If you use Gmail, you may have noticed a new money icon at the bottom of the message window when you compose a new email. Hovering over the icon, you will see that you can “attach money” to the letter! Sounds pretty cool, right? So how does it actually work? It’s really free and do you need a Google account to get paid?
In this article, I’ll go into the details of Google’s new money transfer scheme, which is essentially an update to their rather old Google Wallet program. Google Wallet is a payment system similar to Paypal. There are certain sites where you can pay with Google Wallet. You can also download an app for your smartphone that allows you to store loyalty cards and send money to anyone. You can also get a Google Wallet card, which is essentially a debit card that can be used wherever MasterCards are accepted.
For now, let’s get back to Gmail. This is what this little icon looks like in Gmail compose windows:
Clicking on this button will open a new pop-up window with the Google Wallet logo. Before you can send money, you will need to verify your identity.
It basically asks you for your first name, last name and home address. Please note that there is no credit check.
You will then be prompted to enter your birthday, the last four digits of your Social Security number, and check the box to confirm you agree to the email policy. At this point, you should receive a message that everything is ready. Now the fun begins.
On this screen, you enter the amount of money you want to send. If you are sending from a linked bank account or Google Wallet balance, there is no fee. If you send with a credit or debit card, there will be a fee. However, things are not so simple. If you enter a value such as $ 50, you will see that there are no fees charged on credit cards.
There was no mention of how much you can send commission-free, so I kept playing with the numbers until I realized that you can send up to $ 250 from a credit or debit card without any commission. That’s cool. I’m not sure how long this $ 250 free offer lasts or if you’re only sending money the first time. It may happen that the second time you have to pay 2.9% regardless of the amount.
Click the “Attach” button and the money will be “attached” to the letter. Basically, it adds a Google Wallet box to the bottom of the email.
When you click the Submit button, you will be prompted to sign in to Google Wallet for added security.
In the screenshots above, you can also see that in order to send money, the recipient must be a US resident and either already have or be registered with Google Wallet. If you already have a Google account, signing up for Google Wallet is just a few clicks away. If the other person does not use Gmail or does not have a Google account, they will need to create one when registering with Google Wallet.
As soon as you send an email, you will be charged immediately. On the receiving side, the person will receive an email as shown below:
A person can demand money or return money. By clicking “Claim money”, the user will be redirected to the Google Wallet page. Here you will need to verify your identity and choose whether you want to link a bank account and transfer money there, or just leave it on your Google Wallet balance.
If you click “Refund”, you will simply be asked to confirm that you want to return it, and that’s it. The money will then be transferred back to the sender. If the money is not claimed within 14 days, the money is automatically returned to the sender.
Another option besides transferring to a bank account is to get a Google Wallet card. This card acts like a regular debit card from your bank. You can use the pin code to withdraw money from an ATM. What’s even better about Google Wallet Map is that if you lose it, you can remotely disable the card yourself by simply logging into your account. It also includes fraud protection and covers 100% of unauthorized transactions.
Of course, there are competitors who are doing something very similar. For example, Square Cash is a service from Square that lets you send money to anyone for free by linking your debit card. Google Wallet also has an additional option to use a credit card. If you are already a member of the Google ecosystem, you will get more benefits by using Google Wallet.
Besides sending money, you can also use the Google Wallet app on your smartphone to store all of your loyalty cards. If you also buy offers from Google Offers, they are automatically saved in the app and can be used when making a purchase. Have you ever used Google Wallet? what are you thinking about? Let us know in the comments.