Users of Apple Pay and Apple Pay Cash have been notified about changes coming to Apple Pay Cash with iOS 12.2 and watchOS 5.2 software updates with addition of Instant Transfer.
With Instant Transfer, you can now transfer money from your Apple Pay Cash balance to an eligible Visa debit card in Wallet. Instant Transfers generally are processed within minutes of your request, but could take up to 30 minutes. A 1% fee (with a minimum fee of $0.25 and a maximum fee of $10) is deducted from the amount of each instant transfer.
You can still transfer money from your Apple Pay Cash balance using an ACH bank transfer and receive it in your bank account within 1-3 business days. There are no fees to transfer money from Apple Pay Cash to your bank account using an ACH bank transfer. To learn more about Apple Pay Cash transfers, click here.
What’s more, starting on March 25, App will no longer support using credit cards to fund person-to-person payments. The tech giant says this will ensure Apple Pay Cash customers never have to worry about cash advance fees that may be charged by issuing banks. You can continue to send money for free with Apple Pay, with no fees at all, using your debit card or your Apple Pay Cash balance.