Money Transfers

What is a money transfer?

A money transfer lets you transfer money from your credit card to any of your own UK current accounts. Watch this short video if you want to know more.

Why would I make a money transfer?

Money transfers can be helpful covering unplanned expenses or a one-off major purchase. Also, money transfers let you use a credit card’s available funds in situations where you can’t use the card. This is because the transferred money can be taken out of your current account as cash or used to pay for things with your debit card.


Here’s an example

You are planning to pay a £500 car repair bill with available funds from your credit card. Unfortunately, the garage does not accept credit cards and you do not have the £500 available in your current account. With a money transfer, you can transfer the £500 from your credit card to your current account and then pay the repair bill with your debit card or cash.

How do I make a money transfer?

If you’re eligible, you’ll find your money transfer offers when you sign in to Online Banking. Then, just follow the simple on-screen instructions. Make sure you have the details of the current account you want to transfer money to if it is not a Halifax current account. Also, make sure you understand the terms and conditions.

If your available credit limit isn’t sufficient to complete the transfer, you can apply for a credit limit increase online. Simply select the ‘More actions’ button on your credit card account and then the ‘Manage credit limit’ button.


What else do I need to know?

How long does a money transfer take?

After we approve it, the transfer will normally arrive by the next working day.

How much can I transfer?

The minimum balance you can transfer is £100. The maximum will need to be less than your available credit limit. This is to allow for any money transfer fee plus any other fees or transactions.

What’s the difference between a money transfer and a balance transfer?

Money transfer lets you transfer money from your credit card to any of your own UK-based current accounts. Balance transfers are about moving credit or store card balances to a different credit card. Find out how to do a balance transfer if you’re an existing Halifax card holder, or find out how to apply for a balance transfer credit card.

Are money transfers covered by Section 75 of the Consumer Credit Act 1974?

Money transferred from your Halifax credit card to your current account will not benefit from protection under Section 75 of the Consumer Credit Act 1974. This is because the purchases will be made from your current account rather than credit card, and therefore do not qualify for protection.

Ready to make a money transfer?

We generally offer two types of promotional offers on money transfers once you have successfully applied for one of our credit cards:

  1. 0% interest rate for a set period of time
    Subject to a transfer fee. No interest is charged during this period and the fee is added to your total balance.
  2. Low interest rate for a set period of time
    This offer typically has no fee (0%). Low interest offers could provide a cheaper way to borrow for a longer period, potentially reducing the need to regularly switch offers.

Please note

  • To keep any promotional rate, you must stay within your credit limit and pay at least the minimum payment on time each month.
  • If you only make your minimum payment each month, it will take you longer to pay back what you owe and it could cost you more in interest.
  • Interest on purchases: Purchases will only be interest free if you pay off your entire credit card balance each month including any balance or money transfers, unless you have a promotional rate for purchases.

View your money transfer offers

Sign in to Online Banking to see if you have a money transfer offer waiting.

Sign in
    • Keeping promotional rates - To keep the promotional rate you must make the minimum payment by the payment due date each month and not go over your credit limit.
    • After your promotional period ends, you will be charged the standard interest rate, which can be confirmed on your statements.
    • Low interest offers charge interest daily, we add together all the daily interest amounts in each statement period and add the total to your balance on your statement date.
    • Section 75 Purchase Protection does not apply - Anything you buy using funds from a money transfer won’t benefit from the protection given by Section 75 of the Consumer Credit Act 1974 – unlike some credit card purchases.
    • Payment allocation - We use your payments to pay off the balances charged at the highest interest rate first, so your more expensive balances are paid sooner. Your payment will include any interest or charges incurred as a result of those balances.
    • Other borrowing options - Before you apply for a money transfer it's worth considering other ways to borrow, as well as any savings you may have, as these could be better options for you. Read more about other ways to borrow.

Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.