In today’s fast-paced world, waiting for your transfer of money from one account to another can be frustrating. Thankfully, with the rise of digital payment platforms like Apple Pay, transferring money has never been easier or faster. If you’re an Apple Pay user, you can now say goodbye to the long wait times typically associated with bank transfers. With just a few simple steps, you can transfer money from your Apple Pay account to your bank account instantly. In this article, we’ll guide you through the process of transferring money from Apple Pay to your bank account in seconds, so you can enjoy the convenience of instant transfers and never have to wait for your money again. So, let’s dive in and learn how to transfer money from Apple Pay to your bank account instantly.
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What is Apple Pay and how does it work?
Apple Pay is a digital wallet that allows users to make payments using their iPhone, iPad, or Apple Watch. It uses “Near-Field Communication (NFC)” technology to transmit payment information from your device to a merchant’s payment terminal. Apple Pay is a safe and secure way to make payments, as it uses tokenization to protect your financial information.
To use Apple Pay, you’ll need to add your eligible credit or debit cards to your Apple Wallet. Once you’ve added your cards, you can use Apple Pay to make purchases in stores, online, and in apps that accept Apple Pay. You can also use Apple Pay to send and receive money from other Apple Pay users.
Benefits of using Apple Pay for money transfers
There are several benefits to using Apple Pay for money transfers. First and foremost, transfers are fast and easy. With just a few taps, you can send money to anyone with an Apple Pay account. Additionally, Apple Pay is a secure way to send and receive money, as it uses tokenization to protect your financial information.
Another benefit of using Apple Pay for money transfers is that there are no fees for standard transfers. If you need to transfer money instantly, there is a fee, but it’s minimal compared to other money transfer services. Plus, if you have an Apple Cash card, you can use it to make purchases anywhere that Mastercard is accepted.
How do I get the Apple card?
To get an Apple Card, you’ll need to apply through the Wallet app on your iPhone. The application process is quick and easy, and you’ll receive a decision within minutes. If you’re approved, your Apple Card will be added to your Apple Wallet, and you can start using it to make purchases right away.
The Apple Card offers several benefits, including cashback on purchases, no annual fees, no foreign transaction fee, and a low-interest rate. If you use Apple Pay to make purchases, you’ll earn even more cashback.
Requirements to Transfer Money from Apple Pay to Bank
To transfer money from Apple Pay to your bank account, you’ll need to meet a few requirements.
- An eligible debit card must be linked to your Apple Wallet.
- You must have a bank account that supports instant transfers.
- Install the latest version of iOS on your iPhone, iPad, or Apple Watch.
- Find Out, if Your iPhone is Compatible with the iOS 17 Beta Update, if it is supported then Install the iOS 17 Public or Developer Beta on Your iPhone
How to Connect Your Bank Account to Apple Pay
Before you can transfer money from Apple Pay to your bank account, you’ll need to connect your bank account to Apple Pay. Here’s how you can add a bank account to your Apple Pay Cash:
- Open the Wallet app on your iPhone, iPad, or Apple Watch.
- Tap on your Apple Cash card.
- Tap on the More “…” (three-doted) button in the top-right corner.
- Scroll down and select “Bank Accounts” and then tap “Add Bank Account.”
- Now, enter your Bank Account Number and Routing Number.
- Re-enter your account and routing numbers to verify your bank account information.
- Tap “Next” to complete the verification process and save details.
Once you’ve added your bank account, you can transfer money from Apple Pay to your bank account.
How to Delete a Bank Account from Apple Pay Cash?
You can also add more bank accounts to Apple Pay for your various need. If you want to remove a bank account from Apple Pay, you can do so. Just follow the steps below:
- Go to the Wallet app on your iPhone or iPad
- Tap on Apple Card
- Tap the More button
- Tap on the “Bank Account”
- Tap any of the connected bank accounts you wish to delete
- You’ll enter into the Edit Mode for that selected bank account where you can see the account number and the routing number.
- Tap the “Delete Bank Account Information” from the bottom of the screen, to delete the account.
- Tap on the “Delete” button to confirm the Bank Account Information to delete.
Once, you delete the account, it will be removed permanently. If you again want to add the account follow the above procedure.
Charges and Transfer Limits for Apple Cash / Apple Pay
There are no fees for standard transfers from Apple Pay to your bank account. However, if you need to transfer money instantly, there is a fee of 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. Additionally, there are transfer limits for both standard and instant transfers.
The maximum amount you can transfer in a single transaction is $10,000, and the maximum amount you can transfer in a week is $20,000 to your Bank Account or Debit Card. If you need to transfer more than this amount, you’ll need to make multiple transactions.
- Instant Transfer Fee/Transfer: 15% of the transferred amount
- Minimum Fee: $0.25/Transfer and Maximum fee $15
- Minimum Amount Transfer Limit: $1
- Maximum Amount Transfer Limit: $10,000 (Single Transfer)
- Weekly Maximum Transfer Limit: $20,000
How to transfer money from Apple Pay to your bank account
There are several ways to transfer money from Apple Pay to your bank account. These include:
- Instant Transfer
- Standard Transfer
- Using Apple Cash Family
- Using A Debit Card
- Without A Card
Now, let’s find out more details about each method:
1. Instant Transfer
With instant transfer, you can send money to your bank account in a few seconds. Instant Transfer Method can opt for urgently required payments in your bank account for your various needs.
For instant transfer, you must have linked your Eligible (Apple Pay Supported) Visa Card to your Wallet and must have installed the latest iOS version on your iPhone, iPad, and Apple Watch.
Here’s how to transfer money from Apple Pay to your bank account instantly, follow these steps:
- Open the Wallet app on your iPhone, iPad, or Apple Watch.
- Tap on your Apple Cash card.
- Tap on the Ellipse “…” button in the top-right corner. (For iPad, tap Settings app and choose Wallet & Apple Pay and then choose your Apple Cash card.)
- Select “Instant Transfer”
- Enter the amount you want to transfer.
- Tap on “Instant Transfer” and enter the amount you want to transfer.
- Provide the card number, expiration date, and CVV code of your debit card.
- Tap the “Transfer” button
The transfer should be processed instantly, and the money should be in your bank account within a maximum of 30 minutes. As we have discussed earlier that the Instant Transfer involved a minimum fee of 1.5% of the amount (with a minimum fee of $0.25 and a maximum of $15).
2. Standard Transfer
Standard Transfer is a free service and it takes 1-3 business days for the funds to be available in your bank account. You can choose this option if your funds are not for immediate use.
Here’s How to Transfer Money from Apple Pay to Bank using a standard transfer, follow these steps:
- Open the Wallet app on your iPhone, iPad, or Apple Watch.
- Tap on your Apple Cash card.
- Tap on the More “…” button in the top-right corner. (On iPad, go to the Settings app Tap à Wallet & Apple Pay à Select Apple Cash card)
- Select “Transfer to Bank“.
- Enter the amount you want to transfer.
- Tap on “Standard Transfer“.
- Choose “1-3 Business Days”. You can also add a bank account here on this step if you haven’t done before.
- Confirm the amount with Passcode Touch ID or Face ID.
- Wait for the transfer to be completed within 1 to 3 business days.
The transfer should be processed within 1-3 business days, and the money should be in your bank account within that time frame without charging any fee to your account. You can use the “Standard Transfer Method” if you do not need money urgently. Once the transfer is completed, you can pay bills, withdraw from an ATM or over the counter or send them to others.
3. Using Apple Cash Family
Apple Cash Family allows you to create an Apple Cash account for members of your Family Sharing group who are under 18 years old. Once the account is set up, they can use Apple Cash to send, receive and spend money. You can receive notifications when they make a transaction, limit the people they can send money to, and even lock their accounts.
If you have an Apple Cash Family account set up, you can transfer money to your family members’ bank accounts. Here’s how to transfer money from apple pay to a bank account using Apple Cash Family
- Launch the Wallet app on your iPhone, iPad, or Apple Watch.
- Tap on your Apple Cash card.
- Tap on the “…” button in the top-right corner.
- Choose “Transfer to Bank” from the menu.
- Enter the amount you want to transfer and hit “Next” from the top right corner.
- Again, you’ll see two options, Instant Transfer or 1-3 Business Days, Hit any option.
- Tap “Transfer” from the upper right corner.
If you need money instantly then choose “instant Transfer” which involved a fee, otherwise go with “1-3 Business Days” which is free and the money should be in your family member’s bank account within that time frame.
4. Using Debit Card
If you don’t have an eligible bank account linked to your Apple Pay account, you can still transfer money to your bank account using a debit card. Here’s how:
- Open the Wallet app on your iPhone, iPad, or Apple Watch.
- Tap on your Apple Cash card.
- Tap on the “…” button in the top-right corner.
- Tap on “Transfer to Bank”.
- Enter how much money you want to transfer to a bank Debit Card.
- Tap on the Blue “Next” button on the top right corner of the screen.
- Select the mode of transfer “instant” or standard “1-3 Business Days”.
- Tap on the Blue “Transfer” button from the top right-hand side corner
- In order to confirm, “Double Click the Side button and authenticate the process using Face ID, Passcode, or Thumb ID.
The transfer should be processed within 1-3 business days, and the money should be in your bank account within that time frame.
5. How to transfer money from Apple Pay to Cash App instantly without a card?
Unfortunately, there is no way to transfer money from Apple Pay to Cash App without a valid card or a bank account. It is mandatory to have a MasterCard, Visa Card, Debit Card, or a valid bank account to transfer Cash between these two apps.
Can You Update Your Bank Account in Apple Wallet?
Yes, you can edit/delete/update your bank account information in Apple Wallet at any time. Here’s how:
Launch the Wallet app on your iPhone, iPad, or Apple Watch.
- Open the Wallet app on your iPhone and tap “More.”
- Scroll down to the “Card Details” section and select “Bank Account.”
- Choose the account that needs to be updated.
- To modify your bank account information, you have two options: delete it or edit it.
- If you want to delete the bank account, tap the “Delete Bank Account Information” button at the bottom and confirm by tapping it again.
- If you want to edit the bank account information, select the “Edit” option.
- Just change the account information and then hit the “Next” button to continue.
Once you’ve updated your bank account information, you can continue to transfer money from Apple Pay to your bank account. If you are using the same Apple ID on multiple iOS devices then you don’t need to change the information on every device. As the process to update the bank details in Apple Wallet will be synchronized on every device having the same Apple IDs.
Which Countries Support Apple Pay?
Apple Pay is available in over 40 countries, including the United States, United Kingdom, Canada, Australia, and most of Europe. Recently, New South Wales adopts Apple Pay Express mode for seamless travel. Here’s the complete list of countries where Apple Pay is supported:
North America: Canada, and the United States
Africa: South Africa
China Mainland: Hong Kong, Japan, Kazakhstan, Macao, New Zealand, Singapore, and Taiwan.
Asia Pacific: Australia
Latin America: Brazil, and Mexico
Middle East: Saudi Arabia and the United Arab Emirates
Europe:
- A: Austria
- B: Bulgaria, Belarus, Belgium
- C: Croatia, Cyprus, Czech Republic
- D: Denmark
- E: Estonia
- F: Faroe Islands, Finland, France
- G: Georgia, Germany, Greece, Greenland, Guernsey
- H: Hungary
- I: Iceland, Ireland, Isle of Man, Italy
- J: Jersey
- L: Latvia, Liechtenstein, Lithuania, Luxembourg
- M: Malta, Monaco, Montenegro
- N: Netherlands, Norway
- P: Poland, Portugal
- R: Romania, Russia
- S: San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland
- U: Ukraine, United Kingdom
- V: Vatican City
Alternatives to Apple Pay for instant money transfers
If you’re looking for an alternative to Apple Pay for instant money transfers, there are several options available. PayPal, Venmo, and Cash App are all popular options for sending and receiving money quickly and easily. However, it’s worth noting that these services may charge higher fees than Apple Pay for instant transfers.
Comparison between Apple Pay and other money transfer services
When it comes to transferring money, Apple Pay offers several advantages over other money transfer services. It’s fast, easy, and secure, and there are no fees for standard transfers. Additionally, if you have an Apple Cash card, you can use it to make purchases anywhere that Mastercard is accepted.
That being said, there are some limitations to using Apple Pay for money transfers. For example, there are transfer limits for both standard and instant transfers, and not all banks support instant transfers. Additionally, if you need to transfer money to someone who doesn’t have an Apple Pay account, you’ll need to use a different service.
Overall, if you’re an Apple Pay user, transferring money from your Apple Pay account to your bank account is quick and easy. With just a few taps, you can enjoy the convenience of instant transfers and never have to wait for your money again.
Final Words
Apple Pay is a digital payment wallet that allows you to make payments for goods and services, send and receive money, and transfer funds to a bank account. To transfer funds to a bank account, you need to enter your banking details such as account and routing numbers onto Apple Pay. Apple Pay is available on iPhones, iPads, Apple Watches, and Mac computers with touch IDs.