Money transfers used to be time consuming and expensive due to the detailed involvement of a bank having to wire money. If you're in a situation where you need to transfer money using a credit card into your bank account, you can transfer online, use an online service such as PayPal or an ATM machine.
Visit your online banking website and inquire about transferring money using your credit card. Many online banks allow the customer to use a credit card to transfer funds into his or her account or make a deposit into another person's account.
Select the option to send money. You can either send money to yourself or to someone else.
Follow the prompts and use your credit card to complete the transaction.
Use www.paypal.com if your bank does not offer this service.
Set up a PayPal account and send yourself an invoice or money request. You will receive an e-mail requesting money.
Open the email and follow the directions. At the payment screen, put in your credit card information and you will see the funds deposited in your PayPal account within seconds.
Choose to withdraw your PayPal money by requesting a wire transfer into your bank account. You must firm confirm your checking or savings account information. PayPal does this by wiring you a few cents. PayPal then asks how much it sent. Look at your online bank account statement to confirm this information.
Use the ATM to take out a cash advance on your credit card.
Place you credit card in the ATM. Use your PIN and withdraw cash from the machine.
Deposit the cash into any account you want.
Be sure to research the fees and penalties associated with using any of these methods.
Tips and warnings
- Be sure to research the fees and penalties associated with using any of these methods.