The Best Smartphone Apps To Send and Receive Money

People are always looking for more convenient ways to send and receive money. We researched various apps that help you in this regard. Don’t worry about going to each website, we summarized the major pros and cons here.

4 Popular Apps to Send and Receive Money

PayPal – Buying on eBay comes to mind when people think of the word PayPal, but it also allows you to send and receive money.

There are no fees to:

  1. Send money from your PayPal balance or bank account.
  2. Purchase goods using PayPal.
  3. Transfer money from your PayPal balance to your bank account.

There are fees to:

  1. Receive money via debit or credit cards. Per PayPal’s site, its fees are 2.9% + $0.30 for these types of transactions. That works out to $6.40 in fees on a $200 transfer.
  2. Get transfers from outside of the U.S. (3.9%+.30 for payments under $3K) (https://www.paypal.com/us/cgi-bin/marketingweb?cmd=_display-xborder-fees-outside).
  3. Have your PayPal balance sent to you in the form of a check. The check fee is $1.50. Translation avoid it if at all possible.

Google Wallet – Unsurprisingly, Google got in the business of sending and receiving money. Here are the important facts.

  1. You can send money from and receive it to your bank account at no fee.
  2. It is also free to send money from your Wallet balance.
  3. The charge to use a credit card is 2.9%.

Being part of Google, it has other benefits.

  1. You can send money to anyone with a gmail account.
  2. If you purchased anything from Google Play, you already have a wallet. No fiddling around with the set up process.

Venmo – Venmo advertises itself as a digital wallet to help you with everyday situations like when you split a restaurant bill with someone and that person needs to pay you back. If you transfer money from your Venmo account to a friend’s Venmo, it happens immediately.

It is always free to receive money on Venmo. There are no fees when you pay with your Venmo balance, bank account, or what Venmo describes as a major debit card. Venmo charges fees of 3% for using it to pay via credit card or non-major debit card. Many of my friends use Venmo primarily instead of PayPal, but I haven’t found a reason why it’s better, yet. The only reason they’ve been able to give about why it’s better is that there is no sign-in process on your phone. To me, that sounds like a vulnerability, but I suppose to some it’s a feature.

Facebook Messenger AppFacebook’s messenger app allows you to send and receive money, and the best part is that it is free. The only downside appears to be that you can only connect a Visa or MasterCard debit card (and this is a major downside for me).

Other Apps

There are two less well known apps that are worth checking out. Dwolla offers transfers with a low .25 fee charged to the recipient. Keep in mind, you cannot use credit or debit cards with Dwolla (https://www.dwolla.com/about). Square Cash is another app that allows you to send money to another Square Cash user free (http://www.bankrate.com/finance/banking/money-transfer-app.aspx).

A Different Type of Risk

Even today, people have to worry about losing cash or misplacing a paper check. Mobile apps have their own risks (i.e. hackers). Make sure you are comfortable with the security policy before signing up with one of these provider. We all work hard for our money so stay safe.

Dealing With Real Life Windfalls

A windfall, or the sudden inheritance of money from an unexpected source, may seem like the stuff of dreams. But it happens to a lot of people at one time or another – most people, in fact. Whether your windfall comes in the form of an inheritance, game winnings, the sale of a valuable heirloom, or some other source, it’s important to have a plan in mind for what you’d do with the money. Research shows that people tend to spend at least 40% of the money from a windfall immediately. What happens to the rest is a mystery, case by case. But we’re all familiar with the stories: taxes eat up a lot of it, friends and relatives come calling, bad investments get made. Many people who receive a windfall end up in a worse place than where they started, often within just a few months. In order to avoid this outcome, it’s important to have a plan made well in advance. It should include some or all of these facets.

  • Don’t Do Anything For Awhile. If you get a windfall, put it into an interest-generating account and just wait. During this time, don’t tell anybody that you have sudden wealth. By keeping the money a secret, you’ll ensure that nothing bad can happen as a result of having it. Pay of any taxes you will have as a result of the sudden income. If you’re selling an annuity, take the time to find a good quote from the company that buys it. Then take your lump sum and make a firm plan with it.
  • Allocate the Funds Specifically. Let’s continue with the example of the sold annuity. Now that it’s sold, and you’ve paid off any associated taxes, you are ready to make a plan. Take a look at your financial life. What debts do you have? How much are they costing you? What areas in your finances are working the most poorly? In this situation, I would recommend that you sit down with a finance professional. Lay out your whole money life out on the table, as well as your plans, goals, and those of your dependents and loved ones. Figure out where every dollars is going to go. Don’t forget to leave some to spend on fun, either! But if you don’t plan at all, chances are you’ll lose all of your money before you can make it do any lasting good for you.
  • Stick to Your Plan. This one is pretty self-explanatory, but it’s important to state again. If you know how to make your money last, make sure you carry out the plan in real life.

If the end you’ll have a lump sum of money that lasts as long as you need it to. You can make big personal changes, perhaps, like paying off a loan, going back to school, financing a business, buying a house, etc. Even if you just decide to update a room in your home or take your family on vacation, you should make your windfall count. They don’t come around that often.

Is it a Good Time to Buy a Home?

This is a sponsored post written by me on behalf of Chase Mortgage Banking for IZEA. All opinions are 100% mine.

According to a survey conducted by Chase Mortgage Banking in March 2015, last year’s somewhat mixed results when it came to the real estate market have made way for a new sense of optimism this year when it comes to buying a new home. The survey entailed the polling of responses from 1098 Americans from all across the country and the results were really interesting.

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The implication is that the recovery of the real estate sector, though delayed in 2014, will gain momentum again in the next two years – 3 out of 10 Americans surveyed responded that they intended to buy a new home in the next year and a half.

Respondents not only seem more optimistic about the state of the economy but also more optimistic about the navigation of red tape. Of the respondents surveyed, 43% felt that it would be simpler to qualify for a loan this year, as opposed to last year.

About a fifth of those surveyed stated that the rising cost of rent is their number one reason to buy, making owning a better value.

Around about a fifth of current homeowners surveyed stated their wish to upgrade their home as their primary reason for buying property.

This, in conjunction, with the currently low mortgage interest rates does make the buyer’s market very attractive at the moment, with around about a third of respondents believing it would be a good idea to buy fairly soon, before the rates increase again.

It seems that it is a delicate balancing act on the part of banks – 35% of those surveyed admitted that interest rates higher than 4% would make them put off buying a new home.

It is not all optimism though – around 70% of respondents feared that they may have missed the boat to buy at the best time because of rising home prices.

The truth lies somewhere in the middle – home prices have risen but that does not mean that there are no more good deals to be gotten. With the current low interest rates, and the definite optimism about the economy, it is certainly still a good time to buy your own home.

What does make this survey so interesting is that Chase Mortgage Banking clearly understands their market and what is important to prospective and current homeowners. The survey even delved down into common misconceptions when it came to buying a house and a great need for more information regarding the mortgage process was identified.

Almost half the respondents admitted to not being worried about understanding how the whole process worked and only 1 in 4 respondents were able to correctly answer questions relating to rates charged, lenders and down payments.

For most people, buying a house can feel quite overwhelming. But Chase Mortgage Bank helps to make it easier, with their tools and resources available to anyone who would like to use them – client or not. Visit Chase Mortgage Banking for information.

If you want to find out what mortgage installment you will be paying a month, their mortgage calculator can help with that in a few seconds. If you just want to buff up you knowledge regarding the procedures, you’ll find all you need on their site.

Need some expert, one on one advice about whether or not you are ready to take the plunge? Head over to My New Home YouTube channel and watch the videos, featuring people like you and me, to help you make up your mind.

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