Virtual debit cards are gaining popularity in line with the rise of online banking and fintech platforms. These virtual cards function just like physical cards and feature a 16-digit card number, expiry date and CVV number. While they can’t be swiped or inserted at point-of-sale machines they can be used for tap payments on mobile phones or other devices .
In 2023, virtual debit cards offer several advantages over physical ones. They provide convenience through multi-channel functionality by allowing payments through mobile phones, tablets or PCs without the need to carry a physical wallet . Virtual cards also offer enhanced security as the risk of loss or theft is reduced and they can be easily blocked online if necessary. Additionally virtual cards often allow users to set spending limits while maintaining robust security measures and anti-fraud protection .
It’s important to note that most traditional banks do not offer virtual debit cards. Instead individuals who are interested in obtaining instant virtual cards should consider online banks or banking fintechs . This guide explores three prominent options: Chime, Revolut and Wise which are online bank account with instant debit card and have associated accounts in multiple countries worldwide .
Chime – Popular Checking Account Service with Instant Virtual Card
Chime is a highly popular checking account service in the United States which offers an instant virtual card. Alongside features like no minimum balance requirements, no monthly fees and no credit checks Chime’s checking account includes a VISA debit card, an optional savings account,and user-friendly mobile banking functionalities such as mobile check deposit and real-time transaction alerts . Chime also offers an optional credit builder card that can be issued instantly as a virtual card .
Revolut – Comprehensive Financial Services and Instant Virtual Card
Revolut is a leading fintech company known for providing a wide range of financial services at no fixed monthly cost. While it is not yet a bank in the United States and the United Kingdom Revolut’s instant virtual debit card is a valuable tool for spending purposes alongside a main bank account. Users can access various features and services through the Revolut app .
Wise – Money Transfer Operator with Low-Cost Currency Spending Account
Wise is a renowned money transfer operator that offers affordable international transfers . In addition to its money transfer services Wise provides the Wise Account which is a low cost foreign currency spending account that comes with a virtual debit card . This account is particularly advantageous for various foreign currency transactions including overseas vacations online shopping and international money transfers .
While there is no one size fits all account and virtual debit card solution Chime, Revolut and Wise are highly recommended options . Customers in multiple countries can benefit from their offerings as they allow for perfect virtual card usage and access to various financial services .