Apple Cash users will now be able to use the Instant Transfer feature with both their MasterCard and Visa debit cards (via MacRumors). Support for MasterCard will allow more users to quickly transfer money from Apple Cash balance to their bank accounts quickly.
Apple Cash is a peer-to-peer payments service that works alongside Apple Pay. It also works across other Apple apps like Messages to transfer money to your contacts. A 1.5% percent fee (with a minimum fee of $0.25 and a maximum fee of $15) will be deducted from the amount of each Instant Transfer starting August 26, 2021.
We’ve made a couple of updates to Apple Cash.
Starting today, you can use Instant Transfer with MasterCard debit cards in addition to Visa debit cards. Instant Transfer is the fastest way to transfer money from your Apple Cash balance to your bank account.
Beginning August 26, 2021, the cost to make an Instant Transfer will change to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15. The Apple Cash Terms & Conditions have been updated effective today, August 5, 2021, to reflect the new pricing.
You can also transfer money to your bank account using ACH and receive it within 1 to 3 business days with no fee.
The instant transfer option also requires you to use the billing address that matches the address of the debit card you have selected. In addition to that, there are also limits to the minimum and maximum amounts you can transfer to your bank accounts.
The minimum amount that you can transfer to your bank account is $1. If your balance is less than $1, you can transfer your total balance as an exception to the minimum. The maximum amount that you can transfer per transaction is $10,000.
If you are not using Instant transfer, there are no fees incurred to transfer your money from Apple Cash to your bank accounts. In this case, you will receive the money within one to three business days as mentioned above.
Apple Cash is currently available only in the United States. Learn more on Apple's website.