49 responses

  1. Robert @ The College Investor
    July 24, 2011

    It looks like an interesting alternative. I’ve been getting annoyed with PayPal’s fees!

    • MoneyCone
      July 25, 2011

      So far, I’m impressed Robert!

  2. Maggie@SquarePennies
    July 24, 2011

    Thanks so much for the detailed tutorial! I’m wondering if it would be accepted as a payment method for services/items bought online. That could be very nice!

    • moneycone
      July 25, 2011

      From how this service is described, I don’t think so. It is more geared towards cash transfer within family and friends. PayPal, if I remember correctly, started with the same idea but morphed into an ecommerce payment system, so what you say might be a possibility!

  3. Ashley @ Money Talks
    July 24, 2011

    I wish this industry would settle down a bit. I’m feeling overwhelmed by all the different ways to send money online. It used to be Paypal or nothing. Now there are like 10 different options. I can’t keep track. I mean, it’s good… choice is good. But I would like a winner of the competition to rise up and be “the one”.

    • moneycone
      July 25, 2011

      I do agree Ashley!

  4. Hunter
    July 24, 2011

    Thanks MC. This is a great explanation. The three day waiting period for known users seems to be competitive.

    • moneycone
      July 25, 2011

      That and no fees!

  5. DIY Investor
    July 24, 2011

    I like the tree day waiting period as well. I may try it with my younger daughter who is paying me monthly for the car she is driving!

    • moneycone
      July 25, 2011

      I just started using it, will let you know if I hit any hurdles

  6. BeatingTheIndex
    July 24, 2011

    Finally, some alternatives are popping up. The fees on paypal are a killer and I sure hope a competitor enters the market in order to drive them down.

    • moneycone
      July 25, 2011

      I do like the fact I can send money without registering with yet another site. Will be interesting to see if PopMoney will be able to take on PayPal.

  7. Everyday Tips
    July 25, 2011

    It does sound like a good alternative to Paypal, that is for sure. What a great tutorial!

    I can’t imagine the mess we would have if my husband and I had separate bank accounts. I probably would have invented a ‘popmoney’ to save my sanity.

    • moneycone
      July 25, 2011

      Your last line made me smile ET! Not that we don’t trust with each others finances, it is just that we’ve always kept accounts separate and she is loyal to her bank and I’m partial to my bank!

      And neither of use want a physical cash exchange! PopMoney fills that gap nicely.

  8. Kellen
    July 25, 2011

    I use paypal to transfer my money between my two banks, but it takes me about 10 days to get the money from one bank to another. This sounds like a better option, but I’m not sure if my banks use this… Still, it’s something to inquire about, and the banks I use may be interested in using this service.

    • moneycone
      July 25, 2011

      It would be nice if more banks provided this service.

      10 days for a transfer is just insane.

  9. Popmoney
    July 25, 2011

    Thanks for the great write-up on Popmoney! Please let us know if you need any more information about the service.

    Thanks!

    • moneycone
      July 25, 2011

      Thanks for chiming in PopMoney!

  10. Dividend Mantra
    July 25, 2011

    Thanks for the info MC!

    I got burned by PayPal years ago on some phishing scheme through Ebay. I have stayed away ever since and haven’t really had a reason to go back.

    This seems like a great alternative!

    • moneycone
      July 26, 2011

      If PopMoney continues to keep the service free and if it can convince more banks to sign up, this could gain good traction.

  11. Darwin’s Money
    July 25, 2011

    Pretty cool; we’ve been sending money to our office for my small biz to the Philippines using Xoom, but there’s a fee; I wonder if this would be compatible with banks there. Thanks for sharing!

    • moneycone
      July 26, 2011

      Checked their T&C, no international transfers, Darwin. That’s a bummer!

  12. Buck Inspire
    July 26, 2011

    Nice write up MC. Don’t need to transfer money too often. I do use Wells Fargo to transfer to my family who are Wells Fargo customers, too. No fees, takes a day or two, but there is a $1000 limit.

    • moneycone
      July 26, 2011

      A number of banks are offering free member-to-member transfer. Now if only I can convince Mrs. to switch to my bank! :)

  13. Money Reasons
    July 26, 2011

    Nice find! I’ll definitely check this one!

    Thanks for the great tutorial too!

    • moneycone
      July 26, 2011

      You’re welcome MR!

  14. retirebyforty
    July 27, 2011

    I haven’t heard of popmoney, but I’ll check it out when I need to send money. Usually, I just cut a check and send it, but I guess that’s not very secure. I don’t send money very often though.

    • moneycone
      August 3, 2011

      The last time I sent a check (parking ticket) a $15 fine turned into a $50 because they claimed they never received the check! :)

  15. World of Finance
    July 27, 2011

    Thanks for the introduction to PopMoney. Please keep us posted on the overall experience once you have more experience with it. :) Looking forward to it, so far sounds great.

    • moneycone
      August 3, 2011

      I will WoF!

  16. Paula @ AffordAnything.org
    July 28, 2011

    I’ve only ever transferred money to someone who was banking at the same institution at which I was banking … honestly, I never considered what to do if I needed to transfer money to someone at a different bank! I almost never transfer money, and if I needed to do so, I’d just write a check … but it’s good to know that this service is out there in case I need it!

    • moneycone
      August 3, 2011

      Good to know that a number of banks are now offering member-to-member transfer facility.

      I find PopMoney a refreshing alternative to PayPal.

  17. Untemplater
    August 2, 2011

    Good to know! Haven’t heard of them before. Paypal is one shifty system and it’s a relief to know there are more options out there. -Sydney

  18. Christa
    August 2, 2011

    PayPal fees have gotten enormous! I like this solution :-)

  19. Little House
    August 2, 2011

    Thanks for sharing this website. I did check out their list of banks and none of mine use this service, but maybe banks will catch on to this and begin offering it as an easy way to transfer money. I’d definitely use it!

  20. Amanda L Grossman
    August 3, 2011

    Very neat! It’s nice to have an alternative to Paypal. I think their fees have increased since I started using them, but, as much as I love excel sheets and tracking things, I haven’t tracked my fees!

  21. Stef
    September 29, 2011

    Be forewarned that the terms vary from bank to bank. At PNC, a transfer scheduled to go out on Monday to ANOTHER PNC account was deducted from my account on Wednesday and still hasn’t appeared in its destination account. So, if you really want someone to have immediate access to funds, you’re better off finding another route. This one certainly isn’t efficient for intra-bank transfers.

  22. Paul
    March 27, 2012

    Sorry this system sucks!! Made a transfer to another person with their checking account, got the confirmation email which I followed the link to confirm, was given the date that the transfer would be completed. Now one day after that day, there is no transfer and also no record on on my checking account that I requested the transfer. However there info is listed in the accounts that I can send money to. Never had this problem with paypal in 8 years.

  23. Paul
    March 27, 2012

    their not “there”

  24. NLD
    December 21, 2012

    Pop Money SUCKS, sent a tenant some money for an emergency and he had to wait 5 days to get it because they are not open on weekends because of Federal Regulations. Tellers whose bank advertised this service didn’t even know what pop money was. It was advertised same day, however, when calling pop money, they say at least 3 days and even more, which it will be 5 days. When asking bank employees what I do next, they could not even answer.

  25. Mike
    January 8, 2013

    I’ve tried to use this service via Citibank on a couple of occasions and have had nothing but trouble. Emails to the recipient didn’t go through, lag time was longer than stated, status was inaccurate. Maybe it’s a Citibank problem, but it’s been more trouble than it’s worth.

  26. Tommy
    February 15, 2013

    Must be a Citibank problem is right! Decided to try this service via Citi…needed to send $$ to my son at college. 5 days later, no email, no transfer. Citi says keep waiting. I physically went to my bank and made a deposit in his branch 2 days ago. Forget POPMoney…do it the old fashioned way…Stanton line in a bank branch!

  27. Jon
    May 31, 2013

    Something seems to have gotten worse about Popmoney since it first came out, at some banks more so than others. Ally seems good still. PNC is really slow. Fifth Third charges a fee for Popmoney! (Yes I have too many bank accounts.)

    One thing I’m not clear about is this.. I have several accounts that I can send Popmoney from. When someone sends me Popmoney, which one does it go to? So far it seems to go to my Ally account, which is the first one I used with popmoney. Is there a way to change the destination account?

    I created an account on popmoney.com and there’s absolutely nothing on there about my bank accounts or transaction history. It seems completely separate from the popmoney transactions at your bank. Very poor execution.

  28. PH
    June 9, 2013

    popmoney is difficult to operate, unclear in how/when transactions occur and might “hold” your transfer for “security reasons.”

    I’d say cancel your account and drop ‘em like a hot rock.

  29. C. D
    September 4, 2013

    POP Money sucks….they are WHY Western Union still exists. Bank to bank transfers are NO less than three days whether you pay a fee for express service or not. RUN from this SCAM!

  30. mm
    September 6, 2013

    POPMONEY SUCKS!!! My realtor sent my security deposit using this service and it was a royal PITA. The instructions are not very clear on what you need to do (which is a lot for a one time usage deal) and it was VERY frustrating. Customer service was virtually non existent and the rep basically said to wait and see what happens to which I said “NO, DO IT NOW!!!” If it weren’t for me insisting to delete everything and for me to recreate everything (create an account, provide address, bank account number, routing number, phone number, email address) and waiting for another email and phone call I would probably have never gotten my money and the transaction would have expired. I tried to get the text message of a verification code resent 6 times and no text messages. The rep blamed it on the phone company blocking some ad type of message but I think their system sucks the big one. I WOULD HIGHLY RECOMEND NOT USING THIS LAME SERVICE!!!

  31. Sarah
    October 28, 2013

    BEWARE! GET WHAT YOU PAY FOR!

    Sent someone “Pop Money” on Monday. They needed it on Thursday. As indicated on the Pop Money website, the money should have been in their account on Wednesday, no later than Thursday. We got an email late Tuesday saying it was under investigation. Absolutely no reason for that, as there was more than enough money in our account to cover the transfer. Called them Wednesday morning and they indicated the money would be in the recipient’s account the next day. It was not!! Called on Thursday and they indicated it would be Monday. It is Monday morning and it is still not in their account. (Their customer service in nice, however, they don’t have a clue about banking systems and they are telling you bad information. Even their so called experts don’t know what they are talking about.)

    This is our first and last experience with Pop Money!! They hold your money in their account for days and make up excuses of why it has been taken from your account and is nowhere to be found. They try to make you think it is the Federal Reserves fault, when you know how quickly money flows from one Federal Reserve to another. Just write an out of area check and see. Western Union is the best way to go. It may cost more, but at least they are honest and can quickly get your money to where it should go!

  32. Mr Boyd
    November 2, 2013

    Be Warned. I have used Pop Money two times because it is a service with my online banking. Both times the money was delivered 3 days late. The transaction promise a 3 day delivery and they took the funds from my account and nothing was delivered to my son’s account until the end of the 6th day. On days 3 and 4 I called customer service and said there was nothing they could do. No explanation. I was promised a return call from a supervisor that never happened. Timing in financial transactions is critical and can be costly. Be warned.

  33. mnk
    January 5, 2014

    I’m not happy with Pop Money either. The interface is difficult to use and not at all convenient if you really think about it. I sent my landlord duplicate rent payments by accident. I was able to “cancel” one of them while it was pending deduction from my account, but the funds couldn’t be returned to me without another of round of processing. It’s been 3 business days, not counting Saturdays on which my bank will usually post transactions. I’d prefer not to use Pop Money again and to go back to checks/online bill payment.

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