The key benefit of a virtual card is information security. But what if there was a safer alternative where you could ditch your wallet entirely when you hit the shops?Ī virtual debit card works much like your regular physical debit card does, but instead of having to carry a physical card, you can usually use your virtual card right from your phone or laptop when you shop in person or spend in online stores. And of course, debit cards can be far more convenient and secure than carrying large amounts of cash around. Please refer to the RBC Royal Bank Virtual Visa Debit Agreement for further details.We’re all pretty used to using a physical debit card to make cash withdrawals, and to spend in person and online whenever we shop. Should this occur, a credit adjustment in the amount of the original authorization will be credited to your account, followed immediately by a debit adjustment that reflects the final transaction amount. In some cases, merchants may need to adjust the authorization amount. 2) The merchant performs an authorization on your account at the time of the purchase and the charge is immediately debited from that account. This is the account you access with your RBC Royal Bank Client Card when you select the “Chequing” option on a merchant payment terminal or at an automated teller machine. 3) When you use Virtual Visa Debit to make a payment: 1) the funds will be debited from your banking account.Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details. 2) Debit transactions made using your RBC Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account.If the merchant gives you a credit voucher or refund for a transaction in a foreign currency, the debit and the subsequent credit will not exactly balance because of exchange rate and currency fluctuations 1) When you use RBC Virtual Visa Debit for a transaction in a currency other than Canadian dollars, we will convert the transaction amount into Canadian dollars at an exchange rate that is 2.5% over a benchmark rate Royal Bank of Canada pays on the date of the conversion.In these cases, any inquiring merchant will not be given updated card information as the two cards will not be linked. If it does, please ensure you bring an alternative method of payment as your RBC Virtual Visa Debit Reference Card does not have a magnetic stripe or CHIP capabilities and cannot be used to make payments at point of sale terminals. Prior to your booking, we recommend that you verify that the payment card used at the time of booking does not need to be swiped or inserted into a payment device at the time of check in at the hotel or pick-up of the rental car.That way you don’t run the risk of paying twice and having to wait 6 days to recover your funds. If you decide to go ahead and use your Virtual Visa Debit for this purpose, simply tell the hotel or car rental agency that you would like to use the card to complete the payment, rather than giving cash or an alternative method of payment.Hotels/car rentals can request approval for more than the actual amount of the purchase to cover any incidentals (long distance telephone, mini-bar, extra mileage etc), so please keep that in mind.If you are just using your Visa Debit to “hold” a room or car and planning on using an alternate means of payment (for example, a credit card) at the time of check-in at the hotel or pick-up of the car, RBC Virtual Visa Debit may not be the best option for you. Remember, Visa Debit debits your account 4 once the authorization occurs so you will see an immediate debit to your account.2īefore you use your RBC Virtual Visa Debit Number for these transactions, however, here are a few key things to keep in mind: Yes, you can use your RBC Virtual Visa Debit Number to book hotels and car rentals online or over the phone if they accept Visa Debit within Canada or Visa if booked outside of Canada. Plus, paying with Virtual Visa Debit is safe and secure ⎯ with 24/7 fraud controls and zero liability protection on your purchases. There’s comfort in knowing you’re living within your means. Plus, your purchases don’t count toward your monthly account transactions, so you’re free to use your card as much as you want. It’s easy to track your spending and there’s no bill at the end of the month to worry about. By paying directly from your account, you can feel in control of your finances at all times.
0 Comments
Leave a Reply. |