2022-09-13

How to transfer money from a credit card to a bank account

How to transfer money from a credit card to a bank account

Completing purchases with credit and debit cards these days is a far more efficient and popular payment method than spending cash upfront. Electronic payment methods now make in-store and online purchases hassle-free.  

Transferring funds to another bank account using your credit card can often help support friends and family, allowing them to get access to the money they need quickly and easily. Better money management gives us more freedom and flexibility when handling our finances.  

So what is a balance transfer?

A balance transfer is when you move an amount owed from one credit card to another card or account, allowing you to benefit from lower interest rates or improved terms. Transferring the balance can be a good way of paying off debt or interest quickly and efficiently. 

Balance transfers often offer 0% interest when moving an amount to a bank account.

However, if planning to continue to use new credit cards for future spending, check whether a different interest rate applies to any new spending. It may work out as more expensive.

How does sending money from a credit card to a bank account help you?

Credit cards are often helpful when making larger upfront payments for goods and services, but there might also be cases where it’s more convenient to transfer money from a credit card to a bank account to help with the following:

  • Clearing an overdraft
  • Avoiding bank transfer fees
  • Sending money internationally to a foreign bank account

With Paysend, we make this process as clear as day, helping you transfer money straight from your credit card to a bank account simply and securely, any time of the day or night. 

Transferring money with Paysend

Follow these simple steps to transfer money from a credit card directly to a bank account: 

  • Click Sign Up
  • Enter your mobile phone number, beginning with the country code
  • Fill out all mandatory fields (First Name, Last Name, Date of Birth, Email)
  • Enter your residential address in your country of registration
  • Enter the 5-digit SMS security code sent to your mobile phone.

Move money from your credit card to a bank account today with Paysend.  

Download the Paysend app now

For more information, follow the link here.

It is important to remember that there may be additional charges imposed by your financial institution when transferring money from credit cards to regular bank accounts, such as cash advance fees and interest charges. 

Five things to think about before transferring funds from a credit card to a bank account:

  • You may have to pay high fees. Card issuers may treat money transfers as cash advances.
  • There may be interest on monthly repayments after a promotional period ends. Ensure you pay off the balance within any promotional period to avoid paying high-interest fees.
  • There may be high initial fees in cases where you pay a percentage of the amount transferred, especially for more expensive and larger money transfers.
  • Keep tabs on what fees and interest you have accumulated over the promotional period

 

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