As a user of Apple Pay, you likely enjoy the convenience of paying for goods and services with just a tap of your iPhone or Apple Watch.
However, you may not realize that the money you receive from friends and family through Apple Pay can also be transferred instantly to your bank account.
If you find yourself in a situation where you need quick access to funds sent via Apple Pay, you’ll be relieved to know the process for transferring that money to your bank account takes just a few simple steps.
By linking your bank account to Apple Pay and verifying a few security details, the funds will be available in your account within minutes. Read on to learn how you can gain access right away to money received through Apple Pay.
Linking Your Bank Account to Apple Pay
To link your bank account to Apple Pay and instantly transfer funds, follow these steps:
- Open the Wallet app on your iPhone or iPad. Tap the “+” icon to add a new card.
- Choose “Add Bank Account” to link your bank account. You will need your bank account number, routing number, username, and password to continue.
- Enter the required information to verify your identity and link the account. Your bank may send a verification code to your phone or email to confirm it is you. Enter any codes sent to complete the verification process.
- Review and confirm the details of your linked bank account. Ensure the account nickname, last 4 digits of the account number, and routing number are correct before tapping “Add”.
- Your linked bank account will now appear on the Wallet app home screen. Funds can be instantly transferred between your linked bank account and Apple Pay® balance. Transfers typically complete within 30 minutes, but may take up to 1 business day.
To transfer money from Apple Pay to your linked bank account, open the Wallet app and:
- Tap your Apple Pay card, then tap “Transfer to Bank”.
- Enter the amount you wish to transfer in the “Transfer Funds” screen. Tap “Continue” to review and confirm the details.
- Review the transfer details including any fees that may apply. Tap “Transfer” to complete the money transfer instantly. Funds will be deposited directly into your linked bank account, typically within 30 minutes.
With your bank account linked to Apple Pay, you have quick and convenient access to your money. Transfers between accounts are fee-free, secure, and completed in minutes so your money is always where you need it.
Transferring Funds From Apple Pay to Your Bank
To transfer funds from your Apple Pay account to your bank account, follow these steps:
Link Your Bank Account
First, you’ll need to link the bank account you want to transfer funds to in the Wallet app on your iPhone. Tap the plus sign to add a new bank card, then enter your account information to link the account.
Initiate the Transfer
In the Wallet app, tap the Apple Pay card that holds the funds you want to transfer. Tap ‘Transfer to Bank’ to begin the process. Select the bank account you want to transfer the money to and enter the amount. Double check that the details are correct, then tap ‘Transfer’ to proceed.
Verify and Complete the Transfer
You may need to verify your identity to complete the transfer. This typically involves entering a verification code sent to your phone or email on file. Once verified, the money will be instantly deposited into your linked bank account. The transfer details including date, time, amount, and bank account will display in your Wallet app transaction history for your records.
By linking your bank accounts in the Wallet app and following the simple transfer process, you can move funds from Apple Pay to your bank account right away. This convenient feature allows you to access your money without delay so you can use it for whatever purpose you need. Let Apple Pay simplify your financial transactions and provide you quicker access to your money.
Troubleshooting Apple Pay Bank Transfers
If you encounter issues transferring money from Apple Pay to your bank account, here are some steps to troubleshoot the problem:
Check Your Bank Account Details
Double check that the bank account information you entered into Apple Pay, such as your account number and routing number, is correct. Even small errors can prevent transfers. Log into your bank’s website or mobile app to verify the details and update the information in Apple Pay if needed.
Confirm Your Identity
For added security, your bank may require additional authentication to verify large transfers from Apple Pay. This can include providing a one-time passcode sent via text message or entering your online banking password. Check for any alerts or messages from your bank requesting identity confirmation and provide the necessary information to proceed with the transfer.
Daily/Weekly Transfer Limits
Most banks place certain limits on the amount of money you can transfer from services like Apple Pay to your accounts each day or week. If you’ve exceeded the limit, the transfer will be declined. Contact your bank to determine your limits and when they may be able to reset. Reducing the transfer amount or waiting until the next period are typically the only options in this case.
Rarely, technical issues with your bank’s systems or the payment networks connecting Apple Pay can temporarily disrupt the transfer process. These outages are often resolved within a few hours, but contact your bank’s support for an estimated timeline and to confirm any transfers were not actually processed to avoid errors.
By double-checking details, verifying your identity when prompted, understanding transfer limits, and allowing for the possibility of short system outages, you can get most Apple Pay bank transfers cleared up quickly. Let your bank know if issues persist or you have any other questions.
As you can see, sending money from your Apple Pay balance to your bank account is a quick and simple process. In just a few taps, you can securely transfer funds and have them deposited directly into your account, available for immediate use. Whether you received payments from friends or earned rewards, your money is accessible when you need it. Apple Pay’s seamless integration with your cards and banks allows for efficient transactions and a superior user experience. Now that you understand how to transfer money out of Apple Pay, you can take advantage of its convenience knowing your funds are always within easy reach.