How To Transfer Apple Cash to Your Bank Account

Antalya, Turkey - September 14, 2021: Back view of new iPhone 13 white smartphone.
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If you haven’t heard of Apple Cash, you’re not alone. Apple Cash is a way to send and receive money digitally, like Venmo or Cash App. The difference is that you can also use Apple Cash as you would any other card in your Apple Wallet anywhere you would use Apple Pay.

Apple Cash is a digital card that automatically appears in your Apple Wallet once your iPhone is set up. It doesn’t cost anything to have, but fees may apply for certain uses. You can transfer money between individuals directly through the Messages or Wallet app, or you can use it anywhere that accepts Apple Pay.

Transferring Money From Apple Cash

If you have an iPhone, Apple Cash is quick, easy and free to use in most cases.

Minors can receive Apple Cash from adults who are set up as part of their Apple Cash Family and use it wherever Apple Pay is accepted. Children under 13 can only transfer their Apple Cash to their bank account, but teens can transfer Apple Cash to a bank account or eligible debit card.

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How To Transfer Apple Cash to a Bank Account

This is how to transfer Apple Cash to a bank account on an iPhone:

  1. Go to your Wallet.
  2. Tap on your Apple Cash card.
  3. Tap on the three dots inside a circle in the top right corner of your screen.
  4. Tap on “Transfer to Bank” — which is the second option and has an arrow next to it.

This is how to transfer Apple Cash to a bank account on an iPad:

  1. Go to the Settings app.
  2. Tap Wallet.
  3. Select Apple Pay.
  4. Tap on your Apple Cash card.
  5. Tap on “Transfer to Bank.”

At this point, on both devices, a window will pop up where you can type in the amount of money you would like to transfer. It must be between $1 and $10,000 — also, you cannot enter an amount greater than what you have in your Apple Cash. 

Once you’ve selected an amount, tap “Next” on the top right, then you’re done. Your Apple Cash will be on its way to your bank and will arrive in 1 to 3 business days. Bank holidays will make the process a little longer.

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How To Transfer Apple Cash to a Debit Card

To transfer Apple Cash to a debit card rather than a bank account, you will first need to add a debit card to the Wallet app by tapping the plus button in the app and then following the steps on the screen.

Some card issuers will have you sign in to your account or download an app to verify your identity before allowing the card to be used through the Apple Wallet.

Once you are done with this, follow the steps for transferring Apple Cash to a bank account until you reach the “Transfer to Bank” option on your iPhone or iPad. Instead, tap on “Instant Transfer” and select the debit card you want to transfer the money to.

Your money should be available on your debit card within 30 minutes. If it isn’t there after two hours, contact Apple Support.

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Transfer Limits for Apple Cash

You can transfer $10,000 per transaction or $20,000 per week from Apple Cash to your bank. Money can only be transferred from Apple Cash to bank accounts or debit cards in the United States.

Your Apple Cash has a maximum balance of $20,000, unless you are part of an Apple Cash Family, where the maximum is only $4,000.

Fees With Apple Cash

There is a small catch with transferring Apple Cash to your debit card. While transferring to your bank may be slow, it doesn’t come with a fee, while transferring instantly to your debit card will cost you 1.5% of the transfer amount, with a minimum of $0.25 and a maximum of $15 cost in fees every time you do it. 

If you don’t need the money immediately, then a bank transfer is the way to go. Transferring Apple Cash to your bank account is free.

What’s the Difference Between Apple Cash and Apple Pay?

Apple Cash is the name of a digital card that comes in your Wallet App. It is a holding place for money received from friends and family and can be used to pay for things anywhere that accepts Apple Pay.

Apple Pay, on the other hand, is software in your iPhone that allows you to make secure, contactless payments from your Apple Cash or any card that you have loaded into your Apple Wallet. Conveniently, you don’t have to carry all of your cards with you. You only need a compatible Apple device: iPhone, iPad, Apple Watch or Mac.

Final Take

Apple Cash is a convenient way to send or receive money directly in the Messages app or through the Wallet app to other compatible Apple devices. As with most Apple features, it makes sense for people who already own Apple devices, but it’s not very useful for those who don’t.

Apple Cash can be a great way to easily send a limited amount of money to your children in their Apple Cash Family account — the money can be used almost instantly. This could bring peace of mind to some parents, but there seems to be no significant advantage to Apple Cash over, say, a rewards credit card in your Apple Wallet.

FAQ

Here are quick answers to some common questions about transferring Apple Cash to your bank account or debit card.
  • How do I transfer money from Apple Cash to a bank account instantly?
    • The only way to transfer money instantly from Apple Cash is to transfer the money onto a debit card. Bank transfers take one to three business days, while debit card transfers can be instant – though they may take up to 30 minutes.
  • How do I transfer Apple Cash money?
    • From your Apple Wallet in your iPhone or iPad, select Apple Pay, then your Apple Cash card. Select your transfer method and amount, then just follow the prompts.
  • How do I transfer money from Apple Pay to a debit card already in my Wallet instantly?
    • To transfer money instantly to a debit card that is already in your Apple Wallet, just select Apple Pay from your Wallet, tap your Apple Cash card and select Instant Transfer. Then just choose the debit card you want to transfer the money to.
  • How long does it take to transfer money from Apple to a bank account?
    • Transfers from Apple Cash to a bank account typically take between one and three business days.

Amber Barkley contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Diane Fogle is the owner and sole freelance writer at The Little Green Bird. She received her Masters of Library and Information Science from the University of Denver.  The research skills gained through that program, combined with a love of learning and intellectual freedom, have led her to a passion for helping businesses communicate with their customers. She lives in Colorado where she hikes with her husband, two young daughters and an old greyhound.
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