Withdraw money from virtual Mastercard – Things to know before using

In the digital age, virtual Mastercard is gradually becoming a popular payment tool thanks to its convenience, fast issuance speed and high security. Users can easily use it to pay online, order international services or shop on global platforms. However, many people still wonder: "Can I withdraw cash from a virtual Mastercard?". This article will help you understand the nature of virtual cards, cases where cash withdrawals are allowed, related costs and important notes when using them.

Quick summary of withdrawing money from virtual mastercard:

• Virtual Mastercard cannot be withdrawn directly at ATMs, only indirectly through bank accounts or transaction counters.
• Cash Advance allows you to withdraw money from your card limit, but the fees are high and interest is charged immediately.

Virtual Mastercards should be used primarily for online payments, while cash withdrawals should only be considered as an additional solution in truly necessary situations.

1. What is a virtual Mastercard?

A virtual Mastercard is an international payment card issued entirely in digital form, not in the form of a physical plastic card. When opening the card, the user will be provided with all the necessary information for online transactions, including: card number, expiration date and security code (CVV/CVC).

The main function of the virtual Mastercard is to support online transactions. Users can use it to shop online, book flights, hotels or pay for international services and applications. In addition, the card can also be linked to an e-wallet or bank account, making the spending process faster and more convenient.

The card's strength lies in its extremely fast issuance speed, taking only a few minutes via a banking application or financial institution. In addition, the card is highly secure because it does not exist in physical form, limiting the risk of losing or having information copied. With this convenience, the virtual Mastercard is especially suitable for customers who frequently shop online or need to pay for international services.

However, the limitation of virtual Mastercard is that it is not always possible to withdraw cash. Because, from the beginning, the card was designed mainly for online payments, instead of serving ATM withdrawal transactions. Therefore, before using, customers should carefully learn about the features, scope of application as well as related fees to avoid trouble.

2. Can I withdraw money from a virtual Mastercard?

In principle, virtual Mastercard cards cannot withdraw money directly at ATMs like domestic ATM cards or regular physical cards. However, users can still withdraw cash in different indirect ways, depending on the type of card and the issuing bank. Below are some popular options you can refer to:

Link virtual card to bank account
In many cases, virtual Mastercards are issued in conjunction with your bank account. This means that the funds deposited into the card are actually in your primary account. This allows you to easily transfer money from the virtual card back to your bank account, and then withdraw cash at an ATM or counter. This is considered the most popular and secure way to withdraw money, without requiring the use of a physical card.

Use cash advance service
Some virtual Mastercards support cash advance. Using this service, you can withdraw a portion of your card limit in cash. However, this form of withdrawal often comes with a high cash advance fee and interest charged from the day of the transaction, so it should only be used when you really need money urgently.

Withdraw at the issuing bank counter
In emergency situations, you can still go directly to the transaction counter of the card-issuing bank. Just bring your ID card/CCCD and card information, the bank staff will assist you in checking and withdrawing money according to regulations. This is a useful option if you have difficulty withdrawing at an ATM or need to withdraw a large amount of money.

Virtual Mastercards can still withdraw money, but not directly like physical cards. Users need to understand the conditions, associated costs and choose the appropriate method to avoid unnecessary financial risks.

3. Ways to withdraw money from virtual Mastercard

3.1 Withdraw at ATMs accepting Mastercard

If your virtual Mastercard is issued as an international credit or debit card, you can withdraw money at ATMs with the Mastercard logo. When doing so, the system will ask you to enter your card number, login information and an OTP code sent to your phone to authenticate the transaction.

However, not all virtual cards support direct withdrawal at ATMs. In addition, withdrawal fees and limits may be higher than physical cards. Therefore, you need to check carefully with the issuing bank before doing so to avoid unexpected costs.

3.2 Withdraw by transferring to a bank account

This is the safest and most popular option today. Users can use Internet Banking or Mobile Banking to transfer money from the virtual card to the linked bank account. Once the money is in the account, you just need to go to the ATM or transaction counter to withdraw.

The advantage of this method is that it is quick, simple and less expensive than direct withdrawal. In addition, transferring money via bank account helps you manage cash flow easily and limit risks when trading.

3.3 Withdrawal at bank counter

In case you need to withdraw a large amount of money or cannot withdraw at an ATM, you can go directly to the transaction counter of the issuing bank. Just bring your ID card/CCCD and card information, the staff will check and support you.

This method takes more time but is safe and secure. This is a useful solution when you need to withdraw money urgently, need a large amount of money or have problems withdrawing using other methods.

4. Fee for withdrawing money from virtual Mastercard

When withdrawing money from a virtual Mastercard, customers should note that the fees are often much higher than those of a domestic ATM card. The reason is because this is an international card, each transaction is often subject to many different types of fees. Below are the common fees you need to know:

4.1 Domestic ATM withdrawal fee

If you withdraw money from ATMs in Vietnam that display the Mastercard logo, the issuing bank will charge a fee for this transaction. The fee may be a percentage of the amount withdrawn or a fixed minimum amount.

In addition to the fee from the issuing bank, some ATMs also charge a transaction fee. Therefore, the total cost you pay may be higher than expected.

4.2 International ATM withdrawal fees

When withdrawing money abroad, customers have to pay higher fees than at home. The reason is that in addition to the withdrawal fee set by the issuing bank, the bank managing the ATM in the home country may also charge additional fees.

Therefore, before traveling or going on a business trip, you should check the international withdrawal fee schedule in advance to proactively prepare and avoid unexpected costs.

4.3 Cash Advance Fee

Some virtual Mastercards have a cash advance feature, which allows you to withdraw money from your card limit. Cash advance fees are usually a percentage of the amount withdrawn and come with a minimum fee.

In addition to the fee, customers also have to pay interest from the day of withdrawal, there is no interest-free period like when paying for shopping. Therefore, Cash Advance should only be used in truly urgent situations.

4.4 Foreign currency conversion fee

When you withdraw money in a currency other than VND, the system will automatically convert it to Vietnamese Dong according to the bank's exchange rate and policy. At this time, in addition to the withdrawal fee, you also have to pay an additional foreign currency conversion fee.

Conversion fees typically range from 2% to 4% depending on the bank. This is why the cost of withdrawing money abroad can be much higher than initially estimated.

Note: Each bank that issues virtual Mastercards will have different fee schedules. Before withdrawing money, you should carefully consult to proactively manage costs and consider whether it is really necessary to withdraw cash, because the nature of virtual cards is most suitable for online payments.

5. Notes when withdrawing money from virtual Mastercard

Check the limit before withdrawing: Before performing a transaction, you should carefully check the available balance as well as the permitted withdrawal limit of the card. If the amount exceeds the limit, the transaction will be rejected and fees may still be deducted. Proactively checking beforehand will help you avoid trouble and save unnecessary costs.

Only withdraw money when genuinely necessary: Fees for withdrawing money from a virtual Mastercard are often much higher than those for domestic ATM cards. Especially when withdrawing at international ATMs, you also have to bear additional foreign currency conversion fees and surcharges from foreign banks. Therefore, you should limit cash withdrawals and only use them in unavoidable situations.

Ensure card information security: The virtual Mastercard does not have a physical form, but the card information (card number, expiry date, CVV code) is easily exploited if not secured. You must absolutely keep this data confidential and not share it with others. Furthermore, when receiving an OTP code, you need to enter it directly and not disclose it to anyone to avoid the risk of losing money.

Prioritize use for online payments: The virtual Mastercard is primarily designed to serve online payments. Therefore, instead of withdrawing cash, you should utilize the card for online shopping activities, booking flights, hotels, or paying for international services. This is the optimal way to use it, being both convenient and cost-saving compared to withdrawing money.

6. Should I use a virtual Mastercard to withdraw money?

Withdrawing money from a virtual Mastercard can be a quick solution in some special situations, but it is not always optimal. To use it effectively, you need to understand when to apply it and when to avoid it.

In some cases, a virtual Mastercard can be really useful.For example, when you need urgent cash but don't have time to bring a physical card, or are on a business trip or traveling abroad and only have a virtual card in hand. It also meets short-term needs such as temporary cash advance to pay for expenses, international service fees, or waiting for the bank to issue a physical card.

However, virtual cards are not always the best option. Using a virtual Mastercard to withdraw money frequently can cost you more. Transaction fees are often higher than domestic ATM cards, while withdrawal limits are limited depending on the bank. In addition, not all ATMs or transaction counters support withdrawing money from virtual cards, which can easily cause you trouble if you rely on this form. For frequent cash withdrawal needs, a physical card or payment account will definitely be more convenient and economical.

Consider the virtual Mastercard as your primary tool for online payments – from international shopping, hotel bookings, airline tickets to online service subscriptions. Cash withdrawals should only be considered as an additional solution in unavoidable situations. That way, you can take advantage of the card’s benefits, avoid wasting money and minimizing risks.

Virtual Mastercard offers a modern payment experience that is fast, secure and easy to use on online platforms. Although cash withdrawals are still possible in certain situations, the card's outstanding value lies in its ability to support online payments anytime, anywhere.

With SeABank virtual Mastercard, it only takes a few minutes to register on the app to activate and use immediately, without having to wait for the plastic card to be issued. This is a convenient option for customers who frequently shop online or travel.

For more information, you can contact SeABank via Hotline or visit websitewww.SeABank.com.vn.