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 with your current bank, how to make a transfer and what to watch out for before you go ahead.
How to transfer money from a credit card to a bank account
The first step is to check if your credit card provider will let you transfer funds to a bank account – either by calling them or logging into your account to see if there is an option there.
If your card and selected account allow this type of transaction, you can usually make the transfer online, through your bank's mobile app or over the phone. We've outlined the basic steps for these options below, although it will be a bit different with each provider.
Online and mobile banking
- Log in to your credit card account.
- Select the "Transfer" option.
- Enter the amount you want to transfer.
- Enter the bank account number, BSB and any other details listed on the form.
- Follow the prompts to complete the transaction.
Over the phone
- Call your credit card provider and follow the steps to verify your account.
- Request a transfer to a bank account.
- Confirm how much you want to transfer to the bank account.
- Provide the bank account number, BSB and any other requested details.
- 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.
Credit cards providers which allow money transfers to bank accounts
|Providers||Do they allow money transfers from credit card to bank accounts?|
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 provider. 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 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.
- Transaction fees. Even if the transfer is not processed as a cash advance transaction, a fee may apply. For example, with Citi PayAll payments, a fee worth 2% of the transfer applies each time you transfer money from your credit card to an Australian bank account. There could also be additional fees if the transaction is declined.
- 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.
- 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 term, 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.
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