We’ve all been there; you’re getting ready to pay at the restaurant, but everyone only has their debit or credit card on them. Just a little while ago you really only had two options to pay. 1) You each have a separate check brought to you or 2) One friend pays and everyone else pays them back later. Well, that is no longer the case as different money transferring apps come out to instantly repay friends.
Venmo
Venmo was the first money transfer app that I heard of. It is free to download and free to send money from a debit card. There is a 3% charge for all transfers from a credit card. Receiving money is always free though! To get money from the app to your account you need to Cash Out. This app has a timeline like Facebook, which allows you to see transfers your friends, have made publicly.
Available for iOS and Android
Square CashSquare cash is another easy app to use. With Square Cash you are able to request money from friends by sending them an email and friends are able to pay you back right from the request. Transfers are easy and deposited directly into your account. Square Cash does not allow you to transfer from a credit card but it also doesn’t require you make an account. Just enter in your debit card info and you can start transferring and receiving money.
Available for iOS and Android.
Google Wallet
When you use Google Wallet, you can also send a request via email but it must be a Gmail. The set up process is also more complicated and there is a 2.9% charge for transferring money from debit or credit account. If you want to transfer money without being charged you need to set up a bank account on the app.
Available for iOS and Android.
PayPal
PayPal has been the longest competitior in this new wave of electronic tranfers. PayPal alo charges you 2.9% for each transfer from a debit or cradit card. PayPal however, works overseas and has a greater limit for the amount of moeny you are able to transfer over the app. PayPal also allows you to transfer money from the internet on any device.
Available for iOS, Android and Windows.
Local Bank Apps
Your local bank usually has their own apps making tranferring money to your friends easy. You are also able to see the balance on your accounts, too. Only problem is your friends have to use the same back to transfer them the money.
Before you start transferring money, make sure you get all the information on the method you plan to use. While some are more secure, other are faster, and others are cheaper. Each is unique in their own way, be sure you find one that fits your needs.
Photo Sources:
http://online.wsj.com/news/articles/SB1000142405270230453610457955807142…
http://poorstudentblog.com/free-7-from-venmo/
http://jumpinganaconda.com/wp-content/uploads/2013/10/square-cash.png
http://www.casinosformoney.com/wp-content/uploads/paypal.jpg