Today, Apple announced a few updates to its digital wallet – ‘Apple Cash’ that now allow customers to instant money transfer to the bank account.
The company’s digital wallet “Apple Cash” combinedly works with Apple Card, Apple Pay, and iMessage. Along with the specific major update, there are a few other changes also available. (firstly reported by 9to5Mac)
Up until now, users were only able to use the instant money transfer to their bank account with a Visa debit card. But in an email sent by Apple on August 5 to Apple Card users that the instant money transfer to the bank account is now available with a Mastercard debit card. So, customers don’t require to wait until the transaction process has been completed.
Along with this major update, the California-based tech giant also doing a few changes in the terms and conditions of Apple Cash. The company increased a per instant transaction charge from 1% to 1.5%. The per instant transaction, minimum $0.25 and maximum of $15 fee will be charged. These changes will be applicable from 26th August 2021.
Apple Card customers, who don’t want to pay any fees to make money transfer to the bank account have to utilize ACH (Automated Clearing House) payments. But it takes around 1 to 3 days to complete the money transferring process.
Apple Cash users can simply send and accept money to family members and friends via iMessage. The online service is also unified with Apple Card and Apple Pay, so users can easily receive their Daily Cash.
Customers can use their Apple Cash account balance to make a purchase through Apple Pay in different and Apple Pay accepted stores.
Noted that as of now, the online Apple Cash service is only available in the United States.