Apple has yet to disclose how it will link to your bank account. Then, you can send money to any number of contacts using your phone. The service requires an Apple device and a bank account linked to it. And you won’t have to worry about overdraft fees if you use Venmo. If you have a Venmo account, you can use Apple Pay to make payments through iMessage.
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The app is free and works seamlessly with Apple Pay. If the recipient declines, the funds will be reversed back to your funding source. The problem with this approach is that you must wait for the recipient to accept the money before it can be transferred. iMessage paymentsĪpple is attempting to make iMessage payments as easy as sending money through Facebook Messenger. First, you need to add your friends to the app so they can use it as a payment method. However, this process is a little more complicated than making a transfer from Apple Pay to your bank account. Apple Pay users can also transfer money from Venmo to their bank account. Instant transfer from Apple Pay to Venmo has become a popular way to send money.
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However, when you use Venmo, you can send money to friends and family for free without paying a single penny. PayPal also charges a fee for credit card transactions. PayPal is free to use with a bank account, but you must pay a fee if you want to transfer outside the US. The other two services are free, but you must connect your bank account. If you don’t want to wait that long, you can use the instant transfer option to deliver your funds within a few minutes. You can transfer up to $1,500 every week. Venmo is free to use with a debit card and charges 3% for credit card transactions. However, you’ll have to wait a few days if your bank doesn’t support it. You can use Venmo for payments, but it’s faster to make purchases with Apple Pay. In addition to the security, Venmo has a more intuitive user interface, making it easier to use. However, if you need a universally accepted payment service, PayPal is the way to go. The differences between these two services are subtle, and your decision may depend on your needs. The difference between Apple Cash and Apple Pay is that a bank services Apple Cash, so the money you send through Apple Pay is federally insured up to $250,000, while Venmo and PayPal aren’t.
Once you’ve done that, you can transfer funds from Apple Pay to Venmo. You can then add a debit card to your Apple Wallet and try making a small transfer. To do so, you need to link your bank account to Apple Pay first. You can’t transfer funds from Apple Pay to Venmo directly.
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