Become a MacRumors Supporter for $25/year with no ads, private forums, and more!

MacRumors

macrumors bot
Original poster
Apr 12, 2001
54,972
17,355


Apple Cash, Apple's peer-to-peer payments service that works with Apple Pay and iMessage, received a couple of small updates on Thursday.

mini-hero-apple-cash-card_2x.jpg

It's now possible to use Instant Transfer with both Mastercard and Visa debit cards. Previously only the latter card could be used, so the addition of Mastercard means Instant Transfer is more accessible to users who want to quickly transfer money from an Apple Cash balance to a bank account without having to wait for the transaction to be processed.

Apple says that beginning August 26, 2021, the cost of making an Instant Transfer will change to 1.5% (previously 1%) of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15.

If users don't want to use Instant Transfer, they can also transfer money to their bank account using ACH and receive it within one to three business days with no fee.

To make an Instant Transfer, open the Wallet app and select your Apple Cash card, then tap the three-dotted icon. Tap Transfer to Bank, enter an amount, and select Instant Transfer.

Currently only available in the United States, Apple Cash can be used to make and receive payments in Messages, or you can get Siri to send money to a friend or family member.
When someone sends you money, it goes on your virtual Apple Cash card, which is stored securely in the Wallet app on your iPhone. You can use the money on it to send to someone, make purchases using ‌Apple Pay‌ in stores, within apps, and on the web.

Article Link: Apple Cash Instant Transfer Now Works With Mastercard Debit Cards
 

Caliber26

macrumors 68020
Sep 25, 2009
2,245
3,138
Orlando, FL
You have to PAY to use this? I couldn’t wait for this to come to the UK but I ain’t gonna pay to use it. Thank goodness for PAYM.
Only if you want the funds to be transferred instantly as a debit transaction. If you opt for the standard bank transfer there is no fee. They say it can take 1-3 days for the funds to be transferred but, from my own experience, I’ve noticed the money is usually transferred in one day.
 

daved2424

macrumors member
Sep 14, 2018
58
169
Only if you want the funds to be transferred instantly as a debit transaction. If you opt for the standard bank transfer there is no fee. They say it can take 1-3 days for the funds to be transferred but, from my own experience, I’ve noticed the money is usually transferred in one day.
That’s true but I have never had a transfer take more than seconds.
 

ksec

macrumors 68000
Dec 23, 2015
1,904
2,060
That’s true but I have never had a transfer take more than seconds.

The UK Debit Card Network is totally different to the ones in US. I mean US dont even use Debit Card that much.

I would be surprised ( and pissed ) if they charge the same fees in UK as US.
 
  • Like
Reactions: User 6502

iGeek2019

macrumors 6502
Jul 26, 2019
361
395
No Selection
I don’t know why I received an email from Apple but I had one this morning announcing MasterCard Debit support… I know the UK is sometimes referred to as the 51st state but it did make me chuckle.
 

PsykX

macrumors 65816
Sep 16, 2006
1,427
1,138
Apple says that beginning August 26, 2021, the cost of making an Instant Transfer will change to 1.5% (previously 1%) of the transfer amount.
Steep price ! Interac Transfers cost 0% here throughout Canada. I guess it's part of Tim's plan to increase the margins on every single thing possible at Apple?

On another note, how does one manage to have a Mastercard or Visa debit card? I've never seen one... My debit card has no such brand on it, it only has the name of my bank. Is it US-only?
 

InGen

Contributor
Jun 22, 2020
236
820
Still wondering what the holdup has been for a service which seemed poised to launch imminently outside the US at the end of 2018.
Like most industry shaking services Apple tries to offer to its users, conventional industry leading corporations oppose, resist & attempt delaying said service in their region to protect their own established monopolies and profits as long as possible.

Apple being an American company cannot work it’s way into all these markets at one time, instead taking the slow route of seeking approval and negotiating its way into each area while overcoming the aforementioned resistance.
 

Lihp8270

macrumors 6502a
Dec 31, 2016
546
795
Only if you want the funds to be transferred instantly as a debit transaction. If you opt for the standard bank transfer there is no fee. They say it can take 1-3 days for the funds to be transferred but, from my own experience, I’ve noticed the money is usually transferred in one day.
Pretty much every bank transfer in the UK now is instant at any time of the day any day of the week. Free.
 

Wafles

macrumors newbie
Aug 6, 2021
16
47
Every transfer in the Euro SEPA zone is free by law and most of them are instant now as well.
I can transfer from my Belgian account to my German account instantly, and for free.

Wild how behind the US is in banking. Always funny to me when Americans talk about Cashapp or Venmo. I haven't paid for a bank transfer in over 20 years.
 
  • Like
Reactions: Lihp8270

nicho

macrumors 601
Feb 15, 2008
4,081
2,995
On another note, how does one manage to have a Mastercard or Visa debit card? I've never seen one... My debit card has no such brand on it, it only has the name of my bank. Is it US-only?

They're pretty common around the world. Having no network branding at all is weird. Don't you have a logo on the back (Interac, presumably, since you mentioned it?)
 

Remy149

macrumors 6502
Oct 20, 2016
449
821
Every transfer in the Euro SEPA zone is free by law and most of them are instant now as well.
I can transfer from my Belgian account to my German account instantly, and for free.

Wild how behind the US is in banking. Always funny to me when Americans talk about Cashapp or Venmo. I haven't paid for a bank transfer in over 20 years.
American banks get away with all type of anti-consumer behavior
 

Lihp8270

macrumors 6502a
Dec 31, 2016
546
795
Steep price ! Interac Transfers cost 0% here throughout Canada. I guess it's part of Tim's plan to increase the margins on every single thing possible at Apple?

On another note, how does one manage to have a Mastercard or Visa debit card? I've never seen one... My debit card has no such brand on it, it only has the name of my bank. Is it US-only?
Most current accounts here are visa debit
 

Astralis56

macrumors newbie
Nov 16, 2020
17
68
They're pretty common around the world. Having no network branding at all is weird. Don't you have a logo on the back (Interac, presumably, since you mentioned it?)
Same for me, in Canada, I have only the mention of Interac.
 

Trik

macrumors 6502
Jan 18, 2011
357
1,044
Washington, DC
The fee is a poor tax, that is all it is. They could make it instantaneous for everyone, like they do in the EU, and elsewhere. But instead, they claim it takes days to process and charge you 1.5% if you need your money now.
 
  • Like
Reactions: diego.caraballo

dontwalkhand

macrumors 603
Jul 5, 2007
5,807
1,952
Phoenix, AZ
The UK Debit Card Network is totally different to the ones in US. I mean US dont even use Debit Card that much.

I would be surprised ( and pissed ) if they charge the same fees in UK as US.
Huh? Literally everyone uses a debit card in the US!
 

dontwalkhand

macrumors 603
Jul 5, 2007
5,807
1,952
Phoenix, AZ
Every transfer in the Euro SEPA zone is free by law and most of them are instant now as well.
I can transfer from my Belgian account to my German account instantly, and for free.

Wild how behind the US is in banking. Always funny to me when Americans talk about Cashapp or Venmo. I haven't paid for a bank transfer in over 20 years.
US customers can use Zelle for free to transfer. I don’t understand why anyone uses Cash app or Venmo
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.