The Maestro Card

Maestro Card

Maestro is a debit card service that is owned by MasterCard. Maestro cards can be obtained from banks associated with MasterCard and are linked to a customer’s account. Maestro cards can also be prepaid cards.

How It Works

These cards use the PIN system to make POS (Point of sale) purchases. The card is swiped through the terminal and must be authorized by the issuer in order to verify are sufficient funds in the account to cover the purchase. The cardholder must enter a 4 or 6-digit pin number or sign the sales receipt to confirm the transaction.

Where Can the Maestro Card Be Used?

The Maestro card is accepted worldwide, but in countries in the middle-East, its competition has taken over and it can only be used to withdraw cash from certain ATM machines.

In the United States the Maestro network is closely related to Cirrus ATM, which is also owned by MasterCard. A PIN-based debit card system is used and they mainly use a card and PIN without a chip.  All of the debit transactions using a signature are handled through the main MasterCard system.

When to use a Prepaid Maestro Card

1. If you want to give someone a gift, a Maestro prepaid card is accepted worldwide.
2. If you are unable to open a bank account or get a credit card, with Maestro prepaid card, you don’t need credit.
3. If you want to help your children or young adults develop good spending habits; they can only use what you load onto the card.
4. If you have an elderly loved one that is still independent; a Maestro card gives them the flexibility of a credit card, but it limits the amount they can spend.

The Maestro card has many benefits, depending on what you are looking for in a debit card.  They can be given as gifts, used to pay bills, shop online, or even taken on a trip. As with any prepaid debit card, please review the fees before signing up.

Technology’s Impact on Money Transfers

Although it’s not an everyday occurrence for most people, many of us have had the need to send money overseas as quickly as possible at one time or another.  Maybe a friend or family member lost their credit or debit card and needs access to cash.

Perhaps a son or a daughter studying abroad was not as careful as they should have been about maintaining a healthy account balance.  Whatever the case, it’s much easier to send money fast to faraway places than it used to be.

Technology has not only provided more efficient ways to send money, it’s also provided a more competitive landscape for money transfer services, making sending money more affordable for the customer than ever before.

The Internet is the element that makes money transfers much easier than ever before.  Regardless of where you are in the world, you can access numerous methods that will allow you to send money 24 hours a day to hundreds of countries around the globe.

Accessing bank accounts is easy, and if you’re trying to transfer funds to a customer within the same financial institution, it can usually be done almost instantly even at little to no cost.  Sending money to a bank other than your own usually takes about 24 hours and may have a slightly higher fee, but it still easy to do if you have all of the required information.

Making the transfer is easy if moving money between banks, and will be effective as long as the recipient has access to the funds once the transfer has been made.  An ATM or debit card is the easiest way to access the funds 24 hours a day.

Banks often impose daily limits that restrict the amount that can be accessed via an ATM machine each day, but it’s generally a high enough amount that the recipient will have enough cash to meet their needs.  ATM fees are usually minimal but should be considered if an exact amount needs to be received.

If the recipient is in a country where they have no banking relationships, the best way to send money is either through a wire transfer or by sending a prepaid debit card.  Wire transfers can be costly, but they are generally an effective option.

An even better option, however, is to send a prepaid debit card that is received within a couple of days and can be used over and over again.  This is just as easy to set up as a wire transfer and it will make future money transfers possible with just a few clicks of the mouse.  This is a secure way to send money, as the only person who receives the PIN number is the person sending the money.

There are limits to the amounts that can be sent through these online services, but the costs are generally low and they are easy to use, even for someone that hasn’t sent money anywhere before.  Thanks to technology, sending money is easier and faster today than ever before.