Money Transfers

What is a money transfer?

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.

Watch our video, for a quick summary on what a money transfer credit card is, and how it works.
  • If you need to pay for an unexpected expense,  if somewhere doesn't accept credit cards or if you need funds in your current account,  a money transfer could help.

    Available in certain credit cards, money transfers move money directly from your credit card into your own UK current account particularly in emergency situations they can help you be more financially flexible.  The minimum amount you can usually transfer is a £100 while the maximum is up to 93% of your credit limit to allow room for any potential interest or fees.

    There are two main costs associated with a money transfer: the first is your transfer fee which is a percentage of the money you're moving added on to your balance at the time of the transfer,  the second is interest which you'll pay over time until your balance is cleared. 

    It's possible to find interest rates as low as 0% for a set period of time as part of a promotional offer but once the offer runs out your remaining balance will be charged at your standard money transfer interest rate until repaid.

    At Bank of Scotland, we will always tell you your money transfer fee and interest rate up front.

    Now let's look at a practical example of how a money transfer with a promotional offer works.

    Fiona gets an unplanned £500 bill for fixing her boiler. She hasn't budgeted for this in her current account and the plumber doesn't accept credit cards but her credit card has a promotional offer on money transfers with a transfer fee of 3% and 12 months of 0% interest on any money transfers made in the next 30 days.

    To cover the cost of the repair she makes a money transfer of £500 from her credit card into her current account. Now Fiona can pay for the repair with her debit card including the 3% money transfer fee which comes to £15. Her overall credit card balance is now £515.  Fiona can pay this off in 10 monthly payments of £51.50, she can pay off in one go on her next payday or however she chooses. 

    Fiona won't pay any interest as long as she keeps making at least her monthly minimum payment, clears her full balance before the 0% interest rate offer ends, stays within her credit limit and makes no other spending on her credit card. This also assumes that she had no existing balance on the card to begin with.  However if Fiona doesn't clear her balance before the end of the offer period,  she'll pay interest at her standard money transfer interest rate.

    As you can see a money transfer could help you stay financially flexible but consider all your available options first to make sure that a money transfer is right for you. Thanks for watching.

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More on money transfers

Why would i make a money transfer?

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.

How do i make a money transfer?

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.

What else do I need to know?

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.

Ready to make a money transfer?

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.

View your money transfer offers

Log in to Internet Banking to see if you have a money transfer offer waiting.

Log onto Internet Banking
    • To make a money transfer you will need to have a UK-based current account in your name and address
    • Money transfer applications are subject to eligibility and security checks but these will not leave a footprint on your credit file
    • Keeping promotional rates - To keep any promotional rate you must make the minimum payment by the payment due date each month and not go over your credit limit
    • After your promotional period ends, you will be charged the standard interest rate, which can be confirmed on your statements
    • Low interest offers charge interest daily, we add together all the daily interest amounts in each statement period and add the total to your balance on your statement date
    • Section 75 Purchase Protection does not apply - Anything you buy using funds from a money transfer won’t benefit from the protection given by Section 75 of the Consumer Credit Act 1974 – unlike some credit card purchases
    • Payment allocation - we use your payments to pay off the balances charged at the highest interest rate first, so your more expensive balances are paid sooner. Your payment will include any interest or charges incurred as a result of those balances
    • Other borrowing options - Before you apply for a money transfer it's worth considering other ways to borrow, as well as any savings you may have, as these could be better options for you. Read more about other ways to borrow.

Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

Download the statement of responsibilities (PDF 60KB)

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.