Fastest way to transfer money between friends?

Ldirkgonnadirk on 06/06/2017 - 13:13
Last edited 06/06/2017 - 15:41

I go out to lunch 1-2x a week with friends. Currently after meals we roughly settle up, sometimes by cash, and sometimes by internet banking transfer. This feels pretty slow though. What is faster - I'm guessing the only option is Paypal, and that we don't have Venmo etc in Australia?

(Note that 'take it in turns to pay' is a perfectly valid answer, but assume that that isn't the case)

EDIT - i didn't mean time to clear the funds. i mean what is the fastest user experience. i think in the past there used to be some sort of app where you'd tap the phones together? whilst i never used that, that's the kind of thing i'm talking about.

yes, online banking doesn't take that long, but after you've logged in and gone through the screens it adds up. it just seems like there would be something super slick and fast.

Financial

Comments

  • supnigs super skids on 06/06/2017 - 13:20
    +9

    Cash

    • melbstheburn on 06/06/2017 - 14:02
      +2

      the cactuar has runaway with call of the day

  • cypher67 on 06/06/2017 - 13:20
    +2

    I use the commbank app, save them as a contact and takes like 5-10 seconds to transfer the money.

    • tomsco on 06/06/2017 - 13:51

      I'm guessing he means more along the lines of when they bank with different banks and the time it takes the money to clear.

      • cypher67 on 06/06/2017 - 14:02
        +3

        How hard up are you if you cant wait 24 hours for $10 to clear? They are friends after all.

        • tomsco on 06/06/2017 - 14:06
          +1

          Shockingly I know a few people where that would put them in a bad spot. Budgeting is not the forte for some.

        • cypher67 on 06/06/2017 - 14:07

          @tomsco: Probably shouldn't be eating out if that's the case

        • tomsco on 06/06/2017 - 14:08
          -1

          @cypher67: You don't have to tell me.

  • [Deactivated] on 06/06/2017 - 13:20

    Split billing.

  • frondono on 06/06/2017 - 13:29

    https://www.tokenbrowser.com/

  • enzioFirenze on 06/06/2017 - 13:44

    banking apps now allow paying to a mobile as well so like cypher mentioned, it only takes 5-10s. If you meant it takes time for you to get money, yes and no. Same bank transfers should be instantaneous and inter-bank the next day. If you go about adding a new payee and doing the transaction, it'll take a day too.

  • RIPwallet on 06/06/2017 - 13:45

    paypal's really not worth it with the fees and all. But once you have your friends details saved on internet banking it should be really quick - that's how my friends and I do it and after the first time should come on the day.

    • Aussie89 on 06/06/2017 - 14:13
      +5

      Paypal transfers are free if transferring to friends or family (and funded by paypal balance or bank transfer).
      I've used that a few times with family.

      • RIPwallet on 07/06/2017 - 09:35

        I didn't realise they had that option now! They used to charge a fee for receiving payments sent as gift but glad they have a fee free option now.

        • Aussie Smurfette on 07/06/2017 - 09:57

          Receiving a payment is different to sending money to a friend 🙄

        • RIPwallet on 07/06/2017 - 10:27

          @Aussie Smurfette:
          I am aware, however they used to charge a fee even if you sent it as a "friend" not for the sender but for the receiver

    • CLoSeR on 06/06/2017 - 15:03

      If you transfer as a gift there are no fees; also no protections.

  • John Kimble on 06/06/2017 - 14:30

    Kids these days.

  • JCrown9 on 06/06/2017 - 14:32

    Apple just announced this :)

    http://www.marketwatch.com/story/can-apple-convince-customer…

  • KitchenSink on 06/06/2017 - 14:59

    Send them a case of beer. Everyone's happy

  • hellbound on 06/06/2017 - 15:22
    +1

    Wait a few months till NPP launches?
    http://www.rba.gov.au/payments-and-infrastructure/new-paymen…

    Should solve your problem.

  • shez1212 on 06/06/2017 - 15:23

    how about you just pool cash in advance and just use that money to pay every week and top up every week. Old fashioned… I know.

  • idonotknowwhy on 06/06/2017 - 16:43

    DASH

  • BargainShopaholic on 06/06/2017 - 18:30

    Both ANZ and CommBank mobile apps allows payment to mobile phone numbers, very easy and fast.

    Can also pay via PayPal with mobile phone numbers and email addresses too. Equally fast.

  • jjjaar on 07/06/2017 - 08:28
    -1

    Can't you just take turns paying? Surely it'll even out. Then you only have to pay every second time!

  • JOHNNO2013 on 07/06/2017 - 08:46

    There used to be a feature called something like bump pay, where you "bump" your phone with another phone to transfer money between two parties, that feature might had been dropped by the various mobile banking app for whatever reason. I think sending to the other person's mobile number will be the quickest after you had set it up for the first time.
    If people want to send "cash" electronically, cardless cash is another option where the other party goes to the ATM of your bank to get the money sent. The limitation is that it is only available in multiples of 20s and 50s, and the code for the withdrawal does expire if not collected.

  • makebei on 07/06/2017 - 09:15
    +1

    If you're on iOS, you can currently send money to someone else using Siri + PayPal. You can say something like "Send $20 to … via PayPal". It's free if you use a bank account and I believe they charge a fee if you use a credit card. I believe, the money gets added to the other person's PayPal account, which I believe they can then transfer to their bank account.

    In order to do this you will need the PayPal app, and you'll have to enable it under Settings > Siri > App Support.

    • dirkgonnadirk on 07/06/2017 - 14:09

      now this is a very helpful post. thanks man.

  • Aussie Smurfette on 07/06/2017 - 09:58

    Everyone take cash, and make sure that you have small change.

  • [Deactivated] on 08/06/2017 - 20:58
    -1

    Apply Occam's razor.
    Use cash.

    • dirkgonnadirk on 08/06/2017 - 23:47

      Occam's Razor has a very specific definition. It doesn't mean 'the simplest way is the best'.

      • [Deactivated] on 09/06/2017 - 07:44
        -1

        Did I say that?

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