Transferring cash to bank account

jules666

Sorry if this is covered elsewhere.
I have a 0% credit card and want to do a balance transfer to pay off a loan, but the company have said they can only do a transfer to another credit card. I've read on here about EGG money manager, I have an egg credit card with no balance at the mo. Can any-one tell me if I am able to get my my hands on this cash by transferring it to the EGG credit card and then moving to my bank account? Have read some info on the egg website, but I'm a bit confused as to how/if I can get this cash and only pay the one balance transfer fee from the existing credit card.
Thanks in advance.
Jules

CLAPTON

well yes
with egg card you can BT from your current a/c but you will pay a BT fee... so potentially ddepending upon your 0% card you may end up paying two BT fees

Milarky

CLAPTON wrote: »

well yes
with egg card you can BT from your current a/c but you will pay a BT fee... so potentially depending upon your 0% card you may end up paying two BT fees

There are still no BT fees on Egg Card (Visa) if there is no promotional rate on the transfer ('special offers') at the time. It's worth asking Egg if there is any SP on the month you want to transfer and if not the BT will only attract interest for the days during which there is a balance before the 0% transferred 'to' Egg eliminates it.

LittleVoice

Jules - Do you have an Egg Credit Card (Visa) or Egg Money card (Mastercard)?

If it is an Egg Money card, I think you can transfer money from there to a bank account (using BACS) or you may possibly need to transfer it to an Egg savings account first and from there to an external bank account.

So the trail of funds would be from your new CC account to Egg Money (to Egg Savings?) to bank account.

If that is what you wanted to do, perhaps someone else can confirm whether my understanding is correct.

YorkshireBoy

LittleVoice wrote: »

perhaps someone else can confirm whether my understanding is correct.

It's not necessary to go through Egg Savings.

With Egg Money, you use the 'Egg Money admin=>Transfer a balance=>current account/overdraft' facility. Alternatively, you can call or secure message them to ask for a BACS transfer to your current account.

With the Egg Card, you use the 'Move Money' feature to transfer a (ficticious) balance from your current acount overdraft.

jules666

Can I confirm when you say "Egg Money" is this just a normal account with EGG or a credit card? I'm not too sure what type of card my EGG CC is, but will check...

johnmoney05

1. Make sure your card is "Egg Money" card, not Egg card.
Egg Money = Master card (Blue Card) >>> (just noticed my Egg Money card changed to Green this year, but has the Egg Money sign on the card)
Egg card = Visa card (Green Card)
2. Ask your 0% credit card to transfer to your "Egg Money" card.
3. Secure message Egg to ask for a BACS transfer to your current account. Or you can withdraw cash from Cash Link machine.

Then you will only pay once BT fee. You don't need to pay the BT fee for your Egg Money card. I did it twice last year and it worked.

benf90

Just to clarify, it doesn't matter whether you have an Egg Card or Egg Money card. Many people on here (and stoozing guides) will say an Egg Money account is better, whereas in fact the normal Egg Card is better.

The following applies for credit balances:

Egg Money - if its a large amount (which it sounds as if this will be) then it gets processed as a balance transfer, taking 7 to 10 working days to credit your bank account.

Egg Card - they can send it to your bank account by BACS which takes 5 working days.

If your card balance with Egg is zero it doesn't really matter which card you have, it's just processed on their internal systems differently depending upon which card you have.

Give your Egg account (card) number to the other company. When it shows as a credit on your Egg account then just phone them up. They will transfer it straight away for you.

If you don't know which account you have with Egg.... Egg Card is Visa and Egg Money is Mastercard.


**Edit** A bit more info:

If it's Egg Money you have then there's no need to contact them. Just process the transfer yourself by going to Your Money > view next to Egg Money > Egg Money admin > Transfer a balance > Current account / overdraft.

If it's Egg Card then they will need to process the transfer for you (it will get to your account quicker this way and no charge for it). Either send a message to them through the website or call them. When they transfer it back by this method it gets sent to the same account that you have your Direct Debit set up on.

YorkshireBoy

benf90 wrote: »

whereas in fact the normal Egg Card is better.

Can I ask why you say that, since the Egg Card is not designed to carry a positive balance? I agree that £1-2K 'might' be OK, but I wouldn't want to create, and then move, a £15-30K positive balance as I have previously done with Egg Money.

If it's Egg Card then they will need to process the transfer for you (it will get to your account quicker this way and no charge for it). Either send a message to them through the website or call them. When they transfer it back by this method it gets sent to the same account that you have your Direct Debit set up on.

Is it not (still) possible to action a BT yourself via the 'move money' tab? So long as you're not in your introductory period or anniversary month, and there's no special promotion applying*, the BT (to your positive balance) is fee-free.


* Secure message/call them to find out.

benf90

YorkshireBoy wrote: »

Can I ask why you say that, since the Egg Card is not designed to carry a positive balance? I agree that £1-2K 'might' be OK, but I wouldn't want to create, and then move, a £15-30K positive balance as I have previously done with Egg Money.Is it not (still) possible to action a BT yourself via the 'move money' tab? So long as you're not in your introductory period or anniversary month, and there's no special promotion applying*, the BT (to your positive balance) is fee-free.


* Secure message/call them to find out.

I reckon its better because of the timescales. It takes 5 working days for it to credit a bank account if sent back on an Egg Card, but it takes 7-10 working days with an Egg Money card, so potentially the time you wait could be halved.

It can be processed as a BT online, but that would take 7-10 working days.

If you contact them directly they can send it back by BACS so it takes less time. If you're going to be checking if there is a BT fee you may as well get them to send it back by BACs.

Only credit balances can be sent back by BACS though.


As an added point, I know the Egg Card isn't designed to carry a credit balance, but it can do. Egg aren't like some other credit card companies that insist the balance is zero.

Before I had an Egg Money account and just had the normal Egg Card I would have to make purchases which were more than my credit limit. I simply preloaded the card in a similar way that would be done with Egg Money. The only real difference is they don't pay interest on credit balances with Egg Card.

YorkshireBoy

benf90 wrote: »

I reckon its better because of the timescales. It takes 5 working days for it to credit a bank account if sent back on an Egg Card, but it takes 7-10 working days with an Egg Money card, so potentially the time you wait could be halved.

It can be processed as a BT online, but that would take 7-10 working days.

The 7-10 days is straight from the T&C's/FAQ. In practice, and in my experience, Bt's to Egg Money (my preferred route to the stooz pot) take 3-4 days (including day of sending and day of arrival), depending on the time you put your request on. I've also sent money by BACS transfer requested with a CSA and this has not been any quicker.

If you're going to be checking if there is a BT fee you may as well get them to send it back by BACs.

Fair point, but many (inexperienced) stoozers prefer not to speak with CSA's. See below.

As an added point, I know the Egg Card isn't designed to carry a credit balance, but it can do. Egg aren't like some other credit card companies that insist the balance is zero.

I once had to undergo an interrogation as to why I'd muled £60K through my old Egg Card in 9 weeks, and it's not something I'd want to go through again. The advent of Egg Money means I won't have to.