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What is a money transfer?
Exploring one of the ways you can use your credit card.
A quick summary
- A money transfer is when you move money from your credit card directly into your own UK current account.
- The minimum money transfer is usually £100.
- You could get an introductory or promotional interest rate. You may also pay a one-off money transfer fee, as well as more interest over time.
- Money transfers are only available to UK residents aged 18 or over and are subject to status.
- A money transfer is one of four ways to use a credit card, including card purchases, balance transfers and cash transactions.
Money transfer basics
A money transfer is when you transfer funds from a credit card directly to a bank account for use on purchases.
- You can only send money to your own UK current accounts.
- As well as interest, money transfer fees may apply. This is usually a small percentage of the transferred amount.
- A money transfer is subject to approval.
Watch our short video for more details.
Why is a money transfer useful?
A closer look at money transfers
You may be charged a money transfer fee
This fee is usually a small percentage (up to 5.00%) of the amount you’re transferring into your current account. You’ll most likely be charged each time you make a money transfer.
You’ll also pay interest, but the rate can vary
If you get a promotional interest rate but don’t clear your balance before it finishes, you’ll move onto your standard money transfer rate. The sooner you clear your balance, the less interest you’re likely to pay.
You can’t transfer to a foreign account, or one that isn’t yours
Any money transfer must always be sent directly to a UK current account in your name.
The minimum amount you can transfer is £100
The maximum amount varies from person to person, depending on your credit limit and your credit available at the time.
Let’s look at the details
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Once approved, the transfer usually arrives on the next working day.
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The minimum money transfer is usually £100. The maximum amount is usually 93% of your credit limit.
Remember, you may pay an interest rate and fee each time you complete a money transfer.
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No, Section 75 of the Consumer Credit Act only protects you when you use your credit card directly to pay for goods or services.
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On the transactions pages of your PDF or paper statement there is a breakdown of your balance and the interest rates that apply. If you have a money transfer promotional or introductory interest rate the expiry dates will be shown here.
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