Money Transfer Credit Cards

Money Transfer credit cards are products which offer their holders the ability to transfer a proportion of their credit limit directly into their bank account. In many instances, money transfers are offered with traditional balance transfer cards, but not all cards offer this feature. Compare the best credit cards from our partners offering money transfers.

 APPLY ONLINE

Credit Needed
Excellent
  • 0% for 41 months on balance transfers - (3.00% fee)
  • 0% for 41 months on money transfers - (3.80% fee)
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Choose from a range of exciting Virgin card designs
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
  • Money Transfers
    Intro
    0%
    41 Months
    3.80% Fee
    Balance Transfers
    Intro
    0%
    41 Months
    3.00% Fee
    Purchases
    Intro
    0%
    3 Months
    Rewards
    Travel, Wine & Entertainment
    Representative
    APR (variable)
    20.9%
    APR

Representative Example: Representative 20.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
Excellent
  • 0% for 40 months on balance transfers - (1.70% fee)
  • 0% for 40 months on money transfers - (3.80% fee)
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Choose from a range of exciting Virgin card designs
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
  • Money Transfers
    Intro
    0%
    40 Months
    3.80% Fee
    Balance Transfers
    Intro
    0%
    40 Months
    1.70% Fee
    Purchases
    Intro
    0%
    3 Months
    Rewards
    Travel, Wine & Entertainment
    Representative
    APR (variable)
    20.9%
    APR

Representative Example: Representative 20.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
Good
  • 0% on balance transfers for 40 months from account opening
  • 2.69% balance transfer fee applies
  • The 0% offer is applied to any balances transferred within the first 90 days of opening your account
  • The APR, length of promotional offer, and credit limit may vary as they are dependent on your personal circumstances
  • You must not have applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
  • You must be a UK resident, have a good credit history, and an annual income of at least £5,000
  • Money Transfers
    Intro
    0%
    40 Months
    3.94% Fee
    Balance Transfers
    Intro
    0%
    40 Months
    2.69% Fee
    Purchases
    Intro
    0%
    3 Months
    Rewards
    Clubcard Points
    Representative
    APR (variable)
    18.9%
    APR

Representative Example: Representative 18.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
Good
  • 0% for 36 months on money transfers (2.90% fee applies)
  • 0% for 36 months on balance transfers (2.90% fee applies), and 0% for 3 months on purchases
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Choose your card design - including Quest and iconic Sex Pistols designs
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be UK resident with a bank account, and a good credit rating
  • Money Transfers
    Intro
    0%
    36 Months
    2.90% Fee
    Balance Transfers
    Intro
    0%
    36 Months
    2.90% Fee
    Purchases
    Intro
    0%
    3 Months
    Rewards
    Travel, Wine & Entertainment
    Representative
    APR (variable)
    20.9%
    APR

Representative Example: Representative 20.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
Excellent
  • 0% for 38 months on balance transfers - (1.50% fee)
  • 0% for 20 months on money transfers - (1.90% fee)
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Choose from a range of exciting Virgin card designs
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
  • Money Transfers
    Intro
    0%
    20 Months
    1.90% Fee
    Balance Transfers
    Intro
    0%
    38 Months
    1.50% Fee
    Purchases
    Intro
    0%
    3 Months
    Rewards
    Travel, Wine & Entertainment
    Representative
    APR (variable)
    20.9%
    APR

Representative Example: Representative 20.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
  • No fees on overseas purchases
  • 0% for 12 months on balance transfers (no fee), purchases, and money transfers (2% fee)
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Customers can also enjoy a host of travel offers including 5% off at Virgin Holidays and £25 cashback on Virgin Money Travel Insurance and Virgin Money International Money Transfers
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
  • Money Transfers
    Intro
    0%
    12 Months
    2.00% Fee
    Balance Transfers
    Intro
    0%
    12 Months
    0.00% Fee
    Purchases
    Intro
    0%
    12 Months
    Rewards
    Virgin travel discounts
    Representative
    APR (variable)
    19.9%
    APR

Representative Example: Representative 19.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

 APPLY ONLINE

Credit Needed
Good
  • 0% for 30 months on Balance Transfers (0.55% fee) & Money Transfers (4% fee)
  • 0% for 3 months on purchases
  • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
  • Choose your card design - including Quest and iconic Sex Pistols designs
  • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
  • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Money Transfers
      Intro
      0%
      30 Months
      4.00% Fee
      Balance Transfers
      Intro
      0%
      30 Months
      0.55% Fee
      Purchases
      Intro
      0%
      3 Months
      Rewards
      Virgin discounts
      Representative
      APR (variable)
      19.9%
      APR

    Representative Example: Representative 19.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

     APPLY ONLINE

    Credit Needed
    Excellent
    • 0% for 27 months on balance transfers (2.70% fee), 0% for 27 months on purchases & 0% for 27 months on money transfers (2.70% fee)
    • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
    • Choose your card design - including Quest and iconic Sex Pistols designs
    • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
    • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Money Transfers
      Intro
      0%
      27 Months
      2.70% Fee
      Balance Transfers
      Intro
      0%
      27 Months
      2.70% Fee
      Purchases
      Intro
      0%
      27 Months
      Rewards
      Virgin discounts
      Representative
      APR (variable)
      18.9%
      APR

    Representative Example: Representative 18.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

     APPLY ONLINE

    Credit Needed
    Good
    • 0% for 25 months on balance transfers (1.5% fee), 0% for 25 months on purchases & 0% for 25 months on money transfers (2% fee)
    • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
    • Choose your card design - including Quest and iconic Sex Pistols designs
    • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
    • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Money Transfers
      Intro
      0%
      25 Months
      2.00% Fee
      Balance Transfers
      Intro
      0%
      25 Months
      1.50% Fee
      Purchases
      Intro
      0%
      25 Months
      Rewards
      Virgin discounts
      Representative
      APR (variable)
      18.9%
      APR

    Representative Example: Representative 18.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

     APPLY ONLINE

    Credit Needed
    Good
    • 0% for 24 months on balance transfers (no fee), and 0% for 24 months on money transfers (4% fee applies)
    • Use Virgin's Card Checker to see if you will be accepted without affecting your credit rating
    • Choose your card design - including Quest and iconic Sex Pistols designs
    • Earn cashback when you shop online with over 250 top brands with Virgin Money Back and enjoy exclusive offers and rewards from our family with the Virgin Red app
    • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Money Transfers
      Intro
      0%
      24 Months
      4.00% Fee
      Balance Transfers
      Intro
      0%
      24 Months
      0.00% Fee
      Purchases
      Intro
      0%
      3 Months
      Rewards
      Virgin discounts
      Representative
      APR (variable)
      19.9%
      APR

    Representative Example: Representative 19.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

     APPLY ONLINE

    Credit Needed
    Good
    • 3,000 miles with your first card purchase within 90 days of account opening
    • 1 Flying Club mile for every £1 spent with the Virgin Atlantic White American Express Credit Card from MBNA and 1 Flying Club mile for every £2 spent with the Virgin Atlantic White Visa Credit Card
    • 0% on balance transfers for 6 months, with a 3% handling fee
    • Eligibility check: Find out if you are eligible before applying for this card
    • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Virgin Money plc is a credit broker/intermediary for Virgin Atlantic Credit Cards. MBNA Limited is the lender
    • Money Transfers
      Intro
      0%
      6 Months
      3.00% Fee
      Balance Transfers
      Intro
      0%
      6 Months
      3.00% Fee
      Purchases
      Intro
      n/a
      Rewards
      Flying Club miles
      Representative
      APR (variable)
      22.9%
      APR

    Representative Example: Representative 22.9% APR (variable). Based on a credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)

     APPLY ONLINE

    Credit Needed
    Good
    • 18,500 miles with your first card purchase made within 90 days of account opening
    • 2 Flying Club miles for every £1 spent with the Virgin Atlantic Black American Express Credit Card from MBNA and 1 Flying Club mile for every £1 spent with the Virgin Atlantic Black Visa Credit Card
    • 0% on balance transfers for 6 months, with a 3% handling fee
    • £140 annual fee
    • Must be aged 18 or over, UK resident with a bank account, and have a good credit rating
    • Eligibility check: Find out if you are eligible before applying for this card
    • Money Transfers
      Intro
      0%
      6 Months
      3.00% Fee
      Balance Transfers
      Intro
      0%
      6 Months
      3.00% Fee
      Purchases
      Intro
      n/a
      Rewards
      Flying Club miles
      Representative
      APR (variable)
      57.4%
      APR

    Representative Example: Representative 57.40% APR (variable). Based on an annual fee of £140, a credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)

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    What are money transfer Cards?

    Money transfer cards are credit cards that offer their holders the ability to transfer money directly into their current account from their credit card.

    Of course, all credit cards enable their holders to withdraw money directly from an ATM, so using a credit card to get money is not new. Where these products differ is that they enable people to access money from their credit card without incurring a prohibitively high ‘cash advance’ fee and interest rates. Indeed, in most instances, money transfer credit cards offer people access to money at the same 0% interest rate that they might expect from a traditional balance transfer credit card. In fact, the transfer and associated transfer fee is almost identical in terms of offer structure between balance and money transfer cards. What can money transfer cards be used for?

    In the same way that 0% balance transfer cards are used to save money by minimising the interest payable on pre-existing credit card debt; money transfer cards can be used to save money on debts that were not accrued on credit cards, like expensive bank overdrafts or personal loans.

    They can also be used to boost an individuals’ current account balance when necessary - perhaps for emergency repairs or even a vacation.

    How to transfer funds from credit card to bank account

    Although the number of credit cards offering money transfers is increasing rapidly, it is still the case that only a minority of cards offer money transfers, so it’s important to first ascertain that a particular cards offers the feature.

    The credit cards featured above have all been included with this comparison table because they offer money transfers. Some products are purpose-built purely for money transfers, but most offer money transfers amongst a suite of other features.

    Having ensured that a particular card offers money transfers, the process for completing them is very similar to balance transferring. Some issuers offer an online interface as part of their online banking portal, where customers can enter the relevant current account number and sort code, but it is often easier to phone the issuer direct to arrange the transfer.

    Card holders are usually prohibited from transferring their entire balance to their current account. The maximum money transfer is usually capped at around 90% of the total credit limit.

    How long do money transfers take?

    The time needed to transfer monies varies slightly from issuer to issuer, but most transfers are completed within 2 working days of the request.

    Sometimes additional checks are undertaken to ensure that the transfer request came from the card holder, which can add delays to the process.

    What do money transfer cards cost?

    Most money transfer credit cards do not incur an annual fee. However, money transfers are not free. In the same way that a transfer fee must be paid for balancing transferring, so money transfers incur a fee for processing a transfer.

    Money transfer fees are usually higher than the equivalent balance transfer fee. They range from 1%-4% of the amount transferred, and like balance transfer fees they do not need to be paid up front - They can be added to the overall customer balance.

    Who can get a money transfer card?

    Money transfers credit cards are usually only available to people with good or excellent credit history.

    Although a number of credit cards for bad credit now offer their users some of the benefits traditional associated with prime credit cards, no bad credit issuers currently offer money transfers. The only way users of these cards can access cash is via cash advance. Cash advances can seem expensive when compared with standard purchase interest rates, but most are still considerably cheaper than pay-day loans and other short term borrowing alternatives.

    Money transfer card considerations

    Although money transfer cards can be a valuable tool, there are facets of these products that customers should familiarise themselves with before making an application or transferring from an existing card.

    • Typically, the 0% promotional period only covers transfers that are made in the first 60 or 90 days of opening the account (depending on the card). Any money transfers made after that period will be charged at standard interest rates, which are often higher than other types of credit card debt.
    • As with all credit card promotional rates, if a cardholder fails to meet their minimum repayment on time, or exceeds their credit limit, all their promotional rates are rescinded by the card issuer and standard rates are chargeable immediately. It is therefore very important then to ensure that all repayments are made in a timely fashion.
    • Money transfer card users do not gain section 75 protection on products they have purchased with monies they transferred, in the way they would if they purchased the goods directly with their credit card. Section 75 can be extremely valuable, so users should be sure that they cannot make their purchases without cash. If they can be made on a credit card, a 0% purchase card offers many of the benefits of a money transfer card, but with the added protection of section 75.
    • Money transfers are restricted to UK bank accounts, so these cards cannot be used for transferring money abroad
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