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Visa Debit Card is the standard debit card issued by Global IME Bank to its account holders. A debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, as the funds are withdrawn directly from the bank account. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card. An example of such is world famous paypal and now e-Sewa in Nepal.
Click here to download Global Visa Debit Card application form.
In many countries the use of debit cards has become so widespread that their volume of use has overtaken the cheque and, in some instances, cash transactions. Like credit cards, debit cards are used widely for telephone and Internet purchases and, unlike credit cards, the funds are transferred immediately from the bearer’s bank account instead of having the bearer pay back the money at a later date. In Nepal debit cards cannot be used over the Internet because of security reasons. It however can be used at any merchant location that accepts Visa cards.
It is very simple and easy to use your debit card. Instead of paying cash, you can just swipe your card at the merchant location. Two receipts will then be printed for you to sign. The merchant will keep one copy and hand you over the second copy. It is mandatory that you have some balance in your bank account associated with the card. For example if you want to make a purchase of RS. 1,000, you must have at least RS. 1,000 balance in your bank account. Merchants may also offer cash back facilities to customers, where a customer can withdraw cash along with their purchase. For example when you are making a purchase of RS. 1,000 and want RS. 500 cash back, the merchant will debit your account for RS. 1,500 and hand you over RS. 500 along with goods that you have purchased.
Debit cards may also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash from ATM. This is very easy to do as described below: