Best way to transfer money to friends and roommates

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UPDATE: Square Cash beats Venmo. There's a turnaround for Venmo and an extra step to get it into your bank from Venmo. Square Cash is super simple and is available in your bank account instantly because it is handled like an ATM transfer.

Original:
I know Paypal sucks a bit because to get it to your bank account once received, you have to request a withdrawal and it can take days. I hear Square Cash can be same day as it has no "banking" of your funds to your Square profile unless you turn that feature on unlike Paypal. I guess potential downside is Square uses your debit or credit card rather than direct bank routing, but pretty much anyone with a bank account has the debit card for it so I don't care about that.

I don't know much about venmo or Google Wallet.

So yeah help me learn my good billing transferring apps and sites.
 
Do you have mobile banking?
Can't you just transfer funds from your account to your friend's account?

That's what I do. You just need their IBAN and you're done.
 
BennyBlanco said:
If you need to it be quick just go deposit money in their account in person at their bank.
Click to expand...
We're looking for a way to stop dealing with Cash and ATMs between our different banks and driving around
IvanJ said:
Do you have mobile banking?
Can't you just transfer funds from your account to your friend's account?

That's what I do. You just need their IBAN and you're done.
Click to expand...
I'm in America and don't think I've ever seen or heard of this method
 
Banks can sometimes have fees. Learn more about Venmo. It's pretty good. Bank transfers are free. Credit cards are like 3-4%.

If your bank has no fee, then just use that, though.
 
IvanJ said:
Do you have mobile banking?
Can't you just transfer funds from your account to your friend's account?

That's what I do. You just need their IBAN and you're done.
Click to expand...

Pretty much this. You can set up reaccuring payment or one time payments to other people this way. That's what I use for my utility payments and when I send money to family.
 
I have been super impressed by Venmo since my (younger) roommate suggested we use it to square up on rent. Fast, easy, reliable, convenient, no fees when used on a small scale.
 
DOWN said:
We're looking for a way to stop dealing with Cash and ATMs between our different banks and driving around

I'm in America and don't think I've ever seen or heard of this method
Click to expand...

I see. Sorry, not familiar with your methods?

Do your banks allow mobile phone apps for banking? Or even just PC web banking with a token?
 
Bank transfers are the easiest way.
If you bank with the same company it makes it even easier. My cousin and I are both on wells and I shot him over $300 via its mobile app in like 30 seconds for snowboard lift tickets.
 
I can do one time or recurring payment transfers directly from my account to another's external account (using account/routing number) through my Chase account as well as my credit union account. It's how I pay our in-home daycare provider.
 
FullMetaltech said:
Pretty much this. You can set up reaccuring payment or one time payments to other people this way. That's what I use for my utility payments and when I send money to family.
Click to expand...
Which bank are you thinking of? I know one of mine has it and one doesn't so I'm feeling like that's not a universal option for all my money transfer needs
 
If you aren't going to transfer electronically, write a check. They can deposit it at the bank or take a picture of it with their phone.
 
Does the US have etransfer? In Canada our debit system is run by a non-profit called Interac, so there are no fees for using debit cards (which have been the most common method of payment for probably 20+ years). Interac etransfers are from bank account to bank account. Some banks charge $1 for a money transfer (instant), others charge nothing.

If that option exists, you can automate it to be monthly, do it manually, etc. It does right into their account and all they need to do is type in a password/code you give them. Very convenient and works with all banks.
 
Venmo is quite easy. Just set up your banking account, add your friend/family member (like adding a friend on facebook) and transfer money. You and your friend can have different banks, does not matter. You don't need to know anything about their bank. I'm amazed how easy it and how the company can still be in business because everyone I know just make free transfers between checking accounts.
 
Venmo makes that kind of thing stupid easy, but it's contingent on everyone having an account already. Fortunately it's also pretty easy to sign up (just five or ten minutes if you have your bank info handy).
 
I've always just used Paypal out of familiarity. Doing some digging it seems like my bank website has an option to send money to "anyone with an email address". Using "Popmoney" which I've never heard of. I doubt anyone I know uses my bank or that system so idk

This is probably pretty green stuff but I just haven't ever really thought about using anything but paypal.
 
IvanJ said:
Do you have mobile banking?
Can't you just transfer funds from your account to your friend's account?

That's what I do. You just need their IBAN and you're done.
Click to expand...
Me and my sister both have PNC she needed money one night and I tried it and it took days to process :/ I ended up having no to just go withdraw cash at a ATM to give her the money she needed because she needed it right away.
 
ghostofsparta said:
Venmo is quite easy. Just set up your banking account, add your friend/family member (like adding a friend on facebook) and transfer money. You and your friend can have different banks, does not matter. You don't need to know anything about their bank. I'm amazed how easy it and how the company can still be in business because everyone I know just make free transfers between checking accounts.
Click to expand...

Venmo apparently earns interest on the money people keep in their venmo account (before its transferred to a bank). That's how they can get away with not charging fees
 
Everybody I know has switched over to Facebook Cash. Simpler than Venmo, you can see the history in group chats for events and whatnot, and it's not held in a wallet that you have to withdraw from.

Highly recommend it
 
This sounds like a strange thread to me. You guys don't have account transfers?

Every account has an IBAN and you just transfer it. That's it. It might take a day or two.

I dont even know what's facebook cash.
 
Randolph Freelander said:
In my day, you'd at least consider the notion of handing your roommate a thing called "cash." No middle man necessary.
Click to expand...

Cash is the middle man. More trouble to store and handle, having to worry about withdrawing and depositing it at the appropriate times, losing chunks of it to coin change for various reasons, having it burn a hole in your pocket (if you prefer a light wallet).

I'm sure there are pros and cons depending on your personality, but I have been so happy moving to a cash free existence.
 
True Savior said:
This sounds like a strange thread to me. You guys don't have account transfers?

Every account has an IBAN and you just transfer it. That's it. It might take a day or two.

I dont even know what's facebook cash.
Click to expand...

It is strange, but they are in the US.

I have just recently found out that their credit cards do not use PIN, but still use signatures.

(Sorry, not trying to talk badly about US, but it is shocking that a country so advanced in almost everything can be decades behind in simple stuff like this)
 
Square Cash is the best I've used. Transfers are typically instantaneous and you tie it to your debit card instead of directly to your checking account like with Venmo.
 
DOWN said:
Which bank are you thinking of? I know one of mine has it and one doesn't so I'm feeling like that's not a universal option for all my money transfer needs
Click to expand...

I can do that all with Chase. You can use their person to person payment system. I used to use this all the time to auto my dad for the phone bill before I moved onto my own account.
 
EMT (Email Money Transfer) is the easiest way to do it here (Canada). As long as you have internet banking, which almost everyone does now, the transfer is immediate. Some banks may charge a small fee, but I don't have any fees on my accounts so not sure how much it would be for those who do.
 
Fees for transfers, taking pictures of cheques, just how bad is the US banking system.
 
IvanJ said:
It is strange, but they are in the US.

I have just recently found out that their credit cards do not use PIN, but still use signatures.

(Sorry, not trying to talk badly about US, but it is shocking that a country so advanced in almost everything can be decades behind in simple stuff like this)
Click to expand...

To go slightly off topic: The US is still on signature rather than PIN largely because of the elderly population and those similarly technologically inept. It's been a daunting task trying to get that specific group in such a large country to get on board with a new system. People don't like change. Countries like Canada have successfully made the switch years ago, but that's only because we have about a tenth of the population of the US--it's not quite the same task to do a country-wide switch over of systems when you're (comparatively) that small.
 
I remember a time not so distant when no one trusted Facebook with some simple pictures or personal info. I see way too many trusting them with their bank accounts?!
 
If you guys all have smart phones try the "cash app".

You tie your debit card and you can send cash instantly. Always was used at my last job.
 
Do your country have something like this?

https://play.google.com/store/apps/details?id=se.bankgirot.swish&hl=en

"Swish allows you to send money to friends, companies and organizations using your mobile phone. It’s perfect for splitting a check at a restaurant, paying for a bargain at a flea market or for sending a gift to charity. You can also pay with Swish when shopping online or in mobile apps from companies offering Swish as a payment option. The money is sent directly into the recipient’s account, no matter which one of the participant banks they have.
Get started with Swish by downloading the Swish app and Mobilt BankID to your mobile phone. Then register for Swish through your online banking service. Once you have finished those steps your bank account is connected to your mobile phone number and you can begin sending and receiving money easily using your mobile phone. You can always be sure of whom you are making a payment to since the recipient’s name will be shown before you authorize the payment with Mobilt BankID."


C8gVEU62STWkr140UgLLt_TmwnX_80Fjhzj5IKuXuK-cHcB2O6k3sLjaFv1qCQGB=h900-rw


Swish is really awesome
 
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