Can I Send Money From a Credit Card to a Bank Account?

It is now very clear that the use of money is growing in simplicity and ease thanks to the availability of credit cards. That’s why vital to grasp how to transfer money from a credit card to a bank account to have more convenience.

This approach can be useful in different scenarios such as to keep an eye on your financial movement, clear your debts, or take care of the most important things.

Let’s look at how to transfer funds from a credit card to a bank account, going through the steps and fees that might be involved.

How to Transfer Money From a Credit Card to a Bank Account

Here’s how to transfer funds from a credit card to a bank account online:

1. Login: You can access your account details through the mobile app or the internet browser.

2. Go to Transfers: Scrolling down to the “Transfer” button at the bottom of the “Home” menu or the homepage is another option.

3. Select Accounts: Select the credit card you are going to withdraw money from (“Pay From”) and the bank account you would like to have money deposited into (“Pay To”).

4. Enter Amount: Please, enter the sum you are going to send and confirm it so that you do not make any mistakes.

5. Confirmation: To be sure, the transfer details, including cash advance, if prompted.

6. Wait for Processing: Then, it takes some time to confirm the transaction and you will have to wait for a few minutes.

7. Check Bank Account: To complete the process, make sure the money was successfully transferred to your bank account.

Other Ways of Transferring Money to a Bank Account

The following are the different ways:

1. ATM

Most of the banks and credit unions will provide you with cash advances through the ATM. You just need to make sure your credit card is set up with a PIN.

If you have to get this money to be in your checking account, you may then deposit your cash into your account (either at an ATM that accepts deposits or at a branch).

2. In-person

Another way is to go to a branch and make a cash advance by withdrawing cash. It is after you have the cash that you can deposit it into your checking account.

This way, you will be able to withdraw cash directly and deposit it into your account, hence you will be able to use it immediately.

3. Convenience Checks

These are the funds that your credit card company deposits in your bank account or allows you to use to pay for something like a personal check.

They work like conventional checks except that the money is borrowed from the credit limit of your credit card rather than from your checking account.

Using Western Union to Transfer Funds from Credit Card 

Here’s how to transfer funds from a credit card to a bank account using Western Union:

1. Register with Western Union: Initially, you should register on Western Union using creating a free account. The process of personal data submission is usually taken into account.

2. Select Transfer Details: Choose the country of destination, specify the amount to be transferred, and decide on the delivery method, which in this case is the direct transfer to a bank account.

3. Recipient’s Bank Information: Before the transfer, make sure that the correct recipient’s bank account details are entered. Such entails the account number, the bank’s name, and any other information that may be needed.

4. Use Your Credit Card: Use your credit card to transfer money to the recipient. Make sure that you have enough money in your account to cover the sum of the transfer as well as any fees that might be involved.

5. Confirmation and Tracking Number: Upon finishing the transaction, you will get an email with a track number (MTCN) which will enable you to monitor the success of the transaction.

6. Transfer Process: Western Union will kick off the process through which the funds will be transferred to the bank account of the beneficiary provided the required information.

The duration for funds to reach the recipient’s bank depends on factors like transfer amount, destination country, currency, bank regulations, and time of initiation.

Generally, transfers can take anywhere from 1 to 5 business days to complete.

Using MoneyGram to Transfer Funds from a Credit Card 

Follow the steps below to transfer money from Credit Card via MoneyGram:

1. Recipient Details: Start by specifying the recipient’s name and the country where the recipient’s bank account is located. Be sure that you provide all the account details.

2. Choose Transfer Method: On your MoneyGram screen, choose ‘Account Deposit’ as the transfer method and enter the amount you want to transfer.

3. Payment Method: Choose the ‘Credit Card’ payment option to proceed with the transaction. The screen will show the exchange rate and also the cost of the transaction, if there are multiple currencies involved.

4. Sender Information Validation: Please provide the details of yourself as the sender to make the transaction more authentic.

5. Recipient’s Bank Information: In the recipient’s name, bank account details, and any other needed details, provide the information correctly.

6. Review and Confirm: Be very careful about all the details you are entering to make sure there are no mistakes. After everything is set, the next thing is to execute the transaction.

7. Successful Transfer: Based on the account information, the amount will be successfully transferred to the specified bank account.

What to Consider Before Making a Transfer

Before initiating a transfer, consider the following:

1. Transfer Limits: Make sure you check the daily cash limit and available credit card balance to determine how much you can transfer or withdraw. 

2. Transfer Time: The money that has been transferred should arrive at the recipient’s account within a few minutes of the transaction processing. 

3. Costs Involved: Think about the amount of money and time you will have to spend in the process of transferring it.

4. Bank Policies: Familiarize yourself with your bank’s policies regarding transfers, including any additional fees or restrictions that may apply. 

Should I Consider Using a Cash Advance or Balance Transfer?

You should save cashing out your credit card for times when you have already exhausted emergency funding and tried all other possible solutions.

Analyze alternatives, such as requesting a salary advance, using a savings account, or borrowing a smaller loan with reasonable rates, instead of making these decisions.

The main advantage of cash advances is quick access to cash, however, this cash comes with big disadvantages.

Since the interest rates are higher than the regular credit card APRs, and once you start borrowing, the interest starts to accumulate at once.

This results in credit card debt that could be significant if not paid off immediately, and you can get extra fees for that through cash advances.

Balance transfers also have a fee and it is high for big amounts.

Even if a small sum seems insignificant, you should check the other conditions included in the fine print.

Credit usage is the measure of all credit you have and how much you are using.

If you build up debt through cash advances or balance transfers, you will be harming your credit score by increasing your credit utilization.