Can I transfer money from a credit card to a bank account?

Your options for transferring funds vary between providers and banks. Here’s what you need to know.

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While some credit cards give you the option of transferring funds to a bank account, others have restrictions around this type of transaction. You can use this guide to check if this is possible, how to make a transfer and what to watch out for before you go ahead.

Westpac Credit Card Offer

Westpac Low Rate Card

0% p.a. for 16 months on balance transfers

Offer ends 15 October 2019

Eligibility criteria, terms and conditions, fees and charges apply

Westpac Credit Card Offer

The Westpac Low Rate credit card features a long-term balance transfer offer and a low variable interest rate on purchases.

  • $59 p.a. annual fee.
  • 13.74% p.a. on purchases
  • Cash advance rate of 21.49% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $15,000 p.a.
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How to transfer funds from a credit card to a bank account

If your card and selected account are eligible for this type of transaction, you can usually go about it online, over the phone or through your bank's mobile app.

Online

  1. Log in to your credit card account.
  2. Select the "Transfer" option.
  3. Enter the amount you want to transfer.
  4. Enter the bank account number, BSB and any other details listed on the form.
  5. Follow the prompts to complete the transaction.

Over the phone

  1. Call your credit card provider and follow the steps to verify your account.
  2. Request a transfer to a bank account.
  3. Confirm how much you want to transfer to the bank account.
  4. Provide the bank account number, BSB and any other requested details.
  5. Follow the prompts to complete the transaction.

If you're transferring funds to an account with the same bank, they should be available within a day. If the transfer is to an account with a different institution, allow 2-3 business days for the transaction to be completed.

Comparison of credit cards

Rates last updated August 20th, 2019
Name Product Interest Free Period Cash advance rate (p.a.) Purchase rate (p.a.) Annual fee Product Description
Westpac Low Rate Card
Up to 55 days on purchases
21.49% p.a.
13.74% p.a.
$59 p.a.
A no frills, low rate card offering 0% p.a. interest on balance transfers for the first 16 months, with no balance transfer fee.
Bendigo Bank Low Rate Mastercard
Up to 55 days on purchases
13.99% p.a.
11.99% p.a.
$45 p.a.
Take advantage of 0% p.a. for 18 months on balance transfers, plus a low variable purchase interest rate of 11.99% p.a. on purchases.
HSBC Platinum Credit Card
Up to 55 days on purchases
21.99% p.a.
0% for 12 months, reverts to 19.99% p.a.
$129 p.a.
0% p.a. on purchases and balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
St.George Vertigo Platinum
Up to 55 days on purchases
21.49% p.a.
12.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Features a long-term 0% balance transfer offer, $49 first year annual fee and access to a 24/7 personal concierge service.
Westpac Altitude Platinum Card - Qantas
Up to 45 days on purchases
21.49% p.a.
20.49% p.a.
$200 p.a.
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, complimentary insurances and a personal concierge.
St.George Amplify Signature - Qantas
Up to 55 days on purchases
21.49% p.a.
19.74% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Get 90,000 bonus Qantas Points when you spend $4,000 in 90 days and 2 complimentary Qantas Club lounge invitations per year.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
Up to 55 days on purchases
21.99% p.a.
20.74% p.a.
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Finder Exclusive:
Save with a 0% balance transfer offer and a $49 first year annual fee when you apply online.
Westpac Altitude Platinum Card - Velocity
Up to 45 days on purchases
21.49% p.a.
20.49% p.a.
$200 p.a.
60,000 bonus Velocity Points when you spend $3,000 within 90 days of approval. Plus, complimentary Economy X Seat Upgrade Vouchers.
HSBC Platinum Credit Card - Balance Transfer Offer
Up to 55 days on purchases
21.99% p.a.
19.99% p.a.
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.

Compare up to 4 providers

Credit cards providers which allow money transfers to bank accounts

Providers Do they allow money transfers from credit card to bank accounts?
amex-sml-logo No
anz-sml-logo Yes
bankwest-sml-logo No
bank-of-melbourne-sml-logo Yes
banksa-transparent-logo Yes
bendigo-logo Yes
No
tenants1 No
commbank-logo No
CUA logo No
hsbc provider logo Yes
Picture not described: Macquarie_logo.png Image: Getty No
nab logo Yes
qantas money logo No
Picture not described: stgeorge-transparent1.png Image: Gettystgeorge logo
Yes
suncorp-logo-100px Yes
virgin-money-sml-logo No
No
Westpac logo Yes

How much can I transfer?

The amount you'll be able to send to a bank account from your credit card will depend on your credit limit and the credit card company. This type of transfer is usually considered a cash advance transaction, so you may only be able to transfer a portion of your available credit limit. You can find these details in your online account, or by asking your credit card company.

What is a cash advance transaction?

What to think about before transferring funds from a credit card

Make sure you consider these factors and potential costs before you go ahead with a transfer from your credit card to a bank account.

  • Cash advance fee. If the transfer is considered a cash advance transaction (and it usually will be), then you'll pay a fee worth around 3% of the total you send to your bank account.
  • Cash advance interest rate. In most cases, your transfer will be charged interest at the cash advance rate. This rate is usually higher than the interest rate charged for regular purchases and can quickly add up.
  • No interest-free days. Your transfer won't be eligible for interest-free days, which means you'll be charged interest straight away.
  • International transfers. There could be further restrictions if you want to transfer funds from your credit card to an account overseas. But even if the transfer is allowed, you'll typically pay an international transaction fee on top of the other fees and charges.

What if my credit card or bank doesn't allow the transfer?

Depending on your situation, you could consider the following alternatives if you're unable to transfer funds from your credit card to a bank account:

  • ATM cash advance. You could use your credit card to withdraw cash from an ATM and then deposit the money directly into the bank account. Note that cash advance rates and fees will apply.
  • Cheque to self. Some credit cards and other loan accounts give you the option of requesting a cheque based on the available funds in your account. Known as a cheque-to-self, you could use this option and then deposit the cheque into your chosen bank account.
  • International transfer. If your goal is to get funds sent to an overseas account, you may want to consider using an international transfer service. Keep in mind that most of these services only accept payment through an Electronic Funds Transfer (EFT), so you may not be able to pay with your credit card.
  • Personal loan. If you're short on savings and need money in an emergency, you could consider a personal loan. In the medium to long tem, personal loans will typically be less expensive than a credit card cash advance.

While there are credit cards that allow you to transfer funds to a bank account, it usually attracts fees, charges and is subject to other limitations. So make sure you weigh up these factors to help you decide if this is the right option for you.

Images: Shutterstock

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4 Responses

  1. Default Gravatar
    DonnaMarch 28, 2019

    How can I transfer money from credit card to a bank account but the credit card doesn’t have the expiration date or the CVV number waiting on the new card but this one is working just can’t deposit money?

    • Avatarfinder Customer Care
      JeniMarch 30, 2019Staff

      Hi Donna,

      Thank you for getting in touch with Finder.

      You may process it online or over the phone. I’m afraid that you need to wait for your valid card for the required details like CVV and expiry date to successfully transfer money from your credit card to your bank account online.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    NasishDecember 3, 2018

    How to transfer cash from credit card to a normal savings account?

    • Avatarfinder Customer Care
      JhezDecember 4, 2018Staff

      Hello Nasish,

      Thank you for your comment.

      Yes, it’s possible to transfer amount from credit card to a bank account. Firstly, since not all credit cards allow this kind of transfer, you must contact your credit card issuer and verify if a transfer is possible. Next is to call your bank and check if your account can accept transfers from credit accounts. If yes for both, then you can do the transfer through online or over the phone.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

Credit Cards Comparison

Rates last updated August 20th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Save with an ongoing $50 annual fee and 0% balance transfer offer. Plus, the ability to earn up to 30,000 bonus Velocity Points in the first 3 months.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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