What is a money transfer?

A simple solution if you can’t pay by credit card and you need access to cash.


Why is a money transfer useful?

With a money transfer, you’re borrowing funds from your credit card and moving it to your UK current account. That could be useful:

  • For unexpected and large expenses
    When you need to manage and spread costs over a few months, a money transfer could be a flexible option, particularly if you can’t pay by credit card.
  • When you can’t pay by credit card
    A money transfer could come in useful if you need to make a purchase, but you can’t pay by credit card and you don’t have enough money in your current account.

Money transfers in more detail

Can I request a money transfer?

Can I request a money transfer?

  • You can only transfer to your own accounts - money transfers can only be requested and sent to UK current accounts held in your name – not to other accounts, either in the UK or overseas.
  • £100 is the minimum transfer amount - The maximum balance transfer amount is 93% of your credit limit, which allows for potential fees and any in-flight transactions which have yet to reach your account.

Things to check

Things to check

  • Check the transfer rate - there may be an introductory or promotional interest rate available on your account. If not, the standard money transfer interest rate and fees will apply. Either way, the sooner you repay your balance, the less interest you’re likely to pay.
  • Transfer fees may apply - money transfer fees are usually a percentage of the transfer amount and apply to each individual transfer. Remember to account for these when figuring out the cost of borrowing.

Here’s an example of a transfer in action

Just for the purposes of this example, imagine you have a credit card offering 0% on money transfers for 12 months, and you have no other balances on the card.

  1. You have an unexpected plumbing bill of £500, but you don’t have enough money in your bank account and the mechanic you’re using doesn’t accept credit cards.
  2. You have a credit card offering 0% interest for 12 months on money transfers, with a 3% transfer fee.
  3. You make a transfer request for £500, which is approved. The outstanding balance on your credit card is now £515, including the 3% transfer fee. £500 is transferred to your current account, which you can use to pay your plumbing bill, either in cash or with a debit card.
  4. If you pay £51.50 on time every month, and you don’t use your card to make any other purchases, you could clear your balance within 10 months, without paying any interest. Bear in mind, if you only make the minimum payment shown on your statement each month, it’ll take longer and cost more to repay anything you borrow.
  5. Just bear in mind that the standard interest rate will apply to any remaining balance when the promotional period ends.

Making the most of a money transfer

Before you transfer, remember to check all fees and interest rates, just to make sure a money transfer is the right option for you. You might like to consider other borrowing options.

  • Purchases will not be protected under Section 75 of the Consumer Credit Act 1974 when using money transferred from your credit card to your current account - unlike some purchases made with your credit card.
  • Be realistic about how long it will take to repay your balance. Remember that standard interest rates, which will apply after any introductory or promotional interest rates expire, are usually higher.
  • You could lose any promotional interest rates if you break the terms and conditions of your credit card account, for example, by missing a payment or going over your credit limit.
  • If you use a money transfer credit card for other types of transaction, such as purchases, you’re likely to pay a higher interest rate for those. It’s also useful to know that balances with the highest interest rates are repaid first, increasing the potential cost and time it’ll take to repay anything you borrow.

To request a money transfer

Existing Bank of Scotland customers

You can request a money transfer in a number of ways:

  • Internet Bankinglogin or register to get started.
  • Mobile Banking app – again, simply login to get started.
  • Call on 0345 964 5645 (or +44 (0) 173 357 4121 from outside the UK). Speak to an adviser 8am – 8pm Monday - Friday, 9am - 5pm Saturday - Sunday. 
    Not all Telephone Banking services are available 24 hours a day, seven days a week.

What you'll need:

  • The details of your UK current account.
  • If applying online, you’ll need your Internet Banking login details.
  • A phone – you might need to complete a quick automated security check.

Make sure we’ve got your up-to-date contact details in case we need to get in touch.

Not a customer?

If you’re looking for a new Bank of Scotland credit card, use One Check to find cards you’re eligible to apply for, and to see your estimated credit limit.

Check your eligibility

Frequently asked money transfer questions