No, there is no direct option to transfer money between NetSpend and Chime. However, you can still send money from Netspend to Chime and Vice-Versa via PayPal and through an external Bank account.
Wondering how to transfer your funds from a NetSpend card to your Chime account? Find out how to move your money between these two services.
Chime is a financial technology company created in 2013 by CEOs Chris Britt and Ryan King. It functions as an independent online banking app that isn’t owned by any of the major banks.
When customers open a chime account they will receive a debit card and online full-deposit account where they can receive payments, take out pre-authorized withdrawals and make transfers between different banks.
As of right now, Chime does not allow users to transfer money into their account, from a NetSpend card. This rule applies to all forms of prepaid cards. While you cannot transfer funds from a NetSpend card to a Chime account directly, there are a few ways you can do so through a third party.
In this article, we will be taking you through the ins and outs of what Chime is and how it differs from a standard bank account.
We will also briefly cover prepaid cards such as those sold by NetSpend, and how you can indirectly transfer funds from one of these cards into your Chime account.
Can you Transfer Money from Chime to Netspend?
Sadly there is no direct way to transfer money between your NetSpend card and your Chime account. This incompatibility between the two services can be very frustrating for anyone who uses both or is planning to switch from one to the other.
However, read on as you can still move funds between the two via using external third-party apps.
What is Chime?
Chime is an app that allows you to make a spending account for receiving and making payments. It is an independent company that is not affiliated with any of the major banks. When you open a chime account you will receive a debit card that can be used to make payments in shops and other businesses.
They also offer other features such as overdraft protection, and the ability to get your paycheck up to 2 days early.
How is Chime Different from a Normal Bank?
Chime is a technology company that owns an app that happens to provide services similar to those provided by a bank. However, it is not an official bank, which to some may raise pertinent questions about its legitimacy. Although Chime is not a bank in the official sense, it is still covered by FDIC insurance, which will protect your deposits even if Chime were to somehow fail.
The main difference between Chime and a regular bank is that the latter will offer multiple different types of accounts, while Chime only offers one. Another notable distinction is Chime’s unique feature that allows you to collect your paycheck up to 2 days earlier than you usually would.
What is a Netspend card?
A NetSpend card is a prepaid debit card that can be set up without the usual credit checks required for opening a regular checking account. These cards can be quite expensive and in order to use them, you will have to pay either monthly installments or a small fee on every transaction you make with the card.
The upside is that these cards are very easy to get as all you need to do is provide basic proof of ID and a valid email address if you want to make use of the card’s overdraft protection.
How you can transfer money from a NetSpend card into a Chime account.
There is currently no way to directly transfer money from a NetSpend card into your Chime account. Chime will only accept transfers from an official bank that the app is compatible with. However, you can transfer funds from a NetSpend card into a Chime account through the use of third-party apps.
We have listed two methods for doing this below.
1. Transfer Money from Chime to Netspend via Paypal
By far the easiest way to move money between a NetSpend card and a Chime account is by using Paypal, which is fully compatible with both companies.
To do this you will need to link your NetSpend card to your PayPal account. This is done by
- Logging in to PayPal,
- Click on the profile tab,
- Add a new bank account.
- Enter all the relevant details for your NetSpend account to link your card with Paypal and then withdraw the amount of money you wish to transfer.
- Once the funds are on your Paypal account you will need to repeat the first step to add your Chime account as well.
- Once this is done you can transfer the money from your Paypal balance straight into your Chime account.
Neither Chime nor Paypal will charge you for transferring money between the two services. However, Netspend will charge you a $4.95 transfer fee for withdrawing your money off the prepaid debit card and into your Paypal account.
2. Transfer via An external bank
This method works very similarly to the previous one however, it is a bit harder as it will require you to open an external checking account with an official bank. To do this you will need to undergo a credit check. If you do choose this option then make note of the login details for your external bank.
- Open Chime,
- Click on the ‘move money’ tab
- Select ‘Transfers’.
- Enter the login details for your other bank that you made note of earlier.
- Once this is done you can use your external bank account to withdraw money off your NetSpend card which will cost $4.95 for the transfer fee.
- Once the money is in your new checking account you will be able to transfer it to Chime free of charge.
You can also use an external bank account to take money out of your Chime savings so they can be transferred onto your NetSpend card. NetSpend will not charge you a fee for adding funds to your card in this way.
Even if there is no one-click button to way to send money between your NetSpend card and your Chime account and it can be very frustrating, hopefully, we can expect this feature in the near future.
Thankfully after reading this article you now know two methods for swapping funds between your NetSpend card and your Chime spending account.
If time is of the essence, then it is probably better to choose the Paypal method as this is much quicker and easier to do seeing as you won’t have to open an external bank account.