How to transfer Apple money to your bank
Apple Cash is a great alternative to Venmo and Cash App. Here’s how to transfer funds from virtual card to bank account in seconds.
The Apple Payment card on iPhone is a great way to send money to friends / family, especially with the ease of transferring money to a bank account. Over the past few years, peer-to-peer payment apps have become some of the most popular on the App Store. Whether it’s Venmo, Cash App, Zelle or whatever, the rise of these apps has been fascinating to watch. Share a dinner bill with a friend? Group shopping with a roommate? Just use one of these apps to send / request money from that person, call them a day, and that’s it.
While all of these apps are basically the same, each has unique advantages. This is the case with Apple Cash. Apple Cash arrived on the iPhone in December 2017 and works just like the apps mentioned above, allowing users to send money to friends and request money from them. The main advantage of Apple Cash is that it integrates seamlessly into the Apple ecosystem. People can send money and make requests directly in iMessage, access Apple Cash from Apple Watch, and any Daily Cash from the Apple Card is automatically added to the Apple Cash card. For someone who spends a lot of time in the Apple bubble, it makes a lot of sense to also use Apple’s payment service compared to its many competitors.
When someone starts receiving money into their Apple Cash account, it all resides in the Apple Cash virtual card in the Apple Wallet app. The card can be used like any other debit card, but what if someone wants to transfer their Apple Cash funds to a bank account? According to Apple’s instructions, it only takes a few seconds. Open the Apple Wallet app, tap the Apple Cash card, and then tap the three dots at the top right of the screen. From this page, tap “Transfer to Bank”, enter the amount to transfer, tap “Next” and then choose the transfer method to use. Apple offers two options: an instant transfer with a debit card or a wait of 1-3 business days using a checking account. Choose the preferred option, tap “Transfer” at the top of the screen and the transfer is complete.
Other tips for transferring Apple money to a bank
When transferring Apple Cash funds to a bank account, there are a few tips to keep in mind. One thing to consider is which transfer method someone should be using. Getting those funds instantly with a debit card transfer is convenient, but as with other apps, it comes with a low 1% fee, with a minimum of $ 0.25 and a maximum of $ 10. In comparison, transfers to a current account are completely free. Waiting 1-3 business days for the transfer to clear can be annoying, but having the option of taking either route is a nice convenience.
Another thing to know is how to update existing bank account information. If someone changes banks but doesn’t add this new information to their Apple Cash account, it can lead to an unwanted headache. Open the Apple Wallet app, tap the Apple Cash card, tap the three dots at the top right and tap “Bank Account”. Tap the bank listed on this page, re-enter the information if anything has changed (like the routing number), or tap “Delete Bank Account Info” at the bottom of the screen and enter the new account details. Just keep these few things in mind and enjoy the smoothest Apple Cash experience possible.
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