Banking and Finance

How to Transfer Apple Cash to Your Bank

July 27, 2021

With over 383 million users worldwide, Apple Pay is one of the most prominent mobile payment providers worldwide. However, the adoption of Apple Pay is currently limited to those with iPhones, iPads, and Apple Watches.

Still, though, if you’re an iOS user, Apple Pay is one of the best digital wallet apps to use when performing tasks such as paying friends and family straight from your iMessages, tracking your spending, and even asking Siri to make payments for you. And, it comes loaded with Apple Cash, a peer-to-peer payment transfer feature that makes it easy to send money to friends and family within seconds

In this guide, we’ll talk about the ins and outs of setting up an Apple Pay account on your phone, including how to transfer Apple Cash to your bank account if you need to pay using your regular debit card (or even your Cheese Debit Card!).

What is Apple Pay & What is Apple Cash?

Apple Pay is Apple’s digital wallet app that lets you pay for purchases using your iPhone, iPad, Apple Watch (if you have one), or even using other compatible Apple products like the Apple TV.

Yes, this means that Apple Pay is only available for those with Apple devices. However, don’t worry if you’re not an Apple user; there are plenty of other digital wallet apps to download and use without Apple products. In fact, we’ve reviewed the Best Digital Wallet Apps in 2021 for you so you don’t have to go and do a lot of digging around!

How exactly does Apple Pay work? With Apple Pay, you can link your credit card or debit card (as long as it has a Visa or Mastercard logo) to your phone or other Apple device. Then,  whenever you want to make a purchase, simply hold your apple device near the credit card terminal and use Touch ID (if available) or double tap the home button and’ve checked out!

Likewise, you can perform other functions such as sending money via iMessage to other Apple users and tracking your spending via the Wallet app on your phone. Let’s go back to that first one, though. We’re talking about Apple Cash. 

So, let’s be clear: Apple Pay isn’t the same as Apple Cash.

Apple Pay is the general payment system that allows you to make digital payments with your iPhone and other devices. You’ll find it in the Wallet app as it’s a digital wallet. Within Apple Pay, you can also find Apple Cash, which is a payment transfer platform of sorts that allows you to send money that you’ve got linked to your Apple Pay account to friends and family members straight through your phone.

What Happens When You Receive Money via Apple Cash?

Let’s assume that your sister has an iPhone too and wants to send you $50 for your birthday. As long as you both have phones that are compatible with Apple Pay (iOS 11.2 or later for phones and WatchOS 4.2 or later for Apple Watches), she should be able to sign into her Apple account, link her card, and use that to send money to you straight through iMessage.

How? Whoever is initiating the transfer can go straight to the iMessage app and take a look at the bottom icon bar. You’ll see a list of small icons for apps, including Photos and the App Store, likely followed by the Apple Pay icon. Click on that (and be sure that you’re in the message of the person you want to send the money to!). If it’s your first time sending or receiving money, you’ll need to set up your Apple Pay account.

Once you’ve done that, you should simply see a button that allows you to set the amount you want to send or receive. Enter the amount and then click on the “Request” or “Pay” button. If you’re sending money, you might have to wait for your bank to verify the transaction. Once it’s approved, though, you’ll see a message in the chat pop up with the total amount that you sent. 

How to Transfer Apple Cash to Your Bank

Now, let’s say you’re on the receiving end of that money! Where does the money go when you receive it via Apple Cash? Does it just sit in your iMessage app until you’re ready to use it? Nope. It’ll go into your Apple Pay account immediately, which means that if you regularly checkout at stores using Apple Pay, for example, you can pay using the Apple Cash you just received.

Likewise, you can also transfer Apple Cash to your bank account. To check your balance, open the Wallet app and tap on the Cash Card. To request a statement, add money to your account, or transfer money from Apple Cash to your bank, you’ll need to tap on the three little dots inside of the small circle.

At the very top, you will see two main options:

  • Add Money
  • Transfer to Bank

Click on Transfer to Bank and enter the amount of money you want to transfer from your Apple Cash card to your bank (you don’t have to transfer your entire balance and note that it won’t let you transfer more than your current balance).

Click on “Next” and then you’ll be asked to confirm the transfer. It’s that simple!

How to Add Money to Apple Cash

Let’s start off by clarifying that in order to pay someone using Apple Cash via iMessage, you don’t necessarily have to keep a balance in Apple Cash. You can link a bank account if you’d like. When you go to send money, you’ll simply confirm the transaction via your bank account.

However, if you’d like to add money to your Apple Cash account just to have and to pay with when using Apple Pay, you can follow the instructions laid out above. Instead of clicking on Transfer to Bank, you’ll click on Add Money.

You’ll enter the amount that you want to add to the Apple Cash account and then click “Next.” You’ll be asked to confirm that transaction by entering your Touch ID or double-clicking the power button. Note that because you’re adding money to your account, this means that you’ll have to add it from somewhere. So, you’ll need to have already linked your bank account for this!

Alternatives to Apple Pay & Apple Cash: Cheese & Wise

Don’t have an Apple phone or simply don’t want to go through the hassle of setting up Apple Pay? No worries; you’ve got options! For peer-to-peer transfers, we recommend taking a look at our breakdown of Wise. Here is How to Use Wise along with a breakdown of Wise fees that will help you gain an understanding of the platform.

If you’re simply looking for a great digital wallet app, we suggest Cheese! With a Cheese account, you’ll have immediate access to a Cheese virtual debit card (the physical debit card will be delivered in the mail shortly thereafter!).

Not only that, but the Cheese Debit Card and app, you can earn cashback in ways that Apple Pay doesn’t allow you to. With every swipe, you’re eligible to earn up to 10% cash back at our partner stores. 

However, the cash back savings don’t stop there. You can also receive a $5 signup bonus just for setting up your account. And, whenever you refer a friend, you’ll both get a 3% deposit bonus for 30 days. Each new user means we give back more to the causes that need it most. This means we’re able to give back to you while also giving back to the communities you’re a part of.

❌ No Monthly Fee                                  🧀️ Support Samsung Pay and Apple Pay    

❌ No ATM Fee                                         🧀️ No SSN Required

❌ No Overdraft Fee                                 🧀️ International Wire Transfer

❌ No Insufficient Fund Fee                      🧀️ $5 Cash Bonus

❌ No Minimum BalanceRequirement      🧀️ Up to3% Saving Bonus

Get started today by downloading the Cheese Mobile Banking App for iOS or Android.