You can transfer money from a credit card to a bank account, but…
It's treated as a cash advance and is incredibly expensive when you factor in fees and interest charges. And not every card lets you do it.
Key takeaways
- When you transfer money from a credit card to a bank account, it's considered a cash advance transaction, similar to getting cash out at an ATM.
- This means you'll get charged a high interest rate right away. Plus a cash advance fee. It's not recommended.
- Your credit card may not allow this kind of transfer, but many do.
Credit card providers that allow transfers to bank accounts
| Providers | Do they allow money transfers from credit card to bank accounts? | Key details |
|---|---|---|
 | No | N/A |
 | Yes | You can use ANZ Pay Anyone to transfer funds from your credit card to an account with any Australian financial institution. This is treated as a cash advance transaction, which attracts a cash advance fee and interest charges. |
 | Yes | You can transfer funds from your Bankwest credit card to a Bankwest bank account by choosing the "Internal Transfers" option when you're logged into your account. This is treated as a cash advance transaction, which attracts a cash advance fee and interest charges. |
 | Yes | If you transfer funds from your credit card to another account, it will be treated as a cash advance transaction and attract a cash advance fee and interest charges (unless it is done as a balance transfer). |
 | Yes | If you transfer funds from your credit card to another account, it will be treated as a cash advance transaction and attract a cash advance fee and interest charges (unless it is done as a balance transfer). |
 | Yes | If you transfer funds from your credit card to another account, it will be treated as a cash advance transaction and attract a cash advance fee and interest charges (unless it is done as a balance transfer). |
 | No | N/A |
 | Yes | If you transfer funds from your credit card to another account, it will be treated as a cash advance transaction and attract a cash advance fee and interest charges. |
 | No | N/A |
 | No | N/A |
 | Yes | You can make a transfer from your credit card to a NAB bank account or to another non-credit card account. If the transfer is to a different Australian financial institution, you will need the BSB, account number and the name on the account. |
 | No | N/A |
 | Yes | If you transfer funds from your credit card to another account, it will be treated as a cash advance transaction and attract a cash advance fee and interest charges (unless it is done as a balance transfer). |
 | No | N/A |
 | Yes | You can transfer funds from your Westpac credit card to your other Westpac accounts using the Westpac app or Internet banking. |
How to transfer money from a credit card to a bank account
If you are determined to transfer money from your credit card, the first step is to check if your credit card account gives you this option.
Do this by logging into your account, contacting the card company or checking the fine print in the card's terms and conditions.
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.
How much can I transfer?
This type of transfer is considered a cash advance transaction, so you may only be able to transfer a portion of your available credit limit.
How can I transfer money from my credit card to someone's bank account?
It's the same process as outlined above, but you replace your bank account details with the details of the recipient's bank account.
Note: Sometimes you may only be able to transfer funds to a linked transaction account with the same bank. Which means you can't send money to someone else from a credit card.
Should I transfer money from a credit card to a bank account?
It's very expensive to transfer money from a credit card to a bank account. Here's why.
- 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. Check the fine print or call your provider before making a transfer so you know exactly what you'll pay.
Ultimately it's your decision. If you can quickly repay the money and it's an emergency, it might not cost too much. But you really need to understand the cost of transferring money from a credit card like this.
Example
You transfer $2,000 from your credit card to your bank account.
Your card has a 22% cash advance rate and charges a 3% cash advance fee.
This means you're getting charged a $60 fee and $1.20 interest every day until you repay the $2,000.
Sources
Images: Shutterstock
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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?
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
How to transfer cash from credit card to a normal savings account?
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