Money transfer app?

[ebinmaine 67,520]

How do you folks transfer money between each other, family, businesses, whatever.?

 

I've been using PayPal for a number of years and I can't specifically say anything against it on my own right but I've heard others have had issues.

Friends of Trina's use venmo.

 

What else is out there?

 

Why do you use a specific app over another one?

 

 

[grinchsr 627]

Hi Eric    I have been using Paypal probably 15 years with no problems.  I would think that most on line buyers and sellers have Paypal over some of the other ones.

[ri702bill 8,325]

Ditto on Paypal. We have a dedicated share account tied to the Paypal - with less than $10 in it until I need to transfer a certain amount to it.. Not a good idea to tie a credit card to it. Paypal was hacked a few years back and some folks that used the Paypal as a savings account got wiped out - back then it was NOT FDIC insured - maybe now??

[Pullstart 62,900]

Another +1 for PayPal.  My wife has that, Venmo, Cashapp, etc.  Venmo I believe is owned by PayPal.  What’s the difference?  No idea.

[953 nut 55,256]

  PayPal is has been good to us. Ours is tied to a credit card and a checking account. Rather than giving out our bank account numbers or credit card number to a vendor Pay Pal is insulating us from being victimized. If we want to pay for a class or membership for our granddaughter it is quick and easy with "Friends and Family" payments.

When I was selling on  I didn't mind their fees because I wasn't having to wonder is some stranger's check was going to clear.

[sjoemie himself 3,068]

I know PayPal and use it but for most money transfers we (us Dutchies) use an app provided by our banks. Each bank has it's own app but it is no problem to transfer funds between on bank (app) to another.

 

For instance if we go out with friends and wish to split the bill we can send a payment request via our banking app through WhatsApp, that's known as a 'tikkie'.

 

PayPal I mostly use for purchasing items in neigbouring countries in the EU and or US.

 

Makes me wonder, do you not have banking apps for your smartphones in the US?

Edited October 26, 2022 by sjoemie himself
Added info

[Handy Don 12,232]

1 hour ago, sjoemie himself said:

Makes me wonder, do you not have banking apps for your smartphones in the US?

We do, but banking regulations are (mostly) state-by-state in the U.S.A. so at the beginning of digital banking's growth banks that were, at best, regional found themselves outflanked by PayPal which was national and then very quickly global. Apple Pay is growing steadily and a number of banks have tried to coalesce around Zelle but the "first mover" advantage that PayPal enjoys remains formidable.

[Pullstart 62,900]

There is Google pay and Apple Pay too, I think.  

[Pullstart 62,900]

1 hour ago, sjoemie himself said:

WhatsApp

That’s something we learned from our “German Kid” Jil when she was an exchange student 9 years ago.  It’s seeming to just take off as a mainstream here in the US as far as I know.

[WHX?? 48,820]

Yes most if not all banks over here have apps. Most have transfer networks but PP gets my nod.

Just have to be careful with PP as if you don't do it right they charge a fee. It's usually pretty small and not a big deal for paying for and getting paid for small horse parts. 

[lynnmor 7,307]

I might buy something with PayPal but I have quit taking it for sales.  They will send a 1099 when the sales exceeds $600 per year.  Think about it, I sell $601, make a few hundred in profit and now need to keep book to entertain the IRS, it ain't worth it for me.

[JoeM 7,874]

I looked into Venmo, got all the way through the application and read the fine print. The fees are and can be stiff. Backed out and I just stuck to PP. 

 

Other then the tractor stuff it is the only time I send money. If it is big bucks wire transfers from the bank. 

 

 

[Handy Don 12,232]

Just now, JoeM said:

If it is big bucks wire transfers from the bank. 

Yep, this is a good system. If you are a good customer of the bank, wires can be cheap or even free. Plus, you know your counterparty has a bank account which is a good thing.

[elcamino/wheelhorse 9,306]

Since I don't use any of that new stuff , write a check or better yet hand them cash works for me.

[Snoopy11 5,714]

5 hours ago, sjoemie himself said:

I know PayPal and use it but for most money transfers

Mind transferring some to me???

 

 

Don

[Evguy 556]

Paypal offers some protection if you avoid friends and family, the fee is fine for piece of mind. 
Anyone that requires venmo , friends and family only, or cashiers check is a red flag to me, it’s like cash. Scammers like it and use it to steal your money and vanish.
I will split the fee, depending. 
I know scammers are a problem in my other interests and people have lost money.

I’m in person cash transaction whenever I can.

my 2 cents.

[WHX?? 48,820]

1 hour ago, Evguy said:

Paypal offers some protection if you avoid friends and family, the fee is fine for piece of mind

What is this "protection " you mention Ev? I do the FF when sending money but they kinda hide it. No fee and no problems... so far knock on wood. 

Guy just sent me some money not FF for some hub work & parts. His bill was 60 bucks and I think it was a buck two bits they charged so no big deal. 

[JoeM 7,874]

6 hours ago, elcamino/wheelhorse said:

write a check

No way, a check has tons of all your info on one piece of paper. acc #, routing, legal address, just lack your social. 

Reserve checks for business transactions I am sure are legit.

[Evguy 556]

12 minutes ago, WHX?? said:

What is this "protection " you mention Ev? I do the FF when sending money but they kinda hide it. No fee and no problems... so far knock on wood. 

Guy just sent me some money not FF for some hub work & parts. His bill was 60 bucks and I think it was a buck two bits they charged so no big deal. 

It depends on whom I am dealing with, but they can hold funds if things go wrong.

I have done both depending.

[Snoopy11 5,714]

1 hour ago, Evguy said:

I will split the fee, depending

BBBBBAAAAAHAHAHAHAHA
 

I wish I would have known that when I paid for the 718-Z. I paid 45$ to Paypal just to send you payment fa' 'dat machine!!!  

 

Don

[WHX?? 48,820]

6 hours ago, elcamino/wheelhorse said:

Since I don't use any of that new stuff , write a check or better yet hand them cash works for me.

Cash is king yes Waldo but kinda hard when they are 900 miles away....

 

19 minutes ago, JoeM said:

No way, a check has tons of all your info on one piece of paper

Forgive him Father Joe he knows not he does... he's an old fart! 

[formariz 11,987]

For business or purchase transactions I use strictly PayPal since there are benefits and safe guards with it.  For transfers to and from family or friends such as casual reimbursements I find that Zelle is the fastest and most efficient method. It comes and goes directly from a bank account. No need to transfer anything.  I have also used Venmo in the past but find Zelle better. 

[johnnymag3 2,520]

10 hours ago, lynnmor said:

They will send a 1099 when the sales exceeds $600 per year

Thanks B1d3N

[WHX?? 48,820]

Zelle is what my bank has.... never tried it  ... may have to. 

[Zeek 2,286]

I have used Venmo to transfer to my daughter. Many large banks participate with Zelle. I handle fraud cases for a PD now in FL. Many cases I handle involve Zelle. I'm not saying Zelle is bad, but you have a better chance of response and protection on PayPal. Only LE can get info from Zelle, not the customer, it's just an app. At least that's been my experience. Personally, I either do a direct wire transfer from bank to bank or PayPal. Just my