send money with my credit card

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: Send money with my credit card

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Send money with my credit card
Send money with my credit card
Send money with my credit card

Sending money using a credit card

How to send money overseas with your credit card

There are several ways in which you can use your credit card to send money overseas: the two most prevalent are through banks and using online money transfer services.

Banks

One way you can send money abroad using your credit card is with your bank. Usually, this can be done using your online banking app, by phoning your bank or visiting your local branch.

When you do this, it is likely that your credit card provider will treat this money transfer as cash in advance (we will explain this in the next section) and not as a credit charge, which often results in higher interest rates than usual, as well as the typical international transfer fees charged by your bank.

Money transfer providers

One of the most popular options for send money internationally are specialist money transfer providers, who can offer more convenient and cost-effective ways of sending money anywhere in the world.

Many of these companies let you fund your transfer through a credit card, as well as other typical payment options such as debit card and bank transfer. You can easily link your credit card to your money transfer account and send payments when you need to, often within minutes from your mobile app as opposed to a number of business days. In many cases this can be sent to cash pickup locations and into a recipients bank account.

Banks vs Money Transfer Providers for Credit Card Payments

If you are making a transfer using your bank, you will first need to transfer the funds into your account. For this, you will have to request a cash advance, wherein the funds will be moved into your checking account or you will have to withdraw cash and deposit the money into your account. When you are using money transfer services, this process happens automatically as you follow steps to complete the transaction.

When should you use credit cards for sending money abroad?

As we’ll explore below, sending money from credit cards is often an expensive way of transferring money abroad, so it is generally wise to use this payment method sparingly. However, it makes sense to use your credit card when funding international transfers for the following reasons:

  • Reward points/cashback: If your card provider offers favourable cashback options or other rewards you may want to use it for funding international transfers. Make sure the high fees you are likely to be charged do not offset the benefits you are expecting in terms of cashback or reward points.
  • Emergency situations: In situations where you need to send money to someone urgently, but you do not have enough cash in your bank account, or you don’t have your account details handy, the quickest way to transfer money is by using your credit card. 

Sending money from credit card to credit card

Sending money from card to card is a less popular way of transferring money, and not always the best option. 

It’s more popular to pay by credit card and send money to a bank account, from which the funds will then be transferred to your card balance or used directly with the bank account’s associated card. We’ve covered this in more detail in our guide on making card-to-card transfers.

Pros and cons of sending money with a credit card

As with any payment method, there are send money with my credit card and drawbacks to sending money with a credit card. Here’s a quick summary of the pros and cons:

Pros

Reward programs: you may benefit from a reward program like frequent flyer miles, cashback or reward points.

Useful in emergencies: Credit cards are helpful in an emergency when you have no other way of funding the transfer, or when other methods are taking too long.

Convenience: Using credit cards for money transfers is convenient because you don’t have to move your money around to make the transfer as the process is done using credit.

Security: Credit cards are a secure way to send funds overseas. Most credit cards come with fraud protection and other security features that make them very safe for international money transfers.

Cons

High exchange rate margins: You’ll often pay high interest rates on cash advances which is levied from the day you send the money.

Not accepted everywhere: Not all money transfer providers accept credit cards as a mode of payment.

Hidden fees: There are other fees and charges involved when you choose to send money using credit card.

How much does it cost to send money overseas using your credit card? 

Sending money overseas using your credit card may not be the cheapest option. There are lots of fees involved and you may not get the best exchange rates. 

Remember, if you use a credit card to fund an overseas money transfer, you are borrowing money to make the transfer. So, you will have to pay a high interest rate and the fees will be added to your balance, which will increase the total interest amount. Send money with my credit card of the costs involved in sending money from credit cards include: 

Cash advance fee

A cash advance is a service offered by credit card providers that allows users to borrow or withdraw cash up to a certain limit. When you choose to use your credit card for sending money overseas, you must understand you are not using your credit, but borrowing funds from your credit card provider. It is similar to getting a short term loan which needs to be repaid within the billing cycle. 

One of the most common fees associated with credit card funded money transfers is the cash advance fee. It is a fixed amount or a percentage of the amount you are transferring from your credit card account. The percentage fee is often charged with minimums of $10 or more. Therefore, if your bank/provider charges a 3% cash advance fee and you intend to transfer $100 from your credit card, you will pay $10 (the minimum amount you have to pay) and not $3. 

Interest charges

Most credit card companies charge a higher annual percentage sterling connect com (APR) for cash advances compared to the interest rate charged on balances that come from purchases. Moreover, interest begins accruing as soon as you initiate the transaction. You may have to pay at least 25% APR.

Currency conversion fee

Credit card companies are not known to offer the best exchange rates. In addition to this, currency conversion fees are often quite high so you could end paying a lot just for currency conversion, which can substantially increase grand suites smart financial center total transfer costs. The currency conversion fee typically ranges from 1% – 3% of the transaction amount. 

Save money on international money transfers

Most forms of international money transfer will have fees and charges, but you can reduce the overall cost of your transfer depending on the payment method you select. It’s worth considering a bank transfer or debit card payment, if this proves more cost-effective.

Possible impact on your credit score when using a credit card for international transfers

It is important to note that using a credit card for larger transactions can also affect your credit score. When you take a large cash advance, you may end up exhausting your credit limit. A poor credit score can make it harder for you to get other loans such as a vehicle loan or a home loan. 

If you are using a credit card to make an overseas money transfer, try to pay it off as soon as you can in order to avoid charges increasing or any damage to your credit score.

What are the alternatives to using credit cards for sending money overseas? 

Credit cards can be a convenient way to send money abroad, but there are other ways to save money, including: 

  • Bank transfer: You can make international bank transfers from your bank account. Banks provide multiple ways to transfer funds, but you need to pay for them regardless of the method you choose. The downside with bank transfers is that they tend to attract higher fees compared to other payment services. This means bank transfers are convenient and safe but not always the most cost-effective.
  • Debit card: You can use your debit card for sending money the same way you would use a credit card, routing your transaction via bank or money transfer provider. However, a debit card transfer is not as expensive as a credit card transfer because you do not have to pay the cash advance fee and other fees that come with using a credit card. 
  • Money transfer services: There are specialised online payment services that let you transfer funds to any part of the world conveniently and at very competitive rates. They offer a variety of ways to fund your transaction, including bank transfer, debit card or e-wallet, depending on the service you choose. Many will also allow you to use your credit card as a payment method, which can be advantageous for the reasons summarised below. These services often charge minimal transfer fees and lower exchange rate margins than other payment options. We’ve put together a list of top 10 money transfer companies to get you started.

Summary

Sending money overseas from your credit card is a great option if you are looking for convenience and security. You can transfer money instantly even if you homes for sale murrieta ca realtor com have enough cash in your account. You can also enjoy other benefits such as cashback and frequent flyer points. 

However, using credit cards for international money transfers can prove quite expensive because it involves high fees and interest rates. If you’re looking to save money, it is a good idea to look into using alternative methods such as bank transfer or debit cards. This can help you find the best possible deal while ensuring the maximum amount of money reaches your intended recipient. 

When deciding to transfer money using your credit card, it is best to route your transfer through a money transfer service rather than a bank. While you will still pay the fees to the credit card provider, you can save on the transfer costs and get better exchange rates.

Before making any international transfer, make sure to use our quick and easy comparison tool to find the most convenient and cost-effective payment method for you. It’s always important to compare your options to guarantee you’re getting the very best deal.

Related content

IBAN vs Routing number

Understanding the difference between an IBAN and a routing number will massively benefit both parties involved in an international money transfer. In this guide we will present the distinguishing features of both, looking at the similarities and differences between the two identification codes. 

Converting IBAN to BIC

Whether you are sending money to friends and family overseas, or making mass business payments, it is easy to get confused when dealing with various foreign bank details. In this guide we explain how to differentiate between these two banking terms, as we consider the possibility of converting an IBAN into a BIC code.

Top 35 Blogs for Remittance Advice

In this list we have picked out the very best online resources for free remittance advice; regardless of the purpose, size or destination of your transfer.

Источник: https://moneytransfers.com/guides/send-money-credit-card

Payments & Transfers

Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3,000 within the first three months of account opening to receive the bonus. 10,000 bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on net retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a merchant code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10,000 points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage principal, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and how to find my walmart money card routing number merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at FirstCitizensRewards.com at log in.

Program Rules are subject to change or cancellation without notice.

Источник: https://www.firstcitizens.com/personal/digital-banking/payments-transfers

What's the Best Way to Send Money Online?

There are several ways to send money online, either through your bank account or with third-party web and phone apps. But so far, no single service addresses all consumer needs for money transfers. Finding the best method for you depends on your preferences and whether you want to send money instantly, for free, securely or internationally.

What's the Best Way to Send Money Online?

The best way to send money online depends on where most of your money transfers are going and whether you prefer the money is sent quickly, without cost, securely or overseas. You can use multiple services to accomplish different types of transfers. For example, you can use a domestic service, like Venmo, to send money to your friends and an international service, like TransferWise, to send money to your family overseas. To help find the service that fits your preferences, we compiled a list of the best ways to send money online based on consumers' top priorities.

Free TransfersMost domestic online money transfer services offer free transfer options if you link your bank account or debit card.
Secure TransfersWire transfer
  • Directly from your bank.
  • No sign-up for third-party services.
International TransfersTransferWise
  • Best exchange rate.
  • Serves nearly 50 countries.
Western Union
  • Extensive worldwide network.
  • Serves more than 200 countries and territories.

Send Money Online Instantly

Google Pay Send and Zelle offer money-transfer services that can take minutes to complete, providing a convenient and fast way to send and receive money. In contrast, sending money online using services like Venmo and PayPal can take a few days to be deposited into the receiver's account. The money that is sent stays on the app, and if the receiver chooses to transfer the money to a bank account, it takes between one and three business days.

Zelle: Instant Transfers

  • Bank-to-bank transfers within minutes.
  • Linked directly to your bank account.

Zelle is a service connected to most major banks that lets you send up to $2,500 within minutes to accounts at different financial institutions in the U.S. The biggest benefit of Zelle is that it's compatible with about 50 banks and credit unions, allowing money to flow to different institutions quickly and easily. Having said that, not all banks are partnered with Zelle, so be sure to check if your bank uses the service.

In order to send money through Zelle, you must sign up for an account. However, you don't have to download an extra app, like you would with Venmo or Cash App. Instead, Zelle is included as an option on participating bank apps, making the process more seamless. If your bank isn't included in Zelle's coverage, you'll still have access to the stand-alone app.

Google Pay Send: Instant Transfers

  • Fast cash-out transfer to debit card.
  • Linked to bank account or debit card.

Google Pay Send, previously called Google Wallet, allows you to transfer money using a phone number or email address and cash out within minutes to your debit card. When receiving money, you can choose whether to leave the amount in your Google Wallet or transfer the funds to your debit card.

Venmo works similarly, but cashing out with Venmo takes between one and three business days. If you need to get money to someone quickly, Google Pay Send would be the better option if the receiver has their debit card linked to the account. However, if the receiver's account is linked to their bank account, cashing out using Google Pay Send will take up to three business days.

Send Money Online for Free

Almost all domestic online money-transferring services offer free options to send money through linking either your bank account or debit card. Zelle, Google Pay Send and Venmo all allow you to use your bank account for free. However, not all companies allow both of these transactions without a fee. Some services, like PayPal, only let you use your bank account for free while others allow you to link both your debit card and bank account. And if a service allows you to use your credit card, there is almost always a fee of around 3%. The major difference between these methods is that when linked to your debit card or credit card, funds can generally be cashed out immediately, while using your bank account may take one to three business days.

Send Money Online Securely

Safety is a huge concern with transferring money. You'll want to be sure your money ends up where you wanted to send it and that your account won't get hacked. Most apps and web services are relatively secure with two-factor verification and personal data encryption, but the safest method would be to make a wire transfer through your bank account.

When you allow third-party services to access your bank account, the potential risks include identity theft, stolen money, fraudulent transactions and hacking. Some services don't insure the money kept in their accounts, and most banks won't reimburse you if you use a third-party service and send money with my credit card money is stolen.

Wire Transfer: Secure Transfers

  • Direct bank-to-bank transfers.
  • No sign-ups for third-party services.

Wire transfers are the most secure way to send money because funds are transferred directly from one bank to another. There is no third-party service that handles your information. You are only allowed to send money to recipients with a bank account, which ensures that the other person's identity has been verified.

That said, there are still scams involving wire transfers. These occur when someone hacks into your bank account to get cash or send money or when scammers trick you into wiring funds to them. Some of the most common scams include unverified online retailers that ask for money upfront before you've received the merchandise or landlords who ask you to wire the first month's rent before you move in and then they mysteriously disappear. Take precautions to ensure you're sending money to the right person, and get details of the transaction in writing before you send the money.

Send Money Online Internationally

Many consumers choose to send money from the U.S. to an overseas location through banks, but international money-transfer apps are becoming increasingly popular with lower fees, better exchange rates and faster transfers.

TransferWise: International Transfers

  • Lower transfer fees myoptum banks.
  • send money with my credit card Sends to nearly 50 countries.

TransferWise is an online money-transfer service that allows individuals and businesses to send funds internationally with lower fees. The system uses the real exchange rate to calculate the conversion. TransferWise then pays out from a local currency account, meaning that the money never actually crosses borders. There are no hidden fees, but there are upfront transfer fees taken out depending on how much money you send. Another similar service is OFX, which charges no transfer fee. But unlike TransferWise, the conversion rate tends to be lower than the real market rate.

Western Union: International Transfers

  • Extensive worldwide network.
  • Serves more than 200 countries and territories.

Western Union is the largest global money-transfer service, enabling users to exchange funds between more than 130 currencies. There are many ways to transfer money through Western Union, either by using its website or downloading the mobile app and linking your bank account, debit card or credit card.

The biggest downside to Western Union is that transfers tend to be expensive and take several business days to clear. If you prefer a cheaper and quicker option, TransferWise or OFX would be better, if the service transfers to the country you need to send money to. But if you need to access countries not included in those services, Western Union may be your only option.

Other Services Used to Send Money Online

Although the companies listed above are the best we found in each category, they aren't necessarily the most popular services for transferring money. PayPal, Venmo and Cash App are among the most frequently used services, with billions of transactions processed each year.

PayPal

  • One of the largest money-transferring services.
  • Allows transfers of up to $60,000.

PayPal is used all over the world by consumers and businesses. You can link your bank account, debit card or credit card, but paying with a debit or credit card carries a fee of 2.9% plus 30 cents. Unlike most services, PayPal lets users send up to $60,000, though it will vary depending on your account. In comparison, verifying your identity with Venmo allows users to send up to $2,999.99 a week, while Cash App only allows $2,500 a week.

The biggest drawback to PayPal is the fees it carries unless you link your bank account. Linking to your debit card send money with my credit card little sense compared to other services, such as Venmo, due to the extra fee. And although the company is increasingly used more like a bank, it isn't one, which can be worrying when keeping a balance on your account because your funds are not FDIC-insured.

Venmo

  • Social app used to transfer money.
  • Free to send and receive money by linking your bank account, debit card or prepaid debit card.

Venmo, owned by PayPal, is one of the most popular ways among millennials to send money online. It is a social money-transfer app that has helped millions of consumers complete transactions. On Venmo, it's free to send and receive money if you link your bank account, debit card or prepaid debit card. However, if you use a credit card, it will cost 3% of the transaction amount.

Transferring funds on Venmo takes less than a minute, but cashing out those funds into your bank account can take up to three days. You can also choose to transfer your balance to your debit card within 30 minutes for a fee of 25 cents. One drawback of using Venmo is that if you accidentally send someone money or send money to the wrong person, you cannot cancel the transaction. The recipient will have to send the money back to you.

Cash App

  • Send money through "$Cashtag" webpage.
  • Automatic cash-out options.

Cash App, also known as Square Cash, allows you to send and receive money using your "$Cashtag," which is a unique screen name that is accompanied by a personal webpage where anyone can pay you, even if they don't use the app. Cash App started out as a money-transferring service that instantly deposited received funds directly into the receiver's bank account. Now, users must choose between keeping incoming money on the app and cashing out, which is exactly what Venmo, PayPal and Google Pay Send have in place.

The biggest difference is that Cash App allows users to select automatic cash benchmark community bank online, which sends the money directly to the receiver's bank account without having to manually select the option. Receivers have the option of cashing out immediately for a 1% fee or waiting up to three business days for funds to arrive in a linked bank account.

Источник: https://www.valuepenguin.com/banking/best-way-to-send-money-online

Answers to frequently asked questions about debit cards.

What is a debit card?

A debit card looks like a credit card but works like an electronic check. Why? Because the payment is deducted directly from a checking or savings account. If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction. Most debit cards also can be used to withdraw cash at ATMs hotels near wilderness at the smokies teller machines).

Why do people use debit cards?

For many people, it is more convenient to carry a small, plastic card instead of a bulky checkbook or a large amount of cash. Using a debit card is also easier and faster than writing a check. It's a good way to pay for purchases without having to pay interest, as you would if using a credit card with an outstanding balance. You can even use your debit card to get cash when you make purchases at a store.

What kinds of costs are associated with debit cards?

There may be fees for using your debit card. Examples: Some banks charge a fee if you enter a PIN (Personal Identification Number) to conduct a transaction instead of signing your name. You may trigger a fee if you overdraw your account using your debit card, just as you would if you "bounced" a check. Or, there could be a charge if you use your debit card as an ATM card at a machine that is not operated by your financial institution. As with other bank products, your financial institution must provide disclosures explaining the possible fees associated with a debit card. Be sure to read the disclosures to avoid an unexpected fee.

Some debit cards come with "rewards" or other incentives for using them. How can I know which one is a good deal?

As with similar financial products, rewards-linked debit cards are designed to encourage people to use a certain bank and its services. Before opening a new account or changing banks just to get a different perk, study the fine print. Start by reading the disclosures that explain the account terms and fees to understand the potential benefits as well as the costs.

How can I overdraw my account if my bank or bank network must approve a debit card transaction?

First, because the payments are electronic, they are deducted from accounts more quickly than when using a paper check. Often, a debit card purchase is posted within 24 hours instead of days, as may be the amazon co uk customer service chat with a paper check. That means there would be little time to make a deposit to cover a purchase, if necessary. In addition, even though a transaction was approved, you may overdraw your account because the bank won't send money with my credit card what other withdrawals you have made that send money with my credit card until it settles all transactions later that day.

Or, suppose you don't realize you have only $100 in your bank account and you want to use your debit card to buy a $200 item. Depending on the terms of your account or the rules of the card network, the bank might approve the $200 purchase as a convenience, but it also might assess an overdraft fee for that transaction and subsequent ones until you make a sufficient deposit.

If I use a debit card to make a purchase can the merchant put a temporary "block" or "hold" on other funds in my account?

Yes, in certain circumstances, merchants can take these steps as protection against fraud, errors or other losses. One common situation involves a hotel putting a hold on a certain amount when you use a debit card (or credit card) to reserve a room. Another example is when you use your debit card at the gas pump. Typically, the gas station will create two transactions — the first to get approval from your bank for an estimated purchase amount (let's say $50) when you swipe your card before pumping gas, the second for the send money with my credit card charges when you're done. Until the first ($50) transaction is cancelled by the bank, usually within 48 hours, you wouldn't have access to that amount in your account.

Because a debit card transaction is processed so fast, is it possible to order a "stop payment" or obtain a refund if I later discover a problem with the merchandise?

It depends. Because funds are deducted from your account very quickly, don't expect to have the option to stop payment or obtain a refund. If the transaction cannot be cancelled, you may be able to work out other arrangements with the store. For example, if you return an item to a merchant and you're not able to get a refund, you instead may qualify for store credit or a gift card.

"If you're concerned that the merchant might not deliver what is promised, you might consider using a credit card instead of a debit card," says Janet Kincaid, FDIC Senior Consumer Affairs Officer. "That's because the consumer protections are stronger for credit cards when it comes to returning damaged merchandise." She noted, for example, that the Fair Credit Billing Act, which applies to credit cards but not debit cards, gives you the ability, under certain circumstances, to withhold payment on defective goods until the problem has been corrected.

Sometimes you're asked to enter a PIN to approve a debit card transaction, other times you can sign your name. Does it matter?

Yes, it could. Examples: If you use a PIN at a merchant's sales counter, you also may be able to get cash back, and that can save you a trip to the ATM. However, be aware that some financial institutions charge consumers a fee for a PIN-based transaction. There also may be differences in how quickly the transaction is posted to your account, depending on how your bank processes PIN vs. signature debits.

Also, here's how to select each option. If you want to sign for a debit card transaction, you generally swipe your card through the reader and choose "credit" — even though you are authorizing a debit (withdrawal) from your account, not a credit card transaction. To use your PIN instead of signing, select "debit."

What more do I need to know to prevent debit card fraud?

Protect your debit card as well as the account number, expiration date, security code on the back, and the PIN. "Even if you never lose possession of your card, someone who learns your account number, security code and PIN may be able to use that information to access your account and create counterfeit cards," said Aurelia Send money with my credit card, an FDIC Senior Technology Specialist.

While in many cases you are not responsible for unauthorized transactions (see federal protections described later), it can be a hassle resolving the situation. Here's how to avoid becoming a victim:

  • Never write your PIN on or near your card. Memorize it instead.
  • Don't give out bank account information over the phone or the Internet unless you have initiated the american state bank great bend ks or you know the person is who he or she claims to be. For example, beware of deceptive calls or e-mails from crooks claiming to be from your bank asking you to "verify" (divulge) your account information. "Don't fall for it," said Cardamone. "A true representative of your bank will never need to ask for your PIN because your bank already has your account information.
  • Don't share your debit card PIN, security code and other account information with friends or relatives who aren't co-owners of your account. Likewise, never reveal this information to new "friends" you meet over the Internet. "Common scams start with a job offer or an Internet friendship or romance that leads to pleas for money transfers and send money with my credit card said David Nelson, an FDIC fraud specialist.
  • Take precautions at the checkout counter, ATM and gas pump. Always stand so that no one can see the keypad where you enter your PIN. At retail establishments, it's best to use do-it-yourself scanners. If you give your card to a clerk, be on guard against a dishonest employee who runs your card through two scanners instead of one. The second scanner could be capturing your account information to make a counterfeit card. In general, be alert for suspicious-looking devices that may be used to "skim" information from your card.
  • If you use your debit card to shop online, consider extra precautions with your personal computer. Experts advise installing and periodically updating virus and spyware protection and a "personal firewall" to stop thieves from secretly installing malicious software on your personal computer remotely that can be used to spy on your computer use and obtain account information.
  • Look at your bank statements as soon as they arrive. Or, better yet, review your account each week by phone or the Internet. Promptly report any discrepancy, such as a missing payment or an unauthorized transaction, to your bank. Your quick attention to the problem may help limit your liability and give law enforcement authorities a head start on stopping the thief.

What federal protections cover consumers who use debit cards?

The federal Electronic Fund Transfer Act (EFTA) protects you from errors, loss or theft of your debit card. However, unlike the Truth in Lending Act protections for credit cards, which cap a consumer's liability for unauthorized transactions at $50, the law limits liability to $50 if the debit cardholder notifies the bank within two business days after discovering the theft. If you don't notify your bank within those two days, you could lose up to $500, or perhaps more. In the worst-case scenario — if you receive a bank statement that includes an unauthorized debit-card withdrawal and you wait more than 60 days to alert your bank — you could be liable for any amounts from transactions made after that 60-day period.

The good news is that many banks don't hold a consumer responsible for unauthorized transactions if he or she notifies the institution in a timely fashion. But remember that with a debit card, the money tapped by the thief has already been taken out of your account.

Under the EFTA, a bank has 10 business days to investigate the matter (20 business days if your account is new) and report back to you with its results. If the bank needs additional time, it may, under certain circumstances, temporarily give you some or all of the disputed amount until it finishes its investigation. Generally, a bank is allowed up to 45 days of additional investigation time (90 days for certain transactions). "But until the dispute is resolved," said Creamean, "you should be prepared to pay your mortgage, car payment, credit card bill and any other obligations that may come due." Also, she said, if the bank's investigation finds there was no error, theft or loss, it can take back the money it put into your account, after notifying you.

Source: FDIC Consumer News

Источник: https://dfi.wa.gov/financial-education/information/debit-cards-frequently-asked-questions

Guide to E-Commerce Credit Card Processing

 Female employee taking electronic payment <b>send money with my credit card</b> customer

Credit card processing is an essential aspect of any e-commerce business. Your e-commerce credit card processing service allows money to move from your customers’ accounts to yours, quickly and conveniently. Whether they’re shopping for goods or paying an invoice, consumers expect the option to do so electronically.

The ease and speed with which electronic payments happen due to the complex operations behind the scenes. There may not be a need for shoppers and bill payers to understand the process. For the business owner receiving the funds, however, it makes financial sense to have a basic knowledge of how online credit card processing works.

First, it’s important to understand that e-commerce credit card processing requires three main elements: a customer interface, a merchant account or third-party payment service provider to collect funds, and a payment gateway to approve purchases.

You have choices in each area, and the choices you make can affect the fees you pay, the level of customer service you receive and the overall experience your company delivers to customers. That’s why it’s important to understand what goes into e-commerce credit card processing before you start accepting online payments and choose your merchant account or provider.

Your customer interface should make a positive first impression

Whatever your business is, you need a mechanism for interacting with your customers. If you’re selling a product, that mechanism is your website and shopping cart. If you’re a service provider, it’s the electronic invoice you send with a payment link. Either way, this portal helps create an important first impression of your company.

You want your customer interface to be clean, easy-to-navigate and reflect your brand with your company logo and brand colors. You also want it to be secure, so customers feel comfortable entering their payment information on your site.

Merchant accounts make it possible to accept credit card transactions

When a customer makes a purchase, their money must go somewhere. E-commerce credit card payment systems are not tied directly to your existing bank account, so funds won’t go directly into your business bank account. Instead, you’ll need to open a merchant account.

A merchant account is a bank account with a merchant acquiring bank that businesses use in order to accept credit card and other electronic payments. The merchant acquiring bank acts as an intermediary between the business and the credit card company, facilitating the authentication of the payment and other technical aspects. Once the electronic payments are processed and approved, the bank distributes the funds into the merchant account.

Since money is transferred from the merchant account to your business account before the customer has paid their credit card bill, the merchant account covers those charges. Because of this, a merchant account is considered a line of credit.

If a customer requests a chargeback because they were unhappy with the product or service or had issues with their experience, you, as the business owner, are liable for those charges.

Since a merchant account is considered a line of credit, you may want to apply for a merchant account through your current bank or credit union. You might also save on fees — and gain convenience — by having all your business banking needs satisfied through one financial services provider.

Most banks will require some or all of the following information on your merchant account application:

  • Business activities.
  • Banking information.
  • Tax returns.
  • Payment model.

They may also run a business or personal credit check.

Once you’re locked in with a merchant account, you may have to sign a multi-year contract.

Many business owners find that having a merchant account is the less expensive option for accepting credit card payments. The merchant acquiring bank may charge per-month and per-transaction fees, but it may be less expensive than other options.

If you have a brick-and-mortar store in addition to your online presence, a merchant account can allow you to accept point-of-sale credit card payments in addition to allowing customers to complete card-not-present transactions through your website.

Third-party payment processor: a simple solution for accepting online payments

Fortunately, there is a simpler way to begin accepting online payments with credit cards. You can choose a third-party payment service provider such as Square, Stripe or Paypal.

Some of these services have flat-rate monthly fees on top of transaction fees, while others have free plans that only charge transaction fees. Transaction fees typically include a flat rate plus a percentage of each credit card purchase.

You can get started using a third-party payment service without an extensive application process or credit check. It’s quick and easy to choose your e-commerce payment processing provider and get started. Billing is usually month-to-month, so you won’t be locked into a long-term contract.

However, some customers have complained about sudden account holds or even account closures by the company’s fraud prevention team.

Plus, the fees can add up quickly — especially if you are paying a flat-rate monthly fee, a flat fee per transaction and a percentage of each sale. Despite this, the simplicity of these systems leads many business owners to start accepting credit card payments with this model, and possibly switch to a merchant account as their sales volume grows.

Merchant accounts are more send money with my credit card to set up but will likely end up costing you less down the road, whereas payment service providers and e-commerce sites are easier to set up but come along with higher fees.

E-commerce platform: One-stop sales and e-commerce payment processing

If you use an e-commerce platform such as eBay, Etsy or Shopify for your online business, you don’t have to worry about setting up a merchant account or choosing an e-commerce payment provider system.

These platforms have built-in payment processors and most accept all major credit cards as well as alternative payments like gift cards.

To get started, you’ll create your store and activate your payments. You can choose to either build an e-commerce website from scratch or implement e-commerce capability into your existing website. Regardless, you’ll need your employee identification number (EIN) and banking information for setup.

Most of these sites charge a monthly fee plus transaction fees to cover online payment processing.

Other options to accept online payments

Service providers and contractors often choose to accept or receive payments without using credit cards at all. ACH (automated clearing house) processing allows customers to pay directly through their bank account. This convenient and secure means of accepting payment may carry lower fees than debit or credit card payments, and it’s more convenient and secure than writing a check.

Monitored by the National Automated Clearing House Association, this payment method pulls money directly from your customer’s bank account and puts it into your business bank account after they have provided their bank account number, routing number and authorization.

Permitting ACH payments can help prevent late payments for recurring customers, which helps improve your business’s cash flow, not to mention a predictable stream of recurring revenue.

Similarly, you can establish acceptance of recurring monthly ACH, debit or credit card payments by setting up a subscription billing plan. Some e-commerce payment processors, including Paypal, allow this option through their payment platform.

The payment gateway: How credit card transactions are approved

Whichever type of service you choose, there is yet another element of card-not-present e-commerce credit card transactions you should be aware of, which is the payment gateway.

A payment gateway is a software application that communicates with the credit card company to obtain an authorization or a denial of a transaction. Think of it as a virtual credit card machine, minus the magnetic strip or chip reader. This lower level of security is one reason transaction fees for e-commerce are typically higher than for sales when the card is physically present.

The payment gateway encrypts the customer’s information — one important aspect of the gateway’s functionality — and forwards it to the credit card company. The credit card company checks that the consumer has the credit available, puts a hold on the funds and sends a message back that the sale has been approved. This is what’s happening behind the scenes during few seconds before your customer gets that “thank you for your order” message on their screen.

The funds are now in the merchant account and will be moved to your account on a predetermined schedule, generally once a day. The amount of funds that find their way into your account will be diminished by various fees.

If you are using a payment service provider, you may be able to set the timeframe for transferring funds, or transfer funds to your connected bank account manually whenever you wish.

How to choose your credit card payment mechanism for e-commerce

As you can see, there are pros and cons to each type of payment system. Merchant accounts are more time-consuming to set up but will likely end up costing you less down the road, whereas payment service providers and e-commerce sites are easier to set up but come along with higher fees.

Understanding how credit card transactions work can help you make a more informed decision.

Here are a few questions to research regarding the various choices in e-commerce credit card processing companies and methods. Discovering the answers to these questions can help you find the best e-commerce credit card processing solution for your business.

  • What features does this service offer?
  • How much can I expect to pay in fees based on my volume of transactions?
  • What level of customer support can I expect to receive?

E-commerce credit card processing is complicated, but that shouldn’t keep you from doing business online.

Armed with knowledge about how credit card processing works, you can make a more informed choice about the most affordable, most effective way to accept credit card payments from your online customers and deliver a seamless experience to your shoppers or clients.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

Follow us on Instagramfor more expert tips & business owners’ stories.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.

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Published June 16, 2021

Источник: https://www.uschamber.com/co/run/finance/ecommerce-credit-card-processing-guide

Send money with my credit card -

Guide to E-Commerce Credit Card Processing

 Female employee taking electronic payment from customer

Credit card processing is an essential aspect of any e-commerce business. Your e-commerce credit card processing service allows money to move from your customers’ accounts to yours, quickly and conveniently. Whether they’re shopping for goods or paying an invoice, consumers expect the option to do so electronically.

The ease and speed with which electronic payments happen due to the complex operations behind the scenes. There may not be a need for shoppers and bill payers to understand the process. For the business owner receiving the funds, however, it makes financial sense to have a basic knowledge of how online credit card processing works.

First, it’s important to understand that e-commerce credit card processing requires three main elements: a customer interface, a merchant account or third-party payment service provider to collect funds, and a payment gateway to approve purchases.

You have choices in each area, and the choices you make can affect the fees you pay, the level of customer service you receive and the overall experience your company delivers to customers. That’s why it’s important to understand what goes into e-commerce credit card processing before you start accepting online payments and choose your merchant account or provider.

Your customer interface should make a positive first impression

Whatever your business is, you need a mechanism for interacting with your customers. If you’re selling a product, that mechanism is your website and shopping cart. If you’re a service provider, it’s the electronic invoice you send with a payment link. Either way, this portal helps create an important first impression of your company.

You want your customer interface to be clean, easy-to-navigate and reflect your brand with your company logo and brand colors. You also want it to be secure, so customers feel comfortable entering their payment information on your site.

Merchant accounts make it possible to accept credit card transactions

When a customer makes a purchase, their money must go somewhere. E-commerce credit card payment systems are not tied directly to your existing bank account, so funds won’t go directly into your business bank account. Instead, you’ll need to open a merchant account.

A merchant account is a bank account with a merchant acquiring bank that businesses use in order to accept credit card and other electronic payments. The merchant acquiring bank acts as an intermediary between the business and the credit card company, facilitating the authentication of the payment and other technical aspects. Once the electronic payments are processed and approved, the bank distributes the funds into the merchant account.

Since money is transferred from the merchant account to your business account before the customer has paid their credit card bill, the merchant account covers those charges. Because of this, a merchant account is considered a line of credit.

If a customer requests a chargeback because they were unhappy with the product or service or had issues with their experience, you, as the business owner, are liable for those charges.

Since a merchant account is considered a line of credit, you may want to apply for a merchant account through your current bank or credit union. You might also save on fees — and gain convenience — by having all your business banking needs satisfied through one financial services provider.

Most banks will require some or all of the following information on your merchant account application:

  • Business activities.
  • Banking information.
  • Tax returns.
  • Payment model.

They may also run a business or personal credit check.

Once you’re locked in with a merchant account, you may have to sign a multi-year contract.

Many business owners find that having a merchant account is the less expensive option for accepting credit card payments. The merchant acquiring bank may charge per-month and per-transaction fees, but it may be less expensive than other options.

If you have a brick-and-mortar store in addition to your online presence, a merchant account can allow you to accept point-of-sale credit card payments in addition to allowing customers to complete card-not-present transactions through your website.

Third-party payment processor: a simple solution for accepting online payments

Fortunately, there is a simpler way to begin accepting online payments with credit cards. You can choose a third-party payment service provider such as Square, Stripe or Paypal.

Some of these services have flat-rate monthly fees on top of transaction fees, while others have free plans that only charge transaction fees. Transaction fees typically include a flat rate plus a percentage of each credit card purchase.

You can get started using a third-party payment service without an extensive application process or credit check. It’s quick and easy to choose your e-commerce payment processing provider and get started. Billing is usually month-to-month, so you won’t be locked into a long-term contract.

However, some customers have complained about sudden account holds or even account closures by the company’s fraud prevention team.

Plus, the fees can add up quickly — especially if you are paying a flat-rate monthly fee, a flat fee per transaction and a percentage of each sale. Despite this, the simplicity of these systems leads many business owners to start accepting credit card payments with this model, and possibly switch to a merchant account as their sales volume grows.

Merchant accounts are more time-consuming to set up but will likely end up costing you less down the road, whereas payment service providers and e-commerce sites are easier to set up but come along with higher fees.

E-commerce platform: One-stop sales and e-commerce payment processing

If you use an e-commerce platform such as eBay, Etsy or Shopify for your online business, you don’t have to worry about setting up a merchant account or choosing an e-commerce payment provider system.

These platforms have built-in payment processors and most accept all major credit cards as well as alternative payments like gift cards.

To get started, you’ll create your store and activate your payments. You can choose to either build an e-commerce website from scratch or implement e-commerce capability into your existing website. Regardless, you’ll need your employee identification number (EIN) and banking information for setup.

Most of these sites charge a monthly fee plus transaction fees to cover online payment processing.

Other options to accept online payments

Service providers and contractors often choose to accept or receive payments without using credit cards at all. ACH (automated clearing house) processing allows customers to pay directly through their bank account. This convenient and secure means of accepting payment may carry lower fees than debit or credit card payments, and it’s more convenient and secure than writing a check.

Monitored by the National Automated Clearing House Association, this payment method pulls money directly from your customer’s bank account and puts it into your business bank account after they have provided their bank account number, routing number and authorization.

Permitting ACH payments can help prevent late payments for recurring customers, which helps improve your business’s cash flow, not to mention a predictable stream of recurring revenue.

Similarly, you can establish acceptance of recurring monthly ACH, debit or credit card payments by setting up a subscription billing plan. Some e-commerce payment processors, including Paypal, allow this option through their payment platform.

The payment gateway: How credit card transactions are approved

Whichever type of service you choose, there is yet another element of card-not-present e-commerce credit card transactions you should be aware of, which is the payment gateway.

A payment gateway is a software application that communicates with the credit card company to obtain an authorization or a denial of a transaction. Think of it as a virtual credit card machine, minus the magnetic strip or chip reader. This lower level of security is one reason transaction fees for e-commerce are typically higher than for sales when the card is physically present.

The payment gateway encrypts the customer’s information — one important aspect of the gateway’s functionality — and forwards it to the credit card company. The credit card company checks that the consumer has the credit available, puts a hold on the funds and sends a message back that the sale has been approved. This is what’s happening behind the scenes during few seconds before your customer gets that “thank you for your order” message on their screen.

The funds are now in the merchant account and will be moved to your account on a predetermined schedule, generally once a day. The amount of funds that find their way into your account will be diminished by various fees.

If you are using a payment service provider, you may be able to set the timeframe for transferring funds, or transfer funds to your connected bank account manually whenever you wish.

How to choose your credit card payment mechanism for e-commerce

As you can see, there are pros and cons to each type of payment system. Merchant accounts are more time-consuming to set up but will likely end up costing you less down the road, whereas payment service providers and e-commerce sites are easier to set up but come along with higher fees.

Understanding how credit card transactions work can help you make a more informed decision.

Here are a few questions to research regarding the various choices in e-commerce credit card processing companies and methods. Discovering the answers to these questions can help you find the best e-commerce credit card processing solution for your business.

  • What features does this service offer?
  • How much can I expect to pay in fees based on my volume of transactions?
  • What level of customer support can I expect to receive?

E-commerce credit card processing is complicated, but that shouldn’t keep you from doing business online.

Armed with knowledge about how credit card processing works, you can make a more informed choice about the most affordable, most effective way to accept credit card payments from your online customers and deliver a seamless experience to your shoppers or clients.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

Follow us on Instagramfor more expert tips & business owners’ stories.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.

A message from

You’re invited to join a private network of CEOs.

Discover how 45,000 CEOs are growing their businesses. Connect with verified companies on a secure private network to find new clients, raise money and find reliable solutions for any business priority.

Learn More

Published June 16, 2021

Источник: https://www.uschamber.com/co/run/finance/ecommerce-credit-card-processing-guide

The No-Fee Way to Pay Friends and Family With Your Amex Card

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Man making online payment with dollar signs floating out of smartphone.

Image source: Getty Images

Sick of paying fees when using a credit card to pay friends and family through Venmo or PayPal? Amex has a solution for that.

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In today's busy world, it's not uncommon for someone to charge the whole bill to their credit card when out with friends or family. The other friends will then pay back their share of the bill later on. If you have an American Express card, you'll be happy to know that there's a simple feature that allows you to split expenses and pay family and friends back. The best part is it doesn't charge fees. This tool is built into the American Express App. Keep reading to learn how to send money without a fee to friends and family using your Amex card.

For Amex credit card holders, it's now easier than ever to split expenses and pay money back to others. Amex has a tool called "Send & Split" and partners with Venmo and PayPal. This convenient tool has two capabilities:

  • Cardmembers can split a charge that's been billed to their card. All they have to do is tap on a charge and then click "Split It." The app will then walk the user through splitting the charge between multiple people. Friends can pay you back via Venmo or PayPal, and you can have the money sent directly to your card as a statement credit. If you prefer, you can choose to get paid to your linked Venmo or PayPal accounts. You'll be eligible to earn rewards points on the original billed purchase, even if you use the "Split It" feature.
  • Cardmembers can send money to friends and family without paying transaction fees. There is no fee when sending money to U.S. recipients. PayPal may charge a fee when sending money to non-U.S. recipients, though. This is a simple way to pay your loved ones back quickly without worrying about extra fees. Since these payment processing companies usually charge fees when sending money with a credit card, this can easily save you some cash. While this is an excellent tool, it's important to note that you won't earn rewards points when using this feature.

Why is Send & Split beneficial? You may struggle to get paid back for expenses that you charge when you're out with others. The "Split It" feature makes it easy to get paid fast, and you don't have to deal with friends forgetting to pay you. The ability to pay friends and family back with a credit card without paying additional fees is another convenience. You can quickly settle up right from the American Express App.

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Tips for success

  1. Don't charge more than you can afford. While this Send & Split tool is easy to use and adds convenience, you want to make sure that you're always keeping an eye on your credit card balance and your spending limit before you agree to charge a combined bill when out with friends or family. Having good financial responsibility is important for your credit and future.
  2. Make sure that your friends and family members have U.S.-based accounts. If you plan to use your Amex credit card to send money to your friends or family, you need to make sure that they have U.S.-based accounts for this to truly be a no-fee option.

If you have one of the top Amex credit cards and you want to make it easier to split expenses and pay back others, you'll want to take advantage of the ability to use Send & Split. It's a quick and easy way to better manage your money.

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Natasha specializes in credit card and rewards content. Her goal is to encourage more people to experience the world around them while making smart financial choices.

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Источник: https://www.fool.com/the-ascent/credit-cards/articles/the-no-fee-way-to-pay-friends-and-family-with-your-amex-card/

What's the Best Way to Send Money Online?

There are several ways to send money online, either through your bank account or with third-party web and phone apps. But so far, no single service addresses all consumer needs for money transfers. Finding the best method for you depends on your preferences and whether you want to send money instantly, for free, securely or internationally.

What's the Best Way to Send Money Online?

The best way to send money online depends on where most of your money transfers are going and whether you prefer the money is sent quickly, without cost, securely or overseas. You can use multiple services to accomplish different types of transfers. For example, you can use a domestic service, like Venmo, to send money to your friends and an international service, like TransferWise, to send money to your family overseas. To help find the service that fits your preferences, we compiled a list of the best ways to send money online based on consumers' top priorities.

Free TransfersMost domestic online money transfer services offer free transfer options if you link your bank account or debit card.
Secure TransfersWire transfer
  • Directly from your bank.
  • No sign-up for third-party services.
International TransfersTransferWise
  • Best exchange rate.
  • Serves nearly 50 countries.
Western Union
  • Extensive worldwide network.
  • Serves more than 200 countries and territories.

Send Money Online Instantly

Google Pay Send and Zelle offer money-transfer services that can take minutes to complete, providing a convenient and fast way to send and receive money. In contrast, sending money online using services like Venmo and PayPal can take a few days to be deposited into the receiver's account. The money that is sent stays on the app, and if the receiver chooses to transfer the money to a bank account, it takes between one and three business days.

Zelle: Instant Transfers

  • Bank-to-bank transfers within minutes.
  • Linked directly to your bank account.

Zelle is a service connected to most major banks that lets you send up to $2,500 within minutes to accounts at different financial institutions in the U.S. The biggest benefit of Zelle is that it's compatible with about 50 banks and credit unions, allowing money to flow to different institutions quickly and easily. Having said that, not all banks are partnered with Zelle, so be sure to check if your bank uses the service.

In order to send money through Zelle, you must sign up for an account. However, you don't have to download an extra app, like you would with Venmo or Cash App. Instead, Zelle is included as an option on participating bank apps, making the process more seamless. If your bank isn't included in Zelle's coverage, you'll still have access to the stand-alone app.

Google Pay Send: Instant Transfers

  • Fast cash-out transfer to debit card.
  • Linked to bank account or debit card.

Google Pay Send, previously called Google Wallet, allows you to transfer money using a phone number or email address and cash out within minutes to your debit card. When receiving money, you can choose whether to leave the amount in your Google Wallet or transfer the funds to your debit card.

Venmo works similarly, but cashing out with Venmo takes between one and three business days. If you need to get money to someone quickly, Google Pay Send would be the better option if the receiver has their debit card linked to the account. However, if the receiver's account is linked to their bank account, cashing out using Google Pay Send will take up to three business days.

Send Money Online for Free

Almost all domestic online money-transferring services offer free options to send money through linking either your bank account or debit card. Zelle, Google Pay Send and Venmo all allow you to use your bank account for free. However, not all companies allow both of these transactions without a fee. Some services, like PayPal, only let you use your bank account for free while others allow you to link both your debit card and bank account. And if a service allows you to use your credit card, there is almost always a fee of around 3%. The major difference between these methods is that when linked to your debit card or credit card, funds can generally be cashed out immediately, while using your bank account may take one to three business days.

Send Money Online Securely

Safety is a huge concern with transferring money. You'll want to be sure your money ends up where you wanted to send it and that your account won't get hacked. Most apps and web services are relatively secure with two-factor verification and personal data encryption, but the safest method would be to make a wire transfer through your bank account.

When you allow third-party services to access your bank account, the potential risks include identity theft, stolen money, fraudulent transactions and hacking. Some services don't insure the money kept in their accounts, and most banks won't reimburse you if you use a third-party service and your money is stolen.

Wire Transfer: Secure Transfers

  • Direct bank-to-bank transfers.
  • No sign-ups for third-party services.

Wire transfers are the most secure way to send money because funds are transferred directly from one bank to another. There is no third-party service that handles your information. You are only allowed to send money to recipients with a bank account, which ensures that the other person's identity has been verified.

That said, there are still scams involving wire transfers. These occur when someone hacks into your bank account to get cash or send money or when scammers trick you into wiring funds to them. Some of the most common scams include unverified online retailers that ask for money upfront before you've received the merchandise or landlords who ask you to wire the first month's rent before you move in and then they mysteriously disappear. Take precautions to ensure you're sending money to the right person, and get details of the transaction in writing before you send the money.

Send Money Online Internationally

Many consumers choose to send money from the U.S. to an overseas location through banks, but international money-transfer apps are becoming increasingly popular with lower fees, better exchange rates and faster transfers.

TransferWise: International Transfers

  • Lower transfer fees than banks.
  • Sends to nearly 50 countries.

TransferWise is an online money-transfer service that allows individuals and businesses to send funds internationally with lower fees. The system uses the real exchange rate to calculate the conversion. TransferWise then pays out from a local currency account, meaning that the money never actually crosses borders. There are no hidden fees, but there are upfront transfer fees taken out depending on how much money you send. Another similar service is OFX, which charges no transfer fee. But unlike TransferWise, the conversion rate tends to be lower than the real market rate.

Western Union: International Transfers

  • Extensive worldwide network.
  • Serves more than 200 countries and territories.

Western Union is the largest global money-transfer service, enabling users to exchange funds between more than 130 currencies. There are many ways to transfer money through Western Union, either by using its website or downloading the mobile app and linking your bank account, debit card or credit card.

The biggest downside to Western Union is that transfers tend to be expensive and take several business days to clear. If you prefer a cheaper and quicker option, TransferWise or OFX would be better, if the service transfers to the country you need to send money to. But if you need to access countries not included in those services, Western Union may be your only option.

Other Services Used to Send Money Online

Although the companies listed above are the best we found in each category, they aren't necessarily the most popular services for transferring money. PayPal, Venmo and Cash App are among the most frequently used services, with billions of transactions processed each year.

PayPal

  • One of the largest money-transferring services.
  • Allows transfers of up to $60,000.

PayPal is used all over the world by consumers and businesses. You can link your bank account, debit card or credit card, but paying with a debit or credit card carries a fee of 2.9% plus 30 cents. Unlike most services, PayPal lets users send up to $60,000, though it will vary depending on your account. In comparison, verifying your identity with Venmo allows users to send up to $2,999.99 a week, while Cash App only allows $2,500 a week.

The biggest drawback to PayPal is the fees it carries unless you link your bank account. Linking to your debit card makes little sense compared to other services, such as Venmo, due to the extra fee. And although the company is increasingly used more like a bank, it isn't one, which can be worrying when keeping a balance on your account because your funds are not FDIC-insured.

Venmo

  • Social app used to transfer money.
  • Free to send and receive money by linking your bank account, debit card or prepaid debit card.

Venmo, owned by PayPal, is one of the most popular ways among millennials to send money online. It is a social money-transfer app that has helped millions of consumers complete transactions. On Venmo, it's free to send and receive money if you link your bank account, debit card or prepaid debit card. However, if you use a credit card, it will cost 3% of the transaction amount.

Transferring funds on Venmo takes less than a minute, but cashing out those funds into your bank account can take up to three days. You can also choose to transfer your balance to your debit card within 30 minutes for a fee of 25 cents. One drawback of using Venmo is that if you accidentally send someone money or send money to the wrong person, you cannot cancel the transaction. The recipient will have to send the money back to you.

Cash App

  • Send money through "$Cashtag" webpage.
  • Automatic cash-out options.

Cash App, also known as Square Cash, allows you to send and receive money using your "$Cashtag," which is a unique screen name that is accompanied by a personal webpage where anyone can pay you, even if they don't use the app. Cash App started out as a money-transferring service that instantly deposited received funds directly into the receiver's bank account. Now, users must choose between keeping incoming money on the app and cashing out, which is exactly what Venmo, PayPal and Google Pay Send have in place.

The biggest difference is that Cash App allows users to select automatic cash out, which sends the money directly to the receiver's bank account without having to manually select the option. Receivers have the option of cashing out immediately for a 1% fee or waiting up to three business days for funds to arrive in a linked bank account.

Источник: https://www.valuepenguin.com/banking/best-way-to-send-money-online

The app's robust offerings, mixed with speed and convenience, put it squarely in the winner's circle. PayPal's brand name awareness elevates it to the best overall category.

Pros
  • Name/brand recognition cultivates instant trust

  • Easy to install and use

  • Fast and secure

Cons
  • High transaction fees

  • May hold money

  • Difficult customer service

PayPal's flexible, secure, and easy-to-use money transfer tools put it above the rest. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer for a fee and transfer funds immediately.

PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money from up to 20 people at once. For added security, you can agree to show your name, photo, username, email, and mobile phone number on PayPal so people know it's you.

PayPal's Money Pools offer an easy way for groups of people to chip in on a group collection. Share a PayPal.Me link for a quick and secure payment option. PayPal's invoice creation feature also allows you to customize and track every invoice you send.

You can send up to $60,000, but PayPal may limit the transaction to $10,000, depending on the currency you use. 

If you accidentally send money to the wrong person, you can tap the contact's name and ask for a refund. If the individual doesn't respond, you can tap the blue pencil icon, select "disputes," and communicate with PayPal.

You can tap into your PayPal balance to keep money in your account with the PayPal Cash Card, a debit card with a daily spending limit of $3,000 and a daily cash ATM withdrawal limit of $400 with a limit of 30 transactions per day. 

Users pay 2.50% plus a fixed fee to send money via a credit card. PayPal charges $2.50 to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account.

PayPal keeps your information secure using sophisticated encryption. The company monitors transactions 24/7 and offers dispute resolution if you have a problem with a transaction. You can also add in the PayPal Security Key, which sends you a temporary security code through SMS when you log in. 

PayPal limits transfers to U.S. banks only and can connect with most U.S. banks and credit unions. Unfortunately, some banks, including online-only or prepaid bank accounts, can't give you access to PayPal.

Источник: https://www.investopedia.com/best-money-transfer-apps-5180183

Answers to frequently asked questions about debit cards.

What is a debit card?

A debit card looks like a credit card but works like an electronic check. Why? Because the payment is deducted directly from a checking or savings account. If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction. Most debit cards also can be used to withdraw cash at ATMs (automated teller machines).

Why do people use debit cards?

For many people, it is more convenient to carry a small, plastic card instead of a bulky checkbook or a large amount of cash. Using a debit card is also easier and faster than writing a check. It's a good way to pay for purchases without having to pay interest, as you would if using a credit card with an outstanding balance. You can even use your debit card to get cash when you make purchases at a store.

What kinds of costs are associated with debit cards?

There may be fees for using your debit card. Examples: Some banks charge a fee if you enter a PIN (Personal Identification Number) to conduct a transaction instead of signing your name. You may trigger a fee if you overdraw your account using your debit card, just as you would if you "bounced" a check. Or, there could be a charge if you use your debit card as an ATM card at a machine that is not operated by your financial institution. As with other bank products, your financial institution must provide disclosures explaining the possible fees associated with a debit card. Be sure to read the disclosures to avoid an unexpected fee.

Some debit cards come with "rewards" or other incentives for using them. How can I know which one is a good deal?

As with similar financial products, rewards-linked debit cards are designed to encourage people to use a certain bank and its services. Before opening a new account or changing banks just to get a different perk, study the fine print. Start by reading the disclosures that explain the account terms and fees to understand the potential benefits as well as the costs.

How can I overdraw my account if my bank or bank network must approve a debit card transaction?

First, because the payments are electronic, they are deducted from accounts more quickly than when using a paper check. Often, a debit card purchase is posted within 24 hours instead of days, as may be the case with a paper check. That means there would be little time to make a deposit to cover a purchase, if necessary. In addition, even though a transaction was approved, you may overdraw your account because the bank won't know what other withdrawals you have made that day until it settles all transactions later that day.

Or, suppose you don't realize you have only $100 in your bank account and you want to use your debit card to buy a $200 item. Depending on the terms of your account or the rules of the card network, the bank might approve the $200 purchase as a convenience, but it also might assess an overdraft fee for that transaction and subsequent ones until you make a sufficient deposit.

If I use a debit card to make a purchase can the merchant put a temporary "block" or "hold" on other funds in my account?

Yes, in certain circumstances, merchants can take these steps as protection against fraud, errors or other losses. One common situation involves a hotel putting a hold on a certain amount when you use a debit card (or credit card) to reserve a room. Another example is when you use your debit card at the gas pump. Typically, the gas station will create two transactions — the first to get approval from your bank for an estimated purchase amount (let's say $50) when you swipe your card before pumping gas, the second for the actual charges when you're done. Until the first ($50) transaction is cancelled by the bank, usually within 48 hours, you wouldn't have access to that amount in your account.

Because a debit card transaction is processed so fast, is it possible to order a "stop payment" or obtain a refund if I later discover a problem with the merchandise?

It depends. Because funds are deducted from your account very quickly, don't expect to have the option to stop payment or obtain a refund. If the transaction cannot be cancelled, you may be able to work out other arrangements with the store. For example, if you return an item to a merchant and you're not able to get a refund, you instead may qualify for store credit or a gift card.

"If you're concerned that the merchant might not deliver what is promised, you might consider using a credit card instead of a debit card," says Janet Kincaid, FDIC Senior Consumer Affairs Officer. "That's because the consumer protections are stronger for credit cards when it comes to returning damaged merchandise." She noted, for example, that the Fair Credit Billing Act, which applies to credit cards but not debit cards, gives you the ability, under certain circumstances, to withhold payment on defective goods until the problem has been corrected.

Sometimes you're asked to enter a PIN to approve a debit card transaction, other times you can sign your name. Does it matter?

Yes, it could. Examples: If you use a PIN at a merchant's sales counter, you also may be able to get cash back, and that can save you a trip to the ATM. However, be aware that some financial institutions charge consumers a fee for a PIN-based transaction. There also may be differences in how quickly the transaction is posted to your account, depending on how your bank processes PIN vs. signature debits.

Also, here's how to select each option. If you want to sign for a debit card transaction, you generally swipe your card through the reader and choose "credit" — even though you are authorizing a debit (withdrawal) from your account, not a credit card transaction. To use your PIN instead of signing, select "debit."

What more do I need to know to prevent debit card fraud?

Protect your debit card as well as the account number, expiration date, security code on the back, and the PIN. "Even if you never lose possession of your card, someone who learns your account number, security code and PIN may be able to use that information to access your account and create counterfeit cards," said Aurelia Cardamone, an FDIC Senior Technology Specialist.

While in many cases you are not responsible for unauthorized transactions (see federal protections described later), it can be a hassle resolving the situation. Here's how to avoid becoming a victim:

  • Never write your PIN on or near your card. Memorize it instead.
  • Don't give out bank account information over the phone or the Internet unless you have initiated the contact or you know the person is who he or she claims to be. For example, beware of deceptive calls or e-mails from crooks claiming to be from your bank asking you to "verify" (divulge) your account information. "Don't fall for it," said Cardamone. "A true representative of your bank will never need to ask for your PIN because your bank already has your account information.
  • Don't share your debit card PIN, security code and other account information with friends or relatives who aren't co-owners of your account. Likewise, never reveal this information to new "friends" you meet over the Internet. "Common scams start with a job offer or an Internet friendship or romance that leads to pleas for money transfers and secrecy," said David Nelson, an FDIC fraud specialist.
  • Take precautions at the checkout counter, ATM and gas pump. Always stand so that no one can see the keypad where you enter your PIN. At retail establishments, it's best to use do-it-yourself scanners. If you give your card to a clerk, be on guard against a dishonest employee who runs your card through two scanners instead of one. The second scanner could be capturing your account information to make a counterfeit card. In general, be alert for suspicious-looking devices that may be used to "skim" information from your card.
  • If you use your debit card to shop online, consider extra precautions with your personal computer. Experts advise installing and periodically updating virus and spyware protection and a "personal firewall" to stop thieves from secretly installing malicious software on your personal computer remotely that can be used to spy on your computer use and obtain account information.
  • Look at your bank statements as soon as they arrive. Or, better yet, review your account each week by phone or the Internet. Promptly report any discrepancy, such as a missing payment or an unauthorized transaction, to your bank. Your quick attention to the problem may help limit your liability and give law enforcement authorities a head start on stopping the thief.

What federal protections cover consumers who use debit cards?

The federal Electronic Fund Transfer Act (EFTA) protects you from errors, loss or theft of your debit card. However, unlike the Truth in Lending Act protections for credit cards, which cap a consumer's liability for unauthorized transactions at $50, the law limits liability to $50 if the debit cardholder notifies the bank within two business days after discovering the theft. If you don't notify your bank within those two days, you could lose up to $500, or perhaps more. In the worst-case scenario — if you receive a bank statement that includes an unauthorized debit-card withdrawal and you wait more than 60 days to alert your bank — you could be liable for any amounts from transactions made after that 60-day period.

The good news is that many banks don't hold a consumer responsible for unauthorized transactions if he or she notifies the institution in a timely fashion. But remember that with a debit card, the money tapped by the thief has already been taken out of your account.

Under the EFTA, a bank has 10 business days to investigate the matter (20 business days if your account is new) and report back to you with its results. If the bank needs additional time, it may, under certain circumstances, temporarily give you some or all of the disputed amount until it finishes its investigation. Generally, a bank is allowed up to 45 days of additional investigation time (90 days for certain transactions). "But until the dispute is resolved," said Creamean, "you should be prepared to pay your mortgage, car payment, credit card bill and any other obligations that may come due." Also, she said, if the bank's investigation finds there was no error, theft or loss, it can take back the money it put into your account, after notifying you.

Source: FDIC Consumer News

Источник: https://dfi.wa.gov/financial-education/information/debit-cards-frequently-asked-questions

5 Ways To Send Money With Your Smartphone

Payback, as the saying goes, can be a real…well, you know the rest. The saying rings especially true today, as more people opt to carry credit and debit cards rather than dollar bills.

“Cash was once the king, and it still is in certain pockets of the economy,” says David Wolman, author of The End of Money. “But with every new digital money innovation, paper money looks more and more like a modern-day monarchy: antiquated, impractical, and expensive.”

Thankfully, a bunch of new apps make it simple to send small amounts of money to friends, family, landlords and more. Last month alone, people used Venmo to move $1 billion, and that’s just one of many services out there letting people swap dollars and cents. “Options for sending money electronically are making cash less relevant,” says Wolman. “Venmo’s huge month is yet another example of this trend.”

Ready to empty your pockets and invest in a digital wallet instead? Check out these five options for sending money using your smartphone.

Facebook Payments

In an effort to turn Facebook Messenger into a one-stop-shop for all sorts of services, everyone’s favorite social network added peer-to-peer payments to its mobile app in 2015.

Sending and receiving money using Facebook Payments is almost as easy as chatting. Just open the field like you were about to send a message to the person you’d like to give money to. Below the chat box there’s a circle with a dollar sign in it — tap that. (If it’s not visible, tap the three-dot icon instead, and it will appear.) Then tap “Pay,” and you’ll be prompted to add your debit card information.

Facebook doesn’t list any limits regarding how much money you can send and receive using the service, but the company does say in its terms that it can impose its own limits at its discretion.

Google Wallet

Though it’s been around for a while as a loyalty card and wireless payment system, the current iteration of Google Wallet is all about sharing your wealth with friends and family.

Google Wallet doesn’t charge anything for sending and receiving money. It breaks the bank by allowing up to $9,999 in a single transaction, and as much as $50,000 over five days. The app also lets you schedule recurring (weekly, bi-weekly, or monthly) payments, which is a handy tool for splitting a regular bill, like rent, with a friend or roommate.

Google Wallet also pulls some old-school payment technology back into the loop with its Wallet Card, a debit account that links to your Google Wallet and lets you make purchases without the hassle of transferring your money over to your bank account.

PayPal

The granddaddy of cash-less commerce, PayPal has a lot more than just the momentum of more than 179 million users on its side. (But that doesn’t hurt, either.) With recently redesigned Android and iOS apps, it’s ready to defend its turf. And though PayPal got its start on desktop computers, its mobile app accounted for 25% of the $20 billion it processed in the last quarter alone.

And it looks like PayPal threw a lot of money into making its new app. With “Send Money” and “Request Money” literally at the center of the app, its clear that PayPal is prioritizing cashless transactions. But it’s in this game to make a buck, and it’s shrewder than the competition.

While the company says it’s “usually” free to send or receive money using the app, that’s only true as it applies to your PayPal balance or bank account. If you use your debit or credit card to send money through the app, either the sender or recipient pays 2.9% plus a $.30 transaction fee. And if you’re sending your funds outside the U.S., be prepared to kick in even more money. But the fact that PayPal is so widely accepted makes these fees worth it, sometimes.

Square Cash

Better known for its small business register apps, Square has also a person-to-person cash swapping service called Square Cash. Available on Android, iOS, and Windows Phone, the free-to-use service begins with a $250 weekly spending limit and a $1,000 monthly receiving limit. But once you provide the app with some personally identifying information, those numbers rise to $2,500 and unlimited, respectively.

Square Cash also has some innovative technologies to help redistribute wealth. The first, its $Cashtag system, lets anyone send a Square Cash user money directly through a personal web address, which looks something like http://www.cash.me/$samplename. The second is its Apple Watch app, which takes the phone out of the digital wallet equation and lets users give money to their favorite contacts with the flick of the wrist.

Venmo

Venmo may be the least familiar name on this list to the old money set. But for social media-savvy millennials, the smartphone-connected service might be more popular than ATMs. Designed to send money between friends and family, it’s a go-to for divvying bar tabs or splitting up the rent check.

Venmo links to bank accounts or debit cards and lets people pay each other even if they only know the recipient’s phone number or email address. (But note: these people will need to sign up for the service if they want to retrieve their money.) Available on Android, iOS, and Windows Phone, the service has a weekly limit of $299. That is, at least, until the user adds personally identifying information, at which point the limit goes up to $2,999. Venmo also connects with Facebook, making it even easier for users to find their friends.

But the big draw attracting users to Venmo is its cost. Sending money from your Venmo account can be free, as is receiving it. So how does the company manage to actually make money? There are two answers to that question. First, Venmo charges 3% per transaction if you use a credit card rather than a debit card or bank account to send money. And second, owned by Paypal, Venmo doesn’t need to be a cash cow — Paypal is using Venmo as a way to attract new users to its array of other services.

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Источник: https://time.com/4232456/venmo-paypal-send-money/

Payments & Transfers

Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3,000 within the first three months of account opening to receive the bonus. 10,000 bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on net retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a merchant code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10,000 points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage principal, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and (vi) merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at FirstCitizensRewards.com at log in.

Program Rules are subject to change or cancellation without notice.

Источник: https://www.firstcitizens.com/personal/digital-banking/payments-transfers

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