What is a virtual debit card? How can I withdraw the money?
As its name suggests, a virtual debit card is a digital version of a traditional debit card. Like a physical debit card, a virtual debit card has the same 16-digit card number, expiry date, and CVV – the difference is that it doesn’t exist in physical form, but you can access your card details through the mobile app of its associated bank!With WeLab Bank, you can get a virtual debit card too! Once you’ve successfully opened your account with us, you will receive your virtual WeLab Debit Card and you can use it immediately for online purchases. If you are scared of overspending, you can always set a limit for your transactions[JW1] , or reduce the amount of money you have in your bank account. Always remember, debit cards only use the money in your account, so make sure your account has enough money before you make your purchase!What are the benefits of using a virtual debit card? Here's why you need a virtual debit card!Why use a virtual debit card?1.Added securityOne of the features of a virtual debit card is that you don’t have to be afraid of it being stolen! Losing your physical card means that anyone can pick up your card and use it (and all the money in your bank account), but with a virtual card, the details are only displayed in your mobile app, which you’ll need to have your phone with you, unlock it and login to the related digital bank app in order to access your card credentials.For your WeLab Debit Card, even if your card credentials have been compromised, you can simply hit the “Report Lost Card” button in the mobile app to get a new virtual debit card instantly! No more calling hotlines and going through unnecessarily complicated steps!2.More convenient and immediateIt typically takes several days, if not weeks, to deliver a physical card. In contrast, for your virtual WeLab Debit Card, it is available and can be used immediately as soon as your bank account is opened. No credit checks or lengthy verifications are needed – all that’s needed is the several minutes it takes for you to complete your bank account application, and then you can start spending online immediately!3.Better budgetingAnother feature of debit cards is that you cannot spend more than the amount in your account. We have gone an extra step to help you budget your spending better, where you can set daily transaction limits within the app. All of your transactions will also be recorded in the app so you can easily see how much and where you spent!How can I get a WeLab Debit Card?To get a WeLab Debit Card, just head over to the WeLab Bank app and open your bank account now! Your virtual Debit Card will be available once you successfully open your account.Once your WeLab Debit Card is ready, you can access your card details directly within the app! Login to the WeLab Bank app on your phone and click on “Debit Card” on the home screen, then tap on the little eye 👁️ icon on the top left of your virtual Debit Card image and voilà! You can get your Debit Card details such as your card number, expiry date, and CVV, instantly available and accessible for all your immediate online shopping needs!For more information about our WeLab Debit Card, you can go to: https://www.youtube.com/watch?v=OeXzX2_EyZI