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Understanding money transfers

Understanding money transfers

What are money transfers?

In simple terms, money transfers are a service that allows you to take money from your credit card and pay it into a current account. They can usually be done quite quickly and easily, and with our Online Card Services you can do so by accessing your account 24 hours a day, 7 days a week at a time that suits you.

Not all credit providers offer this feature, but it could come in very handy if you need to pay an unexpected bill, or you’d like to pay off existing credit that’s costing you more in interest.1
Just remember, you might be charged a handling fee on any transfers you make (usually a percentage of the transfer value). Refer to your terms and conditions for details.

What’s great about them?

You could use a money transfer to…

  • Pay off higher interest credit.
  • Cover expenses where you can’t pay by card.
  • Spread annual expenses.

Making a money transfer to your current account and then using a debit card is an alternative way to pay for goods and services, but you won’t have the protection provided by the Consumer Credit Act 1974 for credit card payments. However, a money transfer may still be more cost effective than paying for goods and services using a credit card with a higher interest rate over the same period.

Transferred fast – approved transfers will reach your bank or building society account the next business day, unless you make your request after 4pm, or on a weekend/bank holiday, when it’ll take an extra business day. That’s so long as your request passes our normal security checks and there aren’t delays at your bank.
No charges for paying early – you’ll need to make a minimum payment each month but, unlike some other types of credit, we won’t charge you if you’d like to pay more each month to clear your balance faster.

 

How to make a transfer

You’ll need to know how much you want to transfer, along with the account number and sort code you want us to transfer that amount to.

Not a customer?

You can request a transfer as part of any new credit card application. If you apply online it’s one of the options on the ‘account choices’ section. Compare money transfer credit cards.

Existing customers

It’s easy to request a transfer using our online and mobile services, just log in or register to get started.

There’s always the phone

If you need a hand with your money transfer, simply contact us.

 

Is there anything else I should know?

Making a money transfer to your current account and then using a debit card is an alternative way to pay for goods and services, but you won’t have the protection provided by the Consumer Credit Act 1974 for credit card payments.

 

Important to remember

  • All transfers are subject to our approval.
  • You can transfer up to 95% of your available credit limit (including the value of any handling fees).
  • You can only make a money transfer to a UK bank or building society account.
  • Once the transfer has been processed you cannot cancel it and any fees cannot be returned.

Promotional offers – if you’ve taken advantage of a promotional offer, but you haven’t paid off the transfer amount in full before that offer ends, interest will be payable on the remaining amount at the standard interest rate applicable at that time.
Remember to stay within your limit and to make your monthly payments on time, otherwise you’d lose the promotional offers on your account and pay the standard interest rate instead.

Promotional offers will no longer apply from the beginning of any statement period during which you have breached your terms and conditions, for example if you haven’t paid on time or have gone over your credit limit.

1 Transferring other debts to an MBNA credit card and paying only the minimum amount due each month may lower your overall monthly debt repayments, but it may take you longer and cost you more to repay what you owe. Other lenders may charge a fee for settling a loan early.
If you make card purchases, you will pay interest on these transactions, unless you pay your statement balance in full, every month or if you have a retail promotional interest rate of 0% on your account.

The credit cards are issued by MBNA Limited. Registered Office: Stansfield House, Chester Business Park, Chester CH4 9QQ. Registered in England and Wales under company number 02783251. Authorised and regulated by the Financial Conduct Authority. MBNA Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, Register Number: 204487 for the provision of payment services. American Express® is a registered trademark of the American Express company. MBNA Limited issue the MBNA American Express® Credit Card pursuant to a licence from American Express. Credit is available, subject to status, only to UK residents aged 18 or over.
Calls and online sessions (e.g. completing an application) may be monitored and/or recorded for quality evaluation, training purposes and to ensure compliance with laws and regulations.