What is a Money Transfer Card?

Money transfer card is a debit card that is specifically used for money transfers. It is issued by a money transfer company. By using a money transfer card you can withdraw money from ATMs or buy products where debit cards are accepted.

There are many money transfer services which offer money transfer card like Ikobo and TimesofMoney.

ikard

ikard is money transfer card launched by Ikobo. By using Ikobo one can send and receive money in more than 170 countries.

After an account is created with Ikobo and verification is done, ikard is sent by mail. When you get the ikard, you can receive money from anywhere in world. Later when amount is sent to your account, it will get credited to the card. From ATM, you can withdraw the amount.

Whenever you withdraw amount, the processing fee is charged. And to maintain your account, a maintenance fee is also charged monthly.

Suppose your account has US$20. The fee charged for withdrawing money is US$2. Now the amount you can withdraw is US$18 only. The transaction will be declined if you try to take out more money. This is also called as declined withdrawal and sometimes such a declined withdrawal is also charged to you.

Remittance Card from TimesofMoney

Remittance card is another money transfer card offered by TimesofMoney or Remit2India. Remittance card is like the ATM card of Axis bank. When money is send or transferred, it gets credited to the remittance card rather than crediting to the bank account of receiver.

When a remittance is booked, the receiver has to go to Axis bank and complete the verification. After the verification is complete, the remittance card is sent to receiver with his name and validity on it. For activating card the receiver has to visit again the Axis bank.

The amount available on card can be withdrawn from ATM or it can be used to make payments where Visa card payments are applicable.

The advantage of Money cards is that, the money transfer occurs almost instantaneously and the cards can be re-used many times. Once you have set up the account, you can almost immediately get payment from abroad.

Thus using the money transfer cards one can transfer money from anywhere in the world and the receiver can avail its benefits at anytime and anywhere in the world.