Best mobile apps for money transfers?

Depositing money into my $0.33 account via wire transfer, but then withdrawing from my $0.65 account via wire transfer. Makes total sense, right?

There's probably a massive line of retirees hitting up the teller windows...

Kevin Morris12 said:So, it looks like it’s actually happening after all. That's great news.

If I were calling the shots, here is what I’d really want to see included in this service:
- A unique US routing number and account number for every user
- Free domestic wire transfers (both incoming and outgoing)
- Full Apple Pay support

But honestly? I have a nagging feeling they won't deliver on any of those three things.

At the end of the day, we desperately need more homegrown services like this. So many platforms are still geo-blocked, and we really need a reliable American card or bank account to bridge the gap where international services are currently lagging far behind.

They’ll hold out until November, then everyone will be doing it...

ironcyclist58 said:They’ll hold out until November, then everyone will be doing it...

So what’s the deal—does that mean all payments (like utility bills or transfers to someone else) will be free?

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SEPA transfers are going to cost about the same as domestic wire transfers in dollars. So, it won't be totally free, but it certainly won't hit you with $30 or even $27. On the bright side, receiving them will be free...

unknown. Well, that's just great then.

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My bad, I got the date wrong. It’s not starting in November, it’s actually December 15th (link)

(...)
The EU Regulation No. 924/2009 is being updated as follows:
(...)
Article 3 is amended to read:
(a)
paragraph 1 is replaced by the following:
"1. Fees charged by a payment service provider to a user for cross-border payments in euros shall be equal to the fees charged for equivalent national currency payments within the member state where the service provider is located."
(...)
Effective as of December 15, 2019.
(...)
This Regulation is binding in its entirety and directly applicable in all member states.
(...)

It’s also worth noting that starting April 19, 2020, they’ll have to start showing the markup percentage against the benchmark rate for DCC. Can't wait to see that 10% figure pop up on the screen 😬
...

ironcyclist58 said:There's probably a massive line of retirees hitting up the teller windows...

Up until now, they offered free account management for anyone over 65, but now they’re stripping that away and forcing them to pay the standard rate (which is jumping from $9 to $4.00). Between that and this new fee just to talk to a teller, they're basically taking a direct shot at seniors... 👎

I've got Venmo set up with my card from Bank A. I also have a checking account over at Bank B. I’m just trying to move some cash from one to the other myself. Is it actually okay if I text my sister the IBAN for my Bank B account, put it into her Venmo, and list her as the recipient? If I send the money to her that way, will it basically just end up back in my own account?

For example, I have an account at the Federal Reserve and another at JPMorgan Chase.
I want to transfer $33 from the Federal Reserve to JPMorgan Chase.

If I give my sister my JPMorgan Chase account info for her Venmo and set it as the destination...
I send the Venmo to my sister $33, and then the funds land in my JPMorgan Chase account.

I'm just looking for the easiest way to move money without getting hit by fees. I really don't feel like dealing with the hassle of using two different phone numbers, and you can't exactly send money to yourself within Venmo...

It works—I’ve tested it myself—but God knows what happens once you get flagged.

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Thanks!
The real question is how much of a legal issue this actually is. The most problematic scenario would be adding someone else's card to your own Venmo account and paying with their funds. But here, the sender is Goldman Sachs, and the account number is just the destination for the transfer...

In this specific case, I'm using my own card to pay.

If you just put your actual name on Venmo using that other phone, then everything is completely above board...

Wait, so one person isn't allowed to have two cookies?

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Yeah, looking at the terms, there’s absolutely nothing mentioned about that. There isn't even any kind of verification process; I've actually got the exact same cards and accounts linked to two different Venmo profiles...

Great. Let's just wait until they actually take action...

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They probably aren't even looking at those tiny little transactions you make for yourself; at the end of the day, it's all just profit for them, whether you're moving money around personally or sending it to someone else. Their main interest is simply keeping people using the app. When we're talking about such small amounts, I highly doubt anyone is actually paying attention.

Look, I'm $13 telling you, that's how I saw it going down.

To’s pocket change for the big banks. Anything under $200k doesn't even register on their radar, so $40,000 is basically rounding error to them. 😁 Most people just use Venmo for stuff like $17 paying someone back after a friend covers your ticket or something similar.

@mephisto

Regarding what you mentioned about SEPA transfers—does that mean banks won't be able to charge those fees for incoming wires from the USA anymore?