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How to transfer Apple Cash to your bank account
Here’s how long it takes — and how much it costs.
Apple Cash may sound like dollars you can spend on Apple purchases, but in reality, Apple Cash is a means of sending real money. You might have a positive Apple Cash balance to transfer to your bank account somewhere along the line. Let’s take a closer look at what Apple Cash is and how transfers work.
What is Apple Cash?
Apple Cash is a digital card available in the Wallet app. You can use it to send money to friends and family via Messages or Wallet. In addition, you can use Apple Cash to pay for purchases online, in-store, or in apps using Apple Pay. You can transfer money from your bank account to your Apple Cash balance or from your Apple Cash balance to your bank account.
Although Apple Cash and Apple Pay can be closely linked, they aren’t the same. Apple Cash lets you transfer and store money, while Apple Pay is a payment method. In other words, Apple Cash is your balance, and Apple Pay lets you spend that balance.
How to transfer Apple Cash to a bank account
Transferring Apple Cash to a bank account only takes a few steps:
Go to your card info:
On iPhone: Open the Wallet app, tap your Apple Cash card, tap the More button, then tap Transfer to Bank.
On iPad: Open the Settings app, tap Wallet & Apple Pay, tap your Apple Cash card, then tap Transfer to Bank.
Enter an amount and tap Next.
Tap 1-3 Business Days. If you don't have a bank account set up, follow the instructions on your screen to add one.
Tap Transfer. Then confirm with Face ID, Touch ID, or passcode.
Once you’ve followed these steps, your transfer will be initiated, and the money will be transferred within a few business days.
How to transfer Apple Cash to a debit card
Transferring Apple Cash to a debit card is similar to bank transfers. Before proceeding, Apple recommends that your iPhone or iPad have the latest version of iOS or iPadOS. Then, add an eligible debit card to the Wallet app.
With an eligible debit card, you can make an Instant Transfer with the following steps:
Go to your card info:
On iPhone: open the Wallet app, tap your Apple Cash card, tap the More button, then tap Transfer to Bank.
On iPad: open the Settings app, tap Wallet & Apple Pay, tap your Apple Cash card, then tap Transfer to Bank.
Enter an amount and tap Next.
Tap Instant Transfer.
If you haven't added an eligible debit card, tap Add Card and follow the instructions on your screen to add a Mastercard or Visa debit card.
Tap Transfer. Then tap > to select the debit card that you want to transfer funds to and select the billing information for your chosen debit card.
After following these steps, the transfer is immediate but can take up to 30 minutes. Note that the Instant Transfer option charges a 1.5% fee. You can also transfer in one to three business days for no fee.
How long does it take to transfer Apple Cash?
The time for an Apple Cash transfer varies depending on the transfer method. As noted earlier, standard bank transfers take one to three business days. Weekends and bank holidays are not business days, so those will push back the transfer.
When transferring money to a debit card, eligible debit cards can receive money via Instant Transfer, completed within 30 minutes. However, Apple recommends waiting two hours after initiating an Instant Transfer before contacting support. You can also opt to send money in one to three business days to avoid paying a fee.
Is there a fee for transferring Apple Cash?
Whether there is a fee to transfer Apple Cash depends on the transfer speed. For one to three business day transfers, there is no fee. However, there is a 1.5% fee for Instant Transfers, with a minimum fee of $0.25 and a maximum of $15.
What is the daily transfer limit?
You can transfer up to $10,000 to your debit card or bank account in a single transfer. You can transfer up to $20,000 to your debit card or bank account in a seven-day period. The minimum transfer is $1 to your debit card or bank account or the full balance if it’s less than $1.
Is Apple Cash FDIC-insured?
Funds in Apple Cash are held at or transferred to Green Dot Bank. Once your money is at Green Dot Bank, you are FDIC-insured up to $250,000 if the bank fails. This applies if specific deposit insurance requirements are met and your card is registered.
Read more: Is it safe to store money in apps like Venmo, PayPal, and Cash App?