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PayPal is toxic. Everyone should leave PayPal. When someone asks to send/receive PayPal to them, then I work to move them to Zelle, Venmo, CashApp or some of th
by seaourfreed 4y ago
PayPal is toxic. Everyone should leave PayPal. When someone asks to send/receive PayPal to them, then I work to move them to Zelle, Venmo, CashApp or some of the others. TransferWise for international. Apple Pay, Samsumg Pay and Google Pay are great competitors.
Flee PayPal
- ianbutler 4y agoFYI Venmo is owned by PayPal
- mcdoogal 4y agoVenmo is owned by PayPal
- noirbot 4y agoIsn't Venmo literally the same company as Paypal?
- kombucha13 4y agoYes it is. PayPal owns Venmo.
- Anon4Now 4y agoYes. They're a subsidiary.
- siftrics 4y agoVenmo and Zelle use Plaid which grants them full access to your entire checking account history, even transactions completely unrelated to the payment service. Do not use any service that uses Plaid.
- kccqzy 4y agoI believe the use of Plaid is optional for Venmo. Instead of Plaid, just choose the traditional method of a trial deposit.
- siftrics 4y agoUnfortunately, this is only superficially true. I have been a long-time Venmo user and have refused to ever link my account through Plaid. Starting a couple years ago, Venmo begin to intermittently claim they "Lost the connection" to my bank and forced me to link via Plaid. I always refused and the problem eventually went away. Now, I cannot send money to anyone via Venmo. It always gives me the same error message and asks me to link via Plaid. Extremely dark pattern.
- TedDoesntTalk 4y agoThat has not happened to me yet but if it does, I’ll use cash instead of venmo
- deleted 4y ago[deleted]
- ipython 4y agoYou don’t need to use plaid to set up an external bank account with venmo. There is a little “set up bank manually” button when you go through the onboarding flow. Otherwise, I agree with plaid being bad.
- patch_cable 4y agoI’ve always just used Zelle through my bank’s app. For a large number of folks, there is no need to involve Plaid.
- LexGray 4y agoZelle has different hurdles. I recently tried to pay someone and the maximum daily transaction with a single person was set at $500 with my bank unless there was some sort of "history". It took me 5 separate days of payment to accomplish what a single check could do. The identity and confirmation dialogues were exceptionally clear that the bank had no liability so I have no clue what their issue is considering what inflation is doing to the dollar.
- Semaphor 4y agoAre normal bank transfers not a thing in the USA?
- ev1 4y agoFor person to person (not person to business), electronically, no, not really. ACH takes weeks too (yes I know your bank will credit you in advance temporarily) There's a nonzero chance you will hit some kind of risk/fraud system based on amount too. Wire is much better but frequently $50-100 per transaction as a fee.
- Semaphor 4y agoWow, that’s crazy. I knew your system had some issues, but I didn’t know it was this bad. Just for comparison, in Germany, bank transfers are free and take 1-2 days, for a fee or free (depending on the bank) you can do instant transfers taking seconds.
- Paraesthetic 4y agoSame as Australia
- toomuchtodo 4y agoPlaid is not used when your bank integrates with Zelle, which most banks do (some credit unions and smaller community banks aside). FedNow instant payments go GA in 8 months, at which point instant payment functionality will begin to roll out gradually to all US financial institutions. Regardless, avoid PayPal and Venmo at all costs, as there are reasonable alternatives for many use cases. They have avoided regulation more traditional financial service providers operate under (banking regs), so using them is to invite suffering.
- morpheuskafka 4y ago> Plaid is not used when your bank integrates with Zelle, which most banks do Zelle is a trade name of Early Warning Systems, which maintains databases of what you do in your bank account (checks paid and deposited, monthly balances, etc.). I would assume the banks that have native Zelle integration are required to become members and share this information anyway.
- toomuchtodo 4y agoEarly Warning Services is a consortium owned by the largest US banks themselves. https://www.earlywarning.com/about https://www.earlywarning.com/about If your threat model is that you don’t trust your bank with your deposit account balance and transaction history, that is hard to mitigate. I don’t necessarily trust my bank, but I do know what regulators to call for recourse when they misstep.
- ktta 4y ago> FedNow instant payments go GA in 8 months Where can I find more info about the '8 months' estimate? I hoped RTP would be useful to me, but the only bank that allows consumer accounts to use their RTP network is Chase. I hope this new network also doesn't fall short of the promise.
- toomuchtodo 4y agohttps://explore.fednow.org/explore-the-city?id=3&building=news-center&postId=13&postTitle=fednow-service-timing-narrows-to-mid-2023%2C-full-scale-pilot-testing-begins https://explore.fednow.org/explore-the-city?id=3&building=ne... https://www.federalreserve.gov/newsevents/speech/brainard20220829a.htm https://www.federalreserve.gov/newsevents/speech/brainard202...
- 404mm 4y agoIs there any way to revoke Plaid’s access to your account?
- mox1 4y agoyes, go online to plaids site, create an account and revoke.
- zouhair 4y agoInterac in Canada is a blessing.
- bonestamp2 4y agoCanada only has a handful of banks, and most of those banks got together and created Interac. That's why it is so good and so ubiquitous. The banking system in the US is much more complicated, and therefore more archaic.
- Scoundreller 4y agoI just wish it would be more forthcoming when a payment is pending. Have had numerous occasions where payments sit in limbo for a few hours before being received by the recipient.
- jp57 4y agoPayPal owns Venmo.
- jonas-w 4y agoI don't know if this is a german thing but here we have giropay. The money is instantly in your normal bank account. You just need to insert your phone number in your banking app of your bank and someone else can send/receive money directly via the app of their own bank when you/they know their/your phone number, without companies like paypal etc. The biggest banks of germany support it and you probably don't need another account at some third party banking company.
- deleted 4y ago[deleted]
- tiagod 4y agoMBWay in Portugal is similar
- sorenjan 4y agoSweden has Swish, Norway has Vipps, etc. There is work ongoing to integrate systems from different countries to make them work together. https://empsa.org/ https://empsa.org/
- benhurmarcel 4y agoA Eurozone-wide system is really lacking here.
- nottorp 4y agoWell plain old wire transfers take 1 day internationally (inside the EU) and cost zero to 2 euro.
- benhurmarcel 4y agoBut needing the IBAN is inconvenient. That’s the main reason for the existence of national systems.
- Gigachad 4y ago
- netman21 4y agoPayPal owns Venmo since 2012.
- bitwize 4y agoI don't want to use a damn app, and PayPal is one of the few left that let me pay straight through the web site.
- Aachen 4y agoSo does my bank?
- bitwize 4y agoIn Eagleland, one does not simply do wire transfers. They can take days and are usually reserved for large sums of money. Some American banks participate in a network called Zelle, which does allow instant electronic funds transfer. But, Zelle is available exclusively through your bank's phone app.
- markdown 4y agoTransferWise (now called Wise) are just as bad. They will sieze your funds if the person paying you uses certain keywords in the narration.
- yani 4y agoThe services mentioned have more or less the same terms of use policies. Can (Transfer)Wise lock your account? Yes Can (Transfer)Wise keep your money for 6 months? Yes Can (Transfer)Wise take money from you due to damages? Yes Also, if you want to dig deeper, look up where/who is doing their customer support, who has access to your financial records, and who makes decisions to approve measures against you. My personal experience with (Transfer)Wise - an intern with 6 months of experience (according to their LinkedIn) locked my personal account together with 4 business accounts. Why? Lack of training and a bad day at work/home. I've seen plenty of stores selling stolen merchandise and pirated goods via PayPal so these terms of use make a lot of sense to me.
- eru 4y agoI think you might be right about the policies as written, but one can make a reasonable argument that behaviour in practice is relevant, and that one might generally like to promote diversity in the market place instead of one powerful incumbent. So if Transferwise and PayPal are equally bad, you might still want to give your business to the smaller company?
- omnimus 4y agoThey are not equally bad.
- eru 4y agoNo opinion on that implied. My argument was purely conditional. (I found Transferwise easier to deal with than PayPal, but I never had any dispute with either.)
- yani 4y ago> So if Transferwise and PayPal are equally bad, you might still want to give your business to the smaller company? Actually, it is not that straightforward. One should check what kind of customer service is available, where are they located, who has access to the account and information and yada yada yada. PayPal is a much safer choice than Wise in this aspect.
- selfhoster11 4y agoYou could also build a good public (either nationalised, or just as a sort of "industrial commons") infrastructure for payments that doesn't depend on privatising money flows like in the US. In many European countries, you can send money for free directly between banks in seconds without even as much as a fleeting thought that there are private companies doing the same service.