PSA: Transfer Your Apple Cash Before Feb 18 to Avoid Higher Fees
Jesse Hollington
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If you’re an Apple Cash user, you might want to plan ahead, as Apple has quietly announced it’s increasing its fees for instant transfers next month.
While you’ll still be able to save money by using a traditional automated clearing house (ACH) bank transfer, which takes 1–3 days but carries no fees, the cost for Apple’s instant transfers that go via the debit card network are going up.
Right now, instant transfers cost 1.5% of the transaction amount, with a $0.25 minimum and a $15 maximum. That effectively results in a flat $15 fee for all transfers above $1,000.
However, after February 18, the rate will go up to 1.7% — a relatively slight increase — but the cap will be raised to $25, creating an even greater impact on larger transfers, where you’ll pay between $17 to move $1,000 and $25 to move $1,471 or more. The minimum fee will remain at $0.25, which only applies to transfers of around $15 or less.
| Transfer Amount | Current Fee (1.5%) | New Fee (as of Feb 18) |
|---|---|---|
| $100 | $1.50 | $1.70 (1.7%) |
| $500 | $7.50 | $8.50 (1.7%) |
| $1,000 | $15.00 (Maxed) | $17.00 (1.7%) |
| $1,500+ | $15.00 (Maxed) | $25.00 (New Max) |
These increases are in line with competitors such as Venmo and Cash App, which have also been edging their instant transfer fees upward in recent months. For example, Venmo now sits at 1.75% with a $25 cap.
Apple began sending out emails to notify customers about the fee increase today, but since the fees won’t be going up until February 18, that should give you plenty of time to beat the clock if you’re planning to transfer larger sums from your Apple Cash account — and need the funds fast.
Still, this is one area in which a little bit of planning and patience pays off, as ACH transfers to a linked bank account are and will continue to be entirely free. That’s not always an option, of course — especially in today’s economy — but it’s always worth keeping in mind.
There are also still no fees for using Apple Cash to send and receive money from friends and family members, which can be done right in Apple’s Messages app of using the new Tap-to-Cash feature that was introduced in iOS 18.
You can also use your Apple Cash card to make both in-store and online purchases via Apple Pay, and since iOS 17.4 Apple has offered the ability to create a virtual card number that can be used online anywhere that VISA debit is accepted. There are no fees to use it this way, even abroad; it originally carried a 3% foreign transaction fee when it was “Apple Pay Cash,” but that was dropped sometime between the rebranding to “Apple Cash” and the switch from Discover to VISA Debit for the payment processing.
There are also no fees to move money into an Apple Cash account, whether that’s Daily Cash from an Apple Card, electronic funds transfers from your bank, or payments you’ve received from others. That makes it a remarkably fee-free option, but just be aware that you’ll soon be paying a bit more for those times you want to need your money in a hurry.
While Apple recently announced plans to move the Apple Card credit card from Goldman Sachs to Chase over the next 24 months, Apple Cash is a separate system that’s been handled by Green Dot Bank from the start — despite the change of payment network — and there have been no indications that will change in the near future. Sadly, that’s also one of the reasons Apple Cash remains a US-only affair; expanding internationally requires Apple to find foreign banks to partner with, and most countries have a more complex regulatory landscape when it comes to banking and finance. It’s unclear if Apple has explored any other partnerships, but it’s been nearly a decade since Apple Cash launched, and we’ve heard no reports of any talks in that time, so it’s a safe bet it won’t be expanding beyond US borders anytime soon.
