It’s a Saturday going to Sunday and you urgently need a debit card. Worse is that the coming Monday is a holiday, so it’s not a business day for banks. Well, thank your stars for being a 21st century born. And in this article, you will find out the best online bank account with instant debit card for your shopping spree.
You already know the drill, so we won’t bore you with any preludes; we’d just go straight to the point.
So without much ado, you have in this article a list of the best online bank accounts with instant debit card available. By instant, I mean “INSTANT”.[box title=”Key Takeaways” style=”soft” box_color=”#333333″ title_color=”#FFFFFF” radius=”3″]
- Online bank accounts offer instant virtual or digital debit cards. You just need to sign up.
- While the virtual card is instantly available, the physical debit card might take a few days to reach your mailbox.
- Some online banks that issue instant debit card include Varo, Netspend, Wise, Revolut, and Monzo.
What is an Online Bank Account with Instant Debit Card?
Before we go ahead and give you a list, you need to know what online bank account with instant debit card means.
The fact is even though you can apply for an instant debit card immediately when you sign up with most banks online, they might take a few days to reach your mailbox which totally negates the need for an instant debit card.
So in this case, what you must know is that the instant debit cards we’re talking about are actually virtual or digital debit cards and not physical debit cards.
Another thing to note is that the bank or fintech that offers the best online account and virtual debit card for you will vary depending on where you live.
If you live in the US, Europe, or Asia, you’ll likely have access to all the cool features that make virtual debit cards special. These features include compatibility with Google Pay, Apple Pay, PayPal, Venmo, and the likes. However, if you’re from somewhere else, your options might be a little more limited.
Now that we’ve got that out of the way, let’s bring you that list.
Best Online Bank Accounts with Instant Debit Card
The virtual debit card offerings of each online bank and fintech (financial institutions) are remarkably similar in terms of the services they provide. So instead, I recommend the accounts below based on what makes them the most unique in general.
1. Varo Bank
Drum roll, please… Beginning our list of online bank accounts with instant debit card is Varo Bank. This online bank doesn’t have any monthly fees or a requirement for a minimum balance.
Varo has a large fee-free ATM network. This bank also has some handy tools that can help you save money automatically, making it easier to achieve your financial goals. And when it comes to getting an instant virtual debit card, it’s pretty easy to get one.
For some reason best known to Varo, not everyone can get a digital card right away. But if you’re one of the lucky ones, you can use it while you wait for your physical card to arrive in the mail, which usually takes about seven to ten business days.
- No fees if you overdraw your account
- No monthly fees
- Some checking and savings accounts don’t require a minimum opening deposit
- Competitive interest rates on savings accounts
- Large, free ATM network available nationwide.
Just before we discuss Wise (formerly TransferWise), I should say that Wise is one company that writes about others, including competitors. In the end? They make it a habit to promote themselves. But that’s not really a problem, is it?
Wise has the perfect virtual debit card solution. With this card, you can shop online, make payments, and even freeze it when you’re finished.
If you’re into rewards programs, you’ll get 1% cashback on your purchases.
Wise keeps things super simple. You can create up to three virtual cards simultaneously. It doesn’t matter if you’re in the US, Canada, Brazil, or many other countries; Wise supports various currencies.
You can easily add money to your card. You can do it through PayPal, Stripe, debit cards, or even Apple Pay and Google Pay. And if you’re a fan of browser extensions, Wise has you covered on Chrome, Firefox, Safari, and Microsoft Edge.
Some of Wise’s Features
- You get an instant virtual debit card alongside physical one.
- If your card is lost, you can easily freeze it to protect your money.
- Wise has low transfer fees and often provides better exchange rates than other platforms. You can send to apps such as Revolut.
- It’s particularly handy for receiving payments in foreign currencies and converting them to pounds with favorable rates and minimal fees.
Revolut is another well-known fintech company. When you sign up, you’ll instantly get a virtual debit card, and you can access various financial services without paying a fixed monthly fee.
However, keep in mind that in the US and UK, it’s not a ‘full bank’ yet, so we think it’s best used alongside your main bank account, and not as a replacement.
With that being said, it’s important to know that not all features in Revolut are free. Some of the useful features come at a cost.
Nonetheless, here’s a brief list of what Revolut offers its users
- Compatible with Google Pay and Apple Pay.
- You can freeze your card if it’s lost or stolen.
- Virtual card can make payments in different currencies
- Receiving international payments is possible.
- You can quickly convert between different currencies.
- They have a stock trading market.
- You can make charitable donations through the app.
- There’s cashback available for specific purchases.
You could always upgrade to the Metal card made of solid reinforced steel. This card is exclusive to Metal customers. The first card is free but additional ones cost £40, subject to terms.
Payoneer is a company that helps you send and receive money online. Payoneer’s virtual card allows you to make purchases online in any store or currency.
Making payments with Payoneer’s virtual debit card is just like using a physical card. All you have to do is simply enter the card details on the checkout page of the site you’re interested in and you’re done.
Now, if you want to earn some rewards, we suggest signing up through a referral link shared by friends or a legitimate one you find online. This way, you can score a bonus of $25 added to your Payoneer account after you make a transaction.
Getting a virtual debit card from Payoneer is pretty straightforward. First, you need a Payoneer account. You’ll also have to verify your identity and address. Once verified, you can get your virtual card.
- Go to the Banks & Cards section in your account.
- Select Payoneer Cards.
- Choose the option for a virtual card.
- Pick the amount of money you want on it.
- Click to order your card.
You can load money onto the card from your Payoneer account. Just remember, you can’t cancel the card on your own. You’ll need to reach out to Payoneer’s support team for that.
- Easy to apply for
- Quick set up and simple to use
- For quick online purchases
- Accepted in stores that accept MasterCard
- Free of charge
Payoneer instant debit card is available in USD, EUR, GBP, and CAD with global acceptance powered by Mastercard.
5. Monzo (U.K)
Now’s where things get a little bit restrictive – in terms of location though.
Monzo is a great option, especially for young people because it’s user-friendly, helps you save, budget, and manage your money, and other cool stuff. They even have a specific feature they offer called ‘Pots,’ which comes in handy if you have specific savings goals.
But here’s the thing, if you really want to use Monzo or even experience what it has to offer in terms of their virtual debit card services, then you must be a resident in the U.K.
Even with that, there are still some hurdles such as having to upgrade to one of two options to enjoy what Monzo has to offer – Monzo Plus and Monzo Premium.
Although you get a lot of good stuff with a free account, these account upgrades offer some extra fantastic features. And depending on your situation, it might make sense to upgrade. But if you’re just interested in getting a virtual card, then you can keep your money and stick with a free account.
With that being said, let’s give you a list of some of the features that make Monzo so appealing.
- You can get instant virtual cards for online use.
- Monzo works seamlessly with Google Pay and Apple Pay.
- They provide a Credit Tracker to monitor your credit score.
- In the UK, you get one free cash deposit per month (otherwise, it’s £1 for cash deposits).
- If you misplace your card or want to temporarily pause it, you can easily freeze it.
- You can order a replacement card, even for international delivery to over 100 countries (with a £30 fee for international shipping, but it’s free within the UK).
- They offer savings ‘Pots’ with various options based on your savings goals.
- You can sync your salary, and they even pay you a day before your usual payday.
Apart from helping you budget your money every month, Monzo also lets you set up joint accounts, which is perfect for couples traveling together. You can also split bills with friends and others.
If you would prefer personalized virtual prepaid cards, then that’s Netspend you should be looking at. Imagine having a card with your own custom image and photo – that’s exactly what Netspend offers.
They even keep you updated on transactions with text message alerts so you can check your card balance anywhere, anytime. You can also create temporary card numbers with ease for added security.
Netspend virtual cards can be used online, so you can shop without worries. You also have the added option to create up to 6 virtual cards with Netspend.
And yes, you can also get your money sent straight to your Netspend card. It’s an easy way to manage your income. Netspend also provides tools to help you keep track of your finances and use your money wisely.
- Personalized virtual prepaid cards with your own custom image
- Transaction alerts sent as text messages
- Easy access to check your card balance anytime, anywhere
- The option to create temporary card numbers for one time just for added security
- Card protection with SSL and MFA encryption
You don’t even need your debit card to get money off Netspend.
7. Neo Financial (Canada Only)
Available for Canadians, the Neo Money card issued by Neo Financial is a prepaid card that lets you do things that a debit card does—like access cash and spend your money online and in-store without having to manually load funds onto your card.
Immediately after you sign up, Neo Financial sets you up with a virtual card so you can make purchases online instantly. or add your card to your Apple Pay or Google Wallet to start spending.
- Get instant and unlimited cashback.
- Set up automatic transfers and bill payments easily to manage your money.
- Earn 2.25% interest on every dollar you have.
- Freeze or unfreeze your card using the app whenever you want, and get instant notifications for your purchases.
- Enjoy free everyday transactions with no monthly fees or minimum balances.
- Withdraw cash from any ATM that accepts Mastercard.
8. KOHO (Canada)
KOHO is a free spending and savings account where you can get a prepaid reloadable Mastercard that gives you all the spending power of a credit card without any fees or interest.
On sign up, you get a virtual card that is basically a digital card that lives in the KOHO app. You can use it to make online purchases or add it to Apple, Samsung, or Google Pay to use in stores. The virtual card uses a different number to your physical one, so it helps protect your physical card number when you’re shopping online.
All plans come with a virtual card that you can use to start spending right away. Just tap “my cards” in the app to find yours.
You can put money into your KOHO account in three simple ways: sending an e-Transfer from your regular bank account, loading it using your existing Mastercard or Visa debit card, or through direct deposit.
- Get 1% cashback on groceries and transportation expenses.
- Build your credit.
- Earn interest on your account balance.
- No need to worry about monthly fees.
- Enjoy a feature-packed free plan.
Number nine on our list is Wallester. This bank from Estonia, in partnership with Visa, helps companies by offering them an easy way to open an account.
Businesses using the Wallester platform can quickly and easily get as many Visa virtual and physical cards as they need. These cards come in handy for managing all the company’s expenses on a smart platform.
The best part? You can start using this solution for free right away. Just head over to the Wallester Business website and sign up for a free plan. With this plan, you can create an account and receive 300 virtual cards at no cost. It’s a great opportunity to explore all the features and see how everything works.
And here’s a bonus: If you’re on the Platinum plan, you’ll enjoy even more rewards. Along with the free 300 virtual cards, you’ll get access to things like Priority Pass, Visa Luxury Hotel Collection, and special offers from Premium Visa.
- Unique virtual card numbers for secure online shopping.
- Easily turn off subscription services with just one click.
- Get 300 virtual cards for free.
- Use a user-friendly app for hassle-free expense monitoring and transaction approval.
- Access detailed reporting and analytics to keep track of your transactions.
10. Starling Bank (U.K.)
Last on our list of online bank accounts with instant debit card is Starling Bank. Starling Bank’s virtual cards are just like regular debit cards, but they’re linked to Starling Bank’s aptly named ‘Saving Spaces’ features.
These virtual debit cards can be created for free as part of your personal and joint current accounts.
When you spend, Starling takes the money from your chosen ‘Space’ instead of your main balance. This is a good thing for security because your virtual card is only connected to the money in your Space, not your main balance, just in case.
You can have up to 5 virtual cards active at the same time, and you can create up to five new ones every week. For example, you could have five virtual cards for your personal account and five for your joint account. If you share a joint account, both of you can have up to five virtual cards each, adding up to ten for the joint account in total.
Creating a Starling Bank virtual debit card is simple:
- First, create a Space or choose an existing one on your personal or joint account. Just tap ‘Manage Space.’
- Then, at the bottom of the menu, tap ‘Create a virtual card.’
- You get to choose from five different colors, and each color has a unique shape to help you recognize it easily.
- To use it with your phone, you can add it to your mobile wallet by tapping ‘Add to mobile wallet.’
Each virtual card has a daily spending limit of £500, no matter which currency you’re using. And you can make up to 50 transactions per day.
- Linked to Saving Space budgets which protect you from overspending
- Extra security as the virtual card is only linked to the money in your Space, and not your main balance
- Ability to delete or lock your virtual card after each use
- Easy to pay subscriptions – such as Netflix and Amazon Prime
- Can be used on any online platforms
How Does an Online Bank Account With an Instant Debit Card Work?
An online bank account with an instant virtual debit card works just like a regular bank account. You can put money into it through a bank transfer, deposit checks, or transfer funds from a digital wallet. Afterward, you can use these funds to make payments with your debit card or withdraw cash.
Now, let’s talk about what instant debit cards are. As we said previously, it’s a digital debit card you get right away for immediate access to your account. You can use it to pay for things online.
You could even link it to a digital wallet, so you can use it just like a regular debit card. Instead of swiping a physical card, you’ll use your smartphone.
Instant digital debit cards are basically what you get while waiting for your physical card that will be sent to you in the mail.
Lastly, there are no credit checks required to use any of these services since you are only using what you put on the card (money in your account).
Frequently Asked Questions
Can I use an instant debit card online?
Yes, you can use your instant virtual debit card online. From restaurants to online retailers to stores, you can use your virtual debit card anywhere and anytime.
How to open online bank account with instant debit card?
Opening an online bank account with an instant debit card is very simple. All you have to do is apply online and share some basic information like your name, address, social security number, and in some cases maybe a photo of yourself. That’s pretty much it.
How quickly can I get my instant debit card after opening an online bank account?
Once you’ve opened the online bank account, you’ll typically get a digital debit card right away, or in rare cases after a few hours. Unlike waiting for a physical debit card, an instant debit card does not take 3 to 5 business days to arrive in the mail.
Final Thoughts – Why you should consider online bank accounts with virtual debit cards
Almost all the choices in this list are fintech companies offering virtual debit cards. This means you can open an account without having to pay any fees. Furthermore, most of them do not charge overdraft fees, and they have very low minimum balance requirements.
This makes them an excellent choice for the larger percentage of the ‘penny-pinching’ population.
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