How To Transfer Money From Credit Card to Bank Account?
Updated: Dec 17, 2020
EASY! You can do it with TransferWise service. TransferWise is known as an international online money transfer service that can very easily help you transfer money from a credit card to your bank account at super low fees, secure and fast. In addition, once you have registered your account, you gain the following features: multi-currency account, optional debit card, and competitive low fees compared to bank credit cards! You have the option to send the same currency i.e. USD to USD, GBP to GBP, or if you are sending it to someone overseas you can choose their local currency. For instance, if you are in the US and want to send money to your friend in Germany, you would send in USD and the recipient would get EURO. Nice and easy. If you do not care about international transfers - No Worries - you don’t have to use that feature just use the Domestic option to send money via credit card to a bank account. However, if you decide you use TransferWise just note, you will always have the International option with a few clicks away.
Credit Card to Bank Transfer
If you are ready to sign up, Click Here to get started, and/or you can reference the step-by-step guide below to help you with the registration and transfer process.
Step 1: Click on the link to commence the registrations process. Click Here
This will take you to the TransferWise homepage to Register. You can either select the Register button at the top of the page or select the Get Started button. Step 2: Click on either the Personal or Business option. If you are a single individual select Personal or if you are a business select Business. If you require more information on Business account options, please refer to this link that will discuss more details about TransferWise’s borderless business account features.
For the purpose of this article, we will select the Personal option. Enter your email address Create a password
Choose your country of residence Click on the Sign-Up button Step 3. Once you have entered your details, you will be brought to the Amount section.
Here is where you key in the amount that you would like to send from a credit card to a bank account.
Let’s run two examples - Let’s run a USD-USD domestic option and let’s run a USD-EURO international option.
Domestic Option or Same Currency Option (USD-USD) - In this example, I entered under the Recipient gets 500 USD and I chose the Credit Card payment option. Please note the payment option defaults to the best available, so you must change it to Credit Card if that is your preferred method.
Please note that TransferWise offers several other options besides Credit Card to send money to a Bank Account. You have the option to send money via Bank Debit (ACH), Wire Transfer, Debit Card, Card, Google Pay, plus TransferWise allows you to keep a Balance so you can use TransferWise as an online 'bank' so you can send money easily and quickly.
International Option (USD - EURO) In this example, I will send $1000 USD and the Recipient gets 813.50 EURO plus I chose the Credit Card payment option. This article was written on November 6, 2020, so please note the exchange rate can fluctuate daily. Also, note the payment option defaults to best available, so you must change it to Credit Card or preferred method. TransferWise will show you the charges, exchange rate, your savings, and when the transfer will arrive. Click Continue on your screen to proceed.
Once you select Continue you will be brought to the following page where you enter your details.
Step 4. Here is where you click on Personal selection since we are paying from our personal bank. If you have a Business Account, you have the option to select either one depending on what type of transfer you want to send. Complete the form in which you enter your personal details and then select Continue.
Step 5. The next section is the Recipient section. Here is where you need to select to whom you are transferring money. You have three options: Yourself, To Someone Else, Business. Plus here is where you enter the recipient's bank details such as bank name and account number.
Step 6. On your first transfer, TransferWise will need to verify your identity. This is for your protection and is standard to ensure no fraudulent activity is being conducted. You have the option to provide your National Id, Passport, or Driver’s License.
Once you upload your personal ID document, TransferWise will manually verify your document. This is a one-time action during this initial sign-up phase, so please be patient at this point. Verify the transfer details and select Confirm and Continue. Step 7. Once your details have been confirmed (should happen in minutes), your transfer will be sent immediately which you will need to confirm Review Payment.
You should receive a notice indicating that your transfer is in Process. Once it has been sent you will receive another message in your inbox or on-screen confirming the transaction is in the process to be sent to your recipient.
Then once it has been completed. You should receive a message stating your transaction has been sent and completed.
Congratulations! You have made your first transfer via TransferWise. It was fairly painless, right? Sending money from a credit card to a bank is now a straight-forward process with TransferWise. Sign Up and transfer away. Now that you have registered, download the app and you can use their simple, ease of use Android or Apple IOS application which you can manage your transfers with a few clicks on your phone. So register now and commence your transfer and savings!