In the past few years, Apple announced and launched the brand new Apple Wallet that offers digital versions of physical credit or debit cards. More recently, they have launched their Apple Cash service which lets users transfer money through their iOS operating system. Apple Cash is a service that works with all iOS operating systems. Apple Cash system can be utilized with a variety of Apple devices, including the iPhone 6 and upwards and the iPad Air 2 tablet, or later.
Apple users who are wondering how they can transfer Apple Cash to banks could find this short guide which walks you through the process of transferring Apple Cash into your debit or bank accounts if you prefer to make a faster transaction.
Apple Cash was previously known as Apple Pay Cash and is an electronic card that is part of Wallet that allows you to send money and receive it through messages or Wallet. If you have received money using this method and you’d prefer to transfer the money into your account at a bank, simply follow the directions below.
How Apple Cash functions
Apple Cash is an electronic cash card stored within the Wallet application on Apple devices. It can be used to make P2P transactions, and also for purchases made through Apple Pay. If you receive cash from another Apple Cash user, that cash is reflected in the balance of your Apple Cash balance. The balance is then able to be used to pay for or transfer to a bank account linked or to a debit card.
Transferring money to friends using Apple Cash can be done either directly through the online Apple Cash card (in the Wallet app) or via the iMessage application. It is possible to send or receive anything between $1 and 10,000 per text message. The funds show up on an individual’s Apple Cash card instantly, however, it could take anywhere from 1 to 3 days to get the balance transferred to the bank account. Direct transfers to a bank account are possible, however, they will incur a 1.5 percent charge.
It is also possible to establish an Apple Cash Family for children who are younger than 18, but not yet 18. The limit for this option is that a child can send $2000 per text. Anyone under 18 is not able to add funds to the Apple Cash card from a bank account. Instead, their balance is only boosted when they receive funds from an Apple Cash user.
You can transfer money to someone else using Apple Pay.
Yes. If you’re located in the US and own an eligible Apple gadget, you can pay domestic USD using Apple Pay as well as Apple Cash.
Apple Pay payments can only be made to individuals in the US currently. If you want to transfer funds to someone in another country We have a great solution that is low-cost international transfer options that can be funded with Apple Pay with Wise. We’ll talk about that in the future.
How can I move the balance of my Apple Pay Cash balance to my bank account?
If you’d like, you can transfer money from the Apple Pay Cash account directly to your bank account.
Launch the Wallet application on your device.
Tap and locate the Apple Pay Cash card.
Tap the 3 dots located in the upper right-hand corner.
Select to open the Transfer to Bank option.
If you’re not already adding your bank account, click “Add Bank Account” and then enter the routing code.
Enter the amount you’d like to transfer into the bank account of your choice.
Verify your identity using Face ID or Touch ID or passcode.
Transfers to banks made through Apple Pay Cash typically take between 1 and 3 days. Transfers are not deposited on weekends or bank holidays. Transfers can be made up to $3,000 per transfer. You can also transfer up to $20,000 over 7 days.
How do I transfer Apple Cash to your Debit Card?
If you are given the acceptance of an Apple Cash transfer from someone you can transfer the money into the debit card you have. It is necessary to connect your debit account with Apple Wallet to transfer money to your debit card.
The steps for transferring funds out of the balance of your Apple Cash balance to a debit card are as follows:
Start the Apple Wallet application.
Touch the photo of the Apple Cash card, then tap the More button. (…)
Tap Transfers to Bank
Enter the amount to transfer and tap Next.
Choose the option of Instant Transfer
If there isn’t a debit card linked to your account that’s compatible, you’ll be required to create one.
Tap the button marked > to select the card you wish to transfer money to
Verify the billing details for the debit card you are using.
Once you’ve confirmed the transaction, your money will be accessible on your debit card in 30 minutes.
Can I make a payment using another Apple Pay account?
We want the funds you transfer to be credited to your personal Apple Pay account.
As a financial institution, we must have the correct information about our clients – which includes the origin of the money they pay.
In certain circumstances, we can accept business bank accounts for payments. However, we may require official documents that prove you have the authorization to pay through these accounts before we can let your transaction. Should this be the case we’ll notify you via telephone or email to discuss the matter with you.
It is also necessary to make use of your credit cards for payment through Apple Pay.
If you’d like to transfer money through an Apple Cash card to your debit or bank account it is easy to do it through your Apple Wallet app. You just need to open the app, choose the Apple Pay cash card, and then tap the three dots. Then, select “Transfer for Bank” Enter the amount and select “1-3 Days” for business Days” and that’s all there is to it!
From the same menu, you can select “Instant transfer” instead for those who want to transfer your funds to a valid Visa debit or Mastercard debit card. There is a cost associated with this (1.5 percent) however, you’ll be able to receive your money in 30 minutes the majority time.
This article should have shown you how you can transfer money into your account at a bank, Mastercard as well as Visa debit card. Look through our other articles to find out details about Apple services such as Apple Pay as well as Apple Cash.