![]() ![]() PayPal’s capabilities go well beyond P2P transfers. And because PayPal is well established, the recipient may already have an account. One of PayPal’s main advantages is its high transaction limit, making it a strong choice if you need to send big sums-say, for a car. Speed: One to three business days for funds to transfer from your PayPal balance to your bank account (or pay 1.5% for an instant transfer) dollars with a credit or debit card no fee for transfers from your bank account or PayPal balanceĭollar limit: Up to $60,000 per transfer (limits are sometimes lower for security reasons) no overall limit for users who have verified their identities But, she says, it’s worth asking the company to reverse the transfer if you’ve been scammed.įees: 2.9% plus 30 cents for transfers made in U.S. The app companies “take the position that you are not protected,” says Lauren Saunders, associate director of the National Consumer Law Center. Unfortunately, you may never get back money lost in such scams because you made the payment yourself. Or a crook may pose as someone you know and request funds from you. They’re an increasingly popular target for scammers who, for instance, trick users into sending money for goods or services that never materialize. Usually, transfers arrive quickly in the recipient’s app balance, though moving the funds from the app to a bank account fee-free may take a few days.īut peer-to-peer (or “P2P”) apps can also leave you more vulnerable to fraud. ![]() Instead, you share details such as a user name, an e-mail address or a phone number. You link your bank account, debit card or credit card to the app, so you don’t have to swap sensitive financial-account information with the other person in a transaction. Square Cash also allows you to discover users nearby using Bluetooth, lowering the possibility of sending beer money to the wrong John Smith.PayPal, Venmo, Zelle, Cash App and others make it easy to send and receive money. That higher fee can be a pain if you need to move a large amount of money quickly, but neither app charges anything for non-rush bank transfers, which typically occur the next business day. One downside to Square Cash is that it charges a 1.5 percent fee to instantly transfer a payment to your bank account, while Venmo only charges 25 cents. The app was downloaded more times than Venmo in July and, as of earlier this week, it ranked higher than Venmo in the Apple App Store in the free finance apps category.įor the most part, Square Cash and Venmo share many of the same features. Sure, all your friends may be on Venmo, but maybe not for long: Square Cash is quickly growing more popular. The app's interface is sleek and easy to use, and there's no weird newsfeed. If you have an Android device, or simply want a payment app that’s hardware neutral, Square’s Cash app works great. One downside: You can only use it to transfer money between Apple devices. It was also rated the best peer-to-peer payment app by Consumer Reports earlier this month, largely for its robust security protections. Apple Pay Cash, the iPhone maker’s Venmo-equivalent, requires two-factor authentication on your Apple ID to start making payments. But there are plenty of better options out there. If Venmo were the only cash-transfer app of its kind, then fine. ![]()
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