Apple Cash Instant Transfers now support Mastercard debit cards

Apple Cash
Apple Cash (Image credit: iMore)

What you need to know

  • Apple Cash now supports Instant Transfers with Mastercard debit cards for the first time.
  • Apple has made some changes to Apple Cash terms and conditions.

Apple has announced that it is making some changes to Apple Cash, adding support for Instant Transfers for Mastercard debit cards while also charging more per transaction.

The changes were announced in an email sent to Apple Card users, with the move to allow Instant Transfer with Mastercard debit cards the biggest change.

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.

Alongside that, Apple also announced that it will be increasing the cost associated with making an Instant Transfer to 1.5% up to a maximum of $15.

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.

Alternatively, Apple will also allow users to transfer their money to a bank account with no fee attached. The transfer could take up to 3 days though, so that's something to keep in mind here.

You can also transfer money to your bank account using ACH and receive it within 1 to 3 business days with no fee.

The Apple Cash (opens in new tab) website has all of the details for those who want to learn more, of course.

Have some Apple Cash burning a hole in your Apple Wallet? Head on over to our guide for the best iPhone and treat yourself!

Oliver Haslam
Contributor

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.

Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.

1 Comment
  • Is it US only? Unfortunately Japanese banks are very backwards compared to the West so will someone in a different country be able to take advantage of Apple Cash AND instant pay out?