Transferring money from your American Express account to a bank account depends on the type of American Express account you have. Are we talking about an American Express credit card, or an American Express Savings/Checking account? The process and implications are quite different! Let's explore both scenarios thoroughly.
Understanding Your American Express Account Type
Before we dive into the "how-to," let's clarify what kind of American Express account you possess. This is the most crucial first step, as it dictates the available methods and their associated costs and timelines.
American Express Credit Card: This is a line of credit that allows you to make purchases and pay them back later. Transferring money from a credit card to a bank account typically involves a cash advance or, in some specific cases, a balance transfer to another credit card (not directly to a bank account for cash).
American Express Savings or Checking Account: These are traditional banking accounts offered by American Express National Bank. If you have one of these, transferring money to an external bank account is a standard banking transaction.
Once you've identified your account type, proceed to the relevant section below.
Option 1: Transferring Money from an American Express Credit Card to a Bank Account
If you're looking to get cash from your Amex credit card into your bank account, you're generally looking at a cash advance. It's important to understand that cash advances are typically expensive and should be considered a last resort due to high fees and immediate interest accrual.
Step 1: Confirm Your Card's Cash Advance Eligibility and Limits
Before anything else, you need to verify if your specific American Express credit card allows cash advances and what your cash advance limit is. Not all Amex cards offer this feature, and even if they do, the limit might be a fraction of your overall credit limit.
Check your Cardmember Agreement: This document, usually provided when you open your account, outlines all terms and conditions, including cash advance details.
Log in to your Amex Online Account: Navigate to "Account Services" or "Card Benefits" to see if there's information about cash advances. You might need to set up a Cash Advance PIN if you haven't already.
Contact American Express Customer Service: This is often the quickest way to get definitive information. You can find their contact numbers on the back of your card or on the official Amex website. Explain your intent clearly to avoid any misunderstanding.
Step 2: Understand the Costs Associated with a Cash Advance
This is a critical step because cash advances are notoriously expensive. Be fully aware of the fees and interest rates before proceeding.
Cash Advance Fee: American Express typically charges a fee for each cash advance. This is often a percentage of the transaction amount (e.g., 3% to 5%) or a flat minimum fee (e.g., $10), whichever is greater. This fee is charged immediately.
Higher Interest Rate: Cash advances almost always come with a higher Annual Percentage Rate (APR) than regular purchases.
No Grace Period: Unlike purchases where you often have a grace period to pay off your balance interest-free, interest on cash advances typically starts accruing immediately from the moment the transaction is made. There's usually no grace period.
For example, if you take a $500 cash advance with a 5% fee and a 25% APR, you'll immediately be charged $25 in fees, and interest will start accumulating on $525 from day one.
Step 3: Initiate the Cash Advance
There are a few ways to get a cash advance, though direct transfer to your bank account isn't typically an option for credit cards in the same way it is for savings accounts.
Sub-heading: Via ATM Withdrawal
This is the most common method for obtaining a cash advance from a credit card.
Locate a Compatible ATM: Find an ATM that displays the logos of your credit card network (e.g., Plus, Cirrus). American Express cards are widely accepted.
Insert Your Credit Card: Follow the on-screen prompts.
Enter Your PIN: If you don't have a PIN, you'll need to set one up with American Express beforehand (see Step 1).
Select "Withdrawal" or "Cash Advance": The ATM may explicitly label it as "Cash Advance" when using a credit card.
Choose "Credit" Option: If prompted to choose between checking, savings, or credit, select "Credit."
Enter the Amount: Input the amount of cash you wish to withdraw, keeping in mind your cash advance limit and any ATM daily limits.
Confirm Fees: The ATM will likely display a warning about fees. Accept them to proceed.
Collect Cash and Receipt: The ATM will dispense the cash and a receipt. Keep the receipt for your records.
Sub-heading: Via Convenience Checks (Less Common for Amex, but good to know)
Some credit card issuers provide "convenience checks" that draw from your credit line. While less common for American Express credit cards to offer for direct cash advances, if you receive such checks, you could write one out to yourself and deposit it into your bank account. However, these checks are typically treated as cash advances and incur the same fees and high interest rates.
Step 4: Pay Back the Cash Advance Promptly
Due to the immediate and high interest accrual, it's crucial to pay back your cash advance as quickly as possible to minimize the interest charges. Payments made to your American Express credit card are usually applied to the highest interest balance first, so a cash advance would typically be prioritized.
Option 2: Transferring Money from an American Express Savings or Checking Account to a Bank Account
If you have an American Express Savings Account (like their High Yield Savings Account) or a Checking Account, transferring funds to an external bank account is a straightforward process, similar to how you'd move money between any bank accounts. This is typically done via an Electronic Funds Transfer (EFT) or Automated Clearing House (ACH) transfer.
Step 1: Log In to Your American Express Online Banking Account
Access your American Express banking portal through their official website. You'll need your username and password.
Step 2: Navigate to the Transfer Funds Section
Once logged in, look for options like:
"Transfers"
"Make a Transfer"
"Move Money"
"External Transfers"
The exact wording may vary slightly.
Step 3: Set Up Your External Bank Account (If Not Already Done)
If this is your first time transferring to this specific bank account, you'll need to link it. This typically involves providing:
Bank Name
Bank Routing Number (9 digits)
Your Bank Account Number
Account Type (Checking or Savings)
American Express will usually initiate small "micro-deposits" (e.g., two small amounts like $0.15 and $0.23) to your external bank account. You'll then need to verify these amounts back on the Amex website to confirm you own the account. This process usually takes 1-3 business days.
Step 4: Initiate the Transfer
Once your external account is linked and verified:
Select "From Account": Choose your American Express Savings or Checking account.
Select "To Account": Choose the external bank account you want to transfer funds to.
Enter the Amount: Input the amount you wish to transfer.
Choose Transfer Type: You'll usually have options for a one-time transfer or setting up recurring transfers.
Select Transfer Date: For one-time transfers, pick the date you want the transfer to be initiated. For recurring transfers, set a start date, end date (optional), and frequency.
Review and Confirm: Carefully review all the details of your transfer, including the "from" and "to" accounts, the amount, and the date.
Submit the Transfer: Confirm the transaction. You'll usually receive a confirmation number.
Step 5: Monitor the Transfer Status
After initiating the transfer, you can typically monitor its status within your American Express online banking portal.
Processing Time: Transfers from American Express Savings/Checking accounts to external bank accounts usually take 1 to 3 business days to appear in your external account. While Amex states funds will generally be available for withdrawal no later than the 5th business day after the deposit is initiated, external banks are often quicker, usually within one business day.
Availability: The funds will be debited from your Amex account immediately or on the chosen initiation date and will start/stop earning interest accordingly.
Important Considerations for All Transfers
Fees: As mentioned, cash advances from credit cards come with significant fees. Transfers from Amex Savings/Checking accounts to external banks typically do not have fees for standard ACH transfers. However, wire transfers (if offered and chosen for faster transfer) usually incur a fee.
Limits: There might be daily or weekly limits on how much you can transfer, especially for cash advances or large external transfers from savings accounts.
Security: Always ensure you're on the official American Express website or using their secure mobile app when initiating transfers. Be wary of phishing attempts.
Impact on Credit Score (Credit Card only): Cash advances increase your credit utilization ratio, which can negatively impact your credit score if not paid off quickly. They also signal a higher credit risk to lenders.
Transaction Records: Always keep a record of your transaction confirmation numbers.
10 Related FAQ Questions
How to check my American Express credit card cash advance limit?
You can check your cash advance limit by logging into your American Express online account, reviewing your monthly statement, or by calling American Express customer service.
How to avoid high fees on American Express cash advances?
The best way to avoid high fees on American Express cash advances is to avoid cash advances altogether. If you absolutely need cash, consider alternatives like personal loans, borrowing from friends/family, or using a debit card for funds already in your bank account.
How to set up a PIN for my American Express credit card?
You can typically set up or change your American Express credit card PIN by logging into your online account, visiting the "Account Services" or "Card Management" section, or by calling customer service.
How to track an American Express bank transfer?
You can track an American Express bank transfer (from a Savings or Checking account) by logging into your online banking portal and navigating to the "Transfers" or "Activity" section, where you should see the status of your initiated transfers.
How to link an external bank account to American Express Savings?
To link an external bank account to your American Express Savings account, log in to your online banking, go to the transfer section, and follow the prompts to add a new external account by providing the routing and account numbers. You'll then verify micro-deposits.
How to make a recurring transfer from my American Express Savings account?
Log in to your American Express Savings online account, go to the "Transfers" section, select your Amex Savings as the "from" account and your external bank account as the "to" account, and then choose the "recurring transfer" option, specifying the frequency, start date, and optional end date.
How to find my American Express Savings account routing number?
Your American Express Savings account routing number can usually be found by logging into your online banking account, on your account statements, or by contacting American Express customer service.
How to contact American Express customer service for transfer inquiries?
You can find American Express customer service contact numbers on the back of your card, on their official website under the "Contact Us" or "Support" section, or within your online account portal.
How to cancel a pending American Express bank transfer?
Whether you can cancel a pending American Express bank transfer depends on its status. If it's still "pending" and hasn't begun processing, you might be able to cancel it through your online account. If not, you'll need to contact customer service immediately.
How to get money from an American Express credit card without a cash advance?
While direct transfers to a bank account for cash are typically cash advances, some American Express credit cards may offer "Plan It" or "Pay It" features, allowing you to pay off large purchases over time with a fixed fee, or split purchases into monthly payments. These aren't direct cash transfers but offer flexibility for managing spending. You could also explore balance transfers to another credit card with a 0% APR offer, and then use that new card for purchases, freeing up cash from your regular bank account.
