In this PopMoney review, we will discuss the pro, cons and the paradox of the popular money transfer app that many people haven’t heard of.
In today’s economy, it seems like business transactions get done at the speed of light — or at least, that seems to be the goal.
It is now possible to order something online and have it delivered within two hours.
There are apps for instant stock trading and apps for instant money transfer.
Pop Money is one of those financial services apps that lets you transfer money from one bank account to another.
But how does it compare to other financial services apps in the industry that provide instant money transfer? We will discuss that in this review.
Though the app is popular with many of the major banks, it isn’t necessarily popular with the customers.
Many people regard the Popmoney transfer service to very clunky and hard to use.
The app also charges a fee for transferring money.
Paying a fee is a turn-off in a time when there are multiple money transfer apps on the market that provide a similar service for free.
There are many other issues with the Popmoney app and we are going to discuss them in this Popmoney review.
What Is PopMoney?
Popmoney is a personal payment service that lets you send money securely from your bank account to just about anyone who has an e-mail address or mobile number. The recipient does not need to have Popmoney.
Founded in 2010 and headquartered in New York City, the company has managed to forged partnerships with many of the major banks in the country.
Over 2500 banks, including US Bank, PNC Bank, Citibank, Bank of America, are currently partners with Popmoney. Yet, most observers believe that the app has not been a hit with its competitors.
Money transfer apps like Cash App, Venmo, Paypal, and the likes tend to be much more favored.
How Does PopMoney Work
Popmoney works by transferring money directly from the sender’s checking account to the receiver’s checking account.
This is unlike its competitors like Paypal, Cash App, or Venmo, which have a stored-value account for their members.
A stored-value account is a holding account from which customers can transfer money to their bank accounts.
Pop Money is a direct bank to bank transfer.
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Popmoney Fees
One of the many things that set Popmoney apart from the competition, perhaps in a negative sense, is that they charge a fee to transfer money.
Most of the leading money transfer apps like Cash App, Venmo, or Paypal do not charge a fee to transfer money.
Popmoney Fees To Send Money
| Pay from your | Fee(Free to receive) | Limit per day | Limit per 30 days |
|---|---|---|---|
| Debit card* | $0.95 | $500 | $1,000 |
| Bank account | $0.95 | $2,000 | $5,000 |
Popmoney Fees To Receive Money
| Fee | Limit per day | Limit per 30 days | |
|---|---|---|---|
| Send a request | $0.95 | $1,000 | $2,500 |
| Pay a request | Free | $2,500 | $4,000 |
Popmoney Vs Zelle
Popmoney and Zelle are both money transfer companies. However, there are significant differences in their mode of service. Below are just a few:
Fees – Just like Popmoney, Zelle transfers money directly from the sender’s bank account to the recipient’s bank account. But, unlike Pop Money, Zelle does not charge a fee for their service.
Instant transfers – Popmoney transfers takes one to three business days to complete. Zelle, on the other hand, does instant transfers. With Zelle, you receive your money within minutes of it being sent.
Popmoney does not offer this feature, and that may be a reason why other money transfer services such as Zelle and Cash App are more popular.
Stored-value – Popmoney does not have a stored value feature. This means you need to have an “Eligible Transaction Account” with a routing and bank account number to receive money through Popmoney.
Yes, someone might be able to send you money using just your e-mail address or mobile phone number, but you will need an Eligible Transaction Account” to actually receive the money.
With Zelle, If your bank or credit union is not a partner of Zelle –no worries; you can still get your money using the Zelle app. Once you get the money on your Zelle app, you will be able to transfer it to the debit card or bank account of your choice.
Is Popmoney Safe?
Yes, Popmoney is a reputable financial institution and they have a similar level of security as banks do.
If they weren’t secured, I’m sure they wouldn’t be able to partner with over 2500 different banks. Banks like Bank of America, Citibank, and PNC Bank, are all partners of Popmoney.
Popmoney Login
If your bank does not partner with Popmoney, you can still access the Popmoney service through their website or the Popmoney app.
You can log into your Popmoney account by using your e-mail account and password.
Popmoney App
Popmoney has both an IOS and Android app. However, most users prefer accessing the service through their bank app.
Both Popmoney’s IOS and Android apps are rated very low in the Apple app store. Most people complained about the app’s clunky interface and the poor customer service they received.
The managers at Popmoney will need to do better if they plan on surviving over the long term in this digital era.
Popmoney Contact: Popmoney Customer Service
Popmoney customer service support e-mail is support@popmoney.com.
The Popmoney customer service telephone number is (877) 675-6378.
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Popmoney Review: Conclusion
The Popmoney app is useful for transferring money between friends and family. However, there are three things that seem to be working against the app, especially when compared to the competition: charging fees for transfers, taking days, not minutes for transfers, and a clunky app interface.
The post PopMoney Review: Pros & Cons And Could It Be Better? appeared first on WholesomeWallet - Get Better With Money.