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Never heard of Green Dot Bank. They seem to have these banks listed under them:
"GO2bank, GoBank and Bonneville Bank".
I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ?
Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?
> Apple Cash services are provided by Green Dot Bank Never heard of Green Dot Bank. They seem to have these banks listed under them: "GO2bank, GoBank and Bonneville Bank". I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ? Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?
Edit - Looks like they do pre-paid credit cards, which explain why I’ve never heard of them. Been around since 1999.
Earlier quoted context omitted.
It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
In Estonia, you can link a phone number to your IBAN. When making payments, the sender just needs a phone number, and the corresponding IBAN is automatically looked up. (The lookup service is managed by the central bank, and used by all (major) banks.)
What are the tax implications of this, if any? I know people in extended families regularly sending money between themselves. Can they expect the IRS knocking on the door and blaming them for hiding income? I am worried about them now. They will find this super convenient and will use it from day one. Hope this service is private.
Not a lawyer but I remember reading that the IRS (or equivalent) would be watching for patterns (large amounts/frequent transfers in just below a threshold etc across different sources -- bank accounts etc) . If there is probable cause, they might have to get a subpoena. This app is just one more source for them to confirm/deny wrongdoing.
I find it odd things like this, Venmo, Square cash even need to exist. There’s a reason none of them get used much (or even exist) outside the US. Just fix banking in the US and they problems they solve disappear. In the UK (and the EU I believe too) bank transfers and instant and free. Digital banks like Monzo make it even easier (through contact syncing, better UI). Third party apps need not get involved.
Earlier quoted context omitted.
It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
In Estonia, you can link a phone number to your IBAN. When making payments, the sender just needs a phone number, and the corresponding IBAN is automatically looked up. (The lookup service is managed by the central bank, and used by all (major) banks.)
Earlier quoted context omitted.
Yup, pretty much. I can't imagine how Apple concluded that "It's exactly like Venmo in every way, but it only works for people with iPhones!" would make a particularly compelling value proposition.
The compelling value proposition is users trust Apple a shitload more than random startups and have enough apple user friends to make it work. The sad part is that these apps are needed at all. In Australia the government just regulated that all banks must support free and instant money transfers and that email addresses and phone numbers be supported as addresses to send to. So if your friend wants to send you money…
Google Pay supports iOS which is why it used over Apple Pay in countries where iPhones aren't the dominate mobile OS.
I find it odd things like this, Venmo, Square cash even need to exist. There’s a reason none of them get used much (or even exist) outside the US. Just fix banking in the US and they problems they solve disappear. In the UK (and the EU I believe too) bank transfers and instant and free. Digital banks like Monzo make it even easier (through contact syncing, better UI). Third party apps need not get involved.
It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
What are the tax implications of this, if any? I know people in extended families regularly sending money between themselves. Can they expect the IRS knocking on the door and blaming them for hiding income? I am worried about them now. They will find this super convenient and will use it from day one. Hope this service is private.
If so, then this page may answer your question. Basically unless you’re transferring over $22k in total in a year using Apple Cash, you’re fine.
https://www.irs.gov/businesses/small-businesses-self-employe...