Money transfers and payments are among the most popular financial services. For a long time, the only way to transfer money was for the sender to pay cash to a bank or post office. The recipient also had to go to the office of the relevant organization. The development of the Internet and online technologies has moved us far ahead, including in the field of transfers, when such a variant as Card2Card appeared. What it is and how to make a card to card transfer online we will tell you in detail in this article.
What is Card2Card?
Card2Card – what does it mean? It’s very simple. It is a simplified ‘technological’ form of spelling of the English turnover ‘Card-to-Card.’ Other common synonyms you may come across are C2C (Consumer-to-Consumer) and P2P (Person-to-Person).
Card2Card is a technology that sends money online from one bank card to another. The transaction is done by entering the recipient’s card details in a special interface (Internet Bank, mobile application, payment operator’s portal). A one-time password confirms the transaction, ensuring its security.
Money can be transferred between card accounts to which the plastic carrier is issued and between virtual/digital cards.
Types of Card2Card transactions
Card2card transfers are a financial transaction, which means debiting funds from one card account and crediting them to another.
Therefore, we can distinguish the following types of such transactions:
- Self (Me2Me). You may have several payment cards opened in different banks, and you redirect money from one to another.
- To another person (P2P). From your bank card to someone else’s card.
- Intra-bank. The same bank issues the ‘donor’ and ‘recipient’ cards. Such transfers are usually free of charge.
- Interbank. Different banks issue cards involved in a Card2Card transaction. Such transactions are often subject to a fee—you should pay attention to this when you confirm your consent to the transfer.
- Intra-country. The transaction takes place within Russia’s financial system.
- Cross-border. Card-issuing banks are located in different countries. This is the least widespread and expensive type of card transfer: only a few financial market players provide such a service and charge a decent commission for it, earning on currency conversion.
There are two more types of card-to-card transfers: Push and Pull. The sender initiates operations of the first type, a ‘classic’ money transfer in its essence. The recipient initiates the second type, representing a transaction to top up a bank card from another card.
Conclusion
You can save on Card2Card transfer fees if you make them in the online infrastructure of the bank that issued your card. Sending through your bank’s online banking or mobile application will be cheaper than through the resources of third-party payment providers offering such a service. Take this into account and use online services!