Apple Pay to chime
How come I can add cash on my Apple Pay from chime but I can’t add cash on Chime from my Apple Pay Instantly?
iPhone SE, iOS 15
Question marked as
Because it isn’t designed to do that; sending to a bank account from Apple Cash or any other source uses ACH (Automated Clearinghouse), which is not instantaneous. The transfer goes into a queue at the bank, where it is batch processed. Some banks are faster than others; if I transfer cash to my bank it is usually completed the same day. Transfers out of a bank account using ACH ARE near real time, because if they weren’t it would not be possible to confirm a transfer to cover a purchase in real time.
That’s why Apple offers to transfer instantly to a debit card, because debit card transactions are near real time in both directions. But there is a fee charged to transferring to a debit card, which is why Apple charges for using instant transfer.