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What is a money transfer?

Exploring one of the ways you can use your credit card.

A money transfer is when you transfer funds from a credit card directly to a bank account for use on purchases.

  • You can only send money to your own UK current accounts.
  • As well as interest, money transfer fees may apply. This is usually a small percentage of the transferred amount.
  • A money transfer is subject to approval.

Why is a money transfer useful?

If credit cards aren't accepted

For example, if your current account balance is low and somewhere doesn’t accept credit cards, a money transfer can provide funds to use from your current account using your debit card.

For financial flexibility

A money transfer can also be helpful for unplanned expenses and one-off major purchases, letting you use your credit card’s available funds in situations where you can’t use your 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 direct debit.

A closer look at money transfers

You may be charged a money transfer fee

This fee is usually a small percentage (up to 5.00%) of the amount you’re transferring into your current account. You’ll most likely be charged each time you make a money transfer.

You’ll also pay interest, but the rate can vary

If you get a promotional interest rate but don’t clear your balance before it finishes, you’ll move onto your standard money transfer rate. The sooner you clear your balance, the less interest you’re likely to pay.

You can’t transfer to a foreign account, or one that isn’t yours

Any money transfer must always be sent directly to a UK current account in your name.

The minimum amount you can transfer is £100

The maximum amount varies from person to person, depending on your credit limit and your credit available at the time.

How a money transfer works in practice

Here is a simple example using a card with a promotional offer giving you a 0% money transfer interest rate for 12 months. Before you complete a transfer, you’ll be told your interest rate (and whether you have a promotional rate) as well as your money transfer fee.

  1. You get an unexpected £500 car repair bill, but you don’t have enough money in your bank account. Your garage also doesn’t accept credit cards.
  2. You have a credit card with a 0% money transfer interest rate for 12 months and a 3% transfer fee. So you complete a £500 money transfer with a 3% fee, totaling £515 on your credit card.
  3. This puts £500 into your current account, so you can pay for the repairs using your debit card.
  4. The promotional rate will expire after 12 months. If the balance isn’t fully repaid, any remaining amount will revert your standard money transfer rate.
  5. Remember, the amount of interest you will be charged depends on how quickly you pay it back. Other fees may also apply, depending on your credit card provider.

Is a money transfer right for you?

  • Explore all your options carefully, checking fees, interest rates and the terms and conditions.
  • With a dedicated money transfer credit card, you could get an introductory/promotional interest rate.
  • Pay off as much as you can during any promotional periods to pay less interest, as your standard interest rate for money transfers will be higher.
  • If you use a money transfer card for other purposes such as everyday spending, the standard purchase rate might be higher – meaning you could be charged more interest.
  • If you break the terms and conditions of your card, for example by going over your credit limit or not making your minimum payment on time, you could lose any promotional interest rates and offers you have.

How to make a money transfer with us

So you can make an informed decision, we will always tell you up front what fees and interest rate you’ll be paying. If you’re an existing customer, log on to Internet Banking or the Mobile Banking app to see your money transfer offers.

Log on to Internet Banking

If you’d prefer, you can also call PhoneBank® to access and manage your account.
0345 602 1997 (+44 1733 347 007 from outside the UK). Lines are open 24/7 and our advisers are available from 7am to 11pm if you'd like more information.

Use One Check to find the right credit card for you

For new customers, first find a credit card that’s right for you using One Check – our easy to use eligibility checker that doesn’t affect your credit score. Based on eligibility, money transfers are offered to credit card holders once their account has been set up.

Check your eligibility

Frequently Asked Questions

Key points on money transfers

  • A money transfer is when you move money from your credit card directly into your own UK current account.
  • The minimum money transfer is usually £100.
  • You could get an introductory or promotional interest rate. You may also pay a one-off money transfer fee, as well as more interest over time.
  • Money transfers are only available to UK residents aged 18 or over and are subject to status.
  • A money transfer is one of four ways to use a credit card, including card purchases, balance transfers and cash transactions.

Where next?

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.