Instructions for Depositing Apple Pay into Your Bank Account

Apple Cash is a digital payment system, similar to Venmo or Cash App, but with the added functionality of being able to be used in the same ways that traditional cash and checks are.

Antalya, Turkey - September 14, 2021: Back view of new iPhone 13 white smartphone.
image by yalcinsonat1 / Getty Images

No judgment if you haven't heard of Apple Cash. Like Venmo and Cash App, Apple Cash allows you to send and receive electronic payments. Whereas Apple Pay can be used in the same places as a credit card, Apple Cash can be used in the same places as any other card in your Apple Wallet.

Once an iPhone is activated, a virtual Apple Cash card is added to the user's Apple Wallet. Possession is free, but some services may incur a fee. Any merchant that accepts Apple Pay will allow you to send and receive money through the Wallet or Messages app.

Incorporating Funds Into Your Account From Apple Pay

Using Apple Cash is simple, quick, and, in most cases, free if you have an iPhone.

Apple Cash can be sent to minors by adults who are part of their Apple Cash Family, and they can use it anywhere that accepts Apple Pay. Apple Cash can only be withdrawn to a bank account for those under 13, but can be withdrawn to a bank account or eligible debit card for those over 13.

To link your iPhone's Apple Cash account to your bank account, follow these steps:

  1. Please consult your cashier or wallet.
  2. Put a charge on your Apple Pay card.
  3. Select the menu by clicking the three dots in the upper right corner of your screen.
  4. Select "Transfer to Bank," which is positioned second and has a directional arrow next to it.

Here's how to move Apple Pay funds from your iPad to your bank account:

  1. To adjust your device's settings, open the appropriate menu.
  2. Tap Wallet
  3. Use Apple Pay
  4. Put a charge on your Apple Pay card.
  5. Choose the Bank Transfer option. ”

Here, on either your computer or your mobile device, you can enter the amount of money you want to send to the other. The amount you enter must be between $1 and $10,000, and it cannot be more than you currently have in your Apple Cash account.  

After you decide on a sum, proceed by clicking the button labeled "Next" in the upper right. In one to three business days, your Apple Cash will be deposited into your bank account. The timeline may be extended by a few days due to bank holidays.

Apple Pay to a Debit Card: How to Make the Exchange

First, you'll need to add a debit card to the Wallet app by tapping the plus button inside the app and then following the on-screen instructions in order to transfer Apple Cash to a debit card instead of a bank account.

Before a card can be used in Apple Wallet, the user must go through an authentication process that may include signing into an account or downloading an app.

After this is complete, go to the "Transfer to Bank" option on your iPhone or iPad to complete the Apple Cash to bank account transfer. You should use the "Instant Transfer" button and then choose the debit card you want the money sent to.

Within 30 minutes, you should be able to access the funds on your debit card. Contact Apple Support if it hasn't arrived after two hours.

Apple Cash Limits for Funds Transfers

Apple Cash allows you to make bank transfers of up to $20,000 per week or $10,000 per transaction. Apple Cash only supports domestic transfers to U.S. banks and debit cards.

Your Apple Cash balance is limited to $4,000 unless you are a member of an Apple Cash Family, in which case it is unlimited.

Apple Cash Fees

Transferring Apple Cash to a debit card does come with a minor catch, though. While instant transfers to debit cards cost 1, transferring to your bank takes time but is free. zero dollars or five percent of the transfer amount, whichever is greater Every time you do it, you'll pay between $25 and $15 in fees.  

A bank transfer is your best bet if you don't need the cash right away. Apple Pay Cash withdrawals to bank accounts are free of charge.

Apple Cash vs. Apple Pay: What's the Difference?

A digital card called Apple Cash can be found in the Wallet section of your iOS device. The funds can be stored there until needed, and then used at any store that accepts Apple Pay.

Alternatively, Apple Pay is an app that can be downloaded to your iPhone that will allow you to make safe, contactless payments using Apple Cash or any credit or debit card stored in your Apple Wallet. It's convenient because you won't need to bring every card you own. Any iPhone, iPad, Apple Watch, or Mac will do.

Final Take

Apple Cash allows you to quickly and easily transfer funds to other Apple users via the Messages or Wallet apps. Like other Apple features, it's logical for those who already use Apple products but is of limited use to those who don't.

Sending your kids a small amount of money in their Apple Cash Family account via Apple Pay is a convenient and speedy way to help them out financially. Some parents may find this reassuring, but there appears to be no compelling reason to use Apple Cash instead of, say, a rewards credit card in your Apple Wallet.

If you have any questions about putting Apple Pay into your bank account or debit card, we have some quick answers for you here.
  • To my bank account, how do I instantly transfer funds from Apple Pay?
    • Money transferred from Apple Cash can only be used for purchases with a debit card, which is a slower method of transfer. Debit card transactions may be processed immediately, while bank wire transfers may take up to three business days. - though it could take up to 30 minutes
  • I need to send some Apple Cash to a friend, but I don't know how.
    • To use Apple Cash, go to Apple Pay from the Wallet app on your iPhone or iPad. Just choose the method of transfer and the desired amount, and then follow the on-screen instructions.
  • I want to know how to instantly move funds from Apple Pay to a debit card already stored in my Wallet.
    • Simply access Apple Pay from your Wallet, tap your Apple Cash card, and choose Instant Transfer to send funds instantly to a debit card you already have in Apple Pay. Then select the debit card you'd like the funds sent to.
  • When making a withdrawal from Apple, how long does it take for the funds to appear in your bank account?
    • It usually takes one to three business days for funds to be transferred from Apple Cash to a bank account.

Reporting for this article was done in part by Amber Barkley.

Please note that this information has not been provided by the organizations discussed in this article. Author's Note: No entity mentioned in this article has reviewed, approved, or endorsed the author's opinions, analyses, reviews, ratings, or recommendations.

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