How to get the Money into your Bank Account

citizen11

Hi there I haven't been on these boards for a while as stoozing has become quite tricky with everything at such low rates.

However balance transfers are still by far the cheapest way to borrow money for short periods and this is want I want to do now.

I have been approved for the Natwest deal 0% for 18 months with a 2.8% fee. Trouble is I can only transfer it to another credit card and although I still have 4 credit cards from when I used to stooze I don't owe any money on any of them.

Does anyone have any ideas as to how I can get the lump sum balance transfer into my account?

The only method I can think of is to transfer it as a positive balance onto one of my other cards then from there transfer it to my bank account but I don't know if that would get flagged up on some money laundering system or something.

The other cards I have are:
Amazon mastercard
Sainsburys master card
American express
barclays visa

Any advice would be appreciated, I sure one of you folk must know a way around this simple problem!

knightstyle

I transferred money from 0% Barclaycard to Halifax card and then drew the cash from the Halifax. Each transaction cost around 3% so 6% in total for a 12 month loan. No problems even though the Halifax card had no debt when I transferred the money to it.
Don't know if there is a cheaper way, I was in a hurry so did all this in less than a week.

Degenerate

1. How much do you need?
2. How long do Natwest give you to take up the 0% offer?

As you're a former Stoozer, you probably have good enough credit history to chance another application. You could try applying for either a Halifax Clarity or Santander Zero card, drawing the maximum cash daily from ATMs until you have the amount you want, then clearing it with the Natwest BT. Cash withdrawals attract no fees with these cards, so you'll just pay a trivial amount of interest between the withdrawals and the BT clearing the balance. Of course, this could be impractical if the amount is large.

The Halifax card allows you to withdraw £500 a day and the Santander one £300.

Tixy

As you have an amazon card which is empty why not ring them up and see if they will give you a 0% promo deal - new cards are 12month at 0% so ask if they'll give you the same. If they will you can do a money transfer straight to your bank account.

Check the super balance transfer fee % in your T&C - on new amazon accounts its 2.5% but might be more on some older ones.

goobergirl

Have been approved for a Virgin card - £6700 limit. How can I get this out? I want to over pay my mortgage preferably.

Thanks

brian_723

do you really need all those cards .if not could you not transfer onto the one you least like then close the account and then I think not sure but they would have to send you a cheque for the balance .

brians_daughter

My oh got a new cc at the same time we were buying a new car but selling ours privately he needed to find considerable £'s to cover the timescale between selling of ours and buying the new one... he sent me the £s via one of the pay sites (wasnt paypal as the fees were about 7% i think) and i withdrew the money to my bank account.

At the time (given the cards he had) it worked out the cheapest way to do it when fee's and interest were taken into account..may not be the same for you as i am not up to speed on the offerings of the cards you have but it is an option to explore?

Tixy

goobergirl wrote: »

Have been approved for a Virgin card - £6700 limit. How can I get this out? I want to over pay my mortgage preferably.

Thanks

You need to do a money transfer to your current account.

j8yba

brians_daughter wrote: »

My oh got a new cc at the same time we were buying a new car but selling ours privately he needed to find considerable £'s to cover the timescale between selling of ours and buying the new one... he sent me the £s via one of the pay sites (wasnt paypal as the fees were about 7% i think) and i withdrew the money to my bank account.

At the time (given the cards he had) it worked out the cheapest way to do it when fee's and interest were taken into account..may not be the same for you as i am not up to speed on the offerings of the cards you have but it is an option to explore?

I definately wouldnt recommend this, as especially with Paypal, once your account has £4500 going through it, you need to provide documentation of some sort cant remember what but essentially tax type stuff which they inform the inland revenue about, as its classed as income from sales of goods etc.

mrs_T

I have opened a credit union account and tested paying into it with a credit card via paypoint in my local co-op. Only did £20 but it went through as a purchase not a cash advance so looking good. I can then move the cash from credit union to an account with a higher interest rate.

I recently closed 2 credit card accounts so will soon be applying for one with a long 0% on purchases deal.

anselld

Get M&S Card. Withdraw cash as travellers cheques. Pay these into bank. BT the balance.