Apple Cash Instant Transfer now supports Mastercard debit cards, fee increases to 1.5%

Posted:
in General Discussion edited August 5
Apple this week updated its Apple Cash product to include Instant Transfer support for Mastercard debit cards, while an upcoming change will increase transfer fees to 1.5% of the transfer amount.

Apple Cash


Announced in an email to Apple Pay users on Thursday, the update delivers immediate Instant Transfer integration for Mastercard debit cards. The feature, which allows users to instantly transfer funds from an Apple Cash card to a debit card, was previously restricted to Visa's network.

As stated in an updated Apple Support document, Instant Transfers currently carry a 1% fee, with a minimum fee of $0.25 and a maximum fee of $10. That is set to change on Aug. 26, when rates will rise to 1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15.

Apple notes that users can avoid fees by transferring money to a bank account using ACH. That process typically takes between one to three business days.

Apple partners with Green Dot Bank to facilitate the sending and receiving money with Apple Pay and the Apple Cash card.

Apple Cash, previously known as Apple Pay Cash, is Apple's person-to-person digital payments solution. The system is similar to a digital debit card in that it allows users to send funds through Messages and Siri. It also acts as a repository for Apple Card's Daily Cash cash-back rewards and funds can be used to make payments on an Apple Card balance.

Last year, the company expanded the Apple Cash product with Apple Cash Family, a subsystem that lets parents send money to children in their Family Sharing group. Kids can use the funds for purchases or sending money to other people via Messages. Parents have options to monitor and control transactions or lock a child's account.

Read on AppleInsider

Comments

  • Reply 1 of 10
    XedXed Posts: 1,067member
    I guess I just assumed it worked for MC and Visa this whole time. Sucks that the rates have gone up for those that need this, but I guess some option is better than no option if you want to get MC on-board.

    Apple notes that users can avoid fees by transferring money to a bank account using ACH. That process typically takes between one to three business days.
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    edited August 5 mobirdtwokatmewwelshdogllamaStrangeDayswatto_cobra
  • Reply 2 of 10
    Apple's cash reward availability is quicker and the ability to use the reward is easier than any other credit card I've owned. On that Apple did great.. And the 2% as an across board base reward is top of the mark except speciality cards. The specialty cards can beat that sometimes by 2 or 4 percent. But those cards rarely pay more than 1% for the non specialty purchases. 

    Hopefully not many need to transfer the reward cash and then can't wait the ACH completion of 24 to 48 hours. More efficient to, IMHO, to use the reward as an Apple purchase with the corresponding cash in your checking/savings account staying in your account. 


    beowulfschmidtwatto_cobra
  • Reply 3 of 10
    llamallama Posts: 96member
    Xed said:
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    I concur, my ACH transfers happen so quickly to my credit union that I have never felt pressed to use the fee based "faster" way.  
    GeorgeBMacwatto_cobra
  • Reply 4 of 10
    StrangeDaysStrangeDays Posts: 11,683member
    Xed said:
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    Yup, noticed the same - it's fast. I don't like increased fees for using the network that benefits them in the first place, but as long as ACH is speedy it won't affect me.
    watto_cobra
  • Reply 5 of 10
    crowleycrowley Posts: 8,879member
    Xed said:
    I guess I just assumed it worked for MC and Visa this whole time. Sucks that the rates have gone up for those that need this, but I guess some option is better than no option if you want to get MC on-board.

    Apple notes that users can avoid fees by transferring money to a bank account using ACH. That process typically takes between one to three business days.
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    It's surprising to me that that's the norm in the US.  Faster Payment transfers in the UK are fee-free and near enough instant.  Catch up America! :blush: 
    caladanianmuthuk_vanalingamwatto_cobra
  • Reply 6 of 10
    XedXed Posts: 1,067member
    Xed said:
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    Yup, noticed the same - it's fast. I don't like increased fees for using the network that benefits them in the first place, but as long as ACH is speedy it won't affect me.
    Right now my biggest limitation is the $10k per week transfer limit. Because of Apple Pay I no longer let different financial services see each other—instead I use a debit withdrawal and and ACH transfer as needed. That also means that I occasionally have to switch out the routing and account number temporarily for transferring funds into a different account, but that's easy enough to put in. I wish it would allow me to select from a couple saved options, but it does seem to know when what I'm typing in is correct, like it does keep it saved on my Secure Enclave, albeit hidden from my view.
    watto_cobra
  • Reply 7 of 10
    XedXed Posts: 1,067member
    crowley said:
    Xed said:
    I guess I just assumed it worked for MC and Visa this whole time. Sucks that the rates have gone up for those that need this, but I guess some option is better than no option if you want to get MC on-board.

    Apple notes that users can avoid fees by transferring money to a bank account using ACH. That process typically takes between one to three business days.
    Whomever they use for ACH is the fastest I've ever seen. If you do in the morning it's transferred by the afternoon, and if you do it at night it's there by the morning.
    It's surprising to me that that's the norm in the US.  Faster Payment transfers in the UK are fee-free and near enough instant.  Catch up America! :blush: 
    We were slow on the uptake for tap-to-pay cards and we still often have to hand our cards over to someone else to use, especially in restaurants. ¯\_(ツ)_/¯ 

    PS: I've always hated that US "paper" currency is all the same size (and dimensions) where other countries issue different sizes so that the blind can differentiate then by feel.
    watto_cobra
  • Reply 8 of 10
    GeorgeBMacGeorgeBMac Posts: 10,477member
    .

    Last year, the company expanded the Apple Cash product with Apple Cash Family, a subsystem that lets parents send money to children in their Family Sharing group. Kids can use the funds for purchases or sending money to other people via Messages. Parents have options to monitor and control transactions or lock a child's account.

    Read on AppleInsider

    I've been using Apple Cash Family.   It works REALLY well!  (Especially now that so many places take Apple Pay).  I regard it as one of the best programs Apple has ever created -- solid and well thought out.

    I have it set so my grandson can send and receive money to & from anybody (but you can limit that to family or contacts only).
    Then I am notified of every transaction.  I don't know what he bought -- but I know who he paid or who gave him money.
    And, he can see what his balance is at any time.
    And, it's 100% free!
    Essentially it's a combination checking account & credit card for kids -- except everything is done on their phone.
    In fact, my grandson stopped carrying the prepaid debit card that I had given him (which also works very well)

    It works far better than the old school weekly allowance.
    edited August 7 watto_cobra
  • Reply 9 of 10
    The fee increase is a bad decision. 
    watto_cobra
  • Reply 10 of 10
    XedXed Posts: 1,067member
    The fee increase is a bad decision. 
    It may have been the only way to get MC onboard.
    watto_cobra
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