Send and receive funds through Messages or Wallet with the help of Apple Cash, a digital card found in Wallet. Here are the steps to take if you have received funds via this method and would like to deposit them into your bank account.
It’s important to keep in mind that you can only send money from an Apple Cash-compatible bank account to another compatible bank account in the United States at this time. Although Apple is working hard to expand availability of the feature to additional countries around the world, we will update this guide as new information becomes available.
Apple, the tech giant known for its innovative gadgets and software, has ventured into the realm of financial services with “Apple Cash.”
With digital transactions becoming a norm, understanding Apple Cash, its uses, benefits, and security is crucial for iOS users globally. In this article, we’ll demystify Apple Cash and answer some frequently asked questions.
What is Apple Cash?
Apple Cash is a feature embedded within Apple Pay, Apple’s mobile payment and digital wallet service. It allows users to make peer-to-peer payments, receive money, and essentially function like a digital debit card. Once money is received via Apple Cash, users can spend it using Apple Pay, make payments or transfers, or even withdraw it.
Put Apple Pay in the Bank:
- Launch Apple’s Wallet programme on your iOS device.
- Go with the Apple Cash option.
- To access the “more” menu, click the “three dots.”
- Then, click the option labelled “Bank Transfer.”
- The amount of Apple Pay you wish to deposit into your bank account.
- Simply click the Next button.
- When you’re ready, just complete the purchase and your Apple Cash will be sent directly to your bank account.
Read Also:
- How To Change Apple ID on iPhone
- How to Unpair Apple Watch Without Phone
- How To Use Walkie Talkie on Apple Watch
Follow Apple’s on-screen prompts to contribute $1 if you haven’t already done so by linking your Apple Wallet to a bank account. Once this is included, the transfer time can range from one to three business days, depending on your financial institution.
You’ll need an Apple Cash-compatible debit card for withdrawals and transfers, just like with a bank account. If you want to use Apple Cash, you’ll need to make sure your bank supports it, and right now that means just banks in the United States.
The ability to move Apple Cash to a debit card serves the same purpose as moving it to a bank account, and it’s useful even if you don’t have a bank account linked to your Apple Wallet but do have a debit card.
Here are the steps you need to take to move money from Apple Pay to a debit card at your bank. There is no need to wait the usual one to three business days for the bank transfer to complete because this is an instant transfer option.
Funds from a debit card transfer often appear on the card within 30 minutes of the transfer being completed.
Apple Pay can be Converted to a Debit Card.
- Launch Apple’s Wallet app once more.
- Choose the Apple Store gift card
- To access the “more” menu, tap the menu button (three dots).
- Choose the option to “Transfer to Bank”
- The amount you wish to transfer can be entered here.
- To Proceed, Please Click Next
- To initiate a fund transfer, click the > button and then select the desired debit card.
- In the end, just make up your mind.
Although the money should be available within 30 minutes, Apple users occasionally report transfer delays, and no transactions are processed on weekends or holidays. Keep this in mind if you need to make a buddy transfer near the weekend, when processing times tend to be longer.
The maximum amount that can be withdrawn from your Apple Pay balance in a single transaction is $10,000, and the maximum amount that can be withdrawn from your Apple Pay balance in a seven day period is $20,000.
Withdrawing Money from Apple Cash in All Countries
As of the last update in January 2022, Apple Cash is primarily available in the United States. However, Apple continues to expand its services, and this could change. Currently, users can transfer Apple Cash to their linked bank account or Visa debit cards. This process:
- Open the ‘Wallet’ app on your iPhone.
- Tap on ‘Apple Cash card.’
- Select the ‘…’ button.
- Choose ‘Transfer to Bank.’
- Enter the amount and confirm with Face ID, Touch ID, or passcode.
It’s essential to check the availability and specific procedures for your country by visiting Apple’s official website or contacting Apple Support.
Can You Send Apple Pay to Google Pay?
Direct transfers from Apple Pay to Google Pay are not supported. However, a workaround can be to transfer your Apple Cash balance to a mutual bank account and then use that account to fund Google Pay.
Apple Cash Limit: How Much Can You Send and Receive?
There are set limits for Apple Cash transactions:
- $10 minimum per transaction.
- $3,000 maximum per transaction.
- Over a 7-day period, you can transfer up to $20,000 to your bank.
It’s worth noting that limits might vary based on user verification and other factors.
Does Apple Cash Charge a Fee?
Transferring money to your bank account from Apple Cash is free. However, if you opt for an instant transfer to your debit card, there’s a 1% fee, with a minimum fee of $0.25 and a maximum fee of $10.
Where Can I Use Apple Cash?
Apple Cash, seamlessly integrated into the Apple ecosystem, can be:
- Used anywhere Apple Pay is accepted.
- Sent to friends or family through Messages.
- Transferred to your bank account.
Benefits of Apple Cash
- Convenience: Send and receive money right from iMessage.
- Integration: Works seamlessly with the Apple ecosystem.
- Cashback: On using Apple Card, you can receive daily cashback directly to your Apple Cash.
- Privacy: Apple ensures transactional privacy without sharing card details.
Is Apple Cash Safe?
Security is at the heart of Apple Cash:
- Authentication: Every transaction requires Face ID, Touch ID, or a passcode.
- Encryption: Apple Cash is encrypted for secure transactions.
- Privacy: Apple doesn’t store card numbers or shared payment details.
Read Also:
- US9514961195221
- Why are My Instagram Stories Blurry
- Common Spreadsheet Errors and How to Prevent Them
Conclusion
Apple Cash, with its ease of use, secure framework, and seamless integration, has made digital transactions more accessible and safer for Apple users. Whether you’re splitting a dinner bill or shopping online, Apple Cash offers a trusted and efficient payment solution.
