Apple Pay Cash is a new feature on Apple’s latest iOS 11.2 and watchOS 4.2. Apple’s “Peer-to-Peer” money transfer gives you the ability to send and receive funds through iMessage easily. Also, you can quickly move funds from your Apple Pay Cash to your bank account with little or no stress at all right from your iPhone or iPad.
Currently, the maximum amount you can transfer from Apple Pay Cash to your bank account at once is $3,000 and the maximum amount you can transfer within a week or seven-day period is $20,000. Another important thing to note is that you are allowed to transfer funds from Apple Pay Cash to a bank account in the United States. Besides, you are not charged any transaction fee at all.
How to Transfer Money from Apple Pay Cash to your Bank Account
- On your iPhone: Open the Wallet app on your iPhone and tap on your Apple Pay Cash card and then tap on the “i” icon.
- On your iPad: Launch the Settings app on your iPad and tap on the “Wallet & Apple Pay” option. Next, tap on your Apple Pay Cash card.
- Next, you need to tap on the info tab and tap on “Transfer to Bank.”
- Note: If you are yet to add a bank account to your Apple Pay Cash account, simply tap on “Add Bank Account” and then you need to enter your routing number and account number.
- Next, you need to enter the amount you wish to transfer.
- When you have entered the amount, tap on the Transfer button at the top right corner of the screen.
- Finally, you need to confirm the action using either Face ID, Touch ID or Passcode.
How to Update Bank Account Information for Apple Pay Cash on iPhone and iPad
- On your iPhone: Open the Wallet app and tap on “Apple Pay Cash” and then tap on the “i” button.
- On your iPad: Open the Settings app and tap on the Wallet Pay option and then tap on your Apple Pay Cash card.
- Next, tap on the info tab and then tap on “Transfer to Bank.”
- If you want to delete your previous banking info, tap on Edit and then tap on Delete Bank Account information.
- You need to tap into “Delete Bank Account information” to confirm the action. After you bank account info has been deleted, you can now add a new bank information again, or you can also add a different information.
- If you want to add your bank account info, tap on the “Add Bank Account” option. Next, you need to enter your routing number and then confirm the numbers.
Note: To get your bank account number and routing numbers, you can check your cheques.
If you can’t find any, you can also contact your bank to get it.
When you update your bank account info, it will be updated on all your other devices which are synced with the same Apple ID.
Apple adding the “Peer-to-Peer” money transfer function has made the reputation of iMessage even better. Tell us what you think about the new P2P money transfer function in the comment section below. Thank you.