How to Open a Virtual Money Account

Having a virtual money account is a good way to get paid from online employers, or from customers who buy your products. These cards are available from a handful of companies, and are an excellent way to transfer money nationally and internationally by simply going to an ATM and withdrawing money. They store money, so you can never overdraw a virtual money account. By using virtual money, you can pay your bills, buy things, send money, or deposit the funds on your virtual money into your checking account.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Computer
• Internet
• Telephone

1. Call or email the companies that offer the virtual money cards, and speak with a customer service representative who can connect you with an agent who sells them.
2. Fill out the online application that they will send you through email or the U.S. mails.
3. Activate your card online after you receive it by putting in the proper activation code and other information that they require.
4. Fund your card at merchants who allow these money transfers, do a bank wire transfer, or wait until your employer pays you using the virtual money card.

Tips & Warnings

• A virtual money card uses a PIN to allow access to the card. They are very secure, and most are FDIC insured.
• Make sure you do not keep your PIN in an obvious place.

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