Home » Can You Add Physical Money To Your Bank Account?
Depositing money in the digital bank is part of a series of services that is already a reality in the world; we must talk about this subject for those who still have doubts. Information and Communication Technologies have been used by banks for some years now, but digital financial services have become increasingly common.
Digital accounts are here to stay, as they are responsible for offering financial services 100% free of charge.
Can You Deposit It Into Your Digital Account?
The digital account has the same characteristics as a traditional account, with access through a specific application or Internet Banking, eliminating the need for a physical branch. The central banks or applications in each country already offer this type of service entirely online and digital banks, also known as fintech.
Online Banking Apps That Allow Physical Deposit
To start, let’s show some banks and applications that allow this service and how it is done in each one of them.
The first is an app famous for the ease of all your banking functions. How to add physical cash to Cash app, you wonder? There are several ways to add money to your Cash App Card: a linked bank account, credit or debit card, direct deposit, and top up in a physical store. Let’s talk about physical money here.
If you don’t have a traditional bank account, debit/credit card, or keep using the Cash App anonymous, there is one last top-up option. You can add cash at several major US retailers such as Walmart, Dollar General, CVS, or 7-Eleven stores.
When adding cash to the Cash App through a retailer, provide the cashier with your $Cashtag details. After confirming how much money you wish to add, you will have to pay an additional fee of $2-3 in addition to the amount you want to charge. Charging through a retailer will reflect your cash application balance immediately.
Banks without physical branches are on the rise. This may make some of you a little uncomfortable, but it makes perfect sense to many. Because there are no places for acquisition, staffing, and management; Online banks like Chime Bank can pass these savings on to you, offering some fantastic rewards.
As Chime Bank does not have its ATMs, they use ATMs as part of the MoneyPass network. There are over 24,000 MoneyPass locations across the US. And you can get free cash back at over 30,000 locations.
You can deposit money into your Chime Spend Account at any Green Dot location. There are over 60,000 of them across the country. There may be some small fees when you do this.
Going for a slightly different proposal from Cash App and Chime, Varo Bank looks more like a traditional bank. Still, it doesn’t have a physical place, which can seem complicated when depositing many. But it’s super easy; at Varo Bank, there are two ways to make physical money deposits.
You can deposit at Green Dot® stores such as Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, Family Dollar, Albertsons, Safeway, Kmart, and Kroger.
You can also deposit by purchasing a Green Dot MoneyPak® at most of these same stores. The bank makes the deposit available as soon as Green Dot sends it – usually within 10 minutes. At some Green Dot retailers, it can take up to 1 hour. The bank does not charge fees, but the store charges a fee of up to $4.95.
Advantages Of Digital Banks
In addition to being very easy to open a digital account, there are numerous advantages provided by this type of account. The main one is the absence of fees usually charged to those who have a checking account, in addition to free online transactions.
See below for other benefits that a digital account has:
Unlimited transfers to duplicate bank accounts;
Transfers in other styles of the same or different entitlements free of charge;
Bill payments and bills free of charge;
Access to transactions via cell phone, internet banking, tablet, or ATMs;
Debit card access for purchases or withdrawals;
Unlimited withdrawals on networks chosen by each bank
In addition, digital accounts also facilitate the transfer of money to investment accounts, reducing bureaucracy for investors.