Eastwood Bank Financing Banking Check Cashing Credit Cards Money Orders Ask a Question Blog What is Google Wallet and is it Safe? These days, many people are looking for fast, convenient and affordable ways to send money to friends, family, suppliers or anyone else who requires payment. After all, no one wants to send a payment off, only to find that either they or the recipient will have to pay a hefty fee to release or receive the funds in question. Over the past few years, Google Wallet has become a very option for people who want to send money to the US or UK. A Closer Look at Google Wallet Google Wallet has made it possible to send and request money by using only their email address or contact number – your recipients will not even have to have the Wallet app installed at all. How easy is that? In addition, when you or your recipient gets their money, it is even possible to have it transferred directly to a default payment method, which means that you never have to physically cash out if you don’t want to. All you will need to get started with using Google Wallet is a Google account and a valid debit card. However, installing the Wallet app is quick and easy, and this can be done via Google Play or the App Store. An Affordable Option When sending or receiving money, most people are concerned that they are going to have to pay exorbitant fees to make use of the service. However, one of the main advantages of using the Google Wallet service or app is that there absolutely no fees that will apply when sending or receiving any amount of money. Unlike with other money sending or receiving services, you will be able to send the full amount to your recipient, who will be able to receive the full amount on the other side – no more having to calculate how much extra to send in order to cover the cost of fees when performing a transaction. If you have set up your debit card or bank account to receive your funds, bear in mind though that your bank may charge a small fee to release your funds. How Google Wallet Works for Recipients If you are sending money via Google Wallet, you will need to have the app installed on your phone. However, your recipients will not need to have the app installed on their phones or other mobile devices in order to receive their funds. Instead, they will simply receive a direct link to the Wallet site, where they will easily be able to obtain their funds. All recipients will need to have is a Google account and either a bank account or regular debit card, so that they can receive the funds you have sent through to them. Are you Allowed to Use Google Wallet in your Business? If you are engaging in business as a sole proprietor, you are permitted to use Google Wallet to receive various forms of commercial payments. However, it is important to keep in mind that if you are a registered nonprofit organization or corporation, you will not be allowed to use this service to collect payments under any circumstances. Is it Possible to Use Google Wallet Internationally or Not? If you are in any part of the United Stated or United Kingdom, it is possible for you to transfer money to people who are in the same country that you are in. At this time, it is not possible to send money between the United States and United Kingdom or to anyone else who lives or works in another country. However, it is possible that this service may be offered to users in other locations at some point in the future. How Long will Recipients have to Wait before they will be able to Access their Money? If you have set up a debit card as your default payment method when using the Google Wallet service, it is highly likely that your bank will release the money into your account within a few minutes at the most. Some banks could take up to 24 hours though. However, if you have chosen to set up an actual bank account as your default, you may have to wait up to 3 days before being able to access the money that has been sent through to you though. How Safe is it to Use Google Wallet? If you are unfortunate enough to misplace your phone or have it stolen, you are able to remove access to your Google Wallet on the phone account quickly by going to myaccount.google.com and following the instructions there. This will need to be done as soon as you notice that your phone is missing, as this will help prevent any unauthorized transactions from taking place. How your Payment Information is Protected When using the Google Wallet service, all of your data will be stored on secure servers and payment information is highly encrypted with industry-standard SSL technology. This means that your complete debit card information will never ever be shown in the app itself. It is also possible to protect access to your Google Wallet app by means of setting up a PIN code. It is also strongly recommended that you keep your phone locked when it is not being used, as this will provide an additional layer of security for your personal and banking information. A potential disadvantages with regards to safety is the fact that the app is directly connected to your Google account. If you have not put sufficient protections in place on your Google account, this means that your information may fall prey to hackers. Will I be Held Liable for Unauthorized Transactions that have been made when Using Google Wallet? The good news is that Google Wallet has fraud protection in place, which will cover 100% of any verified unauthorized transactions made via Google Wallet. However, it is essential that any unauthorized transactions be reported immediately. In some cases, you may also be entitled to exercise certain rights under your agreements with the bank that has issued your debit card. You will need to contact them to find out more about what this entails though. As with any other form of banking or money transfer service, it is crucial to ensure that you do not share your PIN codes or bank account details with any unauthorized persons. This will help ensure that your account remains completely secure. If you have been looking for an affordable option for sending money through to other people within the US or UK, the Google Wallet app will most likely be suitable for you. Post navigation Are There Any Places That Cash Personal Checks Besides Banks? What is PayPal and is it Safe? © 2021 Eastwood Bank. All Rights Reserved.