

Ask HN: How do you send money to friends? - allbombs

In Canada, we have email money transfers. Every major bank supports this function. This acts as the main payment method for collecting money.<p>How do people in the United States and other countries do this? Do people actually use paypal, square up, and google wallet?
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redtexture
• The absolutely best way: have your payees have an account with your bank and
have internal-to-your-own-bank transfers. Some USA banks make this very easy.

• Second best, bank to bank transfers of money to your trusted payee.
International transfers are in a state of flux, and may after 2013 be able to
avoid high fees. Not yet though.

Otherwise:

• Trusted payee who is sophisticated and smart: Bitcoin.

• Trusted USA to USA party: Dwolla. See:
[http://Dwolla.com](http://Dwolla.com) Dwolla only for trusted parties or
individuals! Dwolla has surprisingly small cost, because they do _NOT_ deal
with credit cards. Best for others who have DWOLLA accounts, or USA to USA
bank transactions or people willing and able to submit to USA law and bank
regime.

• The credit card interbank system typically has fees in the vicinity of 2% to
3% of the gross transaction. Avoid.

• Avoid PayPal. The PayPal terms of service agreement indicates that whatever
PayPal decides in a dispute, PayPal's decision is final without appeal. This
in known as a contract of adhesion in the USA, where one party has all of the
power. Because of this, do not use PayPal. Look up "contract of adhesion" for
details.

• Most other online services rely on the credit card interbank system with its
high fees of 2% to 3% for transfers. Avoid.

Off Topic:

• Non-trusted parties? Don't deal with them without a letter of credit. Look
up "letter of credit" for details.

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pairing
Venmo is getting really popular. I use Venmo on a weekly basis for any shared
expenses with friends or co-workers in the Bay Area.

The reason for its quick traction is that if you hook up your checking account
you can send money without any fees, and also because they give out referral
bonuses for inviting others.

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jonathanpeters
Another vote for Venmo. There are no fees associated as long as you pay from
bank account or debit card. Credit card costs 3%. Easy to find friends through
social media. Easy to get friends to sign up.

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mcintyre1994
UK here, we split our house bills and pay each other by bank transfer. No fee,
as instant as your internet connection, account number/sort code pairs are
safe to share and all that's needed. Europe wide there are similar id numbers
that cover all banks to my knowledge, so you can do the same there.

Free bank to bank transfers to anyone you deal with regularly seems like a
completely necessary part of a useful consumer banking system to me.

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dangrossman
Cash if we can meet in person (i.e. a collection for a shared gift or
fundraiser), PayPal otherwise.

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munimkazia
In India, we have this bank to bank transfer system called National Electronic
Funds Transfer. Takes a few hours, and it can be done online if you have
registered for internet banking from your bank. It is the most convenient way
for us.

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chomsky
I remit monthly to parents (and in-laws) in Australia and India from the US
via Bitcoin.

So far international wire or Western Union fees outweigh net losses due to
market volatility. We'll see how that continues...

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dolphenstein
Direct deposit into account when both of us are in Australia. Requires bank
account number of recipient. Doesn't incur fees like paypal does.

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manuel_hn
in europe we just transfer money fromany bank account to any other. this way i
easily pay bills or send money to anybody i like. we have smartphone apps to
do so. it seems strange to me that the us did not get so far yet.

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eghad
Venmo was really big in my unviversity circle, but more recently Google
Wallet.

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centdev
If they are a friend, I meet up with them in person and give them cash.

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mwmeyer
paypal until square cash became available a few months ago

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nathancahill
Paypal, Venmo and Chase QuickPay.

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tekknolagi
Square Cash

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blibble
uk: bank transfer, instantaneous and free

