How To Send And Receive Money On Facebook: Billions of people all around the globe use the Facebook application every day. It is now like a norm for everybody to own a Facebook account where they generally chat with old and new friends, post pictures and content on their walls, and gain likes and comments in return.
But do you know that you can do a lot more than just chat with your Facebook friends and families or post pictures and read jokes?
Do you know you can send and receive money from your families, friends, and loved ones by using your Facebook account right there on your smartphone with absolutely no stress?
Facebook pay system is one of the best and cheapest means of money transaction between individuals. Facebook does not attract any fees or charges on transactions and the maximum transfer amount is $9,999.
Individuals should note that they must be up to 18 years and above and must be active Facebook users before they can use Facebook to receive and send money.
HOW TO SEND MONEY USING FACEBOOK
Below are the steps to send money through Facebook;
1. The first step is to open a new or existing Facebook Messenger conversation with the person you want to send money to using your computer, smartphone, or tablet. Once you start the conversation, You will see an icon with a dollar sign at the bottom of your screen.
2. Click on the dollar sign, you will be asked to enter the amount of money you want to send, fill the request on the space provided and click on the Next button.
3. The next page will require you to fill in your payment method and enter your details to debit your account and credit the receiver account. You can use PayPal or debit cards. Enter your card number expiration date, validation code, and billing zip code.
4. Click on the ‘pay’ button, your request will be processed immediately and completed.
When your request is completed you will get a debit alert from your bank while the receiver gets a credit alert, it’s so simple and easy.
• You need to be an active Facebook user
• Although the transaction is usually completed immediately but it may take days before it is approved by your bank.
HOW TO RECEIVE MONEY IN FACEBOOK
This process requires little or no effort. It is more simpler to receive money than to send money. If you are receiving money for the first time from the sender, you will get a notification to enter your card information.
After this is done, Facebook completes the transaction and you receive your alert from your bank.
After this transaction, you do not have to fill in your card details anymore as your information is stored, but if it is not your first time, i.e you’ve received money from the sender before, you do not need to do anything.
Just wait for the money to be delivered to you. You may be scared of sending money using Facebook or wondering if your bank details are safe and whether your transaction will be completed, if you send or receive money using Facebook, it is safe.
Do not get worried over this, your details are safe with Facebook, since it was launched in 2015 the Facebook payment system has not recorded any security breach.
ADVANTAGES OF SENDING MONEY THROUGH FACEBOOK
1. This method is easy and reliable.
2. It is safe as Facebook encrypts your messages and transaction information to keep your personal details and money safe.
3. You can make payments through PayPal or Bank debit card.
DISADVANTAGES OF SENDING AND RECEIVING MONEY WITH FACEBOOK
1. It takes days for your transaction to be approved by your bank, so it is not a good option to use if the money is urgently needed by the receiver.
2. It is only available for individuals or personal transactions between friends and families. It is not available for organizations or businesses.
3. It is not presently available to all Facebook users. Users are limited to only certain countries like those living in France, United Kingdom, United States, and so on.
Just like every other application that enables you to send and receive money from one person to the other, the Facebook payment system is not only reliable and safe but also stress-free and easy.
Payment is made easy with the Facebook pay system just with your smartphone phone, tablet, or laptop and a good internet connection. If you have not started using Facebook to send and receive money, you can start now.
Thanks for reading through, stay safe!