Online payment apps have made sending and receiving money a breeze. Whether you want to split the bill or pay for urgent goods delivery, you can do that via bank transfer. This process is somewhat the same with Apple Pay. You can transfer money from Apple Pay to a bank using your Apple Cash amount, just like any other card linked to your Wallet.
Once you set up your iPhone and Apple Pay, Apple Cash automatically appears in your Apple Wallet. You will then have multiple options to transfer money to your friends, family, and business. But what if you want to transfer money from Apple Pay to bank?
You’d have first to link your bank account to Apple Wallet. Then, open the Wallet app, choose your Apple Cash card, enter the amount, choose the payment method, and hit the “Transfer” button to send money from Apple Pay to bank. Let’s learn these steps in more detail in this post.
Is Apple Cash and Apple Pay the Same Thing?
Before we learn how to transfer money from Apple Pay to bank, it’s good to know the difference between Apple Cash and Apple Pay. Many people confuse them together and think they are two names of the same thing. While that can be true, it’s not actually.
Apple Cash and Apple Pay both work hand-in-hand. Apple Cash is the digital card that’s linked to your Wallet App. You can use it to receive money from your acquaintances and pay for goods and services anywhere Apple Pay is accepted.
On the other hand, Apple Pay is the app or software installed in your iPhone that facilitates contactless payments from Apple Cash or any debit or credit card associated with your Apple Wallet. It prevents you from the hassle of carrying cash or cards with you. Any device (iPhone, Apple Watch, iPad, or Mac) compatible with Apple Pay will do the job for you!
Requirements To Transfer Money From Apple Pay to Bank
Apple has strict guidelines for users looking to transfer and receive money from Apple Cash. First, you should be at least 18 and a US resident to be eligible for Apple Cash services. The Green Dot Bank supports Apple Cash services. If you’re underage, your guardian must set up your Apple Cash account as a part of the Apple Cash Family. It will enable you to transfer money in Wallet or Messages apps.
Here are some general requirements for sending and receiving money from Apple Pay to the bank:
- Always check the system updates on your iOS device before attempting the transfer.
- Ensure your device is compatible with Apple Pay.
- Connect your iPhone or iPad to a stable WiFi or cellular network.
How to Transfer Money from Apple Pay to Bank
If you check all the above boxes, follow the below steps to transfer money from Apple Pay to bank:
Step 1: Open Apple Wallet
Unlock your iPhone and look for the Wallet app. It’s represented by the Wallet icon, named “Wallet,” in the phone’s Control Center. Open the app.
Step 2: Choose Your Apple Cash Card
Once the app launches, tap on your Apple Cash card from the homepage.
Step 3: Select More
Look for the three-dotted icon on the page’s top right corner on the next screen. Tap on it to access advanced features.
Step 4: Tap “Transfer to Bank”
Now, you will be directed to a page with multiple settings options for your Apple Cash card. To proceed, tap the “Transfer to Bank” option on the right side.
Step 5: Type the Amount
Type the amount you want to transfer from Apple Pay to the bank and select “Next” to proceed.
Step 6: Choose the Payment Method
Now, Apple Pay will ask you to choose the payment method for the transfer from the two options: Instant Transfer and 1-3 Business Days. The instant transfer has a small fee, but it will instantly send money from Apple Pay to the bank. The other option will take up to 3 days but is free.
Step 7: Link Your Bank Account
If your bank account isn’t added to your Wallet, you will be asked to provide your bank account number and routing number. The account number is 4 to 17 digits, while the routing number is 9. Enter the information correctly in their respective fields and press “Next” to proceed.
Step 8: Hit “Transfer”
Finally, tap the “Transfer” button in the top-right corner to send the money. That’s all you need to do to transfer money from Apple Pay to bank.
Can You Update Your Bank Account in Apple Wallet?
You can update the bank account linked to your Apple Wallet and Apple Pay anytime, so you can send and receive money in any bank account you want. Follow the five steps below to change or delete your current bank account information from Apple Wallet on an iPhone:
- Launch the Wallet app on your iPhone and select your Apple Cash card. Then, tap “More” and scroll to the Card Details section.
- Select “Bank Account” and choose the account you wish to update.
- You will have two options to change your bank account information: delete or edit it.
- If you delete it, tap the “Delete Bank Account Information” option and hit it again to confirm. Once deleted, you can then add a new bank account.
- If you opt for the edit option, press “Next” next to your current bank account or routing number. A screen will open, asking you to change the information. Do it and tap “Next.”
You can use your Apple ID to sign in on multiple devices. If you have done this with Apple Wallet, you don’t have to change the bank account information on every device. Instead, it will be updated automatically on its own. Once the new data is verified, you can transfer money from Apple Pay to bank.
Can You Transfer Money From Apple Pay to a Debit Card?
Apple Pay allows you to transfer money to your debit card as well. The process is almost the same as sending money to bank. But first, you must add a debit card to your Apple Wallet app. Tap the (+) button on the app’s homepage and then follow the on-screen prompts to complete the process.
Some debit and credit card providers require you to sign in to your account before linking the card to their Apple Wallet. Others may also ask you to download the app. The purpose of these requirements is identity verification.
Now, follow the steps you took to transfer money from Apple Pay to the bank—tap your Apple Cash Card and then More. Then, instead of tapping “Transfer to Bank,” select the “Instant Transfer” button and choose the debit card to which you want to send the money. Voila, the amount will show up on your card in 30 minutes.
Sometimes, the transaction may take up to 2 hours. Contact Apple Customer Service if your payment doesn’t arrive within 2 hours.
Charges and Transfer Limits for Apple Cash / Apple Pay
You can transfer money from Apple Cash to bank in two ways. One is instant but has a fee of 1.5% of the total amount with $0.25 minimum and $15 maximum costs. The other is free, but the transaction takes up to 3 days to complete.
Apple Pay applies certain transaction limits on transferring money from Apple Pay to your bank. According to them, you can only send up to $10,000 in every transaction or $20,000 weekly from your Apple Cash to bank. This feature is only available for those bank accounts or debit cards registered in the US.
Can’t Transfer Money from Apple Pay to Bank? Try These Quick Fixes
Sometimes, Apple Pay declines your initiated payments due to various reasons. If you can’t send or receive money from your Apple Pay to bank, try the below fixes and see if any works for you.
- First, restart the iOS device you’re sending the money from.
- Identity verification is essential for Apple Pay. If you haven’t completed the process, do it from your account and then initiate the transaction again.
- You may have exceeded your transaction limit for Apple Pay. Check your card’s balance to be sure.
- If you’re below 18 and a part of the Apple Cash Family, your guardian or family organizer may have put restrictions on your account. Inquire from them to see if that’s the case.
Transferring money from Apple Pay to the bank is an eight-step process. Open the Wallet app on your iOS device and choose your Apple Cash card. Then, tap “More” and select “Transfer to Bank.” Enter the transfer amount, link your bank account, and hit the “Transfer” button.
However, there are specific requirements that you must follow to be eligible for this feature. For instance, you must be at least 18 and a US resident. Your device must also be updated to the latest version, compatible with Apple Pay, and connected to a stable internet connection. Bank transfers are free on Apple Pay, but instant transfers have a 1.5% fee deducted from the total amount.
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