How do you transfer money from a credit card?

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When you transfer money from a credit card to a bank account, it's actually considered a type of cash advance transaction, similar to getting cash out at an ATM. This means you'll pay cash advance fees and higher interest rates. Some credit cards won't even offer a transfer but there are lots that do – including cards from ANZ, CommBank, NAB and Westpac.

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

The first step is to check if your credit card account gives you this option by logging into your account or contacting the provider.

When it's allowed, 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 for each provider.

Online and mobile banking

1. Log in to your credit card account.
2. Select the "Transfer" option.
3. Enter the amount you want to transfer.
4. Enter the bank account number, BSB and any other details listed on the form.
5. Follow the prompts to complete the transaction.

Over the phone

1. Call your credit card provider and follow the steps to verify your account.
2. Request a transfer to a bank account.
3. Confirm how much you want to transfer to the bank account.
4. Provide the bank account number, BSB and any other requested details.
5. Follow the prompts to complete the transaction.

If you're transferring funds to an account with the same bank, the money should be available instantly, or 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.

Note: Sometimes you may only be able to transfer funds to a linked transaction account with the same bank.

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	You can use the Citi PayAll service to transfer funds from your credit card to an Australian bank account. A Citi PayAll fee worth 2% of the transaction applies (outside of any promotions).
	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
	Yes	The only time you could transfer funds from your HSBC credit card is if you are offered a Credit Card Cash Transfer. You can log into your account to see if an offer is available. If it is, you can fill in a form to request a transfer.
	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
	No	N/A
	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 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. Check the fine print or call your provider before making a transfer so you know exactly what you'll pay.
• 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 a transfer?

Here are some alternatives you can look at 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. Watch out for ATM fees, as well as cash advance rates and fees.
• International money transfer. If your goal is to send funds to an overseas account, there are international transfer services that are set up especially for this – and some offer transfers within 24 hours. Just keep in mind that you may not be able use a credit card for the transfer, as most of these services only accept payment through an Electronic Funds Transfer (EFT).
• Pay with your credit card instead. If you end-goal is to pay for something, find out if you can use your credit card instead of money from your bank account. Lots of businesses accept credit card payments now, including ones based overseas and it will usually count as a purchase on your card – helping you avoid cash advance costs.
• 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.

Getting ready to transfer money from your credit card? Find out what happens when you make a cash advance. And if you want more money in the bank without using your credit card to get it, opening a high-interest savings account is a great place to start.

Images: Shutterstock

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Amy Bradney-George is the senior writer for credit cards at Finder, and acting editor for Finder X and Finder Green. She has over 14 years’ experience as a journalist, with a particular focus on personal finance, and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.

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