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Money Transfers

Shift cash from a card to your bank account at 0%

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Helen S

Updated June 2018

A 0% money transfer allows you to shift cash from a card to your bank account to clear your overdraft or give yourself a 0% cash loan for up to 36 months. Here's how it works and all the best deals...

What is a money transfer card?

A money transfer card is a type of credit card that pays cash straight into your bank account. They allow you to borrow at 0% interest for a set amount of time, but charge a fee to do so.

When applying, make sure you ask the lender to transfer the money into your account – DON'T withdraw it as cash. Be aware too that when the 0% period ends, interest kicks in – so to avoid paying this, aim to clear the card before then.

To ensure you're not caught out when doing a money transfer, read on for our five golden rules.

Quick question

What are the best ways to use a money transfer?

The five golden rules

A money transfer can be one of the cheapest ways to borrow up to £5,000 – if you take note of the following...

  • Borrow as little as possible and only if you NEED to

  • Repay AT LEAST the monthly minimum or you may lose the cheap rate

  • Don't spend or withdraw cash: it's not usually at the cheap rate

  • First use our eligibility calculator to find cards you're most likely to get...

  • You won't always get the headline deal even if you're accepted for the card

Best 0% money transfer credit cards

It's best to go for the card with lowest fee in the time you're sure you can repay it. If unsure, play safe and go long.

mbna

Lowest money transfer fee, but you could get fewer 0% months

MBNA* up to 28 MONTHS 0%, 2.99% FEE (23.9% interest after)

This MBNA* card offers up to 28 months at 0% on money transfers with a lower fee than the cards below. You could be accepted for the card and offered fewer months which wouldn't make it as good a deal – but if our eligibility calculator shows you as pre-approved, you'll get the full 28 months at 0%.

Need-to-knows
  • You must do your money transfer within 60 days of opening the card to get the 0% period and lower fee. Transfers made after this will pay 23.9% interest and a 5% fee.
  • In addition, this card offers 0% balance transfers for up to 24 months, but with a fee of 3.45% – not great, so don't use the card for this.
  • Poorer credit scorers might get fewer months at 0% instead of the full 28 – try the eligibility calculator to see if you're pre-approved for the headline deal.
  • You'll pay interest on any remaining money transfer balance at a rate of 23.9% after the 0% period is over.
  • Always pay at least the minimum monthly repayments or you'll lose the 0% deal.
  • Don't spend/withdraw cash on this card. It usually isn't at the cheap rate and cash withdrawals hit your credit file.
Eligibility Calculator
(MSE's free tool)
APPLY*
(at lender site)

Protect your credit score and check chances of getting card

Stats box
  • Money transfer length & fee: up to 28 months 0%, 2.99% fee
  • Annual interest rate on money transfers after the 0%: 23.9%
  • Representative variable APR on spending: 19.9% (Official APR Example)
  • Card issuer: Visa
  • Min income: N/A
  • Min repayment: Greater of 1% of balance plus interest or £25
  • Any restrictions? Must transfer within 60 days to get 0%
Tesco Bank

Longest 0% money transfer card, but high fee and you could get fewer months

Tesco Bank* up to 36 MONTHS 0%, 3.94% FEE (20.6% interest after)

This Tesco Bank* card offers the longest 0% money transfer period of any card, though it has a higher fee than the MBNA card above. You could be accepted for the card and offered less time at 0% which wouldn't make it as good a deal.

Need-to-knows
  • Poorer credit scorers might get 30 or 24 months at 0% instead of the full 36.
  • You must do your money transfer within 90 days of opening the card account to get the 0% deal.
  • In addition, this card offers 0% balance transfers for up 36 months, with a fee of 2.69%.
  • You'll pay interest on any remaining money transfer balance at a rate of 20.6% after the 0% is over, though some poorer credit scorers will pay up to 29.2% APR.
  • Always pay at least the minimum monthly repayments or you'll lose the 0% deal.
  • Don't spend/withdraw cash on this card. It usually isn't at the cheap rate and cash withdrawals hit your credit file.
Eligibility Calculator
(MSE's free tool)
APPLY*
(at lender site)

Protect your credit score and check chances of getting card

Stats box
  • Money transfer length & fee: up to 36 months 0%, 3.94% fee
  • Annual interest rate on money transfers after the 0%: 20.6%
  • Representative variable APR on spending: 18.9% (Official APR Example)
  • Card issuer: Mastercard
  • Min income: £5,000
  • Min repayment: Greater of 1% of balance plus interest or £25
  • Any restrictions? Must transfer within 90 days
virgin money

High fee but you'll definitely get the full 0% period if accepted

Virgin Money* 32 MONTHS 0%, 4% FEE (20.9% interest after)

This Virgin Money* card offers either fewer interest-free months or a higher fee than the cards above, but if you're accepted you'll definitely get the full 0% period, so it could be a better option if you want that certainty.

Need-to-knows
  • You must do your money transfer within 60 days of opening the card to get the 0% period and lower fee. Transfers made after this will pay 20.9% interest and a 5% fee.
  • In addition, this card offers 0% balance transfers for 32 months, with a fee of 0.6%.
  • You'll pay interest on any remaining money transfer balance at a rate of 20.9% after the 0% period is over.
  • Always pay at least the minimum monthly repayments or you'll lose the 0% deal.
  • Don't spend/withdraw cash on this card. It usually isn't at the cheap rate and cash withdrawals hit your credit file.
Eligibility Calculator
(MSE's free tool)
APPLY*
(at lender site)

Protect your credit score and check chances of getting card

Stats box
  • Money transfer length & fee: 32 months 0%, 4% fee
  • Annual interest rate on money transfers after the 0%: 20.9%
  • Representative variable APR on spending: 20.9% (Official APR Example)
  • Card issuer: Mastercard
  • Min income: £7,000
  • Min repayment: Greater of 1% of balance plus interest or £25
  • Any restrictions? Must transfer within 60 days

Best long-term, low-rate money transfer credit cards

If you may need longer than the 0% lengths above or you prefer a stable relationship rather than switching every few years when a 0% deal ends, a low-rate card could be for you – you sometimes get that rate for the life of the balance. These charge interest but at MUCH lower rates than standard interest charges.

MBNA 5

Low rate for four years, 0.5% fee

MBNA* 4.9% for 48 months, 0.5% fee

The MBNA* Low Rate card offers a low interest rate of 4.9% for four years, with a one-off fee of 0.5%, as long as you make your transfer within 60 days of account opening. If you can budget to pay it off within the low interest period, it's a good alternative to getting a loan for smaller amounts.

Need-to-knows
  • After your low rate ends, or for transfers made after 60 days, you'll pay a 0.99% fee and 8.9% interest a year on any debt.
  • Some poorer credit scorers getting this card may be given initial interest rates of 9.9%, jumping to 11.9% at the 48 months' end.
  • Always pay at least the minimum monthly repayments.
  • Don't withdraw cash on this card. It usually isn't at the cheap rate and cash withdrawals hit your credit file.
  • This card also offers balance transfers at 4.9% interest for up to four years, with a 0.5% fee.
Stats box
  • Money transfer rate & fee: 4.9% for 48 months then 8.9%, 0.5% fee
  • Representative variable APR on spending: 8.9% (Official APR Example)
  • Card issuer: Mastercard
  • Min income: £20,000
  • Min repayment: Greater of 1% of balance plus interest or £25
  • Any restrictions? None

Money transfers Q&A

  • I already have a lot of debt. Will this help me?

  • Why did it reject me? I've got a great credit score!

  • Does a lower interest rate mean I pay less each month?

  • What if the credit limit I get isn't high enough?

  • Can I use money transfers for stoozing?

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