What is ATM card? Benefits of ATM card

ATM card is a safe, profitable and convenient tool (withdrawing money and paying for goods and services) to help cardholders use their money in a scientific way.

ATM cards became more and more popular in the 4.0 era. This is the most convenient and secure payment tool available today. In addition, ATM card also helps you manage your money scientifically. In the following article, Timo will provide all the information related to ATM cards and how to make ATM cards that readers are interested in.

What is ATM?

An automatic teller machine or automatic teller machine (also known as ATM, short for Automated Teller Machine) is a banking device that automatically transactions with customers, making receipt customer type through ATM cards (debit cards, credit cards) or compatible devices, and help customers check accounts, withdraw cash, transfer, pay for goods and services.

atm-automatic-teller-machine

Types of ATMs

ATM machines include 2 main types

  • One is an ATM machine with the basic functions of withdrawal and balance inquiry
  • The second is an ATM that integrates many functions such as bill payment, money transfer to other banks …

Functions of ATMs

Withdraw money, check account: This is the most basic function, instead of going to the transaction counter, queuing and processing a series of paperwork, users only need to visit any ATM and perform Simple operations to get cash from your card account. People do not need to carry much cash to avoid loss, but only bring enough amount, when needed, an ATM.

Transfer: Customers in the same bank can transfer money to each other through the ATM system. At some big banks like Techcombank you can transfer money to recipients at other banks.

Payment of bills, services: Today modern ATMs can do more than you think. Instead of running to the electricity department or the post office to pay your living expenses, ATM will help you get it all in just a minute. Not only that, ATM can also pay for credit cards, mobile phone bills, insurance fees …

Other high-end functions:

Card-free withdrawal: This feature helps you to meet your immediate cash needs while not carrying your card with you.

Online savings via ATM: There are flexible deposit terms, short-term deposits from 1, 2, 3 weeks to 12 months. Furthermore, the interest rate for savings at ATM is higher than that of regular savings

Sign up for online services such as: loans, registration of account balance information service by phone or email (F @ st-homebanking) and banking services via mobile phone messages ( F @ st-mobipay) …

What is ATM card?

ATM card is an ISO 7810 standard card, used to perform automatic transactions such as checking accounts, withdrawing money or transferring money, paying bills, buying phone cards … from automatic teller machines. – ATM. ATM cards include prepaid cards, debit cards and credit cards.

atm-card

Types of ATM card

  1. A prepaid card is like your phone SIM, top it up and spend the money on the card. This card does not need to open a bank account and you can sign up for a card to give to a relative.
  2. The debit card is the most popular type of card, equipped with basic banking features. So this type of card is being used a lot. The feature of the debit card is that you have money in your card account before you can use it. Basic features include: Money transfer, withdrawal, bill payment, phone top-up, account inquiry … The amount in the account (not in the card) is the spending limit.
  3. A credit card is a prepaid prepaid debit card. That means the bank will advance a certain amount monthly for you to spend and you will return the used amount to the bank after 45 days. In terms of features, the card can be used to pay bills, withdraw cash … However, you should note, a credit card is like a bank loan, once you use it, you will be responsible for paying. If you pay late, you will be charged a high interest rate.

Benefits of using ATM card

Better financial management

The salary payment through personal ATM card accounts of agencies, businesses and organizations saves maximum costs and time while minimizing the risks that often occur when using cash.

Only with your phone with internet connection, you can easily look up your account information, manage your spending through the application provided by the bank anytime, anywhere.

Withdraw money faster

You can quickly and easily find ATMs at any transaction point and street corner. Not only in urban areas but also in rural areas, ATM withdrawal trees are also becoming more popular with a thicker density. It is the convenience of ATMs that gives you more flexibility in withdrawing money.

Limit cash risks

With an ATM card, you don’t have to carry too much cash on hand. Especially when traveling, leaving a lot of money on you when you lose it, you will not know how to deal with it. When using an ATM card, whether you lose your wallet or a thief is nothing to worry about. You just need to pick up your ID card to withdraw money from the bank and renew your ATM card. Because even if a fraudster gets his ATM card, he cannot withdraw money because each card has a code that only you know.

Transaction faster

Currently, most banks have Banking services that allow customers to make cash transactions by themselves via smartphones or laptops, internet-connected devices. Thanks to an ATM card, your money transfer becomes much more flexible.

If you ask which ATM card offers the most benefits when paying, it is a prepaid credit card because not only can “borrow” for 45-day interest-free payment (swipe), this card is regularly promoted. regardless of product use, when and anywhere. So if you feel the need to save more money, compare the credit cards at all banks to find the product that suits your needs and income.

ATM card is really useful for everyone to use, quickly REGISTER to open an ATM card today to experience the great services on your card.

See more: ATM card from wikipedia

How to make an ATM card?

3 steps required to make an ATM card (Source: Timo)

Determine the type of card to do

How to make an ATM card also depends on the type of card you choose to issue. Because each card will have different uses and benefits. It is necessary to determine its intended use in order to choose the right card. After selecting the type of card you want to issue, please contact the bank for additional procedures of that bank.

Bank identification

First, you need to identify the bank you want to use. Because each bank will have a different policy on cost, time or usage. Banks are used by many people such as Metrobank, BDO, BPI …

All branches of banks accept cards, so you can choose the nearest location for your convenience.

Prepare the necessary papers

Generally, a general condition to issue a card is personal documentation. Then there will be separate procedures for each type of card. As a credit card, you need to provide additional payroll statements, proof of income …

If you are a busy person and don’t have a lot of time, don’t worry. You can still sit at home and register for an online ATM. Timo now supports customers with online ATM card registration at home, see detailed instructions on how to register for an online ATM card.

The article is from Fastloans.PH website: https://fastloans.ph/

Fastloans.PH - Financial advisory website & online loan product comparison in Philippines

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