What is a money transfer?

A simple solution if you can’t pay by credit card and you need access to cash.

 

Why is a money transfer useful?

With a money transfer, you’re borrowing funds from your credit card and moving it to your UK current account. That could be useful:

  • For unexpected and large expenses
    When you need to manage and spread costs over a few months, a money transfer could be a flexible option, particularly if you can’t pay by credit card.
  • When you can’t pay by credit card
    A money transfer could come in useful if you need to make a purchase, but you can’t pay by credit card and you don’t have enough money in your current account.

Money transfers in more detail

Can I request a money transfer?

Can I request a money transfer?

  • You can only transfer to your own 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, which allows for potential fees and any in-flight transactions which have yet to reach your account.

Things to check

Things to check

  • Check the transfer rate - most people transfer balances while there are introductory or promotional interest rates available, although you can transfer a balance 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 an example of a transfer in action

Just for the purposes of this example, imagine you have a credit card offering 0% on money transfers for 12 months, and you have no other balances on the card.

  1. You have an unexpected plumbing bill of £500, but you don’t have enough money in your bank account and the plumber you’re using doesn’t accept credit cards.
  2. You have a credit card offering 0% interest for 12 months on money transfers, with a 3% transfer fee.
  3. You make 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 your plumbing bill, either in cash or with a debit card.
  4. 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. Bear in mind, if you only make the minimum payment shown on your statement each month, it’ll take longer and cost more to repay anything you borrow.
  5. Just bear in mind that the standard interest rate will apply to any remaining balance when the promotional period ends.

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

Making the most of a money transfer

Before you transfer, remember to check all fees and interest rates, just to make sure a money transfer is the right option for you. You might like to consider other borrowing options.

  • 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 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

  • 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.

To request a money transfer

Existing Bank of Scotland customers

You can request a money transfer in a number of ways:

  • Internet Banking – login or register to get started.
  • Mobile Banking app – again, simply login to get started.
  • Call us

What you'll need:

  • The details of your UK current account.
  • If applying online, you’ll need your Internet Banking login details.
  • A phone – you might need to complete a quick automated security check.

Make sure we’ve got your up-to-date contact details in case we need to get in touch.

Not a customer?

If you’re looking for a new Bank of Scotland credit card, use One Check to find cards you’re eligible to apply for, and to see your estimated credit limit.

Check your eligibility

Frequently asked money transfer questions