Is Green Dot And NetSpend The Same? Comparison & Transfer
Green Dot and NetSpend are separate prepaid debit card providers. Both offer reloadable cards, direct deposit, and debit functionality, but differ in fees, account features, and issuers. Direct transfers between them aren’t supported; use a traditional bank as an intermediary to move funds.
Prepaid cards are the modern-day financial solution to cashless transactions. These cards provide its users with an alternative to spending and carrying cash.
Funds are generally loaded into the card account prior to use and then reloaded once the funds’ availability is exhausted.
Comparison Between Green Dot and Netspend
| Feature / Aspect | Green Dot | NetSpend |
|---|---|---|
| Company | Separate prepaid card provider | Separate prepaid card provider |
| Monthly Fee | ~$5.95 (waivable) | ~$9.95 standard plan |
| Overdraft / Advanced | Limited / discretionary | “Purchase Cushion” on eligible cards |
| Account Structure | Own bank accounts via Green Dot bank | Issued via partner banks |
| Direct Transfers Between | Not supported directly to NetSpend | Not supported directly from Green Dot |
| Reload Options | Direct deposit, retail reloads | Direct deposit, retail reloads, mobile check, transfers from other NetSpend cards |
| Fee Transparency | Fewer disclosed fees | More comprehensive fee disclosure |
The market is currently overloaded with multiple types of prepaid cards and selecting the right card for you could be a tricky affair.
Although both cards work generally in the same manner but with slight differences.
1. Green Dot
The green dot is a financial solution technology and a registered bank holding company that was established in 1999.
With over 21 years of banking experience, it serves over 33 million customers and more than 90,000 retail distributors.
Green dot has been a leading provider of financial products such as debit, credit, prepaid and checking cards.
It provides safer and more efficient ways to transfer funds and spend money. A few of the glaring reasons to use the Green dot are as follows:
- Direct Deposit. While using a green dot card you can get your direct deposits way earlier than a traditional bank account.
- Universally Accepted. Green dot cards can be used anywhere where a Visa debit is accepted. You can conveniently use your digital wallets feature.
- Free Bank Transfers. Subject to other banks’ terms and conditions, green dot does not charge extra for your bank transfers from one bank to another.
- Mobile Banking. The mobile banking option helps in checking the transaction history and reviewing account details while on the move.
2. Netspend
Netspend is a world-leading global payment company which is serving over 68 million customers and 130,000 retailers countrywide.
It was established in 1999 and has been providing unbanked customers with hassle-free cashless transaction options. Netspend gives its users peace of mind and puts them in control of their financial limits.
Following are the features Netspend offers to its users:
- Direct Deposit. While using a Netspend card you can get your direct deposits two days earlier than a normal bank account.
- Mobile Alerts. The mobile app feature helps you send and receive money anytime, moreover one can always use a mobile phone for getting transaction alerts.
- Payback Rewards. Netspend allows its users to get cashback offers just by using their cards. It also has a feature of a savings account where you get interested by just keeping cash in the Netspend account.
- Account Number. With fraud prevention restrictions you can safely use a virtual account number and routing number for online transactions.
3. Fee Structure Comparison
Although a selection of a card depends on its use and the kind of card being used. There are multiple options of cards being provided by both these companies.
A fair comparison of the basic fee structure would help you select the right card.
- Monthly Fee. A monthly fee will be charged by both the prepaid cards depending upon the plan you are using. A monthly fee of $5 or $9.95 will be charged by Netspend depending upon the deposited amount while a $7.95 will be charged by green dot as a monthly fee and can be waived off on recharge of $1000.
- Pay as you go Plan. If you are not interested in a monthly fee plan you always opt for pay as you go plan where you will be charged for every transaction you make. However, this option is only available to Netspend users and $1.50 fees will be charged for every purchase.
- Purchase Fees. For Netspend users, there is no purchase fee however $1.95 will be charged for getting started with a green dot card.
- ATM withdrawal fees. A $2.50 will be charged for every time you use an ATM and for green dot users, this cost would be $3.00.
- Cash Reload Fees. Whenever you reload your card you will be charged cash reload fee which is $3.95 for NetSpend and $5.95 for a green dot.
- ATM Balance Inquiry Fees. Both the companies charge $0.50 for the ATM Balance inquiry fee.
- Card Inactivity Fees. Netspend users will be charged $5.95 per month for the period of inactivity crossing 90 days. However green dot does charge any such fees.
Transferring Funds Between Green Dot Account and Netspend Account
Transferring money between a Green Dot Card and a Netspend prepaid card can easily be done in person or with help of the internet.
You can always use the options of the bank to bank transfers with your card by using your account and routing number.
You can also link your cards with PayPal and transfer funds for free while using it as a third party. Another option for sending money is by using Western Union or MoneyGram but this option might charge you a fee.
Final Thought
Unlike a traditional debit card, these cards are not connected to any bank account.
Unbanked people or those who are bad at financial management are always advised to use a prepaid card, where you are spending money that you have already loaded or reloaded into the card.
So the question remains, “Is green dot and NetSpend the same”. Although it depends upon the use, NetSpend and Green Dot have the same features and work in a similar manner.
Green Dot cards may be a cheaper option to use but NetSpend cards provide a better alternative to a traditional bank account.
