Have you ever made a purchase using the Buy Now Pay Later service Clearpay and wondered how to transfer those funds to your bank account? In this article, we’ll break down the various options for moving money from Clearpay and discuss the pros and cons of each.
By the end, you’ll have a clear understanding of whether transferring funds is possible and, if so, the best approach. Let’s get started!
How Does Clearpay Work?
Before we go into transferring money, let’s quickly recap how Clearpay functions as a Buy Now Pay Later provider.
When you make an eligible purchase through Clearpay at an online or in-store retailer, the payment is split into four equal installments to be paid every two weeks. Clearpay handles payment directly with the merchant so you receive your items upfront while paying off the balance over six weeks. This allows customers to spread larger purchases over time with no interest charged.
This is a brief example: If you spend $100 at a retailer using Clearpay, you’ll pay $25 every two weeks until the total is paid. Your first payment is due two weeks after purchase with the remaining installments coming every other Wednesday. Clearpay also offers a pay-in-full option if you want to settle the full amount right away without installments.
Can You Transfer Money Directly from Clearpay?
Unfortunately, there is no direct way to transfer funds from your Clearpay account balance to an external bank account. Since Clearpay isn’t set up as an alternative banking service, it doesn’t support withdrawals or depositing cash into other accounts. Any money you have remaining is used to pay off your existing installments as they become due.
If you wanted to access those funds earlier, your options are:
1. Pay off your balance in full. You can log into your Clearpay account online or via the mobile app and choose the “Pay in Full” option. This allows you to settle what’s owed for a purchase upfront instead of on the installment schedule. Once paid, those funds are no longer tied up in Clearpay.
2. Cancel future installments. If you’ve already paid the first installment but still have others due, you have the choice to cancel them. Clearpay will process a refund of the remaining balance which you can then deposit elsewhere. Keep in mind cancellation may impact your ability to use Clearpay in the future.
3. Contact customer support. As a last resort, you can reach out to Clearpay customer service and explain your situation to see if a one-time transfer is possible. But don’t expect them to make transfers a standard offering as it goes against their business model.
So in summary, while Clearpay balances can’t be directly transferred out, paying in full provides the quickest means of accessing funds to move to your bank account. Let’s now look at the steps to do so.
How to Pay off Your Clearpay Balance in Full
Now that we know paying in full is the most straightforward option, here are the detailed steps:
1. Log into your Clearpay account on their website or via the mobile app. You’ll need your Clearpay username and password.
2. Locate the purchase you want to pay off by viewing your transaction history. Select the purchase and tap or click “View Details.”
3. Select the “Pay in Full” button. You’ll see options to pay via cards, online banking or PayPal balance.
4. Enter your payment details like card number, expiration and CVV security code. Review details and submit.
5. Confirm your payment by checking email or text for payment confirmation from Clearpay.
6. Allow 1-2 business days processing time for the funds to be fully processed and available in your Clearpay account balance to use for future installments.
7.You can now withdraw the money by transferring it to your linked bank account or debit card.
It’s that simple to pay off your Clearpay balance promptly and retrieve funds for other financial needs. Just be aware it will show as a single larger payment on your statement.
Other Considerations for Transferring Clearpay Funds
Before making a large transfer out of Clearpay, here are a few other factors to keep in mind:
Transfer Fees: Check if your bank charges any incoming wire or ACH fees for deposits that could offset funds you transferred.
Order Cancellation: Completing payment may cancel any associated order. Ensure you’ve received goods before finalizing in full to avoid refund issues.
Clearpay Limits: Paying early means forfeiting installments which some use to build credit history over time. Consider timing of final payment.
Emergency Savings: Unless needed immediately, leaving a small Clearpay balance ensures funds are accessible if issues arise with a purchase later on.
Account Standing: Late or missed payments can damage your Clearpay and credit reports. Plan transfers carefully to avoid delinquency.
Weighing these points will help make the optimal choice for moving money from Clearpay to your bank while protecting your purchases and accounts in good standing. Communicate any concerns with Clearpay support as well.
FAQs About Transferring Clearpay Funds
Can you use Klarna to transfer money?
Yes, you can use Klarna to transfer money. Klarna enables money transfers through services like Sofort, allowing users to send funds securely and conveniently.
Can I withdraw partial funds from Clearpay?
No, Clearpay does not support partial withdrawals. You must pay off the full remaining balance owed for a purchase in order to transfer funds out of your account.
How long does it take for my bank transfer to process after paying Clearpay in full?
Once payment has fully processed in your Clearpay account, most bank transfers take 1-2 business days to complete. For immediate electronic transfers like PayPal, funds may be available the same day. Always check with your bank for specific timeframes.
Conclusion
Thanks for reading to the very end.
In summary, while Clearpay itself does not offer direct transfers to external accounts, customers have a few workarounds for accessing funds – primarily paying off purchases in full.
By following the simple steps outlined, you can promptly settle your Clearpay balance and transfer money over to your linked bank as needed. Just be sure to consider all related factors first like any transfer fees, order status, and maintaining account standing. With careful planning, paying off Clearpay can be a smooth process. Let me know if you have any other questions, by using the comment section to ask below.
