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Sending money through Google Pay is a convenient option, but it's essential to know the fees involved. The standard fee for sending money through Google Pay is 1.5% of the transaction amount, with a minimum fee of $0.31 and a maximum fee of $25.
You can avoid these fees by using a bank transfer, which is free. However, bank transfers may take a few days to process.
Google Pay also offers a fee-free option for sending money to friends and family who also use Google Pay. This feature is called "Money between friends" and it doesn't charge any fees.
Fees and Charges
Google Pay doesn't currently charge fees for business or commercial payments and deposits, but you're responsible for collecting and paying taxes related to your business.
There's a new fee on instant transfers done via Google Pay in the US, but users in India won't have to pay it. The fee is only for instant transfers, not for regular transfers.
If you want to make free peer-to-peer web payments, you'll have to download the app, as this feature is no longer available on the web. You'll be charged $0.31 or 1.5% of the total transaction (whichever is greater).
To perform a money transfer, you need to link a valid debit card, as transferring money via a credit card is not allowed.
The transaction fee for sending money to friends or family via Google Pay is $0.31 or 1.5% of the total transaction (whichever is greater). This fee applies to each money transfer you initiate.
Sending large amounts of money might be more expensive with Google Pay, as the maximum amount you can pay out per rolling seven-day period is $5,000.
Money Transfer
Google Pay doesn't charge a fee to send money to other active users, which is great for casual transfers between friends and family.
However, be aware that you'll be charged a minimal transaction fee of $0.31 or 1.5% of the total transaction, whichever is greater.
Sending large amounts of money may not be the best option with Google Pay, since the maximum amount you can pay out per rolling seven-day period is $5,000, and the transfer fee can add up quickly.
Keep in mind that credit card users will be charged an additional 2.9% fee, which can add up for larger transactions.
Instant transfers with Google Pay will also incur a 1.5% fee, so be sure to factor that into your plans.
Business and Fees
Google Pay has introduced a 1.5% fee on instant money transfers using a debit card, with a minimum of 31 cents.
If you're transferring money to your bank account, you won't have to pay this fee, but the transfer will take between one and three days.
Google Pay users in the US will have to pay this fee, but those in India will not be charged.
For international transfers, you won't be charged a Google Pay fee, but you should check with your bank or card provider to see if they have any fees.
The fee for instant transfers applies only to debit card transfers, not bank account transfers.
Google Pay also charges a fee for peer-to-peer web payments, which is $0.31 or 1.5% of the total transaction, whichever is greater.
To avoid this fee, you'll need to download the app and link a valid debit card to make the transfer.
Note that you can't transfer money via a credit card with Google Pay.
Adding Funds
Adding funds to your Google Pay balance can take between 3 - 5 working days to complete, depending on how long it takes for your bank to verify the connection.
You'll need to connect your bank account to add funds to your Google Pay balance.
The verification process must be complete before you can transfer money from your bank account to your Google Pay balance instantly.
Recipient and Payment
Google Pay is free to download, and sending money to other active users doesn't cost a thing. However, there are some additional fees to be aware of.
The cost of sending money with Google Pay can add up, especially if you're using a credit card. Credit card users will be charged a 2.9% fee.
You can avoid this fee by using a different payment method, but you'll still need to watch out for other charges, like instant transfers, which cost 1.5%.
International Payments
You can make international payments with Google Pay, but it's not a global service.
Currently, it's available to users in the United States, India, and Singapore.
Google Pay's international payment feature is exclusive to these three countries, at least for now.
Sending money across borders can be a convenient option, especially if you're living or traveling abroad.
Sources
- https://watcher.guru/news/does-google-pay-charge-fees
- https://www.earncheese.com/post/a-breakdown-of-google-pay-fees
- https://moneytransfers.com/companies/google-pay
- https://9to5google.com/2020/11/23/google-pay-web-fees/
- https://tech.hindustantimes.com/tech/news/google-pay-kills-website-adds-fees-on-instant-transfers-71606305166968.html
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