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What is a money transfer?

When you move money from your credit card account to your UK bank account, that’s a money transfer.

How is a money transfer useful?

  • Handy when you can’t pay by credit card and you don’t have enough money in your current account to make a purchase.
  • For unexpected and large expenses when you can’t pay by credit card and need to spread costs over a few months.

Can I transfer?

Transfer to your UK current accounts – money transfers can only be requested and sent to UK current accounts held in your name – not to other accounts, either in the UK or overseas.

£100 is the minimum transfer amount. The maximum balance transfer amount is 93% of your credit limit, allowing for potential fees and any in-flight transactions which haven’t reach your account yet.

Important to know

Check the transfer rate - most people transfer money while there are introductory or promotional interest rates available, although you can transfer money at the standard interest rate too.

Transfer fees might apply - money transfer fees are usually a percentage of the transfer amount, and apply to each individual transfer. Remember to account for these when weighing up your options.

If you’ve already taken out a promotional offer - before you apply for a new offer, it’s always worth checking which one you’ll be paying off first. Find out more about balances and what your payments go towards

Transfers are subject to security checks, so they’re not guaranteed.

Here's a simple example of how a money transfer works
 

Imagine you've got a credit card offering 0% on money transfers for 12 months, with no other balances on the card.

The situation

Your boiler breaks unexpectedly, leaving you with a repair bill of £500, but you don’t have enough money in your bank account and the tradesman you’re using doesn’t accept credit cards.

You have a credit card offering 0% interest for 12 months on money transfers made within the first 60 days, with a 3% transfer fee.

Making a transfer

You request a transfer request for £500, which is approved. The outstanding balance on your credit card is now £515, including the 3% transfer fee. £500 is transferred to your current account, which you can use to pay for your boiler repairs, either with cash or by debit card.

Paying it back

If you pay £51.50 on time every month, and you don’t use your card to make any other purchases, you could clear your balance within 10 months, without paying any interest.

It’s useful to know that the standard interest rate will apply to any remaining balance when the promotional interest rate expires.

Things to consider before you transfer

Remember to check all fees and interest rates, just to make sure a money transfer is the right option for you.

Purchases won't be protected under Section 75 of the Consumer Credit Act 1974 when using money transferred from your credit card to your current account – unlike some purchases made with your credit card.

Payments will be made towards the balances with the highest interest rate first:

  • For balances with the same interest rate, cash transactions and card purchases will be paid off first, before any money transfers you have made.
  • If you have more than one promotional offer at the same rate, they will be paid in the order you took them out. They won't be paid off based on which offer ends first.

Find out more about balances an what your payments go towards

When your promotional rate is coming to an end, we’ll make sure to let you know in plenty of time. We’ll then charge your standard variable interest rate on any balances left after this. You can find this rate on your monthly statement.

If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score.

Promotional interest rates won’t apply to all transactions. So, you need to understand how using a money transfer credit card for other things could affect the cost of borrowing and time to repay.

Requesting a money transfer

Existing Halifax customer?

You can request a money transfer in a few ways:
 

If you don’t bank online, you can request a transfer by giving us a call or visiting your local branch.

What you'll need:

  • The details of your UK current account – particularly the account number and sort code.
  • If applying online, you’ll need your Online Banking sign in details.
  • A phone – we’ll contact you to complete a security check.

Not a customer?

If you’re looking for a new Halifax credit card and you plan to request a money transfer, use our eligibility checker to find credit cards you’re likely to be accepted for, with no impact to your credit score.

It’s useful to know that not all credit providers offer money transfers, and they might not be immediately available to new customers.

Frequently asked transfer questions
 

A summary on money transfers

With a money transfer, you can move funds from your credit card to your UK bank account.

 

  • This could be helpful if you need to make cash-only purchases, or manage unexpected expenses.
  • The minimum balance you can transfer is £100, the maximum depends on your credit limit.
  • You could take advantage of an introductory or promotional interest rate for a set period of time.
  • If you have more than one promotional offer, the one with the highest interest rate will be paid off first. If they have the same interest rates, the balances will be paid in the order you took them out. They won’t be paid off based on which offer ends first. Find out more about balances and what your payments go towards
  • Other ways to use a credit card include card purchases, balance transfers and cash transactions.

Want to read more?

Managing your card

What is a balance transfer?

Using your credit card abroad

Using your credit card online

Withdrawing cash and cash transactions

Related guides

How a credit card works

What is a credit score?

What is a credit limit?

The difference between debit and credit cards

Find a credit card

Halifax credit cards

How to apply for a credit card

Check your eligibility

Existing credit card customers