Money transfer apps allow you to exchange funds with other users. We have several of them, which allow you to send and receive funds internationally. Money transfer apps save you the hassle of depending on banks and credit unions. You also avoid the hassle of using checks to transfer money. Money apps allow you to add bank accounts and payment cards to fund your transactions. Today we will look at the money transfer apps that accept American Express.
American Express is a payment card company that issues prepaid cards with no fees or credit history. Prepaid cards work just like debit cards, although they do not necessarily link to a bank account. Banks and other financial companies also collaborate to issue debit, credit, and prepaid cards. In short, the company acts as a payment processor and offers a network for running the cards under it.
It is important to note that American Express is not a bank but just a payment card company. However, it gives you a banking experience that you can get from banks. You can spend using the cards and also save funds with card accounts such as American Express Serve cards. They allow you to keep funds aside for future use, and you can withdraw money anytime you feel like it and use it for your transaction activities.
How do I open a money transfer app account?
Generally, you can open an account with any money transfer app online using an internet connection. You only need to download the application associated with the platform, then fill in the necessary details.
Mobile money apps require an email address, phone number, bank or debit card, and a physical address. The phone number has to be active. The same applies to an email address.
The importance of a bank or payment card is to fund your transactions when you have an insufficient balance. The best international money transfer app allows you to use credit cards to fund your transactions.
We have mobile money apps that offer debit cards, and you can request yours when applying for an account. For example, Cash App offers a debit card called Cash Card that allows you to use your balance. Debit cards allow you to use your balance online and at physical stores.
How do money transfer apps work?
Once you create your account, you then start using your account. You first need to have funds in your account to carry any type of transaction. You can use your bank account to fund your transactions and so on. We shall see how you can add money to mobile apps later.
With money in your account, you use it in various transactions and top up when exhausted. The ones with debit cards can be used to buy goods and services in your app account.
How to use a mobile money app?
There are various ways you can use a mobile money app. They include the following.
i) Send money
You can send funds to other platform users using registered phone numbers or email addresses. An app such as Cash App has a $Cashtag username to send you funds. For example, American Express prepaid debit cards have apps that you can use to send money to others. One can send money with American Express Serve prepaid debit cards to other card users over the app.
ii) Buy goods and services
You can buy goods and services using mobile money apps such as PayPal, Payoneer, Venmo, etc. Businesses need to give you their usernames, phone numbers, or email addresses for you to send payments. Some apps such as Venmo, Cash App, and Payoneer issue debit cards that you can use to buy goods and services online or at physical stores.
iii) Withdraw funds
You can withdraw funds from a mobile money app to a bank account when you link it. Also, you can use a debit card that links to an app to withdraw funds at an ATM point.
iv) Save money
Some money apps allow you to save money for future use. For example, the Netspend prepaid card account allows you to keep some money aside.
You can easily buy stocks and cryptocurrencies using money apps. For example, Cash App allows you to buy and sell Bitcoin. Skrill, a mobile money app, allows you to buy and sell various cryptos as well.
How do you add money to a mobile money app?
There are various ways you can add funds to your app. They include the following.
a) Use a bank account, debit, prepaid, or credit card.
Most mobile money apps require you to add a bank account or payment card for your transactions. Using a bank account or debit card is free for most apps. However, you part with some fees when you use a credit card. For example, Venmo charges a 3% fee when using a credit card to fund a transaction.
b) Receive from others
You can share your details with others for them to send you money. By the way, the ability to receive funds from others allows you to use a mobile money app without a bank account. The only problem is that the transaction limits are low.
c) Check deposit
Nowadays, you can deposit a check in your mobile money app. You, therefore, do not need to visit a bank to deposit money. To deposit one, you need to sign the back of the check, then take pictures using the camera link on your app and upload them for processing.
d) Direct deposit
You do not need a bank account to receive your government benefits or salary, as with a mobile money app, you can receive funds via direct deposit. Direct deposit allows you to receive funds two days earlier compared to banks. Since agencies and employers transfer money using the routing number and account number, you have to get yours online or from your service provider.
What are the best money transfer apps that accept American Express?
Back to our main agenda about money transfer apps that accept American Express. We have several apps that rely on an AmEx card to fund transactions. They include the following.
PayPal works with various card service providers to transfer funds, and American Express is one of them. PayPal works online either over the web or via an app. It is an international platform that supports over 200 countries of the world. To sign up with PayPal, you need an email address, phone number, bank account or debit card, and an identity document.
Venmo is a product of PayPal and also supports AmEx cards. You can use Venmo only in the United States as it does not support international transfers. To register on Venmo, you require a phone number, email, bank account or debit card, and identity card. The platform has a debit card that you can use to spend your Venmo balance.
Skrill works like PayPal and Venmo in that it allows you to add debit cards and bank accounts to fund your transactions. Therefore, you can add an American Express debit, prepaid, or credit card to pay for any money usage. Skrill requires you to download the app from the relevant site and register. For your information, Skrill allows you to buy and sell cryptocurrency.
Payoneer allows you to receive payments from AmEx cards to your account easily. You only need to add the cards to your Payoneer account, and you are good to go. Payoneer works like PayPal, whereby you can pay online and withdraw money to a bank account. You can register for an account online if you have an identity document, email, and phone number.
6) Cash App
Cash App supports payment cards from major service providers. Therefore, apart from accepting American Express cards, it works with Mastercard, Visa, and Discover. You can open a Cash App account over the web or using an app. Unfortunately, Cash App only operates in the US and the UK.
Which cards does American Express offer?
Apart from the AmEx branded cards that you get from banks and credit unions, American Express also directly issues prepaid cards that you can use for payments and savings. You can also transfer money to someone else’s bank account using your card online.
American Express issues prepaid cards called Serve. They include the following.
- American Express Serve®
- American Express Serve® FREE Reloads
- American Express Serve® Cash Back
All the cards are reloadable using a check or bank account at reloading locations. The American Express card is one the best of all the cards because it has no annual fees, requires no credit, and is free to use on most occasions. Unfortunately, it has no introduction bonus and attracts a 2.7% after conversion to US dollars.
Money transfer apps allow you to exchange funds with other users. You must open an account online when you download the appropriate application from the relevant site. Others allow you to open an account over the web and later download the relevant app to manage your money. You can add money to your app using bank accounts or cards such as AmEx. Not all apps work with American Express.