Popmoney is a payment service that allows users to send and receive money between banks using the ACH network.
The website makes it easy to carry out secure transfers quickly and offers straightforward pricing with flat fees.
This post will cover Popmoney fees, safety, and more about the service.
In short, Popmoney’s job is to facilitate payments between individuals and make repaying debt or splitting bills hassle-free.
Popmoney is a personal payment service that you can use with your mobile device. You can sign up for both personal and business accounts.
Popmoney lets you send, request, and receive money in no time at all. It uses the Automated Clearing House (ACH) network to deliver the funds, which is a system for electronic transfers.
With secure transactions, you can send funds to other bank accounts using an email address or mobile number.
You can also request money from others, which is ideal for those moments when you’re owed a sum of money.
To make use of Popmoney’s features, simply head to the website and sign up to start sending and receiving money.¹
Alternatively, you can register for Popmoney through your bank’s website if they offer Popmoney as a payment service.
Sending money is as simple as selecting the email address or mobile number of the recipient, and entering the sum of money you wish to send.
A Popmoney account isn’t necessary to receive payments made through the service.
To request money, simply enter the details of the parties concerned and enter the amount you wish to ask for. The sender doesn't need to be registered with Popmoney to fulfill a payment request.
Popmoney will typically process payments in a single business day once you’ve given the necessary Eligible Transaction Account information.²
Before you get started, you’ll want to know how much it costs to send and receive money through Popmoney.
Here are the Popmoney fees and limits³ you can expect:
To make any transaction through the Popmoney website, customers will have to pay a flat fee of $0.95, but receiving money is free of charge.
Compared to the competition, the Popmoney fees are relatively low, though perhaps on par with payment services like Venmo which charges a 3% waivable fee.
There are limits on how much you can send or request each day and month, and they are as follows:
|Pay with||Daily Limit||Monthly limit (30 days)|
|Daily Limit||Monthly limit (30 days)|
|Make a request||$1,000||$2,500|
|Fulfill a request||$2,500||$4,000|
The industry-leading technology that Popmoney relies on should put any concerns about safety to rest.
There are several measures put in place to ensure your information and account are kept secure, including verification codes for the recipients of payments.⁴
While Popmoney is generally safe to use, you should be wary when sharing your personal account information.
If your bank doesn’t support Popmoney, you could be prompted to provide this information, and if this is the case you’ll need to make sure you do so through the official website or app.
If you like the sound of Popmoney, but you’re curious to know what other services are out there, here are some similar payment services available in the US:
Zelle is an app for US nationals that lets customers send and receive money with a mobile device. Registering is simple, as all you need to do is download the app or find Zelle in your banking app if it’s supported.
At this point, you might find yourself wondering ‘is Zelle the same as Popmoney?’
It’s a good question, and the answer to the Popmoney vs Zelle debate is that the two services are indeed similar, but there are some differences in Zelle fees.
|Costs||No fees (Bank fees may apply)|
|Speed||From a few minutes to three business days|
|Security||Authentication and monitoring features|
Venmo is a popular payment service with more than 60 million users. It’s an app that makes sending and receiving money a breeze. Venmo can be especially useful for splitting bills and other payments.
The app allows transfers only between US customers and is owned by the internationally recognized payment processing platform PayPal.
One of the best features of Venmo is the instant transfers, provided both the sender and recipient have the app installed. Otherwise, transfers can take several business days like most other platforms.
|Costs||3% fee to send money using a credit card (waived when funded with a Venmo balance, bank account, or debit card).|
|Speed||From instantly to three business days|
|Security||Data encryption technology, PIN codes|
|🤓 If you’d like to compare Zelle vs Venmo, you can read more in this article.|
Popmoney is an excellent platform to send and receive money, though if you want to send money abroad you’ll have to look elsewhere.
⚠️ You cannot make payments to any territory outside of the US with Popmoney.⁶
The same applies to its competitors Zelle and Venmo, which could leave you scratching your head if you need to make international payments.
You can also receive money in multiple currencies.
Interested in learning how? Watch this short video and send money in just a few minutes!
- FAQs and Help - Popmoney
- Straight forward pricing and limits - Popmoney
- Venmo - Fees
All sources checked 28 May 2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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