If you find yourself in a tough situation where you urgently need to send money in your debit card to another account then, knowing how to transfer money from an ATM to another bank account can be very helpful.
Banks are taking the stage from traditional to online banking and adding new features to their banking features to better serve their customers. Among these features, transferring money from ATM (debit card) to another bank account have been one of the best offered by modern banks.
Money transfer apps make it even easier to send money to friends and relatives to any part of the world. The best part is, the fees to cover the transaction are pretty smaller than that you were to pay for transferring money through a traditional bank.
These money transfer apps also let you send money instantly to receivers located within the same region as you. However, the downside of some of these apps are, they do not offer a guarantee for misplaced transaction.
Using a bank to transfer your funds to another account is more secure. Modern banks let you transfer money from one account to another in two ways: — online and locally. Banks with online platforms let users easily transfer money to other accounts and does not involve the use of a debit card.
On the other hand, transfers made locally will involve the use of a debit card (at ATM). However, you can transfer money from a local nearby bank branch to another account without having to use your debit card. This last one, however, makes customers go through lagging lines to enter the bank.
The ATM is most often free and you have your free space to complete your transactions peacefully. Modern banks let you use ATM to transfer money to another account just with the use of a debit card. This is very useful for those that do not use mobile banking or aren't located beside a local bank branch.
To transfer money from ATM (debit card) to another bank account, all you will need to do is to go to the ATM, insert your bank card and follow the on-screen instructions to complete the transaction.
If you find this a little complicated for you, continue reading. In this article, I will share with you a step by step process to transfer money from ATM to another bank account.
What is an ATM?
An automated teller machine (ATM) is an electronic banking terminal that enables consumers to conduct simple transactions without the assistance of a teller or branch personnel. At most ATMs, anyone with a credit or debit card can withdraw cash.
ATMs are convenient because they allow customers to do self-service operations such as deposits, cash withdrawals, bill payments, and account transfers. Cash withdrawal fees are frequently charged by the bank where the account is held, the ATM operator, or both. Using an ATM operated directly by the bank that holds the account can prevent some or all of these costs.
ATMs are also known as automated bank machines (ABM) or cash machines in different parts of the world.
Types of ATMs
ATMs are classified into two categories. Customers can only withdraw cash and receive updated account balances from basic units. Deposits are accepted, line-of-credit payments and transfers are facilitated, and account information is accessed on the more complex machines.
A user must often be an account holder with the bank that controls the machine in order to access the advanced capabilities of the complicated machines.
Analysts predict that ATMs will become even more popular, and that the number of ATM withdrawals will rise. Rather than or in addition to traditional bank tellers, future ATMs are anticipated to be full-service terminals.
Can You Transfer Money From ATM to Another Bank Account
Yes, you can. You can transfer money from ATM to another bank account with the use of your ATM card or debit card. However, not all ATMs can let you transfer money to another bank account. Only modern ATMs let you complete the transfer.
How to Transfer Money from ATM (Debit Card) to Another Bank Account
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Before you transfer money using your ATM, be sure your ATM supports money transfers. Inquire from your bank to know if its ATMs can transfer money to other bank account. This will help you avoid wasting time trying to initiate a transaction which cannot be completed.
If your ATM supports money transfers, follow the steps below to transfer money from ATM to another bank account.
- Visit a nearby ATM.
- Insert your ATM card (debit card) and choose a preferred language.
- Next, enter your card PIN to proceed to the transaction screen.
- Select the option similar to "Transfer Money" (this may differ depending on the type of ATM).
- On the next screen, enter the beneficiary's bank account number.
- Choose the funding source for the transaction; it can be your current or savings account.
- Enter the amount you want to transfer and proceed with the transaction.
- Confirm you want to continue with the transaction and transfer the money.
Possible Errors/Issues Faced When Transferring Money from ATM to Another Bank Account (With Solutions)
When transferring money from ATM to another bank account, you may incur some errors. They are as follows.
- Your ATM does not support money transfer — [Solution] You need to inquire if your bank's ATM support money transfers. In the case where the ATM does not support the transfer, you can go to a bank branch and complete the transfer.
- The Amount specified for the transfer is more than the account balance — [Solution] Check whether you account balance can cover the transaction amount. If you account balance is smaller than the transaction, you will need to top up your account in order to complete the transfer.
- Network Issues — [Solution] If face a "time out" error message or any other error related to this, do not panic. It's just a network issue. You need to be patient for the ATM network to be fully established and then repeat the transfer process from the ATM. If you are kind of hurrying, then consider using either your bank's online banking platform or transfer from your bank's local branch.
Other Ways to Transfer Money From ATM (Debit Card) To Another Bank Account
Transferring money from an ATM isn't that easy especially when your bank's ATM doesn't support such transactions. In most cases, you will want to avoid some errors you can easily make during the process. Because of all this, you might want to use any of the methods listed below.
1. Use a Local Bank Branch to Transfer the Money to Another Bank Account
A local bank branch is the safest place where you can conveniently carry out your banking transactions. The only hassle here is that, at times, you might have to wait in the lagging lines to enter the bank. However, there are some branches that don't have much traffic, you can simply get there and send the money to another bank account instead of using the same time to get to an ATM.
2. Use Online Banking to Transfer Money to Another Bank Account
Both modern and some traditional banks take banking features to the next gen level by providing a mobile or online banking platform to their customers. Mobile devices are the most used devices nowadays for accessing the internet. Banks make it easy for their customers to complete various transactions directly from their mobile devices without having to visit a bank branch.
Customers can easily transfer money from one account to another instantly without hassle by using online banking. However, online banking comes with its own fees. Nevertheless, this tends to be a more convenient way to transfer money from one account to another rather than using an ATM for the transfer.
3. Use Money Transfer Apps to Transfer Money to Another Bank Account
Money transfer apps are becoming more and more popular as they provide a more convenient way to transfer money from one user to anther from anywhere in the world. Money transfer apps such as PayPal and Cash App are the leading apps. They let users send money instantly from one account to the another regardless of the country or region.
You can link your bank account to PayPal or Cash App and transfer money from your PayPal to the beneficiary's PayPal. The other user will now be able to transfer funds from PayPal to bank account conveniently. The same process can be used for a transfer involving Cash App.
How to Transfer Money from ATM Card to Another Account Online
To transfer money from ATM card to anther account online, all you need to do is to login to your bank's online banking (NetBanking) platform and select the money transfer option and transfer the money.
We already know an ATM Card is a debit card and that your debit card is linked to your bank account which it uses as a funding source for your transactions.
This means, when transferring money from your account online, it will deduct funds that are allocated from your debit card. This way, you are indirectly transferring money from your debit card to another account online.
Some banks such as Paytm let's its customers transfer money from ATM card to another account online. The steps to follow are as follows.
- Log in to the Paytm app using your credentials
- Go the "Paytm Wallet" section on the home screen of your app
- Enter the amount that you wish to add from your debit card to your wallet and click on "Proceed to Add"
- Select the debit card from which you wish to add money from the list of options available
- An OTP will be sent to your registered mobile number for the purpose of authentication
- Enter the OTP to confirm the transaction
- Upon successful payment from your debit card, the amount will be added to your Paytm wallet
- You can use this amount to send money to any other bank account, UPI ID, or the like
How to Transfer Money From SBI ATM to Other Bank Account (Without Net Banking)
Transferring money from SBI ATM to other bank accounts is very simple since the ATM supports money transfers.
Here are the steps to follow to complete the transfer.
- Swipe your card in the machine.
- Click card to card Transfer.
- Enter Debit Card number of the recipient (twice)
- Enter the amount.
- Select the account type such as savings or current account.
- Before leaving the ATM, verify the amount you entered and the in the receipt is same.
Can I Transfer Money From ATM Without Card?
Yes, you can. This process is known as Cardless Cash Withdrawal. However, only a few banks let you perform Cardless Cash Withdrawal. You can inquire from your bank to know if they offer this feature.
How to Transfer Money From ATM Without Card
Follow the steps below to transfer money from ATM without card.
- Login to NetBanking or Online banking.
- Select Fund Transfer >>> Cardless Cash Withdrawal.
- Select the Debit Bank Account.
- Select beneficiary from list of registered beneficiaries (Mobile number gets auto populated).
- Check the beneficiary details, enter the amount, click on continue and confirm.
- Confirm the mobile number and enter the OTP to validate the transaction.
- The beneficiary will receive an SMS containing the OTP, nine-digit order ID and the amount.
How to Withdraw Money from ATM Without Card HDFC Bank
- Login to HDFC Bank NetBanking >> Funds Transfer
- Click on "Cardless Cash Withdrawal"
- Select "Debit Account and beneficiary details" and click "Continue".
- Check the beneficiary details and enter the amount to be transferred.
- Enter the OTP (One-time Password) received on your registered mobile number to generate the request successfully.
A successful cardless cash withdrawal request will be valid for a period of 24 hours from the time of creating the request. After expiry of 24 hours, the request will be reversed.
How to Withdraw Money Without ATM Card Union Bank
- Type in "Cardless Withdrawal" or select this feature in Online Banking>Cardless Withdrawal
- Select "Continue Withdrawal"
- You will be asked to login to UnionBank Online. Please enter your UnionBank Online user ID and password
- Select the UnionBank account you would like to withdraw from.
- Provide the following details:
- UnionBank ATM where you will withdraw the funds
- Amount you would like to withdraw
- Nominate a 6-digit PIN1. You will need this to withdraw in the ATM.
- Ensure to remember your PIN1 as this is not stored. Do not share this with anyone.
- Enter OTP
- Your second PIN or PIN2 will be sent to your registered email and mobile number in UnionBank Online.
- Please be reminded that you will need PIN1 and PIN2 to withdraw the funds in the ATM. Partial withdrawal is not allowed.
How to Withdraw Money Without ATM Card in Karnataka Bank
Karnataka bank lets you do Cardless Cash withdrawals. All you have to do is log into Karnataka Bank's mobile banking app and request a Cardless Cash withdrawal transaction for yourself or for your friends/relatives by entering the mobile number. The recipient does not need a bank account and can withdraw cash 24 hours a day, 7 days a week from KBL ATMs across India using the details sent via SMS.
Can You Transfer Money Without ATM Card and NetBanking
Yes, you can. However, this is possible only with the use of checks. You can use checks to transfer money from without having to use an ATM card and NetBanking or online banking platform.
How to Transfer Money Without ATM Card and NetBanking
- Get your check booklet.
- Sign a check.
- Hand it to your beneficiary and he/she will be able to get the money at the bank without having to use an ATM card nor NetBanking.
Final Thoughts On How to Transfer Money From ATM (Debit Card) to Another Bank Account
ATMs make it easy for us to get cash at anytime as long as our debit cards have the amount of cash requested via the ATM. Modern ATMs, nowadays can be used to transfer money to another bank account. All you need to do is to insert your card and follow the steps outlined above to transfer the money.
However, transferring through ATM can lead to many errors which is why, using your bank's online banking platform to transfer the fund to another bank account is recommended by many financial experts. You may also visit your bank's local branch to complete the transfer conveniently.
References:
https://www.investopedia.com/terms/a/atm.asp
https://paytm.com/blog/money-transfer/transfer-money-online-using-a-debit-card/
https://www.hdfcbank.com/personal/resources/learning-centre/save/how-to-withdraw-money-from-atm-without-card
https://www.unionbankph.com/unionbankonline/cardless-withdrawal
https://karnatakabank.com/mobile-banking/kbl-mobile-plus-card-less-cash-withdrawal