Hey there! Ever found yourself wondering how to move money around from your American Express account? Whether you're looking to pay a friend, settle a bill, or just get cash into your bank, American Express offers a few different avenues. It's not always as straightforward as a typical bank transfer, especially with credit cards, so let's dive into the details and get you sorted!
Understanding American Express and Money Transfers
First off, it's crucial to distinguish between different types of American Express products. Are we talking about an American Express credit card, a prepaid card, an Amex savings account, or perhaps their new checking account? The method for transferring money drastically changes depending on what you have.
American Express Credit Cards: These are primarily for making purchases, and transferring "money" directly from your credit limit to a bank account often falls under a "cash advance," which can be very costly. However, Amex has introduced features to make P2P (person-to-person) payments easier.
American Express Savings/Checking Accounts: These function much like traditional bank accounts, making transfers to external bank accounts relatively straightforward.
American Express Prepaid Cards (like Serve): These accounts allow for direct deposit and bill payments, and in some cases, transfers to linked bank accounts.
For the purpose of this guide, we'll primarily focus on transferring money from your American Express credit card using the most common and often most beneficial methods, as well as briefly touch upon options for Amex savings/checking accounts.
Step 1: Determine Your Goal and Amex Product
Before you even open an app or log in, let's figure out what you're trying to do and what kind of Amex account you're using.
Are you trying to send money to a friend or family member?
If so, is it from your Amex credit card?
Or from an Amex savings/checking account?
Are you trying to pay a bill that doesn't directly accept Amex?
Do you need to get cash into your own bank account?
Is this from your credit card (a cash advance)?
Or from an Amex savings/checking account?
Understanding your specific need will guide you to the correct, and most importantly, most cost-effective method.
Step 2: Transferring Money from an American Express Credit Card (via Send & Split)
American Express offers a feature called Send & Split that allows eligible cardholders to send money to Venmo or PayPal users directly from the Amex App. This is often the best way to send money from an Amex credit card without incurring standard cash advance fees.
Sub-heading: Eligibility and Enrollment
Check Eligibility: Not all Amex cards are eligible for Send & Split. Generally, it's available for US-issued Basic Consumer Cards that are issued by American Express National Bank and are not cancelled. Prepaid, Corporate, Small Business Cards, and Amex-branded cards issued by other financial institutions are typically not eligible. You'll need an email address on file with Amex.
Enroll in Send & Split:
Open the Amex App: Log in to your American Express App on your mobile device.
Navigate to Send & Split: Tap on the "Account" tab (or similar, depending on your app version) and then select "Send & Split." You might also find it by swiping through your accounts on the Home tab.
Agree and Enroll: Review the "How it Works" content and then tap "Agree and Enroll."
Link Accounts: You'll need to link your Venmo and/or PayPal account. If you don't have one, you'll be prompted to create one.
Sub-heading: Sending Money from the Amex App
Once enrolled and linked, you can send money to any Venmo or PayPal user (they don't need to have an Amex Card).
Go to Your Amex Send Account: In the Amex App, navigate to "Account" > "Send & Split" > "Send Money."
Enter Payment Details: Select the contact you want to send money to (you can choose from your device contacts or enter manually). Enter the amount you wish to send.
Add Money to Send Account (if needed): If you don't have enough balance in your Amex Send Account (a stored balance account created automatically when you enroll), you'll be prompted to instantly add money from your Amex Card. This is a crucial step! When you add money to your Send Account from your eligible Amex Card, it's generally treated as a purchase and does not incur a cash advance fee. However, these transactions do not earn rewards.
Complete the Payment: Confirm the details and complete the transaction. The recipient will receive the money in their Venmo or PayPal account right away.
Important Note: While adding money to your Amex Send Account is typically treated as a purchase and avoids cash advance fees, interest may still accrue if you don't pay your credit card bill in full by the due date. Always check the terms and conditions.
Sub-heading: Sending Money from Venmo or PayPal App
You can also initiate the transfer from the Venmo or PayPal app itself, but you'll still need to manage your Amex Send Account balance first.
Add Money to Amex Send Account in Amex App: Ensure you have sufficient funds in your Amex Send Account by adding money from your Amex Card through the Amex App (as described in the previous section).
Open Venmo or PayPal: Go to the app you wish to use.
Initiate Send: Proceed to send money as you normally would (select recipient, enter amount, add a note).
Select Amex Send Account as Payment Method: Before completing the payment, change your payment method to the "Amex Send Account." This option will appear if your Amex Send Account is linked and has sufficient balance.
Complete Payment: Confirm and send.
Step 3: Transferring Money from American Express Savings or Checking Accounts
If you have an American Express Savings or Checking account, transferring money to an external bank account is a standard process, similar to any other bank.
Sub-heading: Online Transfers
Log In to Your Online Account: Access your American Express Savings or Checking account online.
Initiate a Transfer: Look for an option like "Make a Transfer" or "Transfer Funds."
Select Accounts:
From Account: Choose your American Express Savings or Checking account.
To Account: Select the external bank account you wish to transfer to. If you haven't linked it before, you'll need to add it. This usually involves providing the external bank's routing number and your account number. Amex may require verification of this external account, which can involve small "micro-deposits" that you'll need to confirm.
Enter Amount and Date: Specify the amount you want to transfer and the desired processing date (for one-time transfers) or set up recurring transfers.
Review and Submit: Double-check all the details before confirming the transfer. You'll usually receive a confirmation number.
Processing Time: Transfers to external bank accounts typically take 1-3 business days to appear. Always allow for processing time.
Sub-heading: Mobile App Transfers
The American Express App also allows you to manage transfers for your savings and checking accounts, mirroring the online process.
Open the Amex App: Log in to your American Express App.
Navigate to Transfers: Find the "Transfer" or "Move Money" section.
Follow On-Screen Prompts: The app will guide you through selecting the "from" and "to" accounts, entering the amount, and confirming the transfer, just like the online portal.
Step 4: Understanding Other Options and Considerations
While Send & Split is generally the recommended method for credit card transfers, it's important to be aware of other options and their implications.
Sub-heading: Cash Advances (Generally Not Recommended from Credit Cards)
A cash advance allows you to withdraw cash directly from your credit card's available credit limit at an ATM or bank.
High Costs: Cash advances are very expensive. They typically come with:
High Fees: Often a percentage of the transaction amount (e.g., 3-5%) or a flat fee, whichever is greater.
Immediate Interest Accrual: Interest starts accruing immediately from the transaction date, with no grace period, and at a higher APR than regular purchases.
Impact on Credit Score: A cash advance can also negatively impact your credit utilization, potentially lowering your credit score.
Unless it's an extreme emergency, avoid cash advances from your American Express credit card.
Sub-heading: Third-Party Payment Services (with caution)
While Amex has its own Send & Split feature, you might be tempted to use other third-party services like Venmo or PayPal directly by linking your Amex credit card.
Credit Card Fees: If you try to send money via these platforms directly from your credit card (without using Amex Send Account), you will typically incur a fee (often around 3%) because the transaction is processed as a cash advance or a similar cash-equivalent transaction. This is why Amex's Send & Split is often preferable, as it aims to bypass this fee.
Step 5: Verify and Track Your Transfer
Regardless of the method you choose, always verify and track your transfer.
Confirmation: After initiating a transfer, ensure you receive a confirmation message or email. Note down any confirmation numbers.
Check Statements/Activity: Regularly check your American Express account statement or activity log to confirm the transfer has been processed correctly. For bank transfers, also check your receiving bank account.
Recipient Confirmation: If you sent money to another person, confirm with them that they have received the funds.
Frequently Asked Questions (FAQs)
How to transfer money from American Express credit card without fees?
The primary way to transfer money from an American Express credit card without incurring standard credit card fees (like cash advance fees) is by using the Amex Send & Split feature to send money to Venmo or PayPal users. When you add money to your Amex Send Account within the Amex App, it's typically treated as a purchase and avoids those fees.
How to send money to another person from my American Express account?
You can send money to another person using the Amex Send & Split feature through the American Express App, which allows transfers to Venmo or PayPal users. If you have an American Express Savings or Checking account, you can perform a standard bank transfer to their linked bank account.
How to link a bank account to American Express for transfers?
To link an external bank account to your American Express Savings or Checking account for transfers, log in to your Amex online account or app, navigate to the "Make a Transfer" or "Add Account" section, and provide your external bank's routing and account numbers. Amex will usually initiate small "micro-deposits" to verify the account.
How to transfer money from American Express savings account to another bank?
Log in to your American Express Savings account online or through the Amex App. Select "Make a Transfer," choose your Amex Savings account as the "From" account, and the external bank account as the "To" account. Enter the amount and confirm the transfer.
How to avoid cash advance fees when transferring money from Amex?
Utilize the Amex Send & Split feature. When you "add money" to your Amex Send Account to then send to Venmo or PayPal, it is processed as a purchase on your credit card, thereby avoiding cash advance fees.
How to check my Amex Send Account balance?
In the American Express App, go to "Account" > "Send & Split" > "Manage Balance" to view your Amex Send Account balance.
How to set up recurring transfers from my American Express savings account?
When initiating a transfer from your American Express Savings account online or in the app, you'll typically have an option to set the frequency to "recurring" instead of "one-time." You can then specify the start date, end date (if any), and transfer frequency.
How to receive a direct deposit to my American Express account?
If you have an American Express Rewards Checking or a Serve prepaid account, you can set up direct deposit by obtaining your account and routing numbers from the Amex App or online account (usually in the "Direct Deposit" or "My Profile" section). Provide these details to your employer or benefits provider.
How long does it take for money to transfer from Amex to my bank?
Transfers from American Express Savings or Checking accounts to external bank accounts typically take 1 to 3 business days to process and appear in the recipient account. Transfers via Amex Send & Split to Venmo or PayPal are generally instant.
How to cancel a money transfer from American Express?
Once a transfer (especially via Amex Send & Split) has been completed and funds are available to the recipient in their Venmo or PayPal account, you generally cannot cancel the transaction. For pending transfers from American Express Savings/Checking accounts, you might be able to cancel if it hasn't started processing; check your account's transfer history or contact Amex customer service immediately.
