Apple Cash is a digital card service integrated into Apple devices on the Wallet app. With it, you can send and receive money, make in-store purchases or shop online as well as transfer money to and from your bank account.
Read on as the MarketWatch Guides team explores this process and how to best use Apple Cash for your personal finance needs.
Key Takeaways
- By linking your bank account to Apple Cash, you can seamlessly transfer funds from your digital Apple wallet.
- Standard transfers from Apple Cash to your bank account are free, while instant transfers cost about 1.5% of the total transaction amount.
- While Apple Cash is great for those with Apple products, other services like Venmo, Paypal or Zelle work on all devices.
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Linking Your Bank Account
When you link your bank account to Apple Cash, you can easily transfer funds between your Apple device and your bank. Any time you initiate a transfer, you’ll be able to choose either an Instant Transfer to an eligible debit card or a standard transfer, which typically takes one to three business days. Here’s how to do it:
- Open the Wallet app on your iPhone or iPad and tap on your Apple Cash card.
- Tap the three-dot menu at the top right of the screen and select “Bank Account.”
- Follow the prompts to add your account information, including your account number and routing number.
- Confirm the information you’ve entered is accurate and tap “Next” to proceed.
- You may be prompted to verify your identity using two-factor authentication or other security measures.
- Once you have successfully linked your account, you can transfer money between Apple Cash and your bank.
To make this process seamless, ensure you’ve installed the latest version of iOS or iPadOS on your device and double-check your bank account details to avoid errors.
Transferring Funds
Once you’ve linked your bank account, here’s how to transfer funds from your Apple Cash:
- Open the Wallet app on your iPhone or iPad and tap on your Apple Cash card.
- Tap the three-dot menu at the top right of the screen and select “Transfer to Bank.”
- Enter the amount you want to transfer and tap “Next.”
- Choose between the “Instant Transfer or “1-3 Business Days” options.
- Confirm the transfer and authenticate using Face ID, Touch ID or your passcode.
- After you’ve confirmed the transaction, the transfer will be initiated and your funds on their way to your account.
Instant Transfer
You can connect an eligible debit card to your Apple Cash account to choose the Instant Transfer option. This allows you to transfer funds from Apple Cash to your debit card usually within 30 minutes, but comes with a fee of 1.5% of the total transaction amount — a minimum of $0.25 and a maximum of $15 per transaction.
Standard Transfer
If you opt for a standard transfer, it will take one to three business days. You’ll need to connect your bank account to your Apple Cash using your account and routing numbers. Although this option may take a little longer, it doesn’t require a debit card and there is no fee.
Tips for Smooth Transactions
Do the following to ensure smooth and secure Apple Cash transactions:
- Verify the recipient’s information: Double-check the recipient’s details, such as their phone number or email address, to avoid sending money to the wrong person.
- Check the status of your transfers: By monitoring your transactions on the Wallet app, you can spot any errors and get them resolved quickly. You may be able to enable notifications for transaction updates to make this easier.
>> Related: Learn more about how to transfer money safely
Alternatives to Apple Cash
When comparing Apple Cash to other popular payment apps such as Venmo, Zelle and PayPal, each has its own strengths and weaknesses.
Venmo is known for its social features and ease, allowing users to send money to each other with emoji notes and comments.
Zelle offers quick and direct bank-to-bank transfers — often with no fees. However, Zelle operates mostly within its network, so it can be difficult to use consistently if your bank doesn’t offer Zelle.
PayPal offers international money transfers and a wide range of online payment options for both businesses and individuals.
>> Related: How to Use Zelle
How does Apple Cash stack up?
We at the MarketWatch Guides team believe Apple Cash has both advantages and disadvantages in comparison to other cash apps on the market:
Pros and Cons
Pros
Convenient for iOS users: Apple Cash is a convenient and straightforward way to send and receive payments — if you have an Apple device.
Instant access: Apple Cash also offers instant transfers for a fee, which is convenient if you need immediate access to funds.
Cons
Limited availability: Apple Cash may fall behind other options in terms of its availability, as only Apple users can take advantage of it.
Fees: Some people may find the fees associated with instant transfers are less favorable compared to other options.
The Bottom Line
Transferring Apple Cash to your bank account offers a convenient way to access funds and manage your finances seamlessly from your Apple device. By following these steps, you can enjoy a hassle-free experience whether you opt for an instant transfer or a standard transfer.
FAQ: How to Transfer Apple Cash to the Bank
It typically takes between one to three business days for standard transfers from Apple Cash to a bank. However, you may have the option for instant transfers to a linked debit card, which may take only 30 minutes in exchange for a fee.
Yes, you can transfer Apple Cash to any bank account in the U.S. as long as the account is compatible with the service. However, instant transfers are limited to eligible debit cards rather than bank accounts.
If your Apple Cash transfer isn’t successful, double-check your bank account or debit card statement to confirm the transaction didn’t go through. Once you’ve confirmed this, ensure your device is up to date, you have a stable internet connection and you’ve entered the correct banking information. If problems persist, contact Apple Support for assistance.
No, they are not all the same. Apple Cash is the digital representation of money in your account. Apple Pay is the service that completes contactless payments between your account and the recipient, including using Apple Cash. Apple Card is more like a traditional credit card you must apply to receive.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.