If you have an Apple phone, you likely use Apple Cash, a virtual payment service similar to Venmo or Cash App. The payment app makes sending and receiving money easy, and you can use the funds to pay for purchases with Apple Pay.
Sometimes, you may want to cash out the funds in Apple Cash and send them to your bank account. Fortunately, it’s easy to learn how to transfer Apple Cash to your bank, and then you’re free to use the funds however you want.
What Is Apple Cash?
Apple Cash is a digital card that comes with every iPhone that allows you to virtually transfer money, much like Venmo or Cash App. Apple Cash is free, but you may have some fees when using it.
You can send and receive money via Apple Cash through iMessages or the Wallet App. You can also use the funds anywhere Apple Pay is accepted. However, you don’t have to leave the funds there. You can transfer Apple Cash to your bank account.
How to Transfer Apple Cash to Your Bank Account
It’s easy to transfer Apple Cash to your bank account with these steps:
- Open the Wallet app on your phone
- Select ‘Apple Cash’ to get access to your Apple Card
- Select ‘More’ on the top right of the screen
- Select ‘Transfer to Bank’
- Enter the amount you want to transfer
- Choose standard or instant delivery
You’ll pay a small fee if you choose instant delivery. Standard transfers take 1 to 3 business days.
How to Transfer Apple Cash to Your Debit Card
If you’d prefer to transfer your Apple Cash to a debit card, use these steps:
- Open the Wallet app on your phone
- Click the ‘+’ in the upper right corner
- Select ‘Debit or Credit card’
- Enter the card’s information manually or take a picture of it
- Select ‘Apple Cash’ when done
- Select ‘More’ in the upper right corner
- Select ‘Transfer to Bank’
- Select ‘Instant transfer’ and choose the debit card
- Select ‘Transfer’
Money usually takes up to 30 minutes to hit a debit card. But remember that Apple Cash instant transfers incur a small fee.
Other Ways to Transfer Apple Cash
If you don’t want to transfer Apple Cash to your bank account, there are other ways to use it:
- Transfer via messages app: You can send money to friends or family via iMessage using your Apple Cash.
- Transfer via Wallet App: Much like you’d use Venmo or Cash App, you can pay friends or family directly from the Wallet App.
- Pay for purchases: You can use your Apple Cash to pay for purchases anywhere Apple Pay is accepted.
Transfer Limits
Apple Cash, like most payment apps, has transfer limits. You can transfer up to $10,000 per iMessage transfer and up to $10,000 per week. If you’re part of the Apple Cash Family, you can transfer up to $2,000 at the time and $2,000 per week.
Apple Cash transfer limits to bank accounts or debit cards are $10,000 per transfer, with a maximum of $20,000 per week. If you’re part of the Apple Cash Family, you can transfer up to $2,000 per transfer and $4,000 for the week.
Transfer Fees
Apple Cash transfers are free if you go the standard route, waiting 1 to 3 business days. If you select Instant Transfer, you’ll pay 1.5% of the amount transferred. The transfer fee doesn’t count toward the Apple Cash transfer limits.
Frequently Asked Questions
Knowing how to transfer Apple Cash to your bank account is important. Here are some questions people have about the process.
Is Apple Cash FDIC-insured?
Even though Apple isn’t a bank, your funds in Apple Cash are FDIC-insured through a partnership with FDIC-insured banks. This means your funds are insured up to $250,000.
Why won’t Apple Cash let me make an instant transfer?
There could be a few reasons Apple Cash won’t let you make an instant transfer. First, you won’t be able to conduct the transfer if you’re abroad. Second, if you are under 18 and in the Apple Cash Family plan, the plan administrator must allow instant transfers.
Can children under 18 transfer Apple Cash to a bank account?
Yes, kids and teens can transfer Apple Cash to a bank account, but only if they are a part of the Apple Cash Family plan. Teens over 13 can also use Apple Cash instant transfer if their parents enable it.
Can you transfer money from Apple Cash to Cash App?
You cannot transfer money directly from Apple Cash to the Cash App. However, you can transfer money from Apple Cash to your bank account. After the funds reach your bank account, you can transfer them from your bank account to Cash App.
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