transfer money from checking account to prepaid card online

You can typically transfer money from a debit card to a prepaid card via the debit card's connected bank account. Once the accounts are linked. It functions like a traditional checking account debit card, with the wire transfer before the consumer spots the scam), scammers may ask that money be. Moving money between Green Dot and Netspend prepaid cards can be done in person or online, either through a bank transfer, PayPal, Western Union or.

: Transfer money from checking account to prepaid card online

Transfer money from checking account to prepaid card online
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transfer money from checking account to prepaid card online

Transfer money from checking account to prepaid card online -

How Can I Transfer Money from Netspend to My Bank Account?

Prepaid debit card accounts like Netspend are popular for many reasons. Consumers often want to eliminate the risk to their personal bank accounts by paying for purchases with prepaid debit cards. These cards only have access to limited funds — the amount you choose to deposit — rather than the full amount in your bank account. In other cases, consumers need to reestablish a positive banking history before they can open a traditional bank account, or young adults use them to control their spending while they learn how to manage their money.

Online shopping and many other types of purchases require a debit or credit card, which makes some type of payment card a necessity in today’s world. As a debit card with either the Visa or Mastercard logo, Netspend cards allow you to deposit as much or as little as you want, giving you the freedom to make card-only purchases with a quick swipe. Here’s a quick look at how Netspend works hand-in-hand with your bank account.

Use Your Netspend Account to Pay for Purchases

Netspend provides customers with prepaid Visa or Mastercard debit card accounts without charging activation fees or requiring credit checks and minimum balances. Unlike prepaid debit gift cards, Netspend prepaid debit cards are attached to accounts with your name and address associated with them. The cards have your name printed on them along with an expiration date and security code, just like credit cards.

Although they operate a lot like credit cards, Netspend cards do not require a hard credit inquiry for approval, but you do have to verify your identity to receive a card. In addition to manually adding funds to the card, you can set up direct deposits into your Netspend account to give you quick access to paycheck funds via your card.

Send and Receive Money with Netspend

Once you set up a Netspend account, you can also send and receive money between Netspend, ACE Elite, Control and Purpose cardholder accounts. You can do this in several ways, including by setting up direct deposits and quick money transfers using FlashPay IDs.

If you have a PayPal account, you can transfer money from your PayPal account to your Netspend card and vice versa. For easy transfers, download the Netspend app and link the two accounts together in the Netspend app and in the PayPal app. Once you complete those steps, you can send and receive money from your PayPal account and use your Netspend card as a payment source for PayPal. Depending on your Netspend account, you may also be able to send and receive money using wire transfers through Western Union.

Transfer Money to Your Bank Account

Netspend prepaid debit cards are generally used to make purchases, which means it’s more common to transfer money out of your bank account to your Netspend card using the website or a mobile app. You link your accounts when you set up your Netspend account to enable instant transfers from your bank to Netspend. However, you can also transfer money out of your Netspend account to your bank account — with a little extra effort.

The workaround is simple, although it takes a few extra steps and possibly a few extra days. If your PayPal account is linked to your bank account, you can transfer funds from your Netspend account to your PayPal account and then transfer the funds from your PayPal account to your bank account. This process could only take minutes if PayPal doesn’t put a hold on the funds from Netspend, and you use the instant transfer option on PayPal (for a fee) to transfer the money to your bank. Otherwise, it could take several days to complete all the transfers.

Make sure you understand the rules and associated fees for making transfers at all three institutions: Netspend, PayPal and your bank. Some banks and financial institutions have daily transfer limits as well as fees for transfers, so making multiple transfers within a short time frame or transferring large sums within a short time frame could result in fees. Check with your financial institution before making any transfers.



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Having a prepaid card is a convenient way to pay for products and services whether in-store or online. Instead of carrying cash around, you just load your money on your prepaid debit card, making it safer and more practical.

You can also get your paycheck and government benefits on your prepaid card. The U.S. government has even used prepaid cards to send coronavirus stimulus payments to citizens with no available banking information in 2020.

With so many of us using prepaid cards, one commonly asked question is how to transfer money from a prepaid card to a savings or checking account? 

The first step in the process is to check if your card even allows you to transfer funds to your bank account in the first place.

Can You Transfer Money From A Prepaid Card To A Bank Account?

Yes. You can transfer money from a prepaid card to a bank account in almost all cases. But how you do it depends on what type of prepaid card you have. 

There are two types of prepaid cards:

Which One Do You Have?

Regular Prepaid Card

This is a card that can be used anywhere that credit/debit cards are accepted. If you have used your prepaid card at different places with no trouble, then you have a regular prepaid card. 

How to get money off your card?

We’ve found that the best way to do this is by using a remittance company like MoneyGram. 

If you don’t want to pay any fees, you can try this generic method. However, it’s more tedious and is not guaranteed to work.

Prepaid Gift Card

This type of card limits you to purchasing products and services from participating merchants e.g. Home Depot. 

How to get money off your card?

We’ve found that the only way to get money off a gift card is to sell it on special websites like CardCash.

How To Transfer Money From Your Prepaid Card To Your Bank Account Using MoneyGram

We struggled to find a simple, sure-fire way to move funds off our prepaid cards for a long time. One day, a helpful reader shared this clever hack that works with almost every prepaid card. 

Using a remittance service like MoneyGram, you can transfer money to your bank account quickly, cheaply and safely. 

Here Are Some Reasons Why We Love This Method:

Safe: MoneyGram has been around since 1940, and is the second largest money transfer company in the world.

Fast: Receive your money in minutes if you choose the Debit Card Deposit option.

Cheap: Fees are as low as $1.99. See our section on how their fees are calculated.

Reliable: Dozens of our readers have successfully used this method, and it appears to work for virtually any prepaid card.

Here are the steps to transfer money from your prepaid card to your bank account using MoneyGram:

Step 1: Sign Up For An Account At MoneyGram.Com

Go to the MoneyGram website and click “Sign Up” to create an account using your email address. You may have to provide some photo ID to verify that you’re a legitimate person.

Step 2: Navigate To The ‘Send Money’ Page And Fill Out Payment Info

Once you’re signed up, click on the “Send Money” option in the menu. You should see a page like in the screenshot above. 

On this page: 

  1. Enter the amount that you want to send
  2. Select Debit/Credit Card 
  3. Select the ‘Account Deposit’ option (or the ‘Debit Card Deposit’ option if you don’t see the ‘Account Deposit’ option. This will require that you have a debit card linked to the bank account you’re sending money to.

Step 3: Complete Your Bank Details

After clicking next, you’ll be taken to a page like in the screenshot above. Enter your Receiver’s details. This will be information like your name, address and account/debit card info.

Click ‘Next’. According to the MoneyGram website, many account deposits are completed within minutes, subject to banking hours and systems availability.

How Much Does It Cost?

You’ll pay a fee based on the amount you are sending. For amounts less than $200, MoneyGram charges you a base fee of $1.99. For amounts above $200, it charges $1.99 + 1% of the transferred amount.

For example, if you’re going to send $500, the fee will be $1.99 + $5, for a total of $6.99.

You can estimate the fee before you send the money by using the fee calculator on the MoneyGram homepage.

How To Save On The Transfer Fee?

If you are going to use this service regularly, you can save on fees by enrolling in the MoneyGram Plus Rewards.

With this program, you will save 20% on fees on your second transfer and 40% OFF on fees every fifth transfer.

If you’re transferring a large amount, then taking advantage of the MoneyGram Plus Rewards program will save you lots of money!

Is There A Limit When Transferring Money Using MoneyGram?

The limit for sending money online is $10,000 per transaction and up to $10,000 every 30 calendar days. 

If you need to send more funds, you’ll have to do it in person at one of the MoneyGram agent locations, however, according to the MoneyGram FAQ, most agent locations only accept cash.

How Long Does It Take To Transfer Money With MoneyGram?

All of MoneyGram’s transactions occur within the same day, including prepaid card transfers to your bank account. 

Ready to get your money off your prepaid card? Visit the MoneyGram Website to get started.

How To Transfer Gift Card Balances To Your Bank Account Using CardCash

Yes, you can transfer money from most prepaid gift cards to your bank account using a service called CardCash. 

Unlike most prepaid cards, gift cards are disposable and can only be used until the balance reaches zero while most prepaid cards are reloadable and can be used indefinitely. 

Thankfully, we’ve found one proven method for transferring money from your gift card to your bank account. 

You can use mobile payment services like CardCash (by PayPal) to transfer your money from your gift card or prepaid to your bank account.

The catch? It’s more expensive than just using the gift card or prepaid card to buy items. So make sure that it’s really the cash value that you want from the gift card.

To transfer gift cards to your bank account using the CardCash Option:

  1. Go to this page on the CardCash website
  2. Enter the gift card you have Ex: Walmart
  3. Enter the amount on the gift card Ex: $100
  4. Click “GET OFFER” and an offer for how much they will pay you will appear Ex: $88.00
  5. If you accept the amount, click “Get $88.00 Cash”
  6. There will be a pop-up window asking how you will like to get paid and choose PayPal Express
  7. Enter your gift card number and PIN and continue to connect with your PayPal account
  8. Log-in to your PayPal account and fill the required fields
  9. Click “Get my PayPal Balance
  10. Once the balance reaches your PayPal Wallet, you can now transfer the money to your bank account by following these steps on How to transfer from PayPal to my bank account?

How To Transfer Money From Prepaid Card To Bank Account (Step By Step)

The process is slightly different depending on each prepaid card but here’s a step by step guide that should apply to most cards:

Step One: Find Out If Your Prepaid Card Can Be Used Anywhere, Or Is Limited To Participating Merchants Only

Visit your prepaid card company’s website and look at the card’s features. Can it be used anywhere that regular debit cards are accepted? 

For example, certain cards have the following features: 

The Card can be used to purchase merchandise and services anywhere Visa debit cards are accepted in the United States.

However, other cards are only limited to participating merchants:

Your Card can be used to purchase merchandise and services at any grocery store, specialty foods store, food truck or online food retailer in the US where Visa debit cards are accepted.

If your card can be used anywhere in the United States (the first type of card), then you can move on to step two. Otherwise, read our section on transferring gift card balances to your bank account.

Step Two: Visit Your Prepaid Card’s Website To See If They Offer Transfers To A Bank Account 

Some prepaid card companies help you do transfers to your bank account through their website or app. So your first stop should be the website of your prepaid card provider.

Check Your Card Company’s FAQ Page

Here, they’ll usually have a  FAQ (Frequently Asked Questions) page. If your card company allows transfers, they’ll state it very clearly. 

For example, the Bank of America CashPay card says the following on their FAQ page:

…you may perform an Online Funds Transfer via the CashPay Customer Service website at (fee will apply) to transfer funds from your CashPay account to a traditional checking or savings account owned by you in the United States.”​

Not in the FAQ? Check Your Card Company’s Features Page

If you don’t find it on your card provider’s FAQ page, check the features and benefits page of your prepaid card. 

On the Netspend website, this information appears on the ‘Card Benefits’ page:

Have a bank account in addition to your Netspend Card Account? Link your financial accounts from participating bank accounts and you can transfer money between them and your Netspend Card Account.”

If your prepaid card company offers transfers to your bank account, then carry on to the next step. If it’s not clearly stated, then your best bet would be to try the MoneyGram method that we list below.

Step Three: Register Or Log-In To Your Prepaid Card Account

After finding out whether your prepaid card provider allows such a transaction, you can sign-up for an account or log in if you already have an account.

If you need to do registration, then you will need your prepaid card with you. After signing-up, you can use the log-in details for future transactions.

Step Four: Link Your Bank Account To The Prepaid Card By Providing The Routing Number And Account Number Of Your Bank Account

To perform the transfer, most prepaid card providers will ask you to link your bank account by entering your bank account’s routing number and account number.

Your routing number is a 9 digit number that tells you where your bank account was opened. One place to search for it is at the bottom of your checkbook.

It’s also known as your ABA or RTN number.

Make sure you have this ready. If you don’t have the routing number of your bank account, check with your bank’s website.

Most banks have a page where all their routing numbers are listed. Have a look at U.S. Bank’s website for example.

Step Five: Follow Additional Instructions From The Prepaid Card Company And Perform The Transfer Online To Your Bank Account

Every prepaid card provider will have a slightly different set of instructions so make sure to follow the instructions carefully.

At any point, if you’re unsure of what to do, your prepaid card provider should have a customer service hotline that you can call for help.

Here is an example of the detailed instructions provided by the Key2Benefits Prepaid Card website.

How Long Will It Take For The Money To Be Transferred To My Bank Account?

How long the transaction takes depends on your bank. Some transfers can be completed within a few hours or on the same business day.

For most banks though, it usually takes a few business days before you see the money in your account.

For example, if you have a Bank of America prepaid card and you are doing a transfer to your bank account for the first time, this could take up to 7 business days.

This is because you must create a new “transfer-to” account online, which can take up to 5 business days to authenticate.

After that, it can take another 2 business days to receive the money in your account.

If you use the MoneyGram method though, the money will arrive in your account within the same day. Even new accounts take less than a day to be verified.

Popular Prepaid Cards That Allow Transfers To Bank Accounts (With Instructions)

We get many queries about transferring funds from prepaid cards to bank accounts. So we’re able to see which cards most people need help with.

Here is a list of common prepaid cards in the United States and their exact instructions on how to transfer from the prepaid card to your bank account.

Bank of America CashPay Card

 If you have a Bank of America CashPay Card, whether it is a Visa or Mastercard, you can transfer funds to your bank account. If you have an originally-issued CashPay card, it is possible to perform an online funds transfer to a traditional United States savings or checking account that you own.

You have to pay corresponding fees and a minimum of $20 may be transferred.

  1. Go to the CashPay Customer Service website
  2. Register a “transfer-to” account before performing your first transfer. You can only have up to two (2) “transfer-to” accounts in your profile.
  3. After registration, you can sign in and select the “Transfer funds” link within your online Account Summary page.
  4. It takes 5 business days for your new “transfer-to” account to be authenticated before the transfer will be made.

Bank of America EDD Card

If you have the Bank of America EDD Prepaid Debit Card or the EDD Prepaid Digital Card, you can transfer money to your checking or savings account. You can also choose to perform a one-time transfer or a recurring direct deposit transfer to your bank account.

The EDD Digital Card is actually designed for people who prefer to directly transfer the funds to their personal bank account.

  1. Go to the Bank of America EDD Debit Card website
  2. Follow the instruction to set-up a one-time transfer or a recurring transfer for EDD Digital Cards
  3. If you enroll in a recurring transfer, the funds will automatically transfer to your bank account within 1-2 business days after the EDD deposits the funds to your Digital Card.
  4. Alternatively, you can also call Customer Service 1.866.692.9374.

Key2Benefits Prepaid Card

If you have a Key2Benefits Prepaid Card, you can transfer some or all of your balance to your personal savings or checking account. You need to have the Routing Number and Account Number of the bank account you wish to transfer into for you to complete the transaction.

  1. Log-in to
  2. Click on “Card to Account Transfer” in the left-hand menu.
  3. The Card to Account Transfer screen will appear.
  4. Type in the amount you wish to transfer.
  5. Type in your Routing Number.
  6. Type in your Account Number.
  7. Choose the Account Type.
  8. Enter the security code you see on your screen to verify this is a valid request.
  9. Click “Continue”
  10. Verify your information.
  11. Click “Submit”.

Netspend Prepaid Card (Visa, MasterCard, Skylight ONE)

A Netspend Prepaid Card will allow you to move money to your bank account, as well as to other Netspend cardholders. To transfer funds to your bank account:                                                

  1. Go to the Netspend Online Account Center
  2. Sign-up for an account and follow instructions to link your bank account.
  3. Fees for bank transfers will be determined by the bank.

Note that this service may not be available for some banks. You have to check with the bank if this is available if you run into any issues.

Other Visa Prepaid Cards

If you have a Visa Prepaid Card, the process on how to transfer money to your bank account will depend on the type of card you have. 

To transfer a visa prepaid to a bank account, you have to check with your prepaid card provider if this service is available.

Go to this link to find your prepaid card and visit the corresponding website:

At the time of writing, other Visa prepaid cards like smiONE, MyVanilla, US Money, and Green Dot do not provide clear information on their website whether this is possible. Therefore, you should use the MoneyGram method to transfer your money.

The Bottomline

The ability to transfer money from your prepaid card to your bank account will depend on the type of card you have. The best way to check whether your card has this feature is to check the customer service section of your prepaid card or gift card provider.

If transferring money to your bank account from your prepaid card is not available, you can try the options listed above such as using a money transfer service or mobile payment apps to move your money.

Did any of these methods work for you? What worked, and what didn’t? Let us know in the comments below!


Does Netspend Accept Wire Transfers?

Need to send or receive money from a family member, friend, or business associate? There was a time when the only way you could receive a wire transfer was through a traditional bank account. Although there are restrictions, you can send and receive transfers through a Netspend prepaid debit card.

Netspend accepts wire transfers to customers' accounts so users can access funds through their debit cards. There are also several options that customers have available for receiving or transferring money. Read on to find out more about how transfers work with this prepaid card option.

Key Takeaways

  • One way to receive money to a prepaid Netspend card is via direct deposit. That is available for paychecks and a range of government benefits.
  • Netspend customers may also transfer money from their own checking or savings account, or from their PayPal account.
  • Netspend debit card holders can also exchange money with other Netspend customers, as well as ACE Elite, Control, and Purpose cardholders.

Netspend: An Overview

Founded in 1999, Netspend is a provider of prepaid MasterCard and Visa debit cards. Netspend cards can be purchased at local retailers or large chains such as 7-Eleven, Walgreens, and CVS Pharmacy.

Unlike regular credit cards, there's no credit check required, no minimum balance, and no annual fees to pay. Consumers use their Netspend cards just like a regular debit card when they shop, pay bills, or need cash from the ATM.

How to Add Money to a Netspend Card

Netspend customers can load the cards in a variety of ways. That includes direct deposit of their paychecks, Social Security payments, tax refunds, unemployment benefits, and other forms of government assistance. Netspend cardholders can also transfer funds from virtually any of their own checking or savings accounts directly to their Netspend debit card accounts.

This is easy to do online. The cardholder adds the Netspend account as an external account to which they authorize fund transfers. A cardholder can also transfer funds using the bank account's debit card if it has either a Visa or Mastercard logo on it.

Netspend is not a checking or savings account, but a prepaid debit card that can be reloaded.

Transfers From Friends and Family

Netspend customers can also send money to other Netspend cardholders, as well as ACE Elite, Control, and Purpose cardholders. All you need to send money is the recipient's name and FlashPay ID. FlashPay, which works with these specific brands, is a service that allows people to transfer money to and from their prepaid accounts. FlashPay users can receive money—or send it—with just a few clicks.

Sending Money From Your Netspend Account

Netspend cardholders can also transfer funds from their PayPal accounts. This essentially works the same as a bank transfer. The cardholder links their Netspend and PayPal accounts, just as they would link a bank account to their PayPal account. Once linked, funds can be easily transferred from PayPal to Netspend. Netspend users can also transfer money back to their PayPal accounts in the same fashion, so it works both ways.

Some Netspend customers can also send or receive money via Western Union.

Limits and Availability

Bank and PayPal transfers have daily maximum limits that vary and may result in fees that originate from either Netspend, the customer's bank, or PayPal. Transferred funds usually become available in one to three days. For bank transfers, the customer may opt to have the funds available right away for an additional fee. This option is not available for PayPal accounts. Fees vary from bank to bank and depend on the type of transfer.


Transfer money in Apple Cash to your bank account or debit card

You can transfer money from your Apple Cash card instantly or within 1 to 3 business days.

How to transfer money to your bank or eligible debit card

When you transfer money from your Apple Cash1 card, you can either use a bank transfer to send funds to your bank account in 1 to 3 days or you can use Instant Transfer2 to send funds instantly3 to an eligible Mastercard or Visa debit card.

You can also send money to an individual in the Messages app.

Transferring your Apple Cash balance

Transfer instantly to an eligible debit card

First, make sure your iPhone or iPad has the latest version of iOS or iPadOS and add an eligible debit card4 in the Wallet app.

Then, make an Instant Transfer:

  1. Go to your card info:
    • On iPhone: open the Wallet app, tap your Apple Cash card, then tap the more button the more button.
    • On iPad: open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
  2. Tap Transfer to Bank.
  3. Enter an amount and tap Next.
  4. Tap Instant Transfer.
  5. If you haven't added an eligible debit card, tap Add Card and follow the instructions on your screen to add a Mastercard or Visa debit card.
  6. Tap > to select the debit card you want to transfer funds to and select the billing information for your chosen debit card.

Your funds should transfer within 30 minutes.

Transfer in 1 to 3 business days to a bank account

  1. Go to your card info:
    • On iPhone: Open the Wallet app, tap your Apple Cash card, then tap the more button the more button
    • On iPad: Open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
  2. Tap Transfer to Bank.5
  3. Enter an amount and tap Next.
  4. Tap 1-3 Business Days. If you don't have a bank account set up, follow the instructions on your screen to add one.
  5. Confirm with Face ID, Touch ID, or passcode. 
  6. Wait for the money to transfer. This can take 1 to 3 business days.

If you're under 18 years old and part of Apple Cash Family

Children less than 13 years old can transfer funds from their Apple Cash account to a bank account.1

Teens at least 13 years old can transfer funds to their bank account or an eligible debit card using Instant Transfer.

How to update your bank account information

  1. Go to your card info:
    • On iPhone: Open the Wallet app, tap your Apple Cash card, then tap the more button the more button
    • On iPad: Open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
  2. Tap Bank Account, then tap the bank account you want to update. 
    • To delete your banking information, tap Delete Bank Account Information. Tap again to confirm. After deleting, you can add your bank information again or add different information. 
    • To edit your bank information, tap next to your routing number or account number, add your information, then confirm the numbers and tap Next.6

After you update your information on one device, it automatically updates on all the devices where you're signed in with your Apple ID.

About transfer limits

You can transfer up to $10,000 per transfer and up to $20,000 within a seven-day period from Apple Cash to your bank account. You can only transfer your money to a bank account in the United States. There are no fees to transfer your money from Apple Cash to your bank account, unless you use an Instant Transfer.

Learn about account limits and person to person payment limits.

How to find your bank account number or routing number

Your bank account number and routing numbers are easy to find on your checks. If you don't have a check, you can call your bank and ask for this information.

Check that shows the routing number and account number

If you didn't receive your transfer

Check your bank statement to see if the transfer has been processed and deposited into your bank account. Bank transfers aren't deposited on bank holidays or the weekend. See holidays observed by the Federal Reserve on

If you don't receive an Instant Transfer after 2 hours, or you don't receive a 1 to 3 business day transfer after 3 business days, contact us.

If you think that you entered the wrong bank account or routing number, contact us.

If you can't transfer money

  1. Check for iOS, iPadOS, or watchOS updates.
  2. Make sure that your device is eligible to use with Apple Pay.
  3. Make sure that you have a Wi-Fi or cellular connection.
  4. If you're transferring money to a debit card, make sure it's an eligible debit card.

After each step, try to transfer money again:

  1. For 1 to 3 business day transactions, make sure that you added an eligible United States bank account and that you entered the correct account and routing numbers. If you enter the wrong numbers, the transfer might go to the wrong account.
  2. Instant transfers require you to use the billing address that matches your selected debit card.
  3. Check the limits. The minimum amount that you can transfer to your bank account is $1. If your balance is less than $1, you can transfer your total balance as an exception to the minimum. The maximum amount that you can transfer per transaction is $10,000.
  4. Make sure you aren't using accents when you enter your name.

If you still can't transfer money to your bank, you might need to verify your identity.

  1. You must be at least 18 years old and a resident of the United States to send and receive money with Apple Pay or receive the Apple Cash card, unless you're part of Apple Cash Family. These services are provided by Green Dot Bank, Member FDIC. Learn more about the Terms and Conditions.
  2. A 1.5 percent fee (with a minimum fee of $0.25 and a maximum fee of $15) is deducted from the amount of each Instant Transfer.
  3. Account security checks may require additional time to make funds available. Instant Transfers typically post immediately but can take up to 30 minutes.
  4. Only eligible for debit cards issued in the United States. If you aren't sure whether your card is eligible, contact your card issuer.
  5. When you aren't using Instant Transfer, there are no fees to transfer your money from Apple Cash to your bank account.
  6. Enter your bank information carefully. If you enter the wrong information, your money might go to the wrong account and may not be able to be recovered. If you need help, contact us.

Published Date: 


Easy Ways to Send Money Online Instantly

Peer-to-peer payment systems (also referred to as P2P payments) allow users to send and transfer money from their mobile devices through a linked bank account or card. This make splitting bills fast and painless and are relatively easy to set up. You choose who you are sending money to, the amount of the transaction, and the  reason for payment, then send. Depending on which P2P payment service you use, the time it takes for money to transfer can range anywhere from a few seconds to three business days. Some of the most popular P2P options are PayPal, Venmo, Zelle, Google Pay, and Cash App.

1. PayPal

👍 Benefits:

PayPal offers many different functions – with the most popular being payment services for online merchants and buyers. But PayPal also offers P2P money transfers for registered users. It’s free to send and receive money when you link a bank account, debit card, or prepaid debit card. 

👎 Drawbacks:

Transfers can take some time to move to and from your bank account to your PayPal account. Free transfers from PayPal to your bank account usually take one business day, but can take up to three to five business days depending on your bank’s clearing process.

2. Venmo

👍 Benefits:

Venmo is owned by PayPal, however the two apps are very different. Venmo is designed primarily to send money to friends, with an embedded social aspect. And, while you can sign in and access your account on the internet, it is a mobile-first experience.

👎 Drawbacks:

There are a few types of fees: one to send money via credit card, one e for instant cash-out transfers to your bank account, and a 1% fee if you want to transfer your Venmo funds instantly to your bank account. Otherwise, you’ll have to wait one to three business days to receive your funds for free.

3. Zelle

👍 Benefits:

Zelle can send and deliver money within minutes between bank accounts at different financial institutions. And unlike other P2P apps listed, Zelle’s service might already be on your smartphone. If your bank isn’t part of the network, Zelle is also available as a standalone app.

👎 Drawbacks:

You can’t send money to international bank accounts because Zelle only works with domestic banks. You also can’t use a credit card to send money –  a feature that’s available with other   P2P payment apps.

4. Google Pay

👍 Benefits:

Google Pay is unique in its integrations with other Google products, including Gmail. If you have a Google account, you are essentially already signed up for Google Pay. The app can be downloaded to Android and Apple devices and allows users to send each other money as well as pay retailers for goods and services.

👎 Drawbacks:

Google Pay doesn’t allow users to link credit cards as a form of payment and is only available in the United States. For U.S. territories, Google Pay is only supported if a linked debit card is issued by a U.S.-licensed bank.

5. Cash App

👍 Benefits:

Cash App has a wallet feature that allows you to send money from a linked account without holding funds in your digital wallet. Cash App recently added the ability to buy and sell bitcoins to the app as well, which gives it a unique feature compared to other P2P apps.

👎 Drawbacks:

There’s a 3% fee to send money via credit card and a fee for instant deposits. Cash App offers free standard cash outs — which take one to three business days to deposit to your linked debit card — but if you want an instant cash out deposit, Cash App will charge a 1.5% fee.


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