Benefits Of Prepaid Debit Cards

For years, there were rather limited options for sending money

. Individuals could send money the old fashioned way-sending cash or a personal check by mail. Individuals could also use local banks in attempts to wire funds directly. Finally, independent money transfer services could be used.

Each of the above methods worked for transferring funds, but each had a downside as well. Either the money took too long to reach the recipient, the fees associated with the transfer were excessive, or there were security issues that could cause the money to be lost. One of the benefits of technology has been the advances made in making transfers faster, safer, and more affordable. One method of sending money that encompasses all three of these important characteristics is transferring money through a prepaid debit card.

Faster Money Transfers

A prepaid debit card enables money to be transferred almost immediately, taking the funds directly from a credit or debit card. An individual seeking to send money simply needs to establish a relationship with a site offering this service. Currently, a US resident needs to have a valid Social Security number and a Visa, Mastercard, or valid checking account in the United States. A debit card is sent via Fed Ex to the recipient of the funds, who will then receive the PIN number from the person sending the money. This card can be used again and again for money transfers over a long period of time. This will make money available for the recipient much faster than some of the more traditional methods.

Safer Money Transfers

Each prepaid debit card is sent without a PIN number, ensuring that if the card is lost or stolen, funds cannot be accessed and end up in the wrong hands. Great strides have been made in the security of prepaid debit cards. In most cases, a PIN number is assigned by the person sending the funds, who has the responsibility of contacting the recipient of the funds to disclose the PIN. This method reduces the risk of loss for the sender and the recipient.

More Affordable Money Transfers

The money transfer business is becoming more competitive all the time. This great new for consumers sending money. Using a prepaid debit card, money can be sent for as little as $5, just a fraction of the cost associated with wiring funds internationally or purchasing money orders.

In a fast paced world, technological advances are making it possible to send money more easily and affordably than ever before. It will be fascinating to see what the future holds in this increasingly competitive business.

by: Peter Frampton

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