Facebook Money Transfer – Facebook is widely known for chatting, sharing files of different formats, and organizing group events. Unique features have been added to the Facebook messenger app like Facebook money transfer. The most is an interesting part of this new feature that it’s free for both parties (the receiver and sender).
Requirements for this service (Facebook Money Transfer) are as follows;
- Payments must be funded with either a bank issued debit card, credit card or Facebook gift card
- You must be friends with the second party
- You must be over 18 years old
STEPS IN MAKING AND RECEIVING PAYMENTS USING FACEBOOK MONEY TRANSFER
When making your first payment on the Facebook Messenger app using Facebook Money Transfer, you’ll have to add your debit card or credit card issued by the bank. You can add your card through the following steps
- Login to Facebook
- Click on the settings menu
- Navigate to payments then select Account Settings.
From there you can add your card and start your transfer.
In this step, you can also set a PIN in case of unauthorized payments, giving only you access to make payments.
To make payments;
- Start a conversation with a friend
- Tap the $ icon
- Enter the amount you wish to transfer
- Tap pay at the top right corner of the screen
After payment, you’ll receive a notification of a successful transaction.
The money you send is transferred immediately though it might take a day to three business days to make money available.
To receive payments;
- Open the conversation from your friend
- You can either accept or deny payment. Deny If you do not recognize the payer and he/she will be notified immediately. Once you receive, the money will be deposited to your linked account.
You might be wondering if Facebook Money Transfer is safe and secure, well, it is very safe and secure.
Payment and user information is encrypted to protect your money and transaction details. I’m going to give you some helpful security tips to use.
- PIN or passwords: it’s always advisable to use any of these when it comes to your private information or details, in this case, it’ll help keep your financial information secured. After your first transaction, you’ll be asked if you’ll like to use your pin or password for future operations, it’ll be wise to accept. And always remember your password is a secret and not to be shared with anyone.
- Personal details and information: do not share any of these to anyone to be on a safer side, and if you’re going to share with a trusted friend make sure you go through another platform, let’s say text message.
Hackers and scammers: your friend account might have been hacked, so always make sure you’re very confident of whoever it is that’s requesting money from you in order not to fall for the traps of the scammers. You can make sure you’re chatting with the right person by either a video call or voice call; both features are also available and free on Facebook.