Depositing money into your account is an essential part of managing your finances. Traditionally, this has meant going to a bank branch and depositing cash or checks into your account. However, with the rise of alternative financial services, it’s now possible to deposit money into your account with an external debit card.
What is an external transfer?
An external transfer is a type of financial transaction that involves moving funds between accounts held at different financial institutions. For example, if you have a checking account at Bank A and you want to transfer funds to your savings account at Bank B, this would be considered an external transfer. External transfers can be initiated by the account holder through various methods, such as online banking, mobile banking, or by visiting a branch location. External transfers typically involve a processing time and may incur fees depending on the policies of the financial institutions involved. To learn more about external transfers, read here.
What are the Benefits of Direct Deposit through an External Debit Card?
There are several benefits of using an external debit card for direct deposit:
1. No Bank Account Required: With an external debit card, you don’t need a traditional bank account to receive direct deposits. This is an excellent option for people who don’t have a bank account or don’t want the hassle of finding and typing routing and account numbers.
2. Faster Access to Funds: Direct deposit through an external debit card can be faster than the traditional direct deposit to a bank account. You can access your funds immediately, as soon as they’re deposited, without waiting for the bank to clear the funds.
3. Control over Spending: Debit cards allow you to control your spending by limiting your available funds. You can only spend what’s loaded onto the card, which can help you stay within your budget.
4. Security: External transfers are typically conducted using secure protocols and encryption, helping to protect your financial information and minimize the risk of fraud or unauthorized access. Only the same cardholder can make a debit card deposit into the other account.
At Onyx Private, you can now transfer funds to your Onyx account instantly using your debit card at no extra cost! You can easily transfer up to $2,000 per day from your debit card to your Onyx account, all with just a few clicks. No more waiting in line at the bank or dealing with long processing times – your funds will be available in seconds.
In conclusion, deposits through an external debit card are a fast, reliable, and affordable way to receive payments. With no bank account required, faster access to funds, and no fees, it’s an excellent option for those who prefer not to use traditional banking services. Setting up direct deposit through an external debit card is easy, especially with Onyx Private.