118 118 Money | Answers to Frequently Asked Questions About Money Transfers

FREQUENTLY ASKED QUESTIONS ABOUT MONEY TRANSFERS

WHAT IS A MONEY TRANSFER?

A Money Transfer is a service that allows you to transfer funds from your credit card to your bank account, giving you access to immediate cash for purchases or the ability to pay off other debts. In addition to the interest, other fees may also apply, usually in the form of a percentage of the total transferred amount. Each Money Transfer will incur a separate fee (if fees apply). You can only transfer the money to one of your own UK current accounts.

WHAT CAN I USE A MONEY TRANSFER FOR?

Money Transfers can be used for a variety of purposes, including paying off existing debts, covering unexpected expenses, making large purchases, or simply accessing cash when needed. Money Transfers can also be useful if you can’t complete purchases by credit card and don’t have enough money available in your current account immediately.

DOES 118 118 MONEY OFFER A MONEY TRANSFER ON THEIR CREDIT CARDS?

Yes, 118 118 Money does offer a Money Transfer option for existing customers only which are subject to certain conditions.

If you see a Money Transfer offer and accept the offer, the requested amount is transferred from your credit card to your designated bank account. This transaction is subject to a transfer fee and may also incur interest charges.

WHAT ARE THE FEES ASSOCIATED WITH A MONEY TRANSFER?

Fees for Money Transfers typically include a transfer fee, which is a percentage of the transferred amount, and interest charges based on your credit card's terms and conditions. Please refer to your cardholder agreement for specific details on fees and charges.

HOW LONG DOES IT TAKE FOR A MONEY TRANSFER TO REACH MY BANK ACCOUNT?

We will typically process Money Transfers within a few business days, the exact timeframe may vary depending on your bank's processing times and any additional verification requirements.

WHAT IS THE MINIMUM OR MAXIMUM AMOUNT I CAN TRANSFER?

The maximum limit to transfer depends on the amount available within your current credit limit.

CAN I USE A MONEY TRANSFER TO PAY OFF OTHER CREDIT CARDS OR LOANS?

Yes, Money Transfers can be used to pay off other credit card balances, loans, or outstanding debts. However, it's important to consider the interest rates and fees associated with your credit card's Money Transfer service before using it to pay off other debts and you should always be sure that you can afford the monthly repayments.

CAN I CANCEL OR REVERSE A MONEY TRANSFER?

Once a Money Transfer is initiated, it cannot be cancelled or reversed. However, if you have any concerns or questions about a Money Transfer transaction, please contact our customer service team for assistance.

If you’re having difficulties with your payments, please contact us on 02920 548 118.

You can also use organizations which offer free advice on a range of financial matters, this includes:

National Debtline: Is a free, confidential, and independent phone helpline to help people with debt problems. You can call them on 0808 808 4000. (England, Wales, and Scotland only).
Advice UK: Is a network of independent advice-providing organisations. You can call them on 0300 7770107.
Citizens Advice: Is a network of local offices offering free, confidential, independent advice. If you live in England or Wales click here, or Northern Ireland, click here. If you live in Scotland, click here.
Step Change: Is a debt counselling charity. You can call them on 0800 138 1111.