How to Use the Google Pay International Transfer Feature
With over 6 billion people expected to use digital payment apps by 2023, it’s about time you get on the payment app train if you haven’t already. What does a digital payment app do? Each app comes with different features, but they typically all allow you to store different payment methods, make contactless payments, and transfer money easily to friends or family.
While Venmo, PayPal, Zelle and Cash App are some of the most popular apps for these kinds of financial transactions, Google Pay is increasingly becoming more and more popular as well. Why? It’s easy to connect, since nearly everyone around the world can sign up for a Google account.
One of the coolest features that Google Pay offers its users is the ability to make an international transfer. The Google Pay international transfer feature is particularly helpful for people living outside of the US as it offers a safe way to send and receive money abroad. Here’s what to know about the feature and the transaction costs.
What is Google Pay?
Google Pay is a new service that lets you buy things online and in stores with just a tap of your phone. Once you’ve downloaded the app to your phone, you can use it to make peer-to-peer payments from your account or use it to perform a contactless payment in a store. Google Pay currently supports credit cards from American Express, Mastercard, and Visa as well as debit cards from participating banks.
You can also receive money through PayPal by linking it with Google Pay. The next time someone sends you some cash on PayPal just tap "Request" on the notification card and select "Google Pay." It's easy! If you're already using Gmail or YouTube then installing Google Pay will be a breeze because all of your information will automatically sync so there's no setup required at all.
How to Make a Google Pay International Transfer
In a partnership with Wise and Western Union, Google Pay is now offering the ability to make international transfers. While this international transfer feature is expected to be huge for Google Pay, you can currently only send money internationally in Singapore and India (note: this is only for US-based users).
However, Google has noted that by the end of 2021 they hope to expand the feature to allow users to send money to people in more than 80 countries through Wise and 200 countries through Western Union.
How will it work? While the feature still seems to be rolling out, all you have to do is go to your Google Pay app and initiate the transfer. Once you do, you’ll be asked to choose from Wise or Western Union. As mentioned, eventually each of the two platforms will offer services for money transfers to certain countries. So, it appears that you’ll have to figure out which platform works best for the country where the person you’re trying to transfer money to is in.
From there, you will be able to check the status of the payments straight from the Google Pay app, saving you time from having to connect to the third-party apps and platforms.
Pros & Cons of Using the Feature
Benefits of Google Pay International Transfers
What are the benefits of using the Google Pay international transfers feature? Currently, while the feature is new, there is a definite cost benefit!
New Wise customers don’t have to pay any transfer fees for their first transfer up to $500, and Western Union users were recently offered a zero transaction fee deal (it’s over as of June 2021, but keep an eye out for more similar offers as the feature becomes available in more countries).
Regardless of any special deal, Wise does tend to charge the lowest fees around for international payment transfers. Their one-time transfer fees seem higher up front, but the exchange rate they offer ends up ensuring that you’re wasting the least amount of money on each transfer.
Drawbacks of Google Pay International Transfers
Currently, the biggest drawback of the Google Pay international transfer feature is that it’s not widely available yet. This means that if you live in the US and want to perform an international transaction to a friend in Spain or Australia, that’ll have to wait. However, as mentioned above, things are expected to change by the end of 2021 with Google announcing that the feature should be available in at least 280 countries by the end of the year.
As well, it’s unclear now exactly what kinds of fees will be associated with each type of transaction. While we understand the international transfer fees for both Wise and Western Union, it’s unclear whether or not Google Pay will charge an additional service fee on top of that.
Other Options for International Transfers
If you have Google Pay and want to connect that account to another third-party app so that you can make international transfers, we suggest trying Paysend. Paysend allows you to connect your card details straight from Google Pay to speed up your money transfers to friends and family abroad. All you have to do is select Google Pay as your payment method and confirm the transaction immediately with your fingerprint ID. It’ll autofill everything straight from Google Pay, making the transaction quick and seamless.
Or, you could just head straight over to Wise. They’re well-known in the expat world as one of the best ways to transfer money internationally or even between your own two accounts (if you have a US bank account and another bank account in Germany, for example). On their website, you can check their fee calculator to calculate exactly how much the transaction will cost. They also have a cool “compare” feature to help ensure you’re getting the best rate!
Need an Account in the US?
What happens if you’re already in the US and need a bank account? While it’s not a requirement to have a US-specific bank account to use digital payment apps, it certainly helps having one when paying for day-to-day expenses.
If you’re an international student or immigrant, you can open a Cheese account with just a few things:
🧀️ You can apply for a Cheese Debit Card with an established US address,
passport, and valid visa.
🧀️ Your money is FDIC insured for up to $250,000.
🧀️ You can receive a $5 sign-up bonus (that you’re also able to donate to
one of our partner charities to support the Asian American community).
🧀️ There are no annual fees, no overdraft fees, and no ATM fees.
🧀️ You can earn 0.25% cash back on all purchases and up to 10% at certain retailers.
Of course, even if you’re not an international student or immigrant, you can also enjoy these perks! And, because the Cheese Debit Card is a Mastercard, it means you’ll be able to connect it easily to Wise and start making transfers immediately!