Online banking

Online banking

cancel
Showing results for 
Search instead for 
Did you mean: 
74000members
21193posts

Credit Cards

What is a Money Transfer Credit Card?

A Money Transfer Credit Card allows you to directly transfer money from your credit card to any bank account giving you another option to help you manage your finances. You can arrange a money transfer by heading to the ‘Account Management’ section of our Mobile App or by logging in to Online Banking.

Please note that it is not possible to add a reference to a money transfer so if you are sending this to a third party account, we would suggest transferring to an account in your name first. This can then be forwarded to a third party account with the appropriate reference added.

You can borrow up to 95% of your available credit limit and the money will be in your bank account within 1 - 2 working days. The fee you pay will depend on your card's terms and conditions, but it's normally a percentage of the amount that you want to transfer. Please remember your available credit does not take in to account any interest that will be added on the next statement.

Comments

Hi

I'm not sure if this is how this works.....

I have a balance on the card that i want to clear, so if that is done say at 10.00am, can I then say at 2pm (the same day) then request a money transfer without incurring interest charges?  I know there is a fee for the transfer of 2.99%

Thanks

-Hi @chrisc92, this would depend on if you had a 0% Money Transfer option available on your card. If you would like us to check if you have one available please send a private message to @Tesco-Bank and confirm your DOB, postcode and full name for us within the message.

For details like your DOB, postcode and phone number, we ask for you to format it with additional spaces, i.e. A B 1 2 C D, 2 4 1 0 2 0 1 6 and 0 7 1 2 3 4 5 6 7 8 9 otherwise the information is removed by the system for security purposes. 

Or, if you'd prefer you can send us a private message on our Facebook page or a DM via Twitter and again confirm the same information there

 

I hope this helps.

I'm interested in the money transfer, never done one before, can I use the money transfer on a bank card that isn't to do with Tesco?

Hi @Ngray, thanks for getting in touch. You wouldn't require a bank account with Tesco Bank in order to take out a money transfer credit card. You can send money to any bank account you have. I hope this clarifies things for you :)