What is a money transfer?

Moving money from your credit card to a UK bank account is called a money transfer.

Money transfers can be useful: 

  • When it’s not possible to pay by credit card. For cash purchases only.
  • For large or unexpected purchases. To spread the cost of a payment but can’t use a credit card to pay for it. 

What’s involved in a money transfer?

When you request a money transfer with MBNA, it will be sent from your credit card to a UK bank account in your name registered to the same address we hold for you. It cannot be sent overseas or to someone else’s account.  

£100 is the minimum you can transfer. 

93% of your credit limit is the maximum you can transfer. 

Important to check

  • Transfer rates. Are there introductory or promotional offers, such as 0% interest rates, or is the money transfer on a standard interest rate?
  • Transfer fees. A money transfer usually comes with a fee for transferring. This is usually a percentage of the transfer amount.
  • 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

Money transfers are not always guaranteed and are subject to eligibility and security checks.

 

How does a money transfer work?

Here’s an example:

A credit card offers 0% on money transfers for 12 months, with no other balances on the card.

Unexpected bill 

Your boiler breaks unexpectedly and you have a bill of £500. The tradesperson doesn’t accept credit cards but you  have a credit card that’s offering 0% interest for 12 months on money transfers made within the first 60 days.

Money transfer

Transferring the money comes with a 3% transfer fee. 

After being approved and completing the transfer, your outstanding balance on the credit card would be £515 – £500 is the money transferred to your bank account plus the 3% transfer fee of £15. The £500 can be used to pay for the boiler repair by bank transfer or cash.

Paying it back

Then, if you pay £51.50 on time, each month, and don't make any other transactions on the card, the balance will be clear in 10 months without paying any interest. 

Remember that standard interest rates apply to any remaining balance when any promotional rates end.

Remember

Remember

If you have more than one money transfer, the one with the highest interest rate will be paid off first: 

  • If they have the same interest rates, balances will be paid off 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

Things to think about before making a money transfer

  1. Fees and interest rates. Read and check all the details to make sure that a money transfer is right for you. Remember that when introductory offers end, the interest rates are likely to be higher.
  2. 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.
  3. 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 off 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
  4. 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.
  5. 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.
  6. Promotional interest rates may not apply to all transactions. Make sure you understand the terms of your credit agreement and the fees and costs for different types of transactions.

Request a money transfer

At MBNA you can ask for a money transfer as part of your credit card application, and afterwards using the MBNA Mobile App and Online Services (where you’ll be able to see any available offers), or by calling us.

You’ll need to know how much you want to transfer, along with the account number and sort code of your UK bank or building society account you want to transfer the money to. Subject to approval of your request, the transfer will normally arrive by the next working day. Working days do not include weekends or bank holidays.

Browse the range of MBNA money transfer credit cards and find the right one for you.

FAQs
 

A quick recap

Here’s what you’ve learnt about money transfers:

  • A money transfer is where you move money from a credit card to your UK current account.
  • Money transfers often have introductory or promotional offers.
  • It’s important to check the interest rates and any additional costs, such as transfer fees – and make sure you can afford the repayments.
  • 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 off 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
  • The minimum you can transfer with us is £100 and the maximum is 93% of your credit limit. 

Keep reading

Applying for credit

How does a credit score work?
What is a bad credit score?
What is a good credit score?
Why has my credit score gone down?
What affects your credit score?

Using credit

What are interest rates?
How to consolidate debt
What is APR?
What is a balance transfer?

Ways to borrow

What is credit?
Credit cards
Loans
Knowing what you can afford
How a credit card works

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