Best mobile apps for money transfers?

A new mobile app just hit the market—and there’s actually a second one slated for release next year! Both of them let you send money to friends directly from your phone without the headache of typing in long SWIFT numbers.

Do you guys find an app like this useful, and how often would you actually use it?

Never. I definitely wouldn't touch it if they start "adding extra features to drive revenue" (which is just code for annoying ads).

I'm guessing they’re talking about those premium features you actually have to pay for—kind of like how apps such as Chime or Current handle things. It seems pretty unlikely that JPMorgan Chase would just start shoving random ads into their banking app...
I haven't really dug into the specifics here, but do you even need an account with JPMorgan Chase to use this? If so, then it's hardly groundbreaking. A lot of banks, like Bank of America, already offer these kinds of "instant transfers" right inside their standard mobile banking. I don't really see why they'd need a whole separate app for it...

You don't even need an account; it isn't tied to any specific bank at all. Honestly, I suspect the vast majority of those types of transactions—you know, just splitting a bill among friends—are handled entirely in cash these days anyway. So, banks aren't actually losing out on existing fee revenue (since those peer-to-peer transfers are pretty rare through traditional channels), but instead, they gain this vital new way to stay connected with customers from other institutions like JPMorgan Chase or Bank of America.

So how does the whole money thing actually work? Like, how do you get funds in there, how do you pull them back out, and all that good stuff...

Alright, I dug through their site (not even the top result on Google, just buried somewhere under 🤦) and saw they take card payments, but I haven't found anything about withdrawing funds yet.

ironcyclist58 said:Alright, I dug through their site (not even the top result on Google, just buried somewhere under 🤦) and saw they take card payments, but I haven't found anything about withdrawing funds yet.

It says: "funds will be sent to any SWIFT provided by the recipient"

I’m currently messing around with the app, but it’s being super vague. It asks for a checking or savings account number, but doesn't clarify if it actually has to be mine or if I can use someone else's... The help docs are basically non-existent too. You hit the FAQ in the app and it just kicks you straight back to the JPMorgan Chase homepage.
Plus, the articles mention that "Users can send money using their usual credit or debit card, or directly from a checking account," but I haven't seen any option for a checking account anywhere in the interface.

If I pay using a credit card, does that count as a cash advance or just a standard POS transaction? 🤔 If it's the latter, that’s actually a pretty sweet deal, even if it wasn't really meant for that purpose 😁

Charles Ramos7 said:If I pay using a credit card, does that count as a cash advance or just a standard POS transaction? 🤔 If it's the latter, that’s actually a pretty sweet deal, even if it wasn't really meant for that purpose 😁

I had that exact same thought the second I saw it, but honestly... there’s just zero documentation to go on...

Charles Ramos7 said:If I pay using a credit card, does that count as a cash advance or just a standard POS transaction? 🤔 If it's the latter, that’s actually a pretty sweet deal, even if it wasn't really meant for that purpose 😁

That’s exactly why I’m asking... do they actually have to be personal accounts? 😬

ironcyclist58 said:I had that exact same thought the second I saw it, but honestly... there’s just zero documentation to go on...

That’s exactly why I’m asking... do they actually have to be personal accounts? 😬

I tried sending some money to myself just now and it wouldn't go through. Honestly, I don't get how someone's phone number is supposed to link to the account receiving the funds. 🙂 If I send money to a cell number, what happens then? What if that person doesn't even have an account set up...

Edit: It’s pretty obvious both sides need access to the app; just having an account isn't going to cut it...

Yeah, I figured that was the case from the jump, even if they don't explicitly spell it out for you.
What I'm actually wondering about is whether that second person has to use their own account when they install the app, or if they can just plug in someone else's... using someone else's would probably work, but I want to know if that's actually allowed under the terms and conditions.

So, you'd basically need two different numbers—one to link to your bank account and another for the card itself.

Just ran a test transaction on my credit card. I'll let you guys know once it clears whether they treated it as a standard purchase or hit me with a cash advance...

Man, Diners Club is giving me nothing but grief. I’m trying to add my card, but they keep throwing up this "warning" about checking my info, even though everything is legit and there’s plenty of cash on it. What am I supposed to do with that?
My checking account works perfectly fine, though—I can send money to other banks without any fees at all. Basically, if you don't have the app, you just get an SMS notification, but then you're stuck having to download the whole app just to actually move your money around. Makes sense, right?

Double-check the spelling on the name, letter by letter. Since Diners Club is a Goldman Sachs card, they'll have direct access to those details.

ironcyclist58 said:Double-check the spelling on the name, letter by letter. Since Diners Club is a Goldman Sachs card, they'll have direct access to those details.

Man, I seriously tried typing out my full name in all caps and it still gave me nothing. I have no clue why this thing won't just accept it.🤔

Did it actually work for you without any issues?

My Chase Bank Visa went through without a hitch.

Zachary Ward5 said:Man, I seriously tried typing out my full name in all caps and it still gave me nothing. I have no clue why this thing won't just accept it.🤔

Did it actually work for you without any issues?

Diners Club worked just fine for me.