We have all been there. You just finished dinner with your group of friends and the waiter has dropped the bill – you all rummage for the calculator app on your phone to figure out how much you owe only to hear that the restaurant can’t split the payment. Thankfully, there are now so many ways to send or receive money from friends which makes the worry of paying friends back, whether for a meal or a utility bill, a thing of the past.
We answer the most common questions about sending money to friends including the most reliable ways and if digital transfers are really safe.
What are the most reliable ways to send friends money?
Sending money to a friend is not as long of a process as it used to be. That’s right, what was once a slight endeavour has fast become something that can be completed with a few simple clicks or taps.
The most popular methods in recent years are primarily done without any face-to-face interaction, these include:
- Online transfers are likely one of the most popular methods in recent years, and for good reason! Online and digital transfers are both pretty quick and cheap and can make disputing any issues a lot easier. Some of the most commonly used online transfer providers include Venmo, Cash App and PayPal. If you are interested in a super fast and reliable way to transfer money between friends, find out more about Money Jar here.
- Phone transfers are also still a reliable method to transfer money to a friend’s account, however, this is not always the fastest choice. It simply involves getting in touch with your provider’s customer care team and a member of staff will walk you through the process. Remember to have all the information about the recipient (such as name and account number) at the ready!
If you would prefer to send money to your friend’s bank account in person, you can still do so by visiting your provider’s local branch.
Can I send money to friends without fees?
Whether or not you will be charged when transferring money to your friend’s account will depend on a number of factors including your bank providers conditions, the amount you are sending, and whether or not you are sending money to a foreign account (find out more about sending money abroad here).
For most online and digital transfers, however, you will be able to send a certain amount of money to a friend’s account without any transfer fees. With a Money Jar account, you can use the app to make and receive instant money transfers to another Money Jar account for free, unlike other bank transfer methods. If you are sending to another EU/EEA account, you will be charged €0.20.
Are digital money transfers safe?
Like nearly every money transfer method, there can be risks associated with digital money transfers. However, once you utilise a tried, trusted, and reputable provider, you can be safe in knowing that your digital money transfer is secure.
Below are a few things to consider when digitally transferring money to a friend or using an online banking app:
- Make sure you enable additional security settings on your bank provider’s app to ensure that only you can access your account. With a Money Jar digital account, we enforce a passcode for app access and biometric authentication for added security. And in the unlikely event you lose your card you can freeze your account instantly using the app.
- Only send money to people you know and check the recipient’s bank details and information multiple times before hitting send to ensure you’re sending it to the right person.
Sending money to friends with Money Jar
At Money Jar, we have built a simple new approach to banking which makes things such as splitting bills with friends and transferring money to a roommate a straightforward process.
With a Money Jar digital account, you will have access to Jars which makes it simple to split utility bills or save for that upcoming group holiday. Here’s how it works:
- Open your Money Jar app and click ‘Jars’ on the bottom of the screen
- Name your Jar and set your goal
- You can share this Jar with friends with a Money Jar account and start planning or saving towards a specific goal today
- Everyone with whom you’ve shared the jar can add money but the money will sit in your account since you’ve created the jar.
You can also make and receive real-time transfers to others with a Money Jar account. No need to wait for lengthy bank transfers as our digital account allows you to instantly transfer money to Money Jar contacts for free!
Find out how you can get started with a Money Jar digital account here.
