Login to your PayPal account.
- Tap "Wallet" at the top of the page.
- Tap "Link a bank account".
- Select your bank, or click "Don't see your bank?" at the bottom.
- You might be able to instantly link your bank using your online banking login details depending on the bank you choose. You can manually enter the information for your bank account and click Agree and Link if the immediate option isn't available.
Step 5: Transfer Money From Bank Account to PayPal
Here comes the last step now to undertake. which is transferring money from bank account to PayPal. You can follow the steps below to make a successful transfer.
- Login to your PayPal account.
- Go to your "Wallet".
- Select "Transfer Money".
- Select "Add money to your balance".
- Provide your bank information, by following the on-screen instructions.
How to Add Money To PayPal With Prepaid Card
You are able to make use of your prepaid card as funding source for your transaction made through PayPal with a prepaid card. When purchasing online, all you have to do is go through the checkout process and choose your prepaid card as the method of payment. This is something you can also do when sending someone money.
There are several other ways through which you can add money to your PayPal account even if you do not have a bank account. Learn more on how to add money to PayPal without bank account.
How to Transfer Money from PayPal to Prepaid Debit Card
There is a way that allows you to instantly transfer money from PayPal to a prepaid card. You will have to send the money to any visa or Mastercard debit that is eligible for the transfer. You can find all eligible cards listed in the PayPal's money page transfer section. It has been noticed that the transfer most at times takes 30 minutes to complete.
Additionally, you can move funds from your PayPal balance to your prepaid PayPal card. To do this, sign in to the online account center for your PayPal Prepaid Card, tap on the PayPal Transfers tab, and then follow the on-screen instructions to instantaneously and cost-free transfer money from your PayPal balance to your PayPal Prepaid Card.
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How to Link PayPal Prepaid Card to PayPal Account
In order to connect your PayPal prepaid card to your PayPal account and be able to use the card as funding source to your transactions with payPal, You must first login to your PayPal account on the PayPal website or in the PayPal App.
Final Thoughts on How to Transfer Money From a Prepaid Card to PayPal
Online money transfer platforms is fast becoming part of our daily lives. Knowing how to transfer money from a prepaid card to PayPal can be very useful especially when you are trying to complete an online transaction safely and conveniently.
Actually, PayPal is the most used payment gateway in the world since it is accepted by several online merchants as payment method.
The one way to transfer funds from a prepaid card to PayPal is by acting as a middleman for the transactions by using a linked bank account. You can effortlessly transfer money from your bank account to your PayPal balance once the funds have cleared.
Frequently Asked Questions
Can I transfer money from a prepaid card to my PayPal account?
Prepaid cards cannot be used to send funds to PayPal. The prepaid card can only be used to make payments when it is linked to your PayPal account. Any prepaid card with the logos of Visa, American Express, MasterCard, or Discover is accepted by PayPal. Prepaid cards cannot, however, be used for recurrent payments.
How do you transfer money from a prepaid card?
You can typically transfer money from your prepaid card to your bank account online, by logging in to prepaid card's app or website. If your prepaid card does not allow transfers to bank accounts, you can use a third party service like MoneyGram to make the transfer.
Can I add money from a Visa gift card to PayPal?
Money can be transferred quickly and easily between PayPal and the prepaid card. The money from the Visa gift card can be transferred to your bank account through PayPal. If your bank does not allow free transfers between your current account and the prepaid card, this can be quite helpful.
How do I link my PayPal account to my prepaid account?
You will be prompted to indicate if you have a PayPal Account throughout the PayPal Prepaid Card activation process. If you do have a PayPal Account, you will be required to provide your login credentials. The PayPal Prepaid Card will then be instantly linked to your PayPal Account using that log-in credentials.