Can you transfer money from a credit card?
Money transfer credit cards can be a fast and flexible way to borrow money for unexpected costs or cash shortfalls. Here’s what you need to know about money transfer credit cards and where to get one in Ireland.
Money transfer credit cards, at a glance
What is a money transfer credit card?
A money transfer credit card is a credit card that allows you to borrow money and transfer it directly into your bank account, rather than spending the money on purchases.
You may have to pay interest on the money borrowed and, while many money transfer credit cards in Ireland don’t charge a separate transfer fee, interest usually starts accruing immediately unless a promotional rate applies.
The credit card issuer may set a minimum money transfer amount and limit transfers to a proportion of your overall credit limit.
How do money transfer credit cards work?
To organise a money transfer, you usually need to contact your card issuer to arrange the transaction. Depending on the provider, this may be done by phone or, in some cases, through online banking or an app.
You’ll need to provide your IBAN (and sometimes your BIC) for the bank account you want the money paid into, and all transfers are subject to credit approval.
There’s usually a minimum amount you can transfer (for example, €100) and a maximum limit, which is often capped at a percentage of your overall credit limit, commonly up to around 95%.
Once approved, it typically takes 1–2 working days for the funds to reach your bank account, although this can vary by provider.
As with all borrowing in Ireland, money transfers on credit cards are regulated by the Central Bank of Ireland, and terms and conditions vary by provider.
What’s the difference between a money transfer card and cash withdrawal?
A money transfer is not the same as withdrawing cash from an ATM using your credit card.
How to transfer money from a credit card to your bank account
- Check your eligibility: Make sure your credit card offers a money transfer facility and confirm any promotional rates or conditions.
- Request the transfer: Contact your card provider by phone or online (depending on the issuer) and ask to make a money transfer.
- Provide your bank details: You’ll need to give your IBAN (and sometimes BIC) for the account you want the money paid into.
- Credit approval: The provider will confirm whether the transfer is approved and how much you can transfer.
- Receive the funds: Once approved, the money is usually paid into your bank account within 1–2 working days.
- Repay the balance: The transferred amount is added to your credit card balance and must be repaid according to the card’s terms.
Is interest charged on money transfers?
You may find a card with a 0% or low introductory rate on money transfers for a limited period.
Outside of any promotional offer, interest on money transfers is typically charged at the card’s standard variable rate.
If a 0% promotional rate applies and you repay the balance in full before the end of the promotional period, you won’t pay interest on the money transfer.
If no promotional rate applies, interest may be charged from the date of the transfer, even if you repay your statement balance in full.
If you can’t repay the balance in full, you’ll need to make at least the minimum monthly repayment on time each month to avoid late fees and potential impacts on your credit record.
Be aware that you could lose any promotional rates if you miss a minimum payment, exceed your credit limit, or breach the card’s terms and conditions.
Typical costs and interest
The cost of a money transfer depends on the card you have and whether a promotional offer applies at the time. In general:
Because rates and offers change regularly, it’s important to check the card’s terms and conditions - or compare current offers - before making a transfer.
Where to get a money transfer credit card
Providers that offer a money transfer facility with their credit cards include:
- Avant Money
- An Post
Some offer promotional rates, but terms and conditions apply so check before you apply for a card or need to transfer money into your account.
You can compare cards with our free and simple credit card comparison tool.
Should you choose a money transfer card?
If you need to move money into your bank account and can repay the balance within a short time - ideally using a 0% or low-rate offer - a money transfer credit card may be a good option.
If you need long-term borrowing or can’t repay quickly, an overdraft or personal loan may be more suitable.
It could suit you if:
It may not suit you if:
Are there any disadvantages to money transfer cards?
When money is short, there are a few ways to borrow - such as using an overdraft or taking out a loan - and each comes with its own pros and cons. Money transfer credit cards can be useful, but they’re not right for every situation.
Here’s a look at the pros and cons of using a money transfer credit card.
Pros
Cons
Money transfer vs cash withdrawal vs overdraft
There are a few ways to access cash when money is tight. Here’s how a money transfer credit card compares to other common options.
| Option | Speed | Typical cost | Best for | |
|---|---|---|---|---|
| Money transfer credit card | 1–2 working days | Often lower than cash withdrawals; interest may apply | Short-term cash needs with a repayment plan | |
| Cash withdrawal from credit card | Instant | Usually higher fees and interest | Emergency access to cash | |
| Overdraft | Instant | Can become expensive if used regularly | Very short-term shortfalls |
Find the best money transfer cards
Here are a few tips to help you choose a money transfer credit card that suits your needs:
Money transfer credit cards FAQs
Will a money transfer affect my credit rating?
Transferring money from your credit card affects your credit rating in the same way as other credit card borrowing.
If you miss a repayment or regularly make late payments it may negatively affect your credit score.
What is a balance transfer card?
A balance transfer card allows you to move your outstanding credit card balance to a new credit card. They are usually offered with a promotional discount for a set number of months.
A 0% balance transfer can make your existing credit card debt cheaper and easier to manage by reducing how much interest you pay.
Is a money transfer the same as withdrawing cash on my credit card?
No. Withdrawing cash from an ATM using your credit card is usually an expensive way to access money, as you’re typically charged a fee for each withdrawal, plus interest.
A money transfer is different, as the funds are transferred directly to your bank account. Many Irish providers don’t charge a separate transfer fee, but interest usually applies, and terms can change - so it’s important to check the details with your card provider.
How long does a money transfer take?
Once approved, a money transfer usually takes 1–2 working days to reach your bank account. The exact timing can vary depending on the card provider.
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