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How Visa card-to-card cash transfer work in practice?

28 February 2011 1 comment

Keith Appleyard

IT Consultant

available for hire

Be interested to fully understand how it works - for example :

a) how does the recipient get informed that the funds are available?

b) if they go to the ATM to withdraw the funds as Cash, what are the fees? Presumably there is withdrawal/handling fee, but does the Card Issuer charge the usual Cash Advance Daily Fees? Does the advance count as part of the 7/21 days Cash Access limit, or is it independent of that?

c) if the transferred amount is held separately as an escrow Credit Balance, is it ever used by the Card Issuer to pay off the next Statement?

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Comments: (1)

A Finextra member

03 March 2011

I imagine this is targeted at Visa Debit rather than Credit customers as there can be "issues" encountered with a Credit Card going into a Credit Balance situation (depending on local legislation/accounting rules).

With regards to charging - I'd imagine any charges would be applicable to the sender account rather than the receiving account.

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Keith Appleyard

IT Consultant

available for hire

Member since

17 Aug 2007

Location

Bromley

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