9 online Free Ways Money Fund Transfer to your Friends and Family
Cash may be king, Here they are the 9 most reliable secured and trusted money fund transfer to your family, and friends either online or mobile platform, but it’s also old school. With more and more financial functionality available on mobile phones, Looked at nine different ways to online or internet money fund transfer between people using peer-to-peer (P2P) apps.
When it comes to security, all options claim to offer “bank-like” protection. But in addition to this important factor, users need to know the day-to-day benefits of each payment system.
Here’s what you need to know about these popular P2P payment types, including associated fees and what makes each option unique.
1. Google Wallet
Introduced in 2011, Google Wallet can send money to bank account? It was transfer gift card balance and the first P2P applications available. Beyond sending money to family and friends, making payments online or at checkout, Google Wallet also can be used to access loyalty cards, gift cards and some coupons that can be saved to the app by clicking “save to Google” online. Its click and pay feature can be used at a limited number of retailers, but users also have the option of using the Google Wallet card which can be used anywhere.
Payments can be made to anyone who has an email address and a Google Wallet account. It’s free to send money from your Google Wallet card or a checking account, however, payments from a credit card are accessed a 2.9% fee per transaction (minimum $0.30). By linking bank account information to the payment service, you can transfer your Google Wallet card balance to your bank account.
2. Square Cash
Popularized by merchants on the go using the Square Reader — a small card-swiping device that attaches to mobile phone jacks — the makers of the payment tool sought to give consumers the same level of fast cash accessibility through its Square Cash app. Users can send money to people via email or text message, and the unique thing about this product is that the recipient does not need the app to access the cash. Recipients simply log into a secure website and enter their account information to have funds directly transfer into their account within one to two business days. Another perk — all transactions are free.
Square Cash is only available in the United States and requires a debit card. The app cannot be used with credit cards, PayPal or ATM cards.
3. Chase QuickPay
Chase Bank, one of the nation’s largest brick-and-mortar banks, is an early adopter of mobile payment practices. They offer their customers Chase QuickPay, at no additional cost. In order to use the service (which is provided through the Chase moble app), at least one person in the transaction must have a Chase checking account. If you are sent funds but are not a Chase customer, you’ll need to create a Chase QuickPay profile and link it to your non-Chase bank account.
Unlike Square Cash which deposits funds directly into your bank account, Chase QuickPay requires users to “accept” funds.
Venmo allows users to transfer money to anyone with an email address or mobile phone number. Like Google Wallet, you can hold money in your Venmo account or deposit funds into your bank account. This type of transfer takes one to two business days, depending on when the transaction was initiated.
Transfers from your Venmo balance, bank account or debit card are free as long as accounts are from a major U.S. bank. Credit cards and non-major debit cards, however, are charged a 3% transaction fee.
Popmoney is integrated into many financial institutions’ mobile payment systems, such as TD Bank, Bank of America and Wells Fargo. You can log into your bank’s mobile app to send money directly from your bank account to someone else. Not a customer of Popmoney’s bank network? You can also sign up for a Popmoney account online.
There is a $0.95 fee associated with sending and requesting money, as well as limits for certain types of transactions; however, there is no fee imposed if your payment request was not paid.
If you are using Popmoney through your financial institution, check to see if there are additional fees your bank charges to use the service. In order to send or receive money, users must have a Popmoney account, but money is debited and credited directly into bank accounts with no intermediary accounts like Venmo, PayPal and Google Wallet.
As the app that has been around the longest and is the most heavily used, PayPal offers much of the same functionality as Google Wallet. You can use the service to pay for purchases online, send and receive money, and as a method of payment at a limited number of merchants.
In order to send and receive money, both users must have a PayPal account. There are no fees to send money from a bank account, however, money sent from a debit card will incur a 2.9% fee, plus a $0.30 USD fee of the amount sent. This fee also applies to requests for money. Unlike other P2P apps, PayPal does allow for international transfers, although the fees are higher for these transactions.
Started in 2012 in San Fransisco, Ribbon started off as a way for merchants to process payments faster. In 2014 the company started offering a way to make P2P payments by invitation. This app is online only and sends payments via email address.
In order to make a payment to someone, you can send an email. Ribbon users will have the money deposited into their account, and non-Ribbon users will receive instructions on how to deposit the money into their bank account.
To receive money, share your Ribbon profile with anyone who owes you money and they can make a payment to you whether they have an account or not. Cashing out your Ribbon account is made easy, as funds are deposited into your checking or credit card account.
Sending and receiving money with a debit card is free, but if you use a credit card, you’ll be charged 3% of the transaction. There is a monthly limit of $500.00 for unverified users to cash out, and verified users can cash out up to $10,000 per month.
8. Bank Transfer
Most banks with online services offer the ability to transfer money from one account to another, especially between accounts at the same institution. Because you’ll have to share your account and routing information, this type of payment is best for repeating payments, like rent, rather than having your friend pay you back for the pizza you split last Friday night.
Internal transfers between accounts are generally free, however, transfers of funds outside the bank are assessed a fee, depending on your institution’s policy. Contact your bank to learn about fees before initiating a transfer of this type.
It may be conventional, but cash does have certain advantages. Everyone takes it, and it’s easy to carry around. You also don’t have to worry about security breaches that could wipe out your checking account or max your credit card. If your phone or computer battery dies or there’s a power outage, you’ll still be able to buy things you need and repay people you owe.
While the apps above have their advantages, there is nothing like having a little cash on hand.