Withdrawing Stoozed Cash from Egg Money

edited 30 November -1 at 1:00AM in Stoozing: Free Cash from Credit Cards
13 replies 1.5K views
angelavdavisangelavdavis Forumite
4.7K Posts
Mortgage-free Glee!
OK, so far so good. I have managed to transfer £5k of stooze cash from Barclaycard to Egg Money. Yet I don't appear to have an option to withdraw the money from the Egg Money account online. Should there be an option online or will I need to phone them and ask me to send a cheque to get the money out?

Thanks
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Replies

  • ChadsmanChadsman Forumite
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    Either send them a secure message asking them to transfer the balance to eg your current account or there is a balance transfer option in Egg Money which allows you to transfer a 'debt' from a current account.
    :beer:
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  • knightsknights Forumite
    181 Posts
    Chadsman wrote: »
    Either send them a secure message asking them to transfer the balance to eg your current account

    Absolutly right.
    Chadsman wrote: »
    or there is a balance transfer option in Egg Money which allows you to transfer a 'debt' from a current account.
    :beer:

    The easiest way IMHO,

    I will just elaborate on this a little Chadsman if I may. It is easy for us who have done it but it is important it is done correctly.

    Log into your accounts.
    Click 'view' which you will see on the right beside your 'Egg Money' account.
    Click on 'Egg Money Admin', which you will see on the left.
    Click on 'Transfer a Balance', which is one of the options.

    Then assuming you want to transfer into your current account, click on 'current account/overdraft' and follow your nose.

    regards
  • knightsknights Forumite
    181 Posts
    knights wrote: »

    Then assuming you want to transfer into your current account, click on 'current account/overdraft' and follow your nose.

    regards


    I would just add that experienced stoozers recommend you put it in your current account first and then from your current account into your high interest account, (even though with some high interest accounts you can transfer direct from Egg), this is to keep it a little private from Egg.

    regards
  • sashacatsashacat Forumite
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    I've done this with egg money lots of times and I always send them a secure message...and that way they transfer it to my current account and it gives me the 1% cash back as well. I once did it by phone and didn't get the cash back
    Wombling £457.41
  • knightsknights Forumite
    181 Posts
    Hi sashacat,

    Tell me about this 1% cash back? I will have about £20,000 or so to transfer to my c/acc over the next week, £ 200 cash back?

    Is it automatic if you do it by secure message?

    Do you just write something like 'please transfer £ x from my Egg Money to account No. ******, sort code ** ** **, thanks'. ??

    regards
  • YorkshireBoyYorkshireBoy Forumite
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    knights wrote: »
    Tell me about this 1% cash back? I will have about £20,000 or so to transfer to my c/acc over the next week, £ 200 cash back?
    I'm not sure if sashacat's experience is recent, but be very careful with this.

    In my experience, the loophole worked very well (initially to current accounts via BACS transfer request, and then latterly via transfer to an Egg Savings account) until last May when Egg wised up to this and closed the loophole.

    It's been reported that the odd request still generated cashback, but many people, myself included, had existing cashback earned withdrawn when pushing their luck with post-May 2007 Egg Savings transfer requests. Mine (strangely) reappeared the following month but many others weren't so lucky.

    If you haven't any cashback earned so far it might be worth a try, but if you've a reasonable sum earned (and due in a few weeks time) I wouldn't risk it.

    Personally, I'm doing nothing that would jeopardise my £180 already earned...but I will be having a punt come late March. ;)

    BTW, when moving your £20K, remember to keep your transactions below £10K each.
  • GhostWKDGhostWKD Forumite
    20 Posts
    Part of the Furniture Combo Breaker
    Hi there, newbie to this, have read up on this and quite happy with how it all works. However am looking to do the trick soon with around £2,500

    But need it rather quickly so wondered if you could all advise me roughly how long the process would take?

    if you could that would be fantastic :)

    Many thanks,
  • knightsknights Forumite
    181 Posts
    In my experience, the loophole worked very well (initially to current accounts via BACS transfer request, and then latterly via transfer to an Egg Savings account) until last May when Egg wised up to this and closed the loophole.

    If you haven't any cashback earned so far it might be worth a try, but if you've a reasonable sum earned (and due in a few weeks time) I wouldn't risk it.


    Thanks YB, quite new to Egg Money so no cash back yet, in truth not sure how I would get cashback anyway. Really got the card just for moving stooze money which is why my eyes opened when I read sashacat's post.


    ...but I will be having a punt come late March.


    I have moved B/card stooze money already from Egg Money, (2 weeks ago), but cannot see any un-expected credit's on the E/M account. I have an Egg Savings account with very little in it, (because of the rate), do you think I should move the next £10k to that account? Although I would need to check that I can move it from there to another account other than what is already set up.


    Anyway,


    [/quote]BTW, when moving your £20K, remember to keep your transactions below £10K each.

    Thanks for this, will £10k be ok or should it be £9950 or similar?

    regards
  • YorkshireBoyYorkshireBoy Forumite
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    knights wrote: »
    Thanks for this, will £10k be ok or should it be £9950 or similar?
    4 figures is better, and of course would then be "below £10K". ;)
  • CannyJockCannyJock Forumite
    3.8K Posts
    Not come across any references to the limiting the sizes of the transfers from the Egg Money account, what's the thinking behind this? Got money about to appear in there shortly.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
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