By IPSIPay team

How to Add Virtual or Physical Visa Card to Your IPSIPay Account?

Make the most of physical and virtual cards. Learn about the key distinctions between physical and virtual Visa debit cards, and how you can get both via the IPSIPay app.

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The popularity of cardless payments has grown significantly over the years. Experts assume that about 41% of US consumers use virtual cards. That said, good-old physical cards will likely stay with us in the foreseeable future. Simply because sellers still have POS terminals to accept them at check-out.

Today, we’ll share how you can conveniently organize both physical and virtual payment measures using an IPSIPay app. We will also explain the specifics and limitations of virtual and physical card use and how to overcome them.

Digital Card vs. Physical Сard: Key Distinctions, Pros & Cons

Most people commonly think it’s best to pay with a virtual card online and leave pieces of plastic for offline shopping. But that’s not necessarily true. Sure, you can keep your spending separated so that it would be easier to track your expenses.

However, you should primarily consider the limitations of use defined by terms and conditions set by a card issuer. These will give you insights into using virtual and physical card accounts most effectively.

Physical Debit Card Virtual Debit Card
Ordering Bank typically sends a ready-made card in 7-10 days after you’ve ordered it. Also, you need to visit the bank branch personally to request a card reissue. Provider approves the virtual debit card issue almost immediately. You can provide the necessary information for identity checks online. It saves you a lot of time.
Secure online payments In both cases your transaction is secured by card network safety protocols. However, you can strengthen your privacy by using a virtual Visa. For instance, your checking account number won’t be compromised in case of a fraudulent transaction.
Multi-currency accounts There are certain difficulties in ordering a debit/credit card in foreign currency. In particular, you have to pay monthly fees for their maintenance. Read our article about multi-currency accounts to know what other obstacles you might face. If you add a card account in foreign currency, the card issuer charges you a one-time fee for account opening. After that, you can go on with low-cost international payments without any maintenance fees.
It allows you to have more credit lines or checking accounts in foreign currency. Moreover, you can obtain a multi-currency virtual card online even if you’re unbanked.
Foreign transaction fees Each time you buy from merchants or withdraw cash at ATMs overseas, you lose 1% to 3% of the amount. Most bank-issued virtual cards don’t require foreign transaction fees. However, there can be additional charges from out-of-network ATMs. On average, they are around $2.50 – $3.00 per transaction.
Overdraft fees You will never have to deal with overdraft fees with a virtual debit card. The transaction will be declined in case the card balance is insufficient.
Monthly or annual maintenance fees Usually, banks don’t charge monthly or annual fees for using debit cards. But that’s the case if you meet the minimum balance requirements.
At the same time, physical credit card owners have to pay an annual fee of about $100–$150 on average. People switch to alternative banking solutions and virtual credit cards mainly because of that.
Virtual card users get a fee waiver and don’t have to meet minimum amount requirements.
Transaction limits As we mentioned in our overview of card-to-card transfers, you can send up to $2,000–$3,000 via online banking.
Meanwhile, the single purchase limit is around $5,000–$6,000 on average.
Finally, a cash advance limit for credit cards is around 20% – 30% of your credit funds limit.
Virtual card issuing platforms typically limit a single transaction or daily total to $5,000–$5,500. The highest limits might reach $12,000 per transaction/per day.
That said, using a virtual account primarily helps you become more cost-conscious. You can adjust the one-time, monthly, and annual transaction limits to your taste. Therefore, you’ll avoid overspending whether you manage personal or corporate funds.
How Do I Get a Digital Wallet
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Why You Might Need Both Physical and Virtual Cards

Here are three use cases when it would be reasonable to keep both physical and virtual cards handy:

  1. To separate domestic and overseas payments. As mentioned above, obtaining a multi-currency virtual card is easier than qualifying for a foreign currency bank account. On top of that, you can add a card account in less popular national currencies and convert them at the advantageous exchange rate. Therefore, you can receive or send payments internationally with your virtual card and use the US domestic debit card for other purposes.
  2. To run payments with a credit card more safely. The virtual credit card number provided by financial institutions can help you mask your physical card information. Moreover, you can order a disposable card for a single use.

However, banking institutions will only provide you with a virtual credit card number if you already have a regular credit card. Alternatively, you can apply for a card from an online provider. But they generally don’t report to credit bureaus. So, ordering a virtual card is not an option if you need to build a credit score from scratch. From our past article, you can learn some helpful tips on building a good credit score for the first time.

  1. To have an alternative remittance payment source. With both material and digital debit cards, you have two ways to send and receive money transfers. You just need to pick the one that suits you most regarding fees and transfer limits.

We would recommend that you add a card, whether it’s a virtual or a physical one, to a p2p mobile payment app. Those are secure and fast and allow you to transfer money instantly and affordably.

How to Add a Visa Card to Your IPSIPay Account

The IPSIPay app allows you to benefit from both types of debit cards and order them directly within the app. The whole procedure is streamlined and easy to follow and takes less than 5 minutes.

How to Order a Virtual Card Online

Fill out the sign-up forms as shown in the video tutorial.

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Pay attention to the disclosure of the Terms and Conditions of virtual card use in the tab ‘ADD OPTIONAL DEBIT CARD.’

It says that:

– Validation of your identity WON’T affect the existing credit score.

– The maximum allowed virtual Visa balance is $20,000.

– You can offload funds from a virtual Visa to a physical personalized IPSIPay debit card and mobile wallet balance at no cost.

Confirm your virtual Visa order by entering your SSN/ITIN/TIN and proceed to the final tab with the fee table. Note that both virtual and physical IPSIPay debit cards are free of monthly maintenance fees. Therefore, you won’t need to maintain a sufficient amount to pay down for their usage monthly.

How to Order a Physical Card

To order a physical personalized Visa debit card in the IPSIPay app, you only need to tick the relevant checkbox on the tab ‘ADD OPTIONAL DEBIT CARD.’ IPSIPayⓇ doesn’t require you to provide additional information. You’ll get the personalized card mailed to the account address you’ve previously provided.

Ordering a plastic IPSIPay Visa card will cost you only $2.50. The maximum balance for a physical Visa card is $20,000, the same as for a virtual one. Check out the fees for funds transfers, cash withdrawals, and balance checks by visiting our site’s ‘Get Visa’ section.

Note that you can also get an accompanying physical debit card and give it to your relatives abroad. Transferring money from a mobile wallet or primary Visa card to a companion card will only cost you $1. Your beneficiaries will also be able to withdraw cash abroad at any ATMs that accept Visa for as little as $3.00.   

Fast and Secure Digital Payments with the IPSIPay App

Thanks to the IPSIPay app, you no longer need to look for separate debit card offers and compare the rates. You can link both physical and digital debit cards from the start and use them to settle invoices, remit money, and shop from retailers globally.

Virtual card online payments will ensure supreme safety and anonymity in card-not-present operations. The personalized Visa card will allow you to pay at retail outlets and cash out money at ATMs for everyday spending.

But there’s more to it. Check out the additional financial products you can access with the IPSIPay app. Install it today for your iOS or Android device to manage personal finances on the go.