Visa Money Transfer: what kind of service, money transfer methods and bank cards

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

The international payment system Visa International offers its cardholders a quick transfer service. About 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 of instant transfers using Visa payment cards. The service provides the sending of funds to Visa cards that support this function, regardless of the issuing bank and country. Visa transfers are distributed in more than 20 countries of the world - in the CIS countries, 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 bills. You can make money transfers to relatives and friends on a Visa card in the popular social networks Vkontakte and Odnoklassniki.

The limits, terms of receipt of funds, tariffs and other conditions must be checked 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 electronic wallets: Ruru, PayOnline, Yandex.Money, etc.
• branches of banks providing the Visa MT service.

How it works?

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

• Through an ATM. You can use the service of transferring 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. Then the system will request the 16-digit card number of the recipient and the size of the amount sent. After confirming the details of the transfer, ATM will notify the sender of the result of the operation and issue the card back. If the ATM is equipped with a bill acceptor, this action can be carried out without a card.
• Through online banking. After authorization in the Internet banking system, you need to select Visa Money Transfer transfers. Next, the user will be prompted to select an account from which 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’s office will require a 16-digit card number, surname, name and account number of the recipient. This option is somewhat difficult, as you will need to provide a document confirming the identity of the sender, and if necessary, additional details may be required to complete the transfer.

How much is it?

Tariffs for 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 tariffs of several banks and payment operators supporting this service:

Advantages

The following arguments can be made in favor of the fact that Visa Money Transfer is 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. Transferring to another Visa card usually takes from a few seconds to half an hour. In cases where the bank provides for restrictions on the crediting of funds, the operation may take up to 5 business days.
• Security. The use of modern methods of information encryption shows that Visa Money Transfer is a reliable and secure transfer system. To eliminate fraudulent activities when sending funds, mandatory authentication is required - entering the PIN code at the ATM, POS terminal or the password of the Verified by Visa system for online transactions.
• Time saving. 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 to find the nearest ATM or self-service payment machine that supports this type of transfer.
• Universality. In most cases, it does not matter to which bank's Visa card such transfer is made. You can send money to any country where this service works. The timing of crediting Visa Money Transfer and the possible collection of a commission must be clarified in the card issuing bank of the recipient.

disadvantages

The Visa MT service has some of the inconveniences reported by users. These "minuses" include:

• Information about the sender of the transfer. 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 to the bank that issued the card of the transfer recipient. 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 with large amounts of transfers. Commission for sending funds can hit hard when the size of the transfer exceeds a five-digit number. This is especially noticeable when you need to send money abroad. In this case, it is more profitable to use other translation systems - Golden Crown, Swift and others.

Comparison with Moneysend 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 sending using only the 16-digit card number of the recipient. Moneysend tariffs, limits and crediting periods are also set by the bank or the service providing the transfer service. Users of the Vkontakte social network can transfer money from cards of Russian MasterCard banks through MoneySend in the amount of 100 to 75,000 rubles without commission. You can also send a transfer through this system using a card, ATM, payment terminal, and online services.

Finally

It follows from this article 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 payee must have a card of this payment system with support for Visa MT services.