Whether you’re going on holiday or paying your monthly bills, a prepaid card can be a secure and convenient way to manage your money. However, when you no longer need it, how do you access funds left on them?
There are two ways to transfer this money. Firstly, you can withdraw the amount as cash from an ATM, usually as a minimum of $20, and deposit it into your bank. Alternatively, you can transfer money from a prepaid card to another prepaid card in an instant.
Find out how to set up a prepaid card transfer with our guide.
Can you transfer money from a prepaid card to a bank account?
No, even though your prepaid card has a unique account number and validation date, it can’t be used to make a direct transfer from the card. This is because the card isn’t linked to a bank account. Instead, it’s pre-loaded with a specific amount chosen by you, either through cash or direct deposit, to be spent over time.
However, you can withdraw the remaining amount from your prepaid card as cash from an ATM and then deposit it into your bank.
How to transfer money from one prepaid card to another
Some prepaid card providers allow you to transfer funds from one prepaid card to another, if they’re with the same provider.
For instance, with a Kroger Rewards prepaid card you can transfer money to another Kroger prepaid card. Log on to your account either through the website or mobile app or by calling customer service to arrange the transfer. There’s no fee for this as it’s within Kroger’s services. You can make up to two transactions a day.
How long does it take to transfer money from a prepaid card?
This will depend on your chosen transfer method. For instance, if you are withdrawing money in cash and depositing it into your bank, this could take a couple of business days to clear. Transferring to another prepaid card under the same provider can mean the funds are available instantly – perfect if you need money fast.
For more information, check out our guide to money transfers.