Are There Any Fees For Apple Pay Cash
Sending and receiving money with Apple Pay and the Apple Cash card are services provided by Green Dot Bank. There’s no fee to send, receive, or request money using Apple Cash. Setting up Apple Cash also won’t affect your credit and it won’t be impacted by any credit freezes.
Where you will pay a fee is if you select Instant Transfer when transferring money to a debit card. A 1.5 per cent fee is deducted from the amount of each Instant Transfer.
There are no fees for transferring Apple Cash funds to your bank account.
How Do I Set Up Apple Pay
Setting up Apple Pay is easy and intuitive. Most iPhone and Apple Watch users will find it pre-loaded on their device. Just click the Wallet icon, hit the plus sign in the right-hand corner and start adding your favorite credit cards by positioning your card in your cameras view frame. You can also add a card manually by entering the name, account number, expiration date and CVV code on the back of the card.
Along with credit cards, you can store concert tickets, travel documents, such as boarding passes, and more in your Apple Wallet by downloading the corresponding app through the App Store.
Limits For Transferring Money To Your Bank Account
When it comes to transferring money to your bank account, you need a minimum of $1, though you can transfer less if your current balance is less than $1. There’s a maximum of $3,000 per transaction, and you can transfer up to $20,000 every seven days.
- minimum $1 per transfer, unless your full balance is less than that
- maximum $3,000 per transfer
- maximum $20,000 per 7-day period
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How To Transfer Apple Cash To Your Bank Account
You can transfer some or all of your Apple Cash to your bank account. It takes one to three days for the transfer to complete, but it’s completely free with no transfer fees.
If necessary, confirm the transaction with your Face ID, Touch ID, or passcode.
The money should appear in your checking account in one to three days.
How To Transfer Money From Your Apple Pay To Bank Account
Follow the below steps to transfer money from your Apple Cash card which can take instantly or within 1 to 3 business days.
Once the money is deposited into your Bank account, you can now use the funds to move the money to your Cash App Wallet.
Note: Unless you use the Instant Transfer, there are no fees to transfer your money from Apple Cash to your bank account.
Instant Transfer has a 1 percent fee deducted from the amount of each transfer.
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Can I Pay Using Someone Elses Apple Pay Account
We need the money you send to come from your own Apple Pay account.
As a financially regulated company we need to ensure we know the identity of our customers and this includes the source of the funds they pay with.
In some circumstances we can accept payments from business accounts. We may, however, need to see official documentation that shows you have authority to make payments from these accounts before we will be able to release your transaction. If this is the case, we will contact you by email or phone to discuss this with you.
You must also use your own cards when paying by Apple Pay.
How To Automatically Or Manually Accept Apple Cash Payments
As we mentioned above, the first time you use Apple Cash, you will have to seven days to accept the money sent to you, after which you accept the terms and conditions and then payments are automcatically accepted by default. It’s possible to change this to manual however, which will mean you will see an Accept button on any money you are sent through Apple Cash.
You then have seven days to accept the money. If you want to reject it, open the Wallet app on your iPhone > Tap your Apple Cash card > Find the payment under Latest Transactions > Tap the payment > Tap the payment again > Tap Reject Payment.
To choose between automatic or manual accepting of payments on your iPhone:
To choose between automatic or manual accepting of payments on your iPad:
To choose between automatic or manual accepting of payments on your Apple Watch:
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How To Request Money Through Apple Cash
You can send a request for money through Apple Cash in the Messages app and the recipient can tap Pay, then change or confirm the amount they want to send.
To request money through Apple Cash on your iPhone or iPad, follow these steps:
To request money through Apple Cash on your Apple Watch, follow these steps:
Is It Safe To Use Apple Pay
Many people are often worried about transacting online since they think there is a possibility of losing money to fraudsters. There is indeed a possibility of losing money to fraudsters online if you are careless and exposing your login credentials by revealing them or using insecure internet connections. However, in normal circumstances, Apple Pay is very secure to use online.
First of all, you require a password to log into your Apple Pay account. No one else should know the password except you. Secondly, your Apple card has a PIN that helps you to authorize transactions at an ATM. Unless you tell someone about the PIN, no one can use the card.
Moreover, Apple allows you to authorize your transactions using your Touch ID. Your fingers are unique, and no one has a similar sequence of patterns on fingers. Again, Apple Pays online data is usually encrypted, meaning it is difficult for a third party to intercept it to get your crucial information.
Lastly, if you are in the US, your money in the Apple Pay account is always safe since it has FDIC insurance. FDIC insures funds up to $250,000, and you can be sure that in case the company collapses, your money will still be available for you.
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How To Transfer Money From Cash App To Apple Pay
It is currently not possible to transfer money from Cash App to Apple Pay, because Apple Pay is not a bank account. It is an electronic wallet with which you can pay with the linked credit or debit cards.
Now, on the other hand, you can add a Cash App account to Apple Pay, but only if you have a Cash Card, which is the application’s free debit card. It is a simple and easy process to do through the Cash application, or in Apple Wallet on your iPhone or iPad
How To Add Money To Your Apple Pay Cash Card Or Transfer It To Your Bank Account
You can add money to your Apple Cash card, although you will automatically add any missing balance from a debit or credit card when paying someone. Just open the Apple Cash card in the Wallet app or the Wallet & Apple Pay settings menu. Then tap on the Info tab. Then tap Add Money. Enter the amount youd like to add, tap Add, and confirm.
Taking money off your Apple Cash card is just a little more complicated. Youll need to add a bank account.
1. In the Apple Cash card info , go to the Info tab.
2. Tap Transfer to Bank.
3. The first time you do this, youll have to tap Add Bank Account and enter your banks routing number and your account number.
4. Enter an amount, tap Transfer, then confirm with Touch ID or Face ID.
If you want to transfer money from your Apple Pay Cash virtual card to your bank, youll need to enter an account number.
A bank transfer can take from 1 to 3 business days . You have to transfer at least $1 , you cant transfer more than $3,000 at a time, and you cant transfer more than $20,000 in a 7-day period.
How To Set Up Apple Cash For A Child Or Teen
It’s also possible to set up Apple Cash for a family member that is under 18 and in your Family Sharing group so they too can make purchases, and send and receive money in Messages. You can limit who your child or teen can send money to, get notified when they make transactions, and lock their account.
The family organiser has to set Apple Cash up for the child or teen, and they will need to use the same Apple ID for Apple Cash as they did for setting up Family Sharing.
They will also need to have a compatible iPhone, iPad or Watch running the latest iOS, iPadOS or watchOS software. They will also need to sign in to iCloud on each family member’s device using their Apple ID, turn on two-factor authentification for each Apple ID and make sure each device region is set to the US.
If you can tick all those boxes, these are the next steps:
You can read more about how to manage your child’s Apple Cash accounts here.
About Sharing An Apple Card
If you want to share an Apple Card with trusted family members or friends, set up Apple Card Family and invite friends or family to share your account.
If you dont have an Apple Card, you can apply and if you are approved and accept your offer, you can set up Apple Card Family and invite friends or family.
You can also join a shared Apple Card account by getting an invitation from an account owner to co-own Apple Card. Once you receive the invitation, follow the onscreen instructions.4 You will be prompted to apply for Apple Card.
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Can You Transfer A Balance From The Apple Card To Another Card
Many cardholders rely on balance transfers to gain control over their credit card debt.
Say you have $5,000 in credit card debt on a card with 19% interest. Youd apply for a new credit card that offers an introductory 0% interest rate for a certain period of months, usually six to 18.
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If youre approved, youd then transfer your high-interest-rate debt to your new card. The goal is to pay off that debt before your new cards 0% interest offer expires. After that offer ends, your cards interest rate will adjust to its normal one. If you havent paid off your debt by then, whatever is left will now carry that higher interest rate, a rate that could range from 15% to 21% or higher.
This can be a good strategy for cardholders who are ready to pay off their credit card debt. They can whittle this debt down without worrying about it growing because of interest.
If you have debt on an Apple Card, though, you might not have this option.
Thats because according to the rules set by Goldman Sachs, the bank behind the Apple Card, cardholders cant transfer any debt from their Apple Card to any other card.
The problem seems to stem from what Apple considers non-conforming payments. In the cardholder agreement from Goldman Sachs, the company says it might reject any payments that dont comply, and that might include payments from other credit card companies. That would scuttle balance transfers from an Apple Card.
Apple Pay Cash Cracks Down On Credit Cards
The new rules are outlined in updated guidelines from Green Dot, the bank Apple uses for Apple Pay Cash.
Credit cards are not Supported Payment Cards and therefore cannot be used to fund a P2P Transfer or to add funds to your Apple Pay Cash Card, the guidelines state.
Apple and Green Dot claim that the move is to help customers avoid cash-advance fees they could incur after paying another person using a third-party credit card.
You can still make person-to-person payments in the United States using any debit card thats compatible with Apple Pay. You can also pay others using your Apple Pay Cash balance.
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How To Send Payments Using Apple Pay Cash
Sending money to your friends and family in Messages is oddly akin to sending a sticker.
Tap the Apple Pay button at the bottom of the screen.
Enter your specific amount.
Authorize the payment from an Apple Pay-linked debit card. On iPhone 8 and older, you authorize with Touch ID, while on iPhone X, you double-click the side button to activate Face ID for authorization.
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What Popular Credit Cards Can I Use With Apple Pay
With a limit of 12 credit cards, you can probably load all your cards into your Apple Wallet for easy access through your iPhone. But which one should you set as your default payment method? Which are the best credit cards to use with Apple Pay?
Since Apple Pay supports nearly every credit card in the U.S., you have plenty of choices. Some of the best cash-back credit cards and travel rewards cards are also some of the best cards to use with Apple Pay. Lets look at a few of them, which also happen to be among the best contactless credit cards available, below.
Using Apple Card With Apple Pay
Apple Card is designed to work with any other credit or debit card stored in the Wallet app for use with Apple Pay. You can set it as the default card and use it for in store purchases on iPhone and online purchases on Apple Watch, iPhone, iPad, and Mac.
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Send Money Through Messages
You can send money through Apple Cash using the Messages app or by talking to Siri. To send money via Messages, open the app and start a new conversation or open an existing one with the person who will receive the cash. You can send someone money without typing an actual text, but you may want to remind the person why you’re sending money. Tap the app icon on the left and tap the Apple Pay icon.
Tap the plus or minus key until you see the amount you wish to send. To enter a specific amount instead, tap the Show Keypad button and then type the amount. At the keypad, you can tap the Pay button to initiate the payment or you can swipe down to close the keypad screen, return to your message, and then tap Pay.
Is There A Fee
If you use Apple Pay at the register in stores or restaurants, Apple does not charge any fees. Since merchants consider this a card present sale, however, the merchant may charge additional fees, just like they would for physical credit card users. Merchants who offer cash discounts may not extend that discount to Apple Pay customers, so be sure to read the signage around the register carefully before you decide how you want to pay.
If you pay with Apple Pay using a debit card, there are no additional fees.
Finally, if you transfer money to another Apple Pay user from a debit card linked to Apple Pay, there is no fee. But you will pay a 3% fee if you transfer money to an individual using a credit card linked to Apple Pay.
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