A New Way To Send Money

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ravkesef

Lifer
Aug 10, 2010
2,912
9,179
81
Cheshire, CT
Many of us are shifting money via PayPal; it's quick, it's safe, it's reliable. The only downside is that the seller pays a fee, just under 3%. If you're selling a $500 pipe, we're now up to close to $15. Here's another way that's just as quick, safe and reliable, but there is no fee whatsoever. It's called Squarecash, and it transfers money directly from one checking account to the other via debit card. It's operated by the same company that makes those little thingamajigs that attach to smart phones that you can swipe your credit card with. The only difference is this is done via email and it's strictly cash. For example, let's say I want to send you $100. I can use the app that's on my iPhone, or just send you an email with a copy to Squarecash specifying the amount. You will immediately get an email informing you that you have this money. You only have to enter your debit card number the first time that you use it. Thereafter the company keeps it on record. The money is instantly deposited from the sender's bank account and guaranteed to be deposited in the receivers bank account within 1 to 2 days, though it's usually pretty close to instantaneous. It's a great way to pay for that new pipe, with near instantaneous transfer of the money from one account to the other. The application has many uses; let's say we're out to dinner together and the tab comes to $100. You could send me your $50 via your IPhone. I would get the email instantly informing me that I have the money –it's really that simple. And again – it's totally secure.
You can Google Squarecash, and see the many articles about it, especially the one that first attracted my attention appearing in the New York Times. I've used it to pay for pipes that I've bought from forum members, and they've been absolutely delighted with the procedure, especially since it's totally free.

 

brian64

Lifer
Jan 31, 2011
9,602
14,666
I recently came across an article on this as well:
Square Cash lets users send money by EMAIL | Mail Online

http://www.dailymail.co.uk/sciencetech/article-2465274/Square-Cash-lets-users-send-money-EMAIL.html

 

morton

Part of the Furniture Now
May 3, 2012
648
2
Regina, Saskatchewan, Canada
We've had something like that in Canada for awhile. Its called EMT (Electronic Money Transfer) and its as easy as email. Once you sign up for it through your bank, you can send money via email to another person or business in Canada (not sure of other countries) generally for free. Its fast, safe (as you're on an encrypted bank website) and generally very inexpensive. If I go over my limit of 15 free EMTs per month, its only a dollar per transaction after that, which the sender pays, so sellers love it. I've tried to find out through various means if something like this existed in the States and I guess now it does. If what ravkesef is describing is the same, you guys are going to love this!

 

ravkesef

Lifer
Aug 10, 2010
2,912
9,179
81
Cheshire, CT
Morton, we've had that here as well for some years. This isn't through the bank's website – it's just an email from you to him, with a copy to Squarecash. It doesn't require that he be one of your regular payees, it can be simply a one time payment. It's similar to EMT, but works in a slightly different way.

 

ssjones

Moderator
Staff member
May 11, 2011
18,317
11,070
Maryland
postimg.cc
An interesting option, I hate to lose Paypal fees. Since I can't assign a date to this, I'm moving it to the General Pipe Smoking Discussion, since we use Paypal at online vendors, etc.

 

mrjerke

Lifer
Jun 10, 2013
1,323
29
Midwest
And again – it's totally secure.
Hate to break it to you but I work in banking and Nothing is totally secure. I see fraud quite often through many vendors. Nothing is 100% secure. That information is stored somewhere, and there's someone out there smart enough to get it.
Now I'm not saying this is a bad option. I'm merely just saying you can't guarantee it is 100% secure. If you have a good bank they will recoup any lost funds from fraud anyways.

 

brdavidson

Lifer
Dec 30, 2012
2,017
5
The benefit of the EMT in Canada is that the funds are instantly available and you don't have to have the person setup as a payee in your bank list at all. I use it all the time to make payments and it is fast and simple.

 
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