Does Paypal let me Transfer money from Paypal to a prepaid card?
Transferring money from Paypal to a prepaid card.
We are frequently asked if any prepaid cards on the market allow users to transfer money from their paypal account onto a prepaid card. The general answer has always been an unfortunate “no”, as paypal require a bank account to be registered to enable this transfer.
Whilst the majority of prepaid card issuers will provide you with a bank account number and sort code to enable you to transfer money into your prepaid account, these bank details are not unique to the cardholder, and are simply the prepaid card issuers corporate bank details to which BACS transfers may be made.
Funds are then received in this bank account, and transferred to your prepaid card (using a card number as a reference.)
Whilst you may think that you could simply register these bank details with paypal, you would be incorrect, as when you register bank details, paypal check to see if these details are registered against any other users on paypal. And of course, someone (if not the prepaid issuer themselves) will have beaten you to it!
So, we are back to square one, where a prepaid card is great for registering on a paypal account to make purchase, but not for withdrawing funds.
However, things are set to change with the launch of a new prepaid card called Card One.
Its not the cheapest prepaid card on the market, but will suit some customers, as has one key difference.
Not only will you receive a fully branded Card One prepaid MasterCard, but you will also receive a One Banking Bank account with a sort code and a unique account number that is specific to the account holder.
You can register the Card One prepaid MasterCard on paypal to make purchases, but also register the bank details, which allow you to withdraw funds from your paypal account.
For example, you could register a MasterCard in your paypal account using the Card One prepaid card, and also register the One Banking bank account, using the bank details also provided.
You could then make purchases on ebay using paypal as your payment method (which will use your Card One prepaid card as a funding source), but more importantly…
You could also sell an item on ebay, have the buyer pay you via paypal, and then transfer the money from your paypal account to your One Banking account, which is linked to your prepaid card. – Simple!
Last Updated: 10th June 2008
The following table compares prepaid cards that can be used to register for paypal, but also enable customers to withdraw funds from a paypal account.
Prepaid Card Issuer - CardOne Prepaid Card
Card Type - Chip and Pin
Card Issue Fee - Free
Card Fees Monthly Fee = £12.50 UK ATM Fee = Free - Exchange Rate Fee = 2.75%
Maximum Balance £5000 - In your Card One Prepaid account
Key Benefits - Accepted at 28.6 Million Locations-Withdraw funds from Paypal.
If you are looking for a card with lower fees that can be registered on paypal to make purchases Please note, your would not be able to withdraw funds from paypal onto these cards.