How to transfer money from credit card to account if you are in India

Though credit cards have come as an alternatives to cash, for some kinds of transactions and needs, you might need to have money in your bank account. At times you might need to send money to someone’s bank account too. Here are the ways to transfer money from credit card to bank account in some simple steps.

MoneyGram

You can use MoneyGram to transfer money from credit card to any bank account in more than 400 banks around the world.

Select the receiver and the country where the bank is located. Input the full name of the receiver. If you wish to transfer money to your own account, input the details of your account and your complete name.

Choose the ‘Account Deposit’ option and input the amount you wish to transfer.

Choose ‘Credit Card’ as the method of payment.

Money will be transferred to the bank account from your credit card.

Western Union

Transferring money from credit card to bank account via Western Union is yet another simple way similar to the one discussed above.

First register with Western Union and log into your profile.

Choose the country, amount you wish to transfer and the mode of delivery.

Input the bank account details of the receiver. You can make the payment using your credit card.

You will receive a confirmation via email and also the tracking number. This is also known as the MTCN number (Money Transfer Control Number).

Now the money is transferred from your credit card to the bank account you specified.

Direct transfer to the bank account depends on several aspects like the amount, currency, country, the banker’s regulations and the working hours. Usually a money transfer through Western Union might take 1-5 working days.

Paytm

Usually the money transfer feature you will find on Paytm and other similar kind of e-wallet services is mainly intended to help the consumers avoid having too much cash on their e-wallet. However, this feature can be used to transfer money from your credit card to any bank account also in the following steps.

Register with Paytm.

To start with, transfer some fund from your credit card to your paytm wallet.

Go to Paytm App and land on to ‘Passbook’.

Tap on the option ‘Send money to Bank’.

Choose the ‘Transfer’ option.

Input the details with regard to amount, account number, and IFSC code.

Once you click on ‘Send’, the money will be transferred to the intended bank account.

What you must know about transferring money from your credit card to bank account

Under usual circumstances, using credit card to bring in some cash in your bank account is never advised. In fact this is not the way a credit card must be used.

This method is found to create some difficulties for the bank. The banks are instructed to supply the information of the customers who spend more than ₹200,000 per year on their credit cards. Hence when you try to generate free credit, you will automatically come under the surveillance of the income tax department and authorities who are supervising the unauthorized practices. However, this method is simpler, easier and cheaper than opting for a personal loan. You must make an informed decision by knowing the regulations in place.