Transferring money from a credit card to a bank account can be helpful in a cash crunch. Knowing the transfer limits for a credit card to bank account transactions is essential whether you need to access funds quickly or want to consolidate your finances.
In this blog post, we will explore the various methods of credit card to bank account transfer and discuss the limits associated with each method.
E-wallets like Paytm, Freecharge, and MobiKwik offer a convenient way to transfer money from credit card to bank. Here are the steps involved:
- Sign up with your preferred e-wallet.
- Open the app and navigate to the “Passbook” section.
- Select “Send Money to Bank” and choose the “Transfer” option.
- Enter the amount, account number, and IFSC details.
- Click the “Send” button to initiate the transfer.
Regarding transfer limits, e-wallets usually have daily and monthly transaction limits. If you don’t know what is minimum due in a credit card is, these limits vary depending on the e-wallet provider. But, typically, you can deposit anywhere from Rs. 10,000-20,000 per transaction.
Western Union Transfers
Western Union is another option for transferring money from your credit card to your bank account. Follow these steps:
- Register for a free account with Western Union.
- Choose the destination country, transfer amount, and bank account delivery method.
- Enter the recipient’s bank account information.
- Use your credit card to make the purchase.
- You’ll receive a confirmation and tracking number (MTCN) via email.
- The funds will be transferred to the recipient’s account, with the duration depending on factors like the amount, country, currency, and bank regulations.
Western Union typically takes 1 to 5 business days for the transfer to reach the recipient’s account. Transfer limits per transaction per day are up to Rs. 200,000, and fees may apply based on the transaction amount.
MoneyGram is another reliable service for transferring funds from a credit card to a bank account. Follow these steps:
- Select the recipient and the country where the bank account is located, providing the recipient’s full name.
- Choose “Account Deposit” on the screen and enter the transfer amount.
- Select “Credit Card” as the payment method.
- Provide the required information about yourself as the sender.
- Enter the recipient’s name, bank account details, and additional information.
- Once all the details are verified, the money will be successfully transferred to your bank account.
Transfer limits for MoneyGram transactions can vary, and associated costs such as exchange rates may apply. Make sure to review the terms and conditions before initiating a transfer.
Net Banking Transfers
Most banks offer net banking facilities, allowing you to transfer funds from your credit card to your bank account. Here’s how:
- Visit your bank’s website.
- Enter your credit card information and select the transfer option.
- Specify the amount you want to transfer.
- Fill out the information on the form and follow the instructions to complete the transaction.
The individual bank usually determines credit card-to-bank account transfer limits. Check with your bank to understand your credit card and account limits.
ATM Cash Advance
Using an ATM cash advance facility is another way to transfer funds from your credit card to your bank account. However, this method usually incurs additional charges. Here’s how it works:
- Withdraw cash from an ATM using your credit card.
- Deposit the withdrawn amount into your bank account at a branch.
It’s important to note that cash advances typically have a separate limit, 20-40% of your credit limit. Be aware of the fees and interest charges associated with cash advances.
Understanding the transfer limits for credit card to bank account transactions is crucial to avoid surprises or inconveniences. Different methods and providers may have varying limits, so it’s essential to research and choose the option that best suits your needs.
Also Read: What Is Credit Card Over Limit Fee?
We hope you now understand what is minimum amount due in credit card is for each method. Transferring money from your credit card to your bank account can provide financial flexibility and help during emergencies. Whether you prefer using e-wallets, international money transfer services like Western Union and MoneyGram, net banking, or ATM cash advances, you must know the transfer limits associated with each method.
You can make informed decisions and manage your finances by understanding these limits. Always review the terms and conditions of the chosen method and consult with your bank or service provider if you have any specific questions or concerns.