Article Image 25634

First Gmail, now Facebook: money transfer meets social media

Speculation's been mounting since a Stanford student discovered hidden code in Facebook's Messenger app last year. But now, the social media giant has made it official – Facebook is about to make peer-to-peer money transfer as easy as sending your friend a photo or a document. So how does it work, and what's the catch?

Like Google Wallet, which lets users send money via Gmail and launched in the UK this year, this is a convenient, fast way to transfer money. Simply open a chat with your friend, tap the dollar sign and enter the amount, then tap 'pay' and type in your debit or credit card details – simple as that. To receive money, you need to add your card details to the app too. Once you've set up your charge account, you can send and receive money instantly wiith just a few clicks. 

While linking your financial information to any online account carries risks, Facebook argues its security is of the "highest industry standards". After all, this isn't totally new territory for the company – it handles more than one million transactions a day through games and advertising. The team encrypts the connection and information you share, and fraud specialists monitor payment systems to safeguard against suspicious activity.

You can add a PIN when you add your card information for an extra layer of security too, but as the system is new, it'll be a while before we know for sure how successful these security systems really are. It's also not yet clear how your spending habit data will be used, so carefully read the conditions before hitting that dollar sign.

So, is there a chance Facebook could become the new best way to transfer money abroad? Well, not yet. Although it's fast and easy, it's currently only available in the US. If it does extend its reach to new countries you're still unlikely to be able to choose from different exchange rates, which means you're not guaranteed the best deal.

Whether you're sending US dollars or Mexican real, you'll get the best rates from a foreign exchange broker. To find the right one for you, just use our simple comparison tool today.

Comparison tool

Andy Ferguson

Format is very organized and incredibly informative. All the information is right there and it is all pertinent to what I need to know. Great work.

Etta and Pierre Deschamps, Documentree Films

We regularly receive funds from overseas and used the Moneycloud to find an FX company who have helped us with a much better exchange rate than our high street bank. We're 3-4% better off as a result. Thank you the Moneycloud
Paying for overseas holidays

PAYING FOR YOUR OVERSEAS HOLIDAYS IN LOCAL CURRENCY

When paying for your dream holiday in the local currency of your destination country, you want to make the most of superior exchange rates and low fees offered by the foreign exchange brokers listed on our site. This will ensure that you save money and your funds are protected.

regular overseas payments

MAKING REGULAR OVERSEAS PAYMENTS FOR YOUR BUSINESS

If your business makes regular overseas payments, the costs associated with fees and exchange rates can mount up. We show you the best methods for saving money and taking advantage of superior exchange rates. Demonstrate the considerable savings your business can make over time.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter