You Should Be Using: Square Cash to Easily Send Money with No Fees
You Should Be Using is a new series of app tips and tricks aimed at helping students work smarter.
For some time now, PayPal has been the go-to service for quickly sending money and individual-to-individual transactions. It works without problem for most, but does charge a 2.9% fee (plus $0.30) on each transaction within the U.S. And while that’s not a monstrous fee, you don’t have to be a finance major to realize that can add up after multiple transactions.
Google’s Wallet service is a relatively new and nice PayPal alternative, but does require you to sign up for the service and add a bank account if you want to send or receive money fee-free. If you opt for sending via a debit or credit card, you’re looking at a 2.9% fee.
Square Cash, on the other hand, is a much more simple way to send and receive money online. All you and the recipient need is an email address and a debit card. There’s no signup required (it is available, though) and sending money basically boils down to composing a short email and hitting send.
How it Works
1. Compose an email with the recipients email address in the “To” form and firstname.lastname@example.org in the “CC” form
2. Add the amount (e.g. $50) to the subject line.
3. Write your message to the recipient just as you would with any email and hit send.
4. Wait a few seconds for a reply from Square. This is when you link your debit card.
5. Square sends off the message — with the money attached — to the recipient.
6. The recipient links their debit card and receives the money within 1-2 business days.
Things to Know
- Both the sender and recipient’s debit card must currently be a U.S.-issued Visa or Mastercard.
- If you send cash to the wrong email address and someone accepts before you’re able to cancel, you will have to dispute the payment.
- The recipient has 14 days to accept the payment, after which the funds will be returned to the sender.
- As of writing this, Tennessee and Hawaii residents can only receive funds using Square Cash.
- You can download the Square Cash app for iPhone or Android to send cash while on the go.
Despite the soft launch’s limitations, Square Cash is a great way to send money with no fees.