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Can I transfer Zip Money or Zip Pay funds to other accounts?

There are restrictions on how you can use funds from Zip’s payment methods and how you can pay off your Zip debts.

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.

What payment options does Zip offer?

Zip offers 2 payment options: Zip Pay and Zip Money.

  • Zip Pay is an interest-free buy now pay later service. It typically offers credit limits between $350 and $1,000, with a monthly fee of $9.95 if you don't pay your statement closing balance by the due date.
  • 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.

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.

What can I use Zip for?

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:

  • Taking cash out. You cannot withdraw your credit as cash.
  • Transferring the funds to your bank account.
  • Using Zip to pay off credit card, gambling, rent or personal loan debts.

Can I transfer Zip balances to a credit card or personal loan?

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.

💡 Tip: If you're looking at a balance transfer card with a different provider, check with them first to see if they'll accept your BNPL transfer request. You'll also need to provide your Zip account details as part of the process.

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.

💡 Tip: Check personal loan terms, interest rates and fees before you apply for one to make sure it will be affordable.

What to think about before transferring your Zip balance

  • Interest rates - are you transferring your Zip debt to another platform or account that charges higher fees and higher interest?
  • Credit file - are you behind on your payments? This could impact your credit rating.
  • Overall debts - do you have a plan to manage your overall debts, or are you getting behind with multiple BNPL accounts? If it's the latter, sit down and review your overall position so you can make a plan to get into the black again.

Finder survey: Do Australians know what a balance transfer is?

Source: Finder survey by Pure Profile of 1113 Australians, December 2023

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Amy Bradney-George's headshot

Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio

Amy's expertise
Amy has written 596 Finder guides across topics including:
  • Credit cards
  • Frequent flyer
  • Credit score
  • BNPL
  • Money management
  • Sustainability

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