Overview

Facebook is a social media platform designed to keep people connected. Through the company’s Messenger feature, Facebook offers money transfer services so you can send money to family and friends after linking a debit card to your Facebook account.

What Are Facebook’s Transfer Fees?

Facebook does not charge any fees to send or receive money using the company’s payment services.

How Fast Are Facebook's Transfers?

With Facebook payments, funds are transferred right away, but the recipient's bank may take up to five days before making the funds available. Facebook's Backstory Launched in 2004 by Mark Zuckerberg and co-founders Dustin Moskovitz, Chris Hughes and Eduardo Saverin, Facebook was designed to help friends and family stay connected. By the end of that year, over one million people were active on Facebook. In 2006, Facebook for Mobile was launched. In 2012, Facebook held its initial public offering. Today, the company has over one billion daily active users on average and an A+ rating from the BBB.

Who Can Benefit From Facebook Payments?

Facebook’s payment services are valuable for people in the U.S. who want an easy and free way to send money to family and friends. By simply linking your debit card to your social media account, you can conveniently transfer funds through Messenger without having to ask your recipients for any banking information. Whether you’re sending rent money to your roommate or paying back a friend for lunch, Facebook makes the transfer process painless and secure.

What Are The Advantages and Disadvantages Of Facebook Payments?

This is what we love about Facebook Payments:

- Transfers are free.

- You don’t have to know your recipient's banking information.

- Your friends probably already have a Facebook account.

What We do not Like About Facebook Payments:

- Transfers have to be funded and received by a debit card.

- Only U.S.-to-U.S. transfers are supported.