How Hard is it to Transfer Cash From Your Card to an International Bank?

Many large financial institutions have branches in many countries. If you do not have an international bank account, such a large bank may be able to help you. Friends or relatives can transfer money from credit cards to international banks and you will quickly be able to access those funds as cash.

Benefits

Knowing how to transfer cash from your card to an international bank provides a safety net for those traveling outside their own country. A medical emergency, theft or loss can leave travelers strapped for cash or unable to pay for services they need.

Friends and family members back home can provide fast relief by using their credits cards to send needed funds to the traveler.

Costs and Fees

There are international money transfer companies that provide cash transfer services. The fees to send money through such a company will be lower than fees to transfer money from a credit card to an international bank.

However, using a money transfer company will take more time both to send and to receive funds. In an emergency, time may be a critical factor.

If you have lost your wallet, cash, credit cards and bank cards in another country, receiving cash quickly may be necessary to obtain a hotel room for the night.

Rates and Fees

You can transfer money from credit cards to international banks in almost any country using a secure internet connection and online banking. The procedure is safe.

If you do not have a secure internet connection or online banking account you will need to process the credit card money transfer in person. You can use Western Union to accomplish this.

You will need to present your card and request in person at a Western Union office location and the recipient of the money will need to pick up the cash in person at the other end. This is also a safe way to transfer money from a credit card to international bank.

When comparing costs of sending money through your bank or using a money transfer company, there are the things to consider:

1. Fees
You will be charged a transaction fee by a money transfer company and may also be charged transfer fees by the bank receiving the funds. In addition, most credit card companies have a 2-3% transaction fee charged on international transactions.

2. Exchange Rate

The exchange rates vary considerably and most money transfer companies offer currency exchange rates that are on the high end.

Competitive currency exchange rates fluctuate constantly and competitive banks and exchange companies will also fluctuate from day to day.

Although a few banks and money transfer services advertise "no fee" money transfers, these businesses usually have exchange rates that are less favorable to you.

3. Cost of advances and transfers
If the money is to be repaid, remember to include the cost of fees such as international transaction fees, receipt fees, etc.

A money transfer from credit card to international bank is treated as a cash advance by your credit card company.

Thus, if interest is paid on the advance the APR will be significantly higher than that charged for purchases on the credit card.

Summary

Knowing how to send cash from your card to an international bank can be valuable information when you are traveling out of the country. You will have to pay bank exchange rates in effect at the time of the transfer.

However, this is an easy and fast way to send money to a friend or relative who needs it. I also recommend you to explore our site further and check out our guide on best reward programs, card consolidation and more.