Google Pay Review: Exchange Rates, Transfer Fees & Limits
Author: April Summers
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Google’s multifaceted payment platform is available to Android users and can be used for a range of different transactions. Now accepted by millions of locations, Google Pay is used by a global community for sending and receiving money. In this guide we will look at how to send money using this app and further investigate any additional international services.
What is the Google Pay App?
A culmination of Android Pay and Google Wallet, the Google Pay app officially entered the FinTech market in 2018. Originally an enterprise devised to be a digital mobile wallet, the Android equivalent to Apple Pay and Samsung Pay. The app has since been optimised for use on both iOS and Android devices, as well as desktop computers, and is free to download. The in-store payments function is only available to Android users but any smartphone user can take advantage of Google Pay’s send and receive payment options: this can make it easier to manage money using your Google Account.
At the end of 2020 Google Pay underwent a complete redesign which saw the overhaul of its original user interface and branding. The app can be used to carry out the following functions:
Tap and pay to make quick and easy purchases with your phone (see available countries)
Check out on Google products like Google Photos and Google Play
Send or receive money from friends and family (USonly)
How Do You Add Money to Your Google Pay Balance?
Funds can be added to your Google Pay balance by connecting your bank account. This process can take between 3 - 5 working days, depending how long it takes to be verified by your bank.
Once the verification process is complete, you will be able to transfer money from your bank account to your Google Pay balance instantly and your payment method will be activated in your account, ready to use to send or spend money.
Who Can You Send Money to With Google Pay?
The “Pay” home screen - one of three tabs displayed along the bottom - is divided into sections: People, Businesses and Discover.The “People” payment option is recommended for those sending and receiving money between individuals such as friends, family, colleagues, etc.
Can I Make International Payments With Google Pay?
At the time of writing, sending money is a function exclusively available to users in the United States, India and Singapore.
How Long Does It Take to Send Money With Google Pay?
Transfer speeds vary depending on the payment method used to send money with Google Pay:
Sending money using your Google Pay balance is typically processed instantly
Sending money using your debit card can take up to 24 hours
Sending money using your bank account can take up to 3 - 5 working days
If you want to use your bank account without experiencing delayed transfer times, Google Pay recently introduced an instant transfer option. This is a very appealing option for many, but it does come with a transfer fee of 1.5% or $0.31, depending on the amount. However, if speed is what you need, an instant transfer is the solution.
How Much Does It Cost to Send Money With Google Pay?
Google Pay is free to download and sending money to other active users does not cost a thing.Keep an eye out for additional fees such as charges for credit card users (2.9%) and instant transfers (1.5%) when making a money transfer with Google Pay.
How to Send Money With the Google Pay App
In this next section we will take you through a step-by-step guide to sending a money transfer using the Google Pay app.
Sign Up for a Google Pay Account
If you are using an Android phone, many devices will come with the Google Pay app preinstalled. For those who need to download it, once you have done so, you will be prompted to connect your Gmail account.
After you have logged into your Gmail, you will be asked to verify your phone number too. These are crucial steps as other Google Pay users will be able to search for you using these details.
After you have completed the sign up process you will be sent to the home screen.
Your Google Pay account can be accessed by tapping your user avatar in the top right corner of this screen.
Understanding the app: There are three tabs along the bottom of the screen. Explore, Pay and Insights. The middle Pay tab can be found by tapping the house icon as it is the official home screen.
Find People to Pay
Tap on the “Find people to pay” option on the Pay home screen and you will be able to search for your recipient using their Google Pay username, email address or phone number.
Another way to enter a recipient’s details is to scan their QR code using your phone camera
Paying Your Recipient
Once you have selected your recipient, the next screen will display three options: Pay, Request or Message. In the case of sending money, you would tap “Pay.”
Enter the amount of money you are sending and add a note for your recipient.
Add a Payment Method
If this is your first Google Pay money transfer, you will be prompted to add a payment method at this point.
The payment options for Google Pay users are debit card and bank account. Select the chosen payment method and enter your account details.
If you have used Google Pay before, you may already have available funds in your Google Pay balance. If so, you can opt to use these funds as payment instead.
Review and Pay
Once you have entered the recipient’s details, the amount you want to send them, and your payment details, review the information in full. If everything looks correct, hit “Pay”.
Other Apps to Send Money Abroad
Summary
As one of the most trusted and familiar global brands in the world, Google Pay is considered a safe, secure and reliable way of moving money domestically. In terms of the send money function, we would recommend the Google Pay platform exclusively for payments between people you know, in the same country. Domestic money transfers are easily achieved using the Google Pay app and your funds - up to $10,000 in a single transaction or within 7 days - will be protected by Google's industry-leading security technologies.
If the person or organisation you need to send money to is located in a foreign country, we would not recommend Google Pay for this particular remittance. Instead we would recommend reading our comparison guides to gauge the best international money transfer apps on the market.
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