Pay and be paid faster than ever with these apps

Pay and be paid faster than ever with these apps

It seems like we always owe someone money whether it’s for pizza Friday night or to chip in on mom’s birthday present. As technology continues to improve, there are several quick and easy ways to transfer money. But which of these options are the best? Here we weigh the pros and cons of 4 money transfer systems.

PayPal

This is probably the best known and oldest of the money transfer systems. It has long been used for online shopping, but can also be used to transfer money.

PROS:

  • Easy to use interface
  • High transfer limit ($10,000)
  • No bank transfer fee
    • CONS:

  • Charges a credit and debit fee (2.9% + $0.30)
  • Slow withdrawal speed (3-5 business days)

    • Venmo

    This system has gained a great deal of popularity very quickly. It combines money transfer with social media, allowing you to observe who your friends are paying and for what. You can make your transfers private if you want, however.

    PROS:

  • No bank transfer fee
  • No debit fee
  • Quick withdrawal speed (1 business day)

    • CONS:

  • Charges a credit fee (2.9%)
  • Low transfer limit ($3000)

    • Google Wallet

    Google wallet integrates with all of your other Google services. You can request money by pressing the dollar sign in Gmail under a message! The Google wallet app is very straightforward, as well.

    PROS:

  • No bank transfer fee
  • No credit or debit fee
  • High transfer limit ($9999)
    • CONS:

  • Moderate withdrawal speed (3 business days)

    • Square Cash

    Built by Square, a company known for point of sale systems for the iPad and iPhone. This money transfer system is unique because you don’t have to set up an account to use it.

    PROS:

  • No debit fee
  • Quick withdrawal speed (1-2 business days)

    • CONS:

  • Charges a credit fee (3%)
  • Low transfer limit ($2500)
    • Your FirstOak Bank checking and savings accounts are compatible with all of these services. To learn more: www.firstoakbank.com

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