How can I send money from my credit card to my bank account in India with the minimum in fees?

To send money from your credit card to your bank account in India with minimal fees, you need to be aware of the various methods and their associated costs. Here are some approaches you can consider:

Using Net Banking (If Available)

Some banks in India allow direct transfers from your credit card to your bank account through their net banking platforms. This method can be convenient but may not be available with all banks. Check with your bank to see if this option is available and what fees might be associated with it15.

Using Digital Wallets and UPI

Transferring money through digital wallets or UPI applications can help minimize fees. Here’s how you can do it:

• Add money to a digital wallet (like Paytm, Google Pay, etc.) using your credit card.
• Then, transfer the money from the wallet to your bank account. This method often avoids the high fees associated with direct credit card to bank transfers, but be cautious of any terms and conditions that might change25.

Avoiding Cash Advance

Using the cash advance facility on your credit card is generally not recommended due to high interest rates and additional transaction fees. This method should be considered only as a last resort25.

Peer-to-Peer Payment Apps (Not Recommended for India)

While peer-to-peer payment apps like PayPal, Cash App, and Venmo allow credit card transactions, they typically charge significant fees (e.g., 2.9% + a fixed fee for PayPal). These apps are not the best option for minimizing fees, especially for larger transactions4.

Steps for Using Digital Wallets

1. Choose a Digital Wallet: Select a digital wallet that allows you to add money using a credit card without charges.
2. Add Money to Wallet: Deposit money from your credit card into the wallet.
3. Transfer to Bank Account: Transfer the money from the wallet to your bank account.
4. Verify Details: Ensure all details are correct to avoid any errors or additional fees.

By using digital wallets or UPI applications, you can often avoid the high fees associated with direct transfers or cash advances, making it a more cost-effective option for transferring money from your credit card to your bank account in India.