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3 Apps To Help You Transfer Money Between Banks

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3 Apps To Help You Transfer Money Between Banks

If you’re looking to transfer money from one bank to another, there are several apps that make this chord effortless. Through online banking, transferring money between bank accounts has been easier than ever before through the use of a few applications. By getting your payments in on time, you can even boost your credit score with a little help from these three apps.

Through these applications, you can access person-to-person payment tools that will link your checking account to the service and routing numbers the same way you can link accounts from separate banks. Here are some of our favorites.

Venmo

Venmo is becoming so popular that it has even been coined as its own verb. The phrase, “Venmo me” is as commonly thrown around as, “pay me back.” This app makes it extremely simple to pay people back on the spot, without having to worry about having the exact change or having any wait time.

The name “Venmo” stems from a combination of the words “vendere,” meaning “to sell,” and “mo” which is short for the word “mobile.”

After downloading the app, sign up for an account where you register your bank account and optionally a credit or debit card. These transactions if through your bank account, debit card or with Venmo balance money are free of charge. When paying a friend, Venmo will draw directly into your account.

It has become almost a social media platform in a way, as you can even make a caption of what the transaction is and your ‘friends’ can like and comment on these transactions, although they won’t see the amount. Venmo asks you to put the reason for the payment, so it can be really entertaining making up fictional reasons for payments.

When you are paid through Venmo, it will show up as you Venmo balance, and you need to request to withdraw those funds from the app into your account.

Google Pay

The Google Pay app is a new smartphone payments platform. This app is made up of a few different parts.

Google Pay is a digital wallet that allows users to send or receive money through the payment system, similarly to Venmo. You can also store your credit card and debit card information into the application, allowing you to use your phone to pay for items in store without ever swiping a credit card. This is done through an embedded near-fields communications chip (NFC) which is the same system used in credit cards.

You can use the Google Pay option at checkout to save time and avoid physically damaging or losing a credit card.

Square Cash

Square Cash is an application common for businesses, but also available for personal use. Deposits enter your account instantly, free of a transaction free for personal use. If you’re a business owner, you pay 2.75% per transaction, and the service is free for you customers.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

Posted-In: Google Pay Square Cash VenmoEducation Tech Personal Finance General Best of Benzinga

 

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