You can't transfer funds from your Zip account to your bank account. However, you may be able to consolidate (or transfer) some of your Zip accounts to a credit card or personal loan account.
You can use Zip Money or Zip Pay to pay some bills via BPAY, including utility and phone bills, when you're able to provide the biller's BPAY details. However, you can't use Zip to make BPAY payments for credit card bills, gambling, rent payments or personal loans.
You will also be charged a flat fee of $2.50 for each bill paid through Zip Money and each bill paid through Zip Pay if your credit limit is $1,000 or less. This is on top of your monthly fee and any interest you'll have to pay.
Zip offers 2 payment options: Zip Pay and Zip Money.
Apart from the credit limits, the main difference is the interest-free terms. Zip Pay, like most BNPL accounts, is interest-free with a monthly fee if you carry-over a balance and late payment fees if you don't make the required payment by the due date.
In comparison, Zip Money offers an interest-free period of 3 months but partner retailers can offer interest-free terms between 6 and 60 months. After the interest-free period, interest will be charged at 25.9% p.a.
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.
The main restrictions on how you can use Zip are related to:
To transfer your Zip balance to a credit card, your credit card provider must accept balances from a line of credit. Currently, Citi and Virgin Money state that they accept credit card balance transfer requests from lines of credit.
A personal loan allows you to pay off your Zip Pay or Zip Money balance directly, because the loan funds are typically transferred to your chosen account. You can then use these funds to pay off your Zip balances and/or any other debts.
| Response | |
|---|---|
| Yes | 63.16% |
| No | 36.84% |
Balance transfers are not allowed between certain credit card brands. Read on for a list of lenders that do and don’t allow a balance transfers between them.
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