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.


For a quick summary, watch our short video.

Watch our video for a quick summary on money transfers.
  • 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.

    Visit www.bankofscotland.co.uk/credit cards for more information.

Money transfers in more detail

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

  • 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:

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