Commission for withdrawing funds from a virtual card
Among all the variety of banking products, plastic cards are the most popular ones. However, digital cards have started rapidly replacing them, which can provide many advantages. They are much more convenient to use. What you need is to have a mobile phone and access to the Internet. WestStein offers its customers a quality product that is in no way inferior to plastic counterparts, and in many ways even outperforms them.
What is a virtual bank card? How to use it
A virtual card is very similar in its functions to a regular plastic card. The only difference between them is the absence of the plastic itself. That is, there is no carrier. However, a virtual debit card does a great job of handling all your finances.
You should not take a digital card as an addition to an ordinary plastic one. Indeed, nowadays an increasing number of banks offer their customers separate digital cards. In this case, the issuing of the main card is not required. It can be used in the same way as an ordinary one, which means access to settlement in retail chains, online payments, money transfers, cash withdrawals and much more.
In essence, a virtual bank card is inside your phone. Thus it does not physically exist. And in order to pay for purchases in stores or withdraw money from ATMs, it is necessary that the equipment supports the NFC function. Otherwise, there are various gas stations and stores around the world where it is possible to cash out the card.
Such a card can perfectly replace the usual plastic one. However, there are some things to keep in mind when using it:
- While the physical card is valid for 4 years from the date of the issue, the life of the virtual card is on average about 1 year. This period depends directly on the banking institution itself.
- Despite the fact that the card has its own details, the CVV2 code can often change throughout the entire period of use. On the one hand, this can cause trouble for the holder, since it will be necessary to request data all the time. On the other hand, it is a more reliable protection against access to information on the card from possible fraudsters.
- Very often virtual cards have their own set limits. Thus, the WestStein prepaid card is characterized by the presence of limits on money withdrawals, transfers, the maximum amount that can be stored on the card and some other financial transactions.
However, it does not bring any special restrictions to its use. The card in the phone can be used both as the main one separately from the plastic, and as an addition to it.
Withdrawal of funds from a virtual card and its features
For any bank, the main goal is to increase its financial assets. And this is no secret to anyone. To do this, many financial institutions introduce fees for the provision of financial services to their customers. Therefore, ATM withdrawal fees are a great way for a company to maintain its sustainability. Typically, the commission fee is charged immediately after the transaction. The only thing is that the amount of the deduction is determined directly by the type of card, as well as by the bank, through the ATM of which cash is withdrawn. The currency that passes through the transaction is also taken into account.
In all cases, the conditions for servicing credit, debit cards, as well as virtual cards are prescribed in the agreement, which is concluded between the financial institution and the client. Thus, the type of commission, and its amount, and even the rules for cashing out money are taken into account.
If you want no commission when withdrawing funds from a virtual card, there are several ways to do this. Firstly, it is worth withdrawing cash from ATMs of the institution where the card was issued. ATMs of partner banks are also suitable for these purposes. Usually such information can be found on the Internet, or by reading the user agreement. The terminals themselves are often labelled accordingly.
It is worth noting that the virtual MasterCard from the financial company WestStein implies the possibility of not paying a commission fee for cashing out funds if these operations were carried out within the Eurozone, and the bank that owns the ATM does not warn about the possible removal of an additional fee for using their services. For more information about tariffs and possible commission fees, please visit the “Prices” page.
The WestStein online account provides many benefits for its users. The financial company thinks about the future of its customers and offers to forget about plastic, giving preference to digital technologies. At the same time, your financial capabilities will not be affected in any way.