We’re heading towards a cashless society. In this society we will all use digital technology. Transferring money and purchasing things will all be done with technology. When online banking was first introduced, we had to sit at our computers to do our banking. Now, the exact same system is on our smart phones and we have the ability to look at our accounts on-the-go. Here are the top 3 ways to transfer money with your smartphone.
Paypal is where the entire idea of electronic money transfer began. It is an online system where users can send or receive money. Over 90% of online retailers and auction sites offer this service to their clients. This makes it a lot easier to buy or sell goods. All you need is money in your bank account or a credit card and you can use this service
You can also transfer money to other banks worldwide. Usually, when transferring money for purchases, no service charge is included. If a trade involves transferring funds to other banks or other people’s accounts internationally, PayPal charges a small fee. Using this service is straightforward as long as you have money in your account and a credit card to pay with.
2. Google Wallet
Google is truly a name you can’t avoid. Conquering the net by being the number one search engine, the international conglomerate now has attributes you can use for money transactions. PayPal and Google Wallet are used to send and receive money from smartphones with no fees attached.
The process is really easy; provided that your Google account is linked to your bank account and debit card, you can begin transferring money without any issues. Even though the transaction limit is less than $10,000.00 per day, there is no service charge. The program also has features scheduled transactions which you can handle monthly, weekly, or bi-weekly. Literately, it handles your money for you.
This service is better when used on a smartphone, even though the money transfer can be created through the web interface. Described as a’digital wallet,’ Venmo may be used to transfer money to family and friends using their telephone numbers or email addresses (provided others have a Venmo account too ). Venmo is made for transactions involving credit cards.
A basic bank account or a debit/credit card account should be linked to the Venmo account, and when there’s absolutely no money in the account, then money will be taken from the linked accounts. However, the money transaction has a limit between $300 to $3000 a week. The drawback of Venmo is that it can’t be used to transfer money overseas or into some other currencies such as PayPal.