In today’s developing world of banking, people are getting off with paper money and using card payment, cheque payment and internet banking in this modern world. As the importance of internet banking is increasing the importance of paper money is decreasing simultaneously. The importance of credit cards, debit cards, and internet banking is increasing in this globalized world of banking scenario. Transfer money from credit card to a bank account
There are a lot of things in the transfer of money from credit card to a bank account, different types of transfer consist of different types of charges also. Let us consider important types and there fixed charges or costs.
No interest-free days: On purchasing of credit card involves free period during no interest is charged. But in case of transfer of money from credit card to bank account free period do not work, and you charged.
Cash Advance Interest Rates: Sometimes, the transfer of money from credit card to a bank account will be charged at higher interest rates. The interest rate charged is usually more than regular charges.
Cash Advance Fee: This type of transfer of money from credit card to bank account charges 3% of the total amount of the transferred fund to the bank account.
For international transfer: As it is necessary, there are some rules and restrictions for international transfer. International transfer charge international fee along with other fees and other charges.
Table of Contents
What is an online money transfer?
Online money transfer works instantly and transfers money from one account to another with safe work, with the use of modern technology Electronic Fund Transfer (EFT). EFT is one of the best and safest option, the data of the transfer is only exchanged between two accounts who are involved in the transfer.
Account to Account Transfer
Account to Account transfer allows consumers to transfer money electronically it is a better option. This service is free through RTGS and NEFT. If you do at branches a small fee will be charged.
Steps for account to account transfer:
- Log in to the account
- Add an account
- “Add external” account or “Link account”
- Fill the details
- Verify by using username and password
- Transfer Fund
An international transfer of funds is known as Wire transfers. Wire transfer simply means the transferring of funds globally. If a bank account from country A wants to transfer funds to a bank account in country B then wire transfer works. Banks generally charge for the transfer of funds globally. As the transfer is for another country bank account then a strict rule and regulations are for wire transfers. One of the most important things is details, details like international bank account number, the currency of transfer, etc.
TRANSFER THROUGH E-WALLETS:
E-wallets are a good option for the transfer of money to a bank account. For sometimes banks charge a fee for the bank to a bank transfer, in that case, we might think for e-wallets for sure. To get started to establish a link between your bank account and the app you use for the transfer of funds. When your account gets linked you can send money according to your need by sharing account details. This is a better option for in the mean of charge. But you have to stay safe because you transfer funds on your own risk and this is not refundable if you send funds by mistake to the wrong one.
METHODS FOR TRANSFER CREDIT CARD BALANCE TO ACCOUNT
USING A MONEY TRANSFER CREDIT CARD:
Money transfer credit card allows, directly pay from credit card to your bank account. Some banks charge 0% for an agreed period of time. This fund can also be withdrawn via debit cards when once the money is transferred.
How it can be use?
- Log on to the net banking page or app.
- Go to third party fund transfer.
- Select Visa Card Pay.
- Fill up the details and confirm the transfer.
Paytm allows the transfer of money from a credit card to a bank account PayTM is the most popular service for the transfer of funds and internet banking. It is widely used around the world and ranked better than others. It’s is often easiest too since its popularity. It charges 3% of transfer funds.
How it can be use?
- Open the app or page.
- Continue with add money options on the right side.
- Add the amount you wish to transfer.
- Select credit card and enter details to add money.
- Open the passbook option.
- Click on transfer to a bank account.
- Fill up the details.
- Enter the amount.
- Confirm Transfer.
TRANSFER THROUGH THE CALL
- Call your credit card’s bank.
- Tell them to fund transfer.
- Confirm the fund you wish to transfer.
- Give the necessary details to the bank.
- Follow instructions
- Complete transfer.
HOW MUCH CAN I TRANSFER FROM CREDIT CARD TO BANK ACCOUNT?
There are certain limitations to transfer fund from credit card to bank account. Every company has a different maximum and minimum fund transfer limits. You know very well about enquiring from your credit card company.
It is better to have money in bank account than paper cash in hands.
Hey, I’m Sachin. I’m a Blogger living in India. Guide for Personal Finance Planning & financial planning, Tax, Investment, Managing Money, Insurance, Retirement, Real Estate and Loans & more.