We are heading towards a cashless society whereby we are using digital technology to move money and to purchase things without even opening our wallets and taking out psychical money. When online banking was first introduced, we had to sit at our computers either at the office or at home to use the facilities.
Now, the same system has been implemented into our phones and we are able to check our accounts on-the-go. So, if you are still not familiar with the technology, here are the top 3 ways to transfer money with your smartphone.
1. PayPal
This is where the whole idea of digital money transfer started. PayPal is an online system where users can send or receive an unlimited amount of money right in the comfort of their home. Over 90% of online retailers and auction sites provide this service for their customers, making it much easier to buy or sell products. All you need is money in your bank account or credit card and you can use this service with ease.
You can also transfer money to other banks globally. Usually, when transferring money for purchases, no service fee is included, but when a transaction entails transferring funds to other banks or other people’s accounts globally, PayPal charges a small fee. Using this service is really simple as long as you have money in your account and credit card along with an authentic dealer that you need to pay.
2. Google Wallet
Well, Google is really a name you cannot avoid. Conquering the internet by being the number one internet search engine, the global conglomerate now has features you can use in terms of money transactions. Something like PayPal, Google Wallet is used to send and receive money from smartphones, and even pics without any charges.
The setups are really easy; as long as your Google account is linked to your bank account and debit card, you can start transferring money with ease. Although the transaction limit is less than $10,000.00 a day, there isn’t any service charge. The app also has features scheduled transactions that you can manage monthly, weekly, or bi-weekly. Literarily, it manages your money for you.
3. Venmo
This service is better being used by smartphones, although the money transfer can be made via the web interface. Described as a ‘digital wallet,’ Venom can be used to transfer money to friends and family using their phone numbers or email addresses (provided the others have a Venmo account as well). A service charge of 3% is made for transactions involving credit cards.
A basic bank account or a debit/credit card account information should be linked to the Venmo account, and if there is no money in the account itself, then money will be taken from one of the three accounts as aforementioned. However, the money transaction has a limit between $300 to $3000 per week. Unfortunately, the limiting part of Venmo is that it cannot be used to transfer money abroad or into any other currencies like PayPal.
Featured Image: depositphoto/© stuartmiles
Posted on May 22, 2023