Best way to transfer money to friends and roommates

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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.
That shouldn't have stopped them, as we (in Canada) can still use the old swipe and sign method as well; it's just that (almost) no one does that anymore now that the cards have chips and tap as well.
 
Fees for transfers, taking pictures of cheques, just how bad is the US banking system.
Part of the problem might be the number of banks that exist in the US. In Canada, you have the big five banks that handle 99% of the population so while the country is much smaller, the banks on average are much bigger and (seemingly) more willing to work together.
 
But doesn't it have an unique account identifier?

yes. we have account and routing numbers. Bank account to bank account transfers either on an online bank website or through a given banking app are quite easy. And I've never been charged for transfers like that...maybe it is just my banks?
 
I believe Chase has this for example, but when sending to another bank out of network there's a fee

My friends and I use chase quick pay (most have chase accounts) or Venmo. But back when I was in charge of bills, my roommates wrote me checks and I deposited via the mobile app
 
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 seriously doubt that's the case. EU managed to switch over its 500+ million people (of whom there are certainly a lot of elderly), yet the US cannot do it with about half that number.

Most of what I read is that the banking sector makes more money by denying technology, as per WalMart lawsuit against Visa recently
http://www.vox.com/2016/5/12/116574...t=chorus&utm_medium=social&utm_source=twitter

Sorry for the off topic.
 
I would check to see if your online banking allows you to link accounts. Officially it is suppose to be used for external bank account(s) you also own, but I have used it for friend's checking account. There is a daily and monthly transfer limit once it is established, but no fees required, takes about 3-5 working days though. I would recommend doing this only with people you trust.
 
In the UK there's Barclays PingIt which is really easy to use.

My only annoyance is that more people don't have it or think that they can't get it because they don't bank with Barclays.
 
What bank are you with? Bank of America allows you to make transfers under $1500 by just sending it to the email tied to their specific bank accounts. I was able to pay back my friend for TI tickets using that and we had no issues on either end.
 
Google Wallet is fast, free, and deposits to your account happen within a day in most cases.
 
America has thousands of banks and they don't seem to work together.

The UK has a lot less banks and heck with Barclays I can tweet and send someone money.
 
A big question to Venmo users.

If someone across states offered to buy something from me through Venmo, can I trust him? Is there a way for him to get his money back when my item ships to him?

I never used Venmo, but I have used PayPal with their Family option.
 
A big question to Venmo users.

If someone across states offered to buy something from me through Venmo, can I trust him? Is there a way for him to get his money back when my item ships to him?

I never used Venmo, but I have used PayPal with their Family option.

Personally I've only ever used venmo when I'm paying friends.

I'd use paypal for transactions with strangers. I think the protections are better
 
Venmo is what you're looking for.

I've transferred like $500 one time..

Actually, I'll say that Google Wallet is better. It's basically immediately done. I've done plenty transfers though that as well.
 
I used to hate PayPal, but now I'm kind of happy with PayPal since they redid their whole interface. Sending money with PayPal is really easy now, and it's free with no charges.

I also use VenMo with some friends because that's what they have. I think the interface is ugly, but the app works. I also like that man ypeople don't know that your transaction history can be public. I have this one ex-girlfriend who shows up on my feed (FB friends), and she was so scatterbrained, and it's good to see that hasn't changed... every week she's paying a friend of her's for like "borrowed money when I lost my card," "lost my CC and paying money back," "forgot my card and you paid for dinner," it's the same old shit.

Your bank can probably also do free transfers between banks. It treats it like an e-check, as if you're paying a biller. It works with my bank and my old roommates, and they used to pay me that way. It'd still take 3 - 5 days to clear usually.
 
I'd say bank wire transfer but I read that that's not regulated well in the US? We can do it for free in Europe and it's pretty fast, especially now with IBAN.
 
The verdict is Square Cash is the best in the USA. Totally instant, which isn't quite the case with Venmo or the other alternatives. For business and international transfer, PayPal is your guy.
 
Venmo or bank transfer. Bank is instant, venmo has a one day turn around.
 
Venmo or bank transfer. Bank is instant, venmo has a one day turn around.

Venmo Venmo Venmo
Nah. Square Cash has no turnaround. The funds are instantly available from your bank and there's no extra steps. If someone pays you, the money is in your bank. That's it. Venmo has a worse interface with more steps and social feeds and has to be transferred to the bank after someone pays you, which can take anywhere from 1-5 days.
 
Have you tried cash-in-wallet? You don't even need an app, or even any internet connection.

What you do is, take the printed bank notes that your country uses for legal tender, and place them in a wallet (Wallets can be purchased at department stores, and come in a variety of fashions). When you see the person you need to transfer the money to, simply pull out your wallet, select the desired amount of currency, and physically place it in your friend/roomate's hands.

Old man yells at cloud
 
I've been using google wallet for several months now. Have no complaints about it. Does take a day or so to transfer cash to your bank, but that's not an issue for me.

Still might give square cash a go due to the positive impressions. The tough part is convincing everyone else in your group to switch to a new app.

Had a bad experience with paypal years ago so I won't touch their app or venmo.
 
I've been using google wallet for several months now. Have no complaints about it. Does take a day or so to transfer cash to your bank, but that's not an issue for me.

Still might give square cash a go due to the positive impressions. The tough part is convincing everyone else in your group to switch to a new app.

Had a bad experience with paypal years ago so I won't touch their app or venmo.
It's crazy easy to sign up for Square Cash. It was basically like name, number, and take a pic of your debit card.
Have you tried cash-in-wallet? You don't even need an app, or even any internet connection.

What you do is, take the printed bank notes that your country uses for legal tender, and place them in a wallet (Wallets can be purchased at department stores, and come in a variety of fashions). When you see the person you need to transfer the money to, simply pull out your wallet, select the desired amount of currency, and physically place it in your friend/roomate's hands.

Old man yells at cloud
That's great, let me tell my female roommate that there's no better option than walking around and going alone to an ATM with several hundred dollars in cash by herself
What is the difference if my debit card is linked to the same checking account?
The debit card situation is better because it is handled like an ATM transfer which makes the funds instantly accessible to you in your account at your bank. Venmo uses check routing which means it takes a day or more to process and be accessible. Square Cash is the smartest by far.
 
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