Visa Money Transfer: what is this service, methods of transferring money and bank cards

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

With the development of digital technologies, many complex things become commonplace. It has become easier to send money. To do this, you no longer need to spend time in line with a bank teller and wait for funds to be credited for several days. Card2card technology, based on the exchange of authorization messages between transfer participants, allows you to receive money sent to a payment card in a few minutes or even seconds. You can transfer money from your mobile phone, self-service device or website.

The international payment system Visa International offers its cardholders a fast transfer service. The features of this technology, its advantages and disadvantages can be found in this article.

Visa Money Transfer - what is it?

Visa MT (Visa Direct) is a technology for instant transfers using Visa payment cards. Serviceensures that funds are sent to Visa cards that support this feature, regardless of the issuing bank and country. Visa transfers are distributed in more than 20 countries of the world - in the CIS, Asia and Europe. The service also allows you to repay loans, pay for services and make payments. You can send money even in the absence of a bank card - through ATM and payment terminals with the function of accepting banknotes. You can also transfer money to your family and friends on a Visa card in the popular social networks Vkontakte and Odnoklassniki.

For limits, terms of receiving funds, tariffs and other conditions, please check with the bank that issued the payment card or on the official website of the service provider.

Where can I translate?

You can use the Visa Money Transfer service through:

• Internet banking;
• ATM supporting Visa MT technology;
• self-service payment devices: QIWI, CyberPlat and others;
• online services and e-wallets: Ruru, PayOnline, Yandex. Money, etc.
• bank branches providing Visa MT service.

How does it work?

To use the service, you only need to know the recipient's 16-digit card number. An exception is a transfer abroad - in this case, the surname and name of the recipient of funds will be required. Usually the money arrives on another card in a few minutes. The term for receiving a transfer may be delayed up to five days in some cases when the receiving bank does not supportinstant translation technology. The operation itself is simple and depends on the method of sending funds:

• Through an ATM. You can use the transfer service to a Visa card through the ATM menu. To do this, select the appropriate item on the device screen, insert the card and enter the PIN code. The system will then ask for the recipient's 16-digit card number and the amount to be sent. After confirming the details of the transfer, ATM will notify the sender of the result of the transaction and issue the card back. If the ATM is equipped with a bill acceptor, this action can be performed without the participation of the card.
• Via internet banking. After authorization in the Internet banking system, you must select Visa Money Transfer transfers. Next, the user will be prompted to select the account from which the funds will be debited, enter the recipient's card number and the transfer amount. To complete the operation, you need to familiarize yourself with the bank's commission for transferring money and confirm the entered data.
• In networks of payment terminals. On the screen, in the list of services, "Transfer to VISA card" will be available. After clicking on it, you must enter the card number of the recipient of the money (in CyberPlat terminals, first the number of the sender of funds) and follow the further instructions of the system.
• Through a bank branch. When sending a transfer to a VISA card, the bank office will require a 16-digit card number, last name, first name and account number of the recipient. This option is somewhat complicated, as you will need to provide a document confirming the identity of the sender, and if necessary, additionaldetails for making a transfer.

How much does it cost?

Tariffs for the Visa MT service are set by transfer operators - banks and payment services. The commission depends on the chosen system and direction of transfer. The table shows the rates of several banks and payment operators supporting this service:

Sberbank	Alfa-Bank	QIWI	"Yandex. Money"	Ruru online payment service
Between your cards in one region - 0%, to a Sberbank card in another region 1% (max. 1000 rubles), between cards of different banks 1.5% (min. 30 rubles).	0 % between own cards; 1.95% (min. 30 rubles) between cards of different banks of the Russian Federation; 2% + 40 rub. or 1, 3 $ or 1 euro for an international transfer.	2 % + 20 rub. to cards of Russian banks, 2% + 40 rubles. - to cards of foreign banks	Transfers between Russian Visa cards: with a wallet in the Yandex system - 1.5% (min. 35 rubles), without a wallet - 1.95% (min. 40 rubles); to foreign bank cards from a Yandex. Money account - 3% (min. 45 rubles).	Payment only from mobile phone. Depending on the mobile operator, it varies from 6.95% to 10%.

Dignity

The following arguments can be made in favor of Visa Money Transfer being a modern, convenient and practical transfer system:

• Simplicity. To send a money transfer, you only need to know the 16-digit card number of the person in whose favor the funds are credited.
• Speed. A transfer to another Visa card usually takes from a few seconds to half an hour. In cases where the bank provides for restrictions on the transfer of funds, the operation may take up to 5 business days.
• Safety. The use of modern information encryption methods shows that Visa Money Transfer is a reliable and secure transfer system. To exclude fraudulent actions when sending funds, mandatory authentication is required - entering a PIN code at an ATM, POS terminal or a Verified by Visa system password for an online transaction.
• Saving time. Instant transfer from Visa eliminates the long wait at the bank branch and filling out a bunch of documents. To send money via Visa Money Transfer to a card, it is enough to have access to Internet banking or find the nearest ATM or self-service payment machine that supports this type of transfer.
• Versatility. In most cases, it does not matter which bank's Visa card such a transfer is made to. You can send money to any country where this service works. The timing of Visa Money Transfer crediting and the possible commission fee must be clarified with the issuing bank of the recipient's card.

Flaws

Visa MT has some inconveniences reported by users. These "cons" include:

• Sender informationtranslation. To find out who made the transfer or where the money came from via Visa Money Transfer, you need to check the details of the card transaction in Internet banking. In some cases, it is not possible to obtain sender data through online banking. Then you will need to apply for an extract from the bank that issued the transfer recipient's card. As you can see, you will have to spend a certain amount of time, money and nerves before you find out who sent the money to the card.
• Significant costs for large amounts of transfers. Sending fees can hit your pocket hard when transfers exceed five figures. This is especially noticeable when you need to send money abroad. In this case, it is more profitable to use other transfer systems - Golden Crown, Swift and others.

Comparison with Moneysend service from Mastercard

MoneySend - a service for transferring funds to Mastercard cards. The system has no fundamental differences from Visa MT. MasterCard also offers its customers instant money transfer using only the recipient's 16-digit card number. Tariffs, limits and crediting terms for Moneysend are also set by the bank or service providing the transfer service. Users of the Vkontakte social network can transfer money from MasterCard cards of Russian banks via MoneySend in the amount of 100 to 75,000 rubles without commission. You can also send a transfer using this system using a card, ATM, payment terminal and online services.

In closing

FromThis article follows that Visa Money Transfer is a system of non-cash international transfers, with which you can send and receive money in a matter of minutes. Banks, payment services and even social networks work with this system. The main condition is that the recipient of money must have a card of this payment system with support for the Visa MT service.