Snapcash is a peer-to-peer money transfer service offered through the messaging app Snapchat, who has partnered with the company Square to process these financial transactions. Once Snapchat users link a debit card to their app account, they can begin sending money to friends and family.
What Are Snapcash’s Transfer Fees?
Snapcash is a free service for Snapchat users. Snapchat does not charge any transfer fees.
How Fast Are Snapcash's Transfers?
Once a debit card has been linked to your recipient's account, funds will be transferred within one to two business days.
Snapchat is an image messaging and multimedia mobile application that was developed in 2011 by Snap Inc. The company is based in Venice, California, and first introduced Snapcash in 2014. To process Snapcash payments, Snapchat has partnered with Square, which was founded in 2009 and is headquartered in San Francisco, California. As of 2017, over 150 million people use Snapchat every day.
Who Can Benefit From Snapcash?
Snapcash is a service that’s limited to U.S. residents who are eighteen or older and who have a debit card. For Snapchatters who meet those requirements, Snapcash is a convenient way to send money to friends without incurring any sort of transfer fee. Using Snapcash is also a nice way to avoid exchanging bank account information with your peers since those details are securely stored by Square.
What Are The Advantages and Disadvantages Of Snapcash?
This is what we love about Snapcash:
- Transfers are fee free.
- You don’t need to know your recipient's banking information.
- Using the mobile app is easy.
What We do not Like About Snapcash:
- Only U.S. residents can send or receive money.
- Transfers have to be funded and received by a debit card.