Do you know you can send money from your Credit Card to your Bank Account instantly without any fees. Yes, its possible, you can do so by following below mentioned methods.
Three Ways to Transfer Money From Credit Card to Bank Account
1. Online payment tools such as Moneygram and Western Union
Yes, you can use online tools to transfer funds from your credit card to your bank account. However, some online portals can charge you money, or they can charge interest in the fund transfer. MoneyGram and Western Union are two reliable online payment tool you can use to avoid charges.
Although there are some factors you need to consider before using them. You need to consider the amount you want to transfer, which country your bank account exists, and it’s bank regulations and the currency. If the transferring is happening between currencies, the foreign exchange rate would be applied on the transferring, and it also can take up to one to five business days.
2. Through Bank portals
There are some banks, such as the state bank of India, ICICI Bank, and Axis Bank, offer their customer the option to transfer funds to their bank account.
State Bank of India
You need to use SBI Card’s official account to transfer money from your credit card to your bank account, or you can send an SMS to request the transfer. Even though the funds can be repaid within a period of two to six months after every transfer, you have to pay an interest of 1.7% for every month if the case is not paid in six months.
Axis Bank provides an easy portal for internet banking. You can easily transfer money from your credit card to your bank account through Axis Bank Internet Banking. Five hundred is the minimum amount that can be transferred without any charges. You can use this free transfer every three months. If you transfer any fund in this interval, you will be charged.
3. Using E-wallets
E-wallets such as Paytm, FreeCharge, and Mobiwik are most popular for transferring funds from credit card to bank account.
All you need to do is open an account in your Paytm wallet to transfer money. First, transfer the money from your credit card to your Paytm wallet, then go to your Passbook and choose the option ‘Transfer‘. Now, you just need to fill up your bank account details to transfer the money to your bank account.
Just like Paytm, add money to your FreeCharge wallet from your credit card. However, you need to use the website to withdraw the money from your wallet to your bank account. Try not to use a mobile to browse the website.
Try to avoid using illegal tricks since the bank and the online transaction service providers keep track of all your actions. Always use legal ways to transfer fund from credit card to bank account.
There might be various other options available if anyone knows, kindly suggest me to add in this post. Don’t hesitate, comment here or send me using contact form.