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.

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.

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 one-off fee, typically 3%. 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 

Register for 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.