Can I transfer Zip Pay funds to a bank account?
You can't transfer funds from your Zip account to your bank account. You may be able to consolidate (or transfer) your Zip account debt to another credit card, though it's a process.
Key takeaways
- Zip offers buy now pay later (Zip Pay) to purchase a specific item, or a line of credit (Zip Money) to have access to unsecured credit.
- You can use these to pay for things, but you can't transfer money from Zip Pay to your bank account or credit card.
- If you have a Zip Pay debt you are better off focusing on paying it off.
Can I transfer Zip Money to my bank account?
No. Zip products are designed to let you pay for purchases now and then repay the money back in instalments.
Zip doesn't offer you money, but rather an approved credit limit. You can spend up to the amount you're approved for, on goods and services from merchants that partner with Zip.
According to Zip's terms and conditions, you can't use a Zip card for cash advance transactions (withdrawing money from an ATM), wire transfers, gambling or to receive a balance transfer from another card.
Can I 'balance transfer' my Zip balance to a credit card?
No, you generally can not transfer your BNPL Zip debt to a credit card. You might be wondering: why would I want to do that, anyway?
A balance transfer is when you move an existing debt (typically unpaid credit card balances) to a new credit with a temporary 0% rate. This lets you pay off your debts without paying high interest charges.
Currently, no credit card providers in the market accept balance transfers from buy now pay later accounts; they primarily accept balances from other credit cards. For instance, Citi (MyCard) explicitly calls out HUMM as a debt transfer they don't accept, and Virgin Money explicitly states that they don't accept balance transfers from HUMM or Latitude. ANZ specifies that they only accept balance transfers from credit, charge or store cards.
💡 Tip: If you're looking for a balance transfer card to consolidate your debts and pay them off quickly, you likely won't be able include your Zip balance in the mix. But you could consolidate other debts, and work to pay off your Zip balance as quickly as possible while paying 0% interest on your BT card.
What can I use Zip for?
Zip offers 3 payment options:
- Zip Pay is an interest-free buy now pay later service. It typically offers credit limits up to $1,000, with a monthly fee of $9.95 if you don't pay your spending off in full.
- Zip Plus is an everyday line of credit with limits from $2,000 to $20,000. It has the same $9.95 monthly fee if you carry a balance, and it charges 13.7% p.a. interest on any end-of-month balance above $1,000.
- Zip Money is a line of credit. It offers credit limits between $1,000 and $5,000 or higher if you apply through a specific merchant and meet the requirements. It also has a $9.95 monthly account fee and charges an establishment fee of up to $99 based on the credit limit.
You can use Zip's payment options anywhere Visa is accepted or at more than 40,000 partnered retail stores. You can also use Zip to pay your bills and buy gift cards, including for food, fuel and subscriptions.
While you can use Zip for everyday purchases, keep in mind that it's not a free service. It's a type of loan you'll have to pay back in increments.
Frequently asked questions
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I have a refund of $409 from Amazon Australia going into my ZIP account, how can I get that money back into my bank account?
Hi Wayne,
You would need to contact Zip’s customer service team to request a refund to your account, you can reach them on (02) 8294 2345. Best of luck!