February 24, 2024

Do you want to know how to transfer money from a credit card to a bank account as a way to escape additional expenses that may come with withdrawing money from your credit card? See the details of the steps to follow!

how to transfer money from credit card to bank account

Overview of Credit Card to Bank Account Transfer

For the most part, payments for goods and services are made with credit cards. For example, you can pay with your credit card if you want to go out to dinner or travel.

But, if you find yourself in a tight spot and need money right away, you can also use your credit card to access funds.

Then you can use an online money transfer service to move money from your credit card to your bank account. There are a few different ways that you can start this process. Below, we will examine them.

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Transferring Money from Your Credit Card to Bank Account using e-wallet

To move money from your credit card account to your bank account, you can use an e-wallet like Paytm, Freecharge, MobiKwik, etc. The steps you need to take to start the process are listed below:

  • Use the e-wallet of your choosing to register.
  • Open the e-wallet app and navigate to ‘Passbook’.
  • Select the option labeled “Send Money to the Bank.”
  • Select the “Transfer” menu item.
  • Enter the IFSC information, account number, and amount.
  • The money will not be deposited into your account until you click the ‘Send’ button.

Using Western Union to Transfer Funds from Credit Card to Bank Account

The steps you must take to use Western Union to transfer money from a credit card to a bank account are listed below:

  • Free Western Union registration is provided.
  • Select the delivery method (to the bank account in this case), the destination country, and the transfer amount.
  • Put the recipient’s bank account details here.
  • Utilize your credit card for transactions.
  • You will receive an email with a confirmation and tracking number, which is also known as a money transfer control number (MTCN).
  • Money will be transferred to the recipient’s account.

The amount, the country, the currency, the bank’s policies, the time of day, and the business hours all affect whether the money is transferred directly to the bank account.

Within one to five business days, Western Union can transfer funds from your credit card to an account.

Using MoneyGram to Transfer Funds from Credit Card to Bank Account

The procedures you must follow in order to use MoneyGram to transfer money from a credit card to a bank account are listed below:

  • Select the beneficiary and the country the bank account is being operated from. You need to include the full name of the recipient. If you are sending it to your own account, you need to enter your entire name and all other account details.
  • Select “Account Deposit” from the menu and input the transfer amount.
  • To complete your payment, select “Credit Card” under “Payment Method.” If more than one currency is being exchanged, the exchange rate and related fees will be displayed on the screen.
  • You have to provide specific details about yourself as the sender in order for things to be validated.
  • Name, bank account details, and any other information required should be sent to the recipient.
  • Once everything is in order, there will be a successful transfer of funds to your bank account.

Using Net Banking to Transfer Funds from Credit Card to Bank Account

The procedures you must follow in order to use net banking to transfer money from a credit card to a bank account are listed below:

  • Go to the bank’s website.
  • After inputting your credit card details, select the transfer option.
  • Input the desired transfer amount.
  • Transactions can be completed by providing the required information on the form and then following the instructions.

Using ATM Cash Advance

With the help of an ATM cash advance service, you can withdraw cash from an ATM using your credit card and deposit it directly into your bank account.

Procedure:

  • When you take out cash from an ATM, use your credit card.
  • Deposit it at any of your bank’s branches.

You must be aware, though, that using this facility will cost you money.

FAQs on How to Transfer Money from Credit Card to Bank Account

How do you withdraw money with a credit card?

Use the ATM cash advance feature to withdraw cash from the ATM. However, you’ll have to use this money to make a later bank account deposit.

How can I transfer money offline from my credit card to my bank account?

You can transfer money from a credit card to a bank account offline by using methods like check writing, RTS, NEFT, or an ATM.

Can we make a credit card to GPAY money transfer?

Open Google Pay on your mobile device, then enter your PIN to log in. Select the ‘Add Debit/Credit Card’ button in your profile by going there. You need to enter the card number, expiration date, and CVV in addition to the cardholder’s name and billing address. Google Pay will now check the details with your bank.

Can I use my credit card to pay with UPI?

Credit and debit cards can be added to accounts through UPI apps like Paytm, PhonePe, and GPay. Put another way, credit cards can also be used to make UPI payments.

How much may be transferred with a credit card?

There is no upper limit as long as it is greater than or equal to 75% of the maximum credit card limit. You can call, text, or sign in to access the balance transfer feature, just like you can with any credit card.

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In a Nutshell

It is acceptable to transfer money from a credit card to a bank account in an emergency even though there are some limitations.

But making too many of these transfers could get you into problems. These transfers are less expensive than taking out a personal loan or using a credit card to withdraw cash because they don’t have high-interest rates.

Therefore, you have the option to move money from your credit card to your bank account as needed, based on your ability to access mobile applications and the amount that needs to be moved.

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