Just as it is easy to send and receive money via Apple Pay Cash, you can also transfer the funds from your Apple Cash balance to a bank. If you have money stored on your Apple Pay Cash card, it is simple and straightforward to move it into a traditional banking account of your choice.
This guide will walk you through the steps needed to transfer your Apple Cash balance to a bank account, as well as provide some helpful tips and information about the process.
What is Apple Cash?
Apple Cash is a payment service powered by Apple Pay that allows users to transfer quickly, send, and receive money from other Apple device owners. It works with Apple Pay on iPhones and iPad, and Mac computers with the Safari browser.
With Apple Cash, users can securely transfer money using their existing bank accounts or debit cards. Funds are securely stored in the Apple Cash card, which can be used for purchases online and in stores that accept Apple Pay.
How to Use Apple Cash?
Apple Cash is a person-to-person payment system that allows you to send and receive money through Apple Pay on your iPhone, iPad, or Mac. You can use apple cash to pay friends or family members directly from your bank account or transfer funds to your bank. Here’s how it works:
First, set up Apple Cash on your iPhone, iPad, or Mac. You’ll need to add a valid debit card to your Wallet and accept the terms and conditions. Once you’re set up, you can start using Apple Cash right away.
When someone sends you money through Apple Pay, it will automatically appear in your Apple Cash account.
How to Transfer Apple Cash to a Bank Account
Transferring Apple Cash to a Bank Account is an easy process that can be done quickly. Here are the steps for doing it:
1. On your iPhone, open the Settings app and tap Wallet & Apple Pay.
2. Tap Apple Cash and choose the card with the amount of money you want to transfer.
3. Tap the three-dot icon in the upper-right corner and then select Transfer to Bank.
4. Choose the bank account you wish to transfer the money to and enter the amount.
5. Check the information and tap Transfer in the upper-right corner to confirm.
6. Once your transfer is complete, a notification will appear on your device confirming that it was successful.
7. You can also check for transfers by visiting your Apple Cash card within the Wallet app. 8. To view a detailed purchase and transfer history, open the Apple Cash card in the Wallet app and tap on the three-dot icon in the upper-right corner. Then choose Transactions to see all your activity. By following these steps, you can easily transfer funds from your Apple Cash account to your bank.
How Do I Add Apple Cash to My Apple Wallet?
Adding Apple Cash to your Apple Wallet is simple and easy. To do so, you need to have an Apple device with iOS 11.2 or later installed, as well as an eligible debit or prepaid card in the Wallet app. Once these requirements are met, you can follow the steps outlined below:
1. Open the Wallet app on your Apple device.
2. Tap the “+” icon in the upper right corner and select “Apple Cash.”
3. Enter the amount you want to add to your Apple Wallet, then press “Continue.”
4. Select an eligible debit or prepaid card from which to fund your Apple Wallet.
5. If you have already used the card in iTunes or App Store purchases, you may be asked to enter the security code from that card before continuing.
6. Review and accept the Terms & Conditions, then press “Add” to complete the transaction. Once these steps are completed, the funds are immediately available in your Apple Wallet.
Is There a Fee for Transferring Money From Apple Cash to My Bank Account?
No fees are associated with transferring money from Apple Cash to your bank account. You can transfer a minimum of $1 up to the maximum balance allowed in your Apple Cash account (typically $20,000). The funds will be transferred to your linked bank account in 1-3 business days.
If you need access to your funds more quickly, you can pay an additional fee for an instant transfer. This is available in the US only, and a fee of 1% of the total transfer (with a minimum fee of $0.25 and a maximum of $10) will be charged.
What Types of Bank Accounts Are Accepted for Transferring Money From Apple Cash?
Apple Cash will accept transfers from all central banks in the United States that use the Automated Clearing House network. This includes Chase, Bank of America, Wells Fargo, Citibank, and many more. Before transferring money from Apple Cash to a bank account, you must first verify your bank account information with Apple by providing your bank’s routing number and account number.
When transferring money from Apple Cash to your bank account, you can choose between an instant or a standard transfer. An instant transfer will deposit the funds into your bank account within 30 minutes, while a standard transfer may take 1-3 business days.
Are There Any Limits on How Much Money I Can Transfer From Apple Cash to My Bank Account?
Yes, there are limits on how much money you can transfer from Apple Cash to your bank account. According to Apple Support, the maximum amount that can be transferred in a single transaction is $20,000. There is no minimum limit for transfers. Any transfers over $10,000 may be reported to the IRS.
Additionally, some banks may have lower transfer limits than Apple’s. So, checking with your bank before beginning the money transfer process is essential.
Conclusion
Transferring Apple Cash to your bank account is a convenient and secure option for managing your finances. To do so, use the Wallet app on your iPhone or iPad to access the Apple Cash card, then select the ‘Transfer to Bank’ option. Enter your routing number, address information, and desired transfer amount before confirming the transaction.
Depending on the bank, your funds may be available within minutes or up to three business days. Be sure to verify all details before submitting the transfer. These simple steps allow you to easily manage and transfer your Apple Cash balance to your bank account.
