Online Bank Account With Instant Virtual Debit Card Australia

Do you live in Australia and want to know more about Online Bank Account With Instant Virtual Debit Card Australia? You have come to the right place. 

A virtual card is a new way for businesses to manage payments efficiently. In Australia, you can make contactless payments at merchant checkouts and online through an instant Virtual Debit Card Australia.

You can use them to give your employees financial control and empower them to make purchases on behalf of the company without having to take money out of their own pockets.

In this guide, I will show you how to find an Online Bank Account With an Instant Virtual Debit Card in Australia with an easy and hassle-free process. 

Let’s get started without further delay.

What is An Instant Virtual Debit Card?

A virtual Debit card works as an additional layer of security for online purchases, as its name suggests. Your number and address are not required to make transactions with virtual debit cards, so there is less risk of fraud.

Types of Instant Virtual Debit Card

A virtual card can be one of the following types:

Single-Use

 Virtual debit cards are a one-time payment method for online shopping. The details on your virtual card are automatically created for your purchase, and they expire once you’ve used them. Using single-use virtual debit cards can prevent debit card fraud and phishing.

Recurring Virtual Card

Recurring payments are processed using this method. A digital card can be assigned to certain vendors you subscribe to, arranging direct debit payments by the cycle of your bills. A recurring virtual card can have an expiry date you choose. Virtual debit cards and credit cards are available. 

Instant Virtual Debit Card

Your card transaction account is linked to a virtual card. Your card details will expire after you make an online purchase using automated details.

Virtual Gift Card

A prepaid debit card can be loaded with money and used for online shopping. You can get virtual gift cards or prepaid debit cards. There are many online retailers where you can buy gift cards, such as Amazon. Money is transferred from your bank account to a prepaid virtual card, and you can only use the balance of the card.

How Do Virtual Debit Cards Work?

The virtual card works like an ordinary debit card but has a single-purpose virtual card number. Cardholders can use that number to restrict their use to a single transaction with a limited date range and dollar value or to a specific vendor.

Essentially, virtual cards are debit card numbers that are generated randomly and linked to existing payment accounts. These are codes that are linked to your existing debit cards and are only valid for one-time purchases or multiple transactions. Virtual numbers can be requested from your debit card provider if they offer this feature. 

A virtual debit card contains a 15- or 16-digit number, expiration date, and CVV code (card verification value). 

Smartphone digital wallets also support virtual cards, which can be added to Apple Pay, Google Pay, or Samsung Pay. A virtual card can also be linked to PayPal and other popular services, such as Netflix, Apple Music, and Spotify.

Are Virtual Debit Cards Available in Australia?

There are many providers offering virtual debit cards in Australia now, but most will continue to provide physical cards. There are currently only a few providers in Australia that provide purely virtual debit cards, which do not involve a physical card.

You will still need to receive your physical debit card before you can access or use it when a physical card is offered. Nevertheless, there are some providers that allow you to activate and access your debit card virtually even before you receive the physical card. Bankwest, Bendigo Bank, and Westpac are among these providers. There’s a good chance more and more banks and financial institutions will offer it in the near future.

Top 5 Online Bank Account With Instant Virtual Debit Cards Australia

Airwallex

Airwallex offers businesses the Virtual Visa debit card if they are looking for virtual debit cards. Business cards allow businesses to spend globally in multiple currencies without incurring transaction fees; customers can pay securely online. There are physical and virtual cards available when you apply for an account. You can opt out of a physical debit card if you prefer a virtual one.

In the Airwallex App, employees can create their own cards and expense channels. You can track your spending in real time and see how your budget is spent. Apple Pay and Google Pay are both compatible with the Virtual Visa debit card for borderless spending on the go. When subscribing to SaaS and making international purchases, you can minimize foreign exchange fees.

Wise

Wise Virtual Cards are available in over 30 countries, and you can link them to Apple Pay, Google Pay, or any other virtual wallet you prefer to shop in person or online. The virtual card lets you use live exchange rates while you travel and can hold 40 or more currencies at one time. Virtual cards can only be used after you create a free Wise account, order a physical card, and top up your account. 

A Wise Virtual card works exactly like a non-digital card, and it grants access to all the same features. The Wise Account can be accessed via a smartphone or laptop. You can increase the security of your online shopping by using a global virtual card number rather than your physical card number. Virtual cards can be held at the same time by up to three people. Virtual cards can be used immediately.

Revolut 

You can open a free Revolut account online or upgrade to a fee-paying account for more features. You can expect monthly charges between 24.99 AUD and 29.99 AUD, as well as the ability to make fee-free transactions.

The Revolut app allows you to generate up to 20 virtual cards and one disposable virtual card at a time. Cards designed for single use are designed to stop working after a single use and need to be replaced when you need another one.

There are some free currency exchanges available to all Revolut accounts during trading hours (Monday through Friday). The amount you can exchange may be limited depending on your account type, but this can help you save money when spending overseas with your Revolut instant virtual debit card. The accounts also include options for investing, budgeting, and trading cryptocurrencies.

 P&N Bank

A range of everyday banking accounts are available at P&N Bank, which have no monthly fees and come with virtual and physical cards. You can instantly create a virtual Visa card when you open an eligible P&N Bank account, and that card is compatible with popular mobile wallets for cashless transactions in person.

Your virtual debit card costs with P&N will vary depending on which account you choose. You can keep costs down by using P&N accounts that prohibit fees for transactions, including non-standard ones.

CommBank

The CommBank app allows you to view and use your digital card details if you have a Combank credit or debit card. A debit card is an alternative to a credit card. Digital cards can be used for online shopping, paying bills, managing recurring payments, or setting up mobile wallets for in-store shopping. To check out online, copy your 16-digit card number from the app and paste it at the checkout. This feature prevents incorrectly entering payment details.

How To Pick A Provider To Get Instant Virtual Debit Card Australia?

The four factors you need to consider when choosing a virtual card provider are:

Security And Reputation

Verified user reviews can help you determine whether the virtual card provider is trustworthy. The provider should also offer robust security features, including two-factor authentication and fraud protection.

Controls For Cards

Through the virtual card provider, you should be able to generate various types of virtual cards, such as single-use and multi-use cards. The cards should be able to be paused or closed, and their settings, including the spending limit, should be able to be adjusted.

User-Friendly

A user-friendly service is one that allows new and experienced users to create and use Instant Virtual Debit Card Australia without any trouble. It should also be accessible from various devices.

Fees And Pricing

You should be able to understand the provider’s pricing model and ensure that it is compatible with your budget.

How To Set Up Instant Virtual Debit Card Australia?

The process of setting up an Instant Virtual Debit Card Australia is simple, requiring only a few minutes of your time and an internet connection.

The method you choose depends on your goals. One option is to sign up for an online account that instantly allows you to get a virtual debit card (such as Revolut or Wise). While you wait for your physical debit card to arrive by mail, you can use a virtual debit card while you register and are verified.

The process is as follows:

Sign Up Online

• Find a bank that suits your needs by comparing online banks and neobanks on Monito. The majority of them come with virtual debit cards by default.
• Sign up as soon as you find an online account! Applications available on Monito are accessible only online.
• The ID and other information you submit will probably need to be verified. The verification process can take anywhere from a few minutes to a few days.
• Verified users are able to use their virtual debit cards immediately, regardless of their physical debit cards’ status.

Use A Mobile Wallet

Alternatively, you can use a mobile wallet like Google Pay, Apple Pay, Samsung Pay, or another app to add your regular debit (or credit) cards. The best option for you if you want to pay with your smartphone but don’t want to sign up for a new app or bank account.

Here are a few details about how it works:

• There are five main payment options: Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay. Whether you already use one or not, it is a good idea to choose one that is convenient for you.
• You can add a new card by entering the card number, expiration date, CVV number, and your full name and address in the app.
• You usually need to manually activate your mobile wallet card before using it. The app has a section called ‘Cards’ where you can make these changes.

Whenever you make a payment online, you just need to tap your mobile phone or watch at the point of sale.

Pros and Cons of Online Bank Account With Instant Virtual Debit Card Australia

When choosing an Instant Virtual Debit Card Australia for business or personal use, the pros and cons must be considered. Additionally, if you’re looking to Open Business Bank Account Online Australia, factors such as ease of use, fees, and available features become crucial.

Pros

• Your funds can be accessed without a physical debit card by using Instant Virtual Debit Card Australia.
• Instant payment options are available online through the creation of cards.
• Just like a credit card, you can earn points and earn travel incentives when you make purchases.
• Your card can be canceled easily if compromised, and a new one can be created.

Cons

• In the event you use virtual debit cards irresponsibly, you can still get into debt.
• A virtual debit card can still be hacked and fraudulently used.
• Virtual cards with a single use can be complicated to return. The details of the card expire after use, so you may not be able to return items or receive a refund. To avoid this scenario, a virtual card can be created using an existing debit card, or a different purchase form can be used.

How To Use An Instant Virtual Debit Card Australia?

Add your existing debit card to a mobile wallet if you want to use an Instant Virtual Debit Card Australia. Through their mobile wallets, Apple Pay, Google Pay, and Samsung Pay all offer virtual credit cards. A virtual copy of your card will be created once you add it to the wallet. Once you’ve downloaded the app, you can use it to pay for things in the app or at retailers who accept contactless payments. 

This is advantageous security-wise because a smartphone wallet prompts you to create a virtual number rather than using the numbers on your plastic debit card. When you use the mobile wallet app, a new number is generated for each card you enter. 

FAQ

Conclusion

As you can see from our list, almost every online banking service offers both a physical and Instant Virtual Debit Card Australia. A virtual card can come in handy in the event that you lose your wallet or wish to shop online. There are scams aplenty online, and phishing is on the rise. The one-time virtual debit card allows you to make purchases confidently, knowing your details will expire as soon as you complete the transaction.