Money Transfers

A money transfer lets you transfer money from your credit card to any of your own UK current accounts.

Watch this short video if you want to know more.

Money transfers can be helpful covering unplanned expenses or a one-off major purchase. Also, money transfers let you use a credit card’s available funds in situations where you can’t use the card. This is because the transferred money can be taken out of your current account as cash or used to pay for things with your debit card.

Here’s an example:

You are planning to pay a £500 car repair bill with available funds from your credit card. Unfortunately, the garage does not accept credit cards and you do not have the £500 available in your current account. With a money transfer, you can transfer the £500 from your credit card to your current account and then pay the repair bill with your debit card or cash.

If you’re eligible, you will find your money transfer offers when you log in to Internet Banking. Then, just follow the simple on-screen instructions.

Make sure you have the details of the current account you want to transfer money to if it is not a Bank of Scotland current account. Also, make sure you understand the terms and conditions (PDF 773KB).

If your available credit limit isn’t sufficient to complete the transfer, you can apply for a credit limit increase online. Simply select the ‘More actions’ button on your credit card account and then the ‘Manage credit limit’ button.

How long does a money transfer take?

After we approve it, the transfer will normally arrive by the next working day.

How much can I transfer?

The minimum balance you can transfer is £100. The maximum will need to be less than your available credit limit. This is to allow for any money transfer fee plus any other fees or transactions.

What’s the difference between a money transfer and a balance transfer?

Money transfer lets you transfer money from your credit card to any of your own UK-based current accounts. Balance transfers are about moving credit or store card balances to a different credit card. To find out more, visit our balance transfer page.

Are money transfers covered by Section 75 of the Consumer Credit Act 1974?

When you use a credit card to pay directly for a good or service that costs more than £100 and up to £30,000, you are entitled to protection under Section 75 of the Consumer Credit Act 1974. However, if you use your credit card to transfer money into your current account and then you buy a good or service using that money, this won't be covered by Section 75. Visit our Section 75 page for more information.

We generally offer two types of promotional offers on money transfers:

1. 0% interest rate for a set period of time

Subject to a transfer fee. No interest is charged during this period and the fee is added to your total balance.

2. Low interest rate for a set period of time

This offer typically has no fee (0%). Low interest offers could provide a cheaper way to borrow for a longer period, potentially reducing the need to regularly switch offers.

Please note

• To keep any promotional rate, you must stay within your credit limit and pay at least the minimum payment on time each month.
• If you only make your minimum payment each month, it will take you longer to pay back what you owe and it could cost you more in interest.
• Interest on purchases: Purchases will only be interest free if you pay off your entire credit card balance each month including any balance or money transfers, unless you have a promotional rate for purchases.