Apple Cash Instant Transfer Now Works With Mastercard Debit Cards

Friday August 6, 2021 12:00 am PDT by Tim Hardwick

Apple Cash, Apple's peer-to-peer payments service that works with Apple Pay and iMessage, received a couple of small updates on Thursday.

It's now possible to use Instant Transfer with both Mastercard and Visa debit cards. Previously only the latter card could be used, so the addition of Mastercard means Instant Transfer is more accessible to users who want to quickly transfer money from an Apple Cash balance to a bank account without having to wait for the transaction to be processed.

Apple says that beginning August 26, 2021, the cost of making an Instant Transfer will change to 1.5% (previously 1%) of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15.

If users don't want to use Instant Transfer, they can also transfer money to their bank account using ACH and receive it within one to three business days with no fee.

To make an Instant Transfer, open the Wallet app and select your Apple Cash card, then tap the three-dotted icon. Tap Transfer to Bank, enter an amount, and select Instant Transfer.

Currently only available in the United States, Apple Cash can be used to make and receive payments in Messages, or you can get Siri to send money to a friend or family member.

How to Set up an Apple Cash Card on iPhone and iPad

When someone sends you money, it goes on your virtual Apple Cash card, which is stored securely in the Wallet app on your iPhone. You can use the money on it to send to someone, make purchases using ‌‌Apple Pay‌‌ in stores, within apps, and on the web.

Tag: Apple Cash

Top Rated Comments

nicho

28 months ago

That’s true but I have never had a transfer take more than seconds.

Guessing you're under 30 when you say never.

Score: 5 Votes (Like | Disagree)

Remy149

Every transfer in the Euro SEPA zone is free by law and most of them are instant now as well.
I can transfer from my Belgian account to my German account instantly, and for free.

Wild how behind the US is in banking. Always funny to me when Americans talk about Cashapp or Venmo. I haven't paid for a bank transfer in over 20 years.

American banks get away with all type of anti-consumer behavior

Score: 4 Votes (Like | Disagree)

InGen

Still wondering what the holdup has been for a service which seemed poised to launch imminently outside the US at the end of 2018 ('https://www.macrumors.com/2018/10/02/apple-pay-cash-likely-to-launch-in-france-and-germany-soon/').

Like most industry shaking services Apple tries to offer to its users, conventional industry leading corporations oppose, resist & attempt delaying said service in their region to protect their own established monopolies and profits as long as possible.

Apple being an American company cannot work it’s way into all these markets at one time, instead taking the slow route of seeking approval and negotiating its way into each area while overcoming the aforementioned resistance.

Score: 2 Votes (Like | Disagree)

daved2424

You have to PAY to use this? I couldn’t wait for this to come to the UK but I ain’t gonna pay to use it. Thank goodness for PAYM.

Lihp8270

Only if you want the funds to be transferred instantly as a debit transaction. If you opt for the standard bank transfer there is no fee. They say it can take 1-3 days for the funds to be transferred but, from my own experience, I’ve noticed the money is usually transferred in one day.

Pretty much every bank transfer in the UK now is instant at any time of the day any day of the week. Free.