Best way to use Apple Pay Cash

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sophie1
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Best way to use Apple Pay Cash

Post by sophie1 » Sun Mar 31, 2019 2:27 pm

I'm a latecomer to the party - it took me several months to figure out that Apple was denying my debit card because I forgot to update my address with them, but I finally set it it up and tried it out. Nice, except I noticed a bit of fine print on the agreement page: they charge a 1% fee to return funds from your Apple Cash account to your bank. It's worded as "transaction back to your debit card", but that's basically what it means. Using extra apple cash to pay at a store is better than paying the fee obviously, but you lose out on the rewards you'd get with the credit card you would have otherwise used. I haven't seen this discussed anywhere.

I'd seriously only use this for trivial amounts, but I wonder if there are people out there running up big balances and not realizing the cost of convenience. A friend of mine and I decided that we can use it to balance restaurant bills, by using the rule that the person with the lowest Apple cash balance pays, and to try to avoid feeding in new money. I was going to ask my housecleaner & cat sitter if I could pay through Apple cash, but now I definitely won't be so rude as to do that. I'm quite sure Apple is making out like a bandit with this: free cash sitting in the system, and fees collected on anything that exits the world of Apple.

Stasher
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Re: Best way to use Apple Pay Cash

Post by Stasher » Sun Mar 31, 2019 2:54 pm

The 1% fee only applies to the new “instant transfer”. ACH transfers are still supposed to be free

https://support.apple.com/en-us/HT207882

aarondearu
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Re: Best way to use Apple Pay Cash

Post by aarondearu » Sun Mar 31, 2019 3:11 pm

Transferring Apple Cash to a bank account is free.

https://support.apple.com/en-us/HT207882

Eno Deb
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Re: Best way to use Apple Pay Cash

Post by Eno Deb » Sun Mar 31, 2019 5:57 pm

Frankly, I don't understand the point of this service (even though I have an iPhone and am a frequent Apple Pay user). You can't send money to anyone who doesn't have an Apple device, correct? Why not simply use Zelle, which always works as long as the recipient has a bank account, and directly transfers from bank account to bank account rather than leaving small amounts of money in a separate debit account?

Topic Author
sophie1
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Re: Best way to use Apple Pay Cash

Post by sophie1 » Sun Mar 31, 2019 7:55 pm

Thanks for the pointer! The terms & condition page didn't mention bank transfer at all, so I thought it had to go through the debit card.

drk
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Re: Best way to use Apple Pay Cash

Post by drk » Sun Mar 31, 2019 8:02 pm

Eno Deb wrote:
Sun Mar 31, 2019 5:57 pm
Frankly, I don't understand the point of this service (even though I have an iPhone and am a frequent Apple Pay user). You can't send money to anyone who doesn't have an Apple device, correct? Why not simply use Zelle, which always works as long as the recipient has a bank account, and directly transfers from bank account to bank account rather than leaving small amounts of money in a separate debit account?
Zelle only works for partner banks, and its transfer limits are both low and inconsistent.

Eno Deb
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Re: Best way to use Apple Pay Cash

Post by Eno Deb » Sun Mar 31, 2019 8:58 pm

drk wrote:
Sun Mar 31, 2019 8:02 pm
Zelle only works for partner banks, and its transfer limits are both low and inconsistent.
The list of participating banks is fairly long, and I believe even people who don't have an account at one of them can use the Zelle app as long as they have a debit card. The transaction limit at my main bank is $5000, more than enough for peer-to-peer payments.

I have used Zelle a few times to split the bill at restaurants and the like and it has always worked well. But Apple Pay Cash wouldn't, because there is usually always someone in the group who uses Android instead of an iPhone ...

drk
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Re: Best way to use Apple Pay Cash

Post by drk » Sun Mar 31, 2019 9:25 pm

Eno Deb wrote:
Sun Mar 31, 2019 8:58 pm
The list of participating banks is fairly long, and I believe even people who don't have an account at one of them can use the Zelle app as long as they have a debit card. The transaction limit at my main bank is $5000, more than enough for peer-to-peer payments.

I have used Zelle a few times to split the bill at restaurants and the like and it has always worked well. But Apple Pay Cash wouldn't, because there is usually always someone in the group who uses Android instead of an iPhone ...
It's great that it works well for you. It doesn't for me because:

1. Schwab isn't on that list
2. The outgoing limit at Bank of America appears to be $2000 per week

Eno Deb
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Re: Best way to use Apple Pay Cash

Post by Eno Deb » Sun Mar 31, 2019 9:51 pm

drk wrote:
Sun Mar 31, 2019 9:25 pm
2. The outgoing limit at Bank of America appears to be $2000 per week
I have never tried to send that much, but according to this list the limit at BoA is $2500 per day and $20,000 per month:

https://www.mybanktracker.com/checking/ ... its-274406

drk
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Re: Best way to use Apple Pay Cash

Post by drk » Sun Mar 31, 2019 9:58 pm

Eno Deb wrote:
Sun Mar 31, 2019 9:51 pm
I have never tried to send that much, but according to this list the limit at BoA is $2500 per day and $20,000 per month:

https://www.mybanktracker.com/checking/ ... its-274406
Not sure whether I should believe that website or my lying eyes, although my anecdotal experience comes from last month. Maybe I'll give them a call to see what's up.

Workable Goblin
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Re: Best way to use Apple Pay Cash

Post by Workable Goblin » Sun Mar 31, 2019 10:22 pm

drk wrote:
Sun Mar 31, 2019 9:25 pm
1. Schwab isn't on that list
I have actually used Schwab with the Zelle app to receive money (I think that's what I was doing with it), so I don't think it actually matters whether a bank is on that list except in a certain technical sense--the banks on the list have better integration than other banks. In practice, Zelle works about the same as Venmo if you aren't on that list, from what I recall, but a little bit differently if you have an account on that list.

But it has been a while since I used it, so maybe they changed something, I don't know.

ddd
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Re: Best way to use Apple Pay Cash

Post by ddd » Mon Apr 01, 2019 10:20 am

For the sake of security and privacy, I don't use Apple Pay/PayPal to send/receive cash. Don't want to give my bank info to any 3rd party. Use Zelle.

bob60014
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Re: Best way to use Apple Pay Cash

Post by bob60014 » Mon Apr 01, 2019 10:53 am

ddd wrote:
Mon Apr 01, 2019 10:20 am
For the sake of security and privacy, I don't use Apple Pay/PayPal to send/receive cash. Don't want to give my bank info to any 3rd party. Use Zelle.
Zelle is a third party site, though major banks own it .

inbox788
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Re: Best way to use Apple Pay Cash

Post by inbox788 » Mon Apr 01, 2019 12:19 pm

bob60014 wrote:
Mon Apr 01, 2019 10:53 am
ddd wrote:
Mon Apr 01, 2019 10:20 am
For the sake of security and privacy, I don't use Apple Pay/PayPal to send/receive cash. Don't want to give my bank info to any 3rd party. Use Zelle.
Zelle is a third party site, though major banks own it .
Zelle, Venmo, XYZ Pay, etc. is getting interesting. I can't believe this abundance of choice and confusion can continue indefinitely, but there are still new forms of payment being developed everyday and yet I still have a checkbook. Apple Cash can compete with Zelle or be a part of Zelle. We'll see how things develop, but I wish it would shake out faster. If Apple Cash and Apple Pay were more universal, and you got benefits (interest or bonuses) for keeping Apple Pay Cash, why would you need a bank account (other than to receive your Direct Deposit and transfer funds to Apple Cash)? If it ever got that universal, Direct Deposit could go directly to your Apple Cash account or better, HR would be using Apple Pay for payroll. It will be quite a long time before any of this is even remotely considered. So in the mean time, the best way to use Apple Cash is to transfer it freely or spend it. But why not just pay your Apple Card bill? That's the best way IMO.

ddd
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Re: Best way to use Apple Pay Cash

Post by ddd » Mon Apr 01, 2019 12:46 pm

bob60014 wrote:
Mon Apr 01, 2019 10:53 am
ddd wrote:
Mon Apr 01, 2019 10:20 am
For the sake of security and privacy, I don't use Apple Pay/PayPal to send/receive cash. Don't want to give my bank info to any 3rd party. Use Zelle.
Zelle is a third party site, though major banks own it .
if your bank does not support Zelle directly, you are out of luck! make a switch if p2p transfer is critical to you so much.

head gamez
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Re: Best way to use Apple Pay Cash

Post by head gamez » Sat Nov 16, 2019 5:39 pm

Digging up this thread rather than starting a new one...

I have tried to use Apple Cash recently. It does not work with my debit card. The other option is a pre-pay card. While Apple points out that not all cards will work, I cannot find a list of which prepaid cards WILL work. Does anyone have any insight? I would like to periodically load $200-$300 dollars just for the ability to send person to person (in THIS platform).

Apparently, my bank is Apple Friendly, as I recently signed up for the Apple Card, and was able to load my bank as the payment method. I have not paid the first bill yet, so I hope I get no surprises there... otherwise, I dont know how I will pay the bill.

Workable Goblin
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Re: Best way to use Apple Pay Cash

Post by Workable Goblin » Sat Nov 16, 2019 5:59 pm

inbox788 wrote:
Mon Apr 01, 2019 12:19 pm
Zelle, Venmo, XYZ Pay, etc. is getting interesting. I can't believe this abundance of choice and confusion can continue indefinitely, but there are still new forms of payment being developed everyday and yet I still have a checkbook. Apple Cash can compete with Zelle or be a part of Zelle. We'll see how things develop, but I wish it would shake out faster.
Most likely, IMHO, is FedNow coming in and subsuming at least Zelle, if not everyone, and possibly making checks obsolete (finally...). After all, unlike all those other options it's backed by the Federal Reserve. Hard to beat that.

inbox788
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Re: Best way to use Apple Pay Cash

Post by inbox788 » Sat Nov 16, 2019 7:14 pm

Workable Goblin wrote:
Sat Nov 16, 2019 5:59 pm
Most likely, IMHO, is FedNow coming in and subsuming at least Zelle, if not everyone, and possibly making checks obsolete (finally...). After all, unlike all those other options it's backed by the Federal Reserve. Hard to beat that.
Wow! About time. I didn't know they were authorized to do that. Interrelated with the US Mint and Treasury functions. One might view it as printing e-money.
Does the Federal Reserve Print Money?
There are really two ways to address this question. In terms of the actual, physical printing, no, the Fed doesn’t actually print or produce money in any form. Coins come from the U.S. Mint, and paper currency comes from the U.S. Treasury’s Bureau of Engraving and Printing. The Fed distributes currency after it’s printed.

Controlling How Much Money Is Available
However, what many questioners might really be asking is whether the Fed has the ability to control how much money is in our economy. That’s a different story.
https://www.stlouisfed.org/open-vault/2 ... rint-money

Can't recall where I recently read an article accusing banks on conspiring to keep ACH transfers slow so they can charge high wire fees. They also mentioned a system in UK that was nearly instantaneous, which might be FPS.

https://en.wikipedia.org/wiki/Faster_Payments_Service

Can't wait for the lingua franca in messaging and payments to materialize.

SixAlpha
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Re: Best way to use Apple Pay Cash

Post by SixAlpha » Sun Nov 17, 2019 9:26 am

ddd wrote:
Mon Apr 01, 2019 10:20 am
For the sake of security and privacy, I don't use Apple Pay/PayPal to send/receive cash. Don't want to give my bank info to any 3rd party. Use Zelle.
We use Apple Pay and PayPal frequently to split the cost of Boss’ Day gifts and things of that nature within our office(s).
We have offices in 10 states and surprisingly few of our employees bank with Zelle-participating institutions, but nearly everyone has an iPhone.

head gamez
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Re: Best way to use Apple Pay Cash

Post by head gamez » Mon Nov 18, 2019 8:57 pm

head gamez wrote:
Sat Nov 16, 2019 5:39 pm
Digging up this thread rather than starting a new one...

I have tried to use Apple Cash recently. It does not work with my debit card. The other option is a pre-pay card. While Apple points out that not all cards will work, I cannot find a list of which prepaid cards WILL work. Does anyone have any insight? I would like to periodically load $200-$300 dollars just for the ability to send person to person (in THIS platform).

Apparently, my bank is Apple Friendly, as I recently signed up for the Apple Card, and was able to load my bank as the payment method. I have not paid the first bill yet, so I hope I get no surprises there... otherwise, I dont know how I will pay the bill.
Any input? Or should I create a new thread?

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