Now that Apple Pay Cash has rolled out to compatible devices in the US, you're likely to give Apple's new person-to-person payment system a try since it's right there in the iMessage app drawer in Messages. However, just like with Venmo, Square Cash, and other mobile payment processors, there are some hidden fees, limits, and other fine print you need to be aware of.
Before going any further, you should know that to even use Apple Pay Cash on your iPhone, you need to be running iOS 11.2. If you haven't updated yet, and are interested in transferring money with Apple Pay cash, we suggest you do so now.
Like mentioned above, you need to be running iOS 11.2 in order to use Apple Pay Cash, and so does anyone else you're sending money to or receiving money from. Aside from that, you'll need to be at least 18 years old, live in the US, and be able to verify your identity.
- must have iOS 11.2 on your iPhone
- must be at least 18 years old
- must live in the United States
- must be able to verify your identity
You won't need to verify your identity with Apple right away, but they can ask at any time, and you must do so regardless if you plan on adding or receiving $500 or more total over the use of the service. Documents and/or information requested may include the following.
- your full name
- your social security number
- your driver's license
- your state ID
- your date of birth
- your home address (not a PO box)
- answers regarding your personal history
There are no fees if you add or reload money to your Apple Pay Cash card from a debit or prepaid card in your Wallet. And as of right now, you can't even add to your Apple Pay Cash balance from a credit card.
- no fees for adding money from debit cards
- no fees for adding money from prepaid cards
There are no fees if you send money from a debit card or your Apple Pay Cash card balance. Unfortunately, if you use a credit card, you will be charged an additional 3% of the total amount. If you're looking to eliminate all fees, stick to debit cards and/or your Apple Pay Cash card.
- no fees for payments from debit cards
- no fees for payments from Apple Pay Cash cards
- 3% of total payment from credit cards
When you add money to your Apple Pay Cash card balance, you cannot add less than $10. Even if you only want to spend $5, you need to add at least $10 at a time. On the flipside, you cannot add more than $3,000 at a time, and over a 7-day period, you can only add up to $10,000.
- minimum $10 per transaction from debit/prepaid to your balance
- maximum $3,000 per transaction from debit/prepaid to your balance
- maximum $10,000 per 7-day period from debit/prepaid to your balance
Keep in mind that these limits are only on Apple's side of things. If your debit or prepaid card's issuing bank has limits, those will also apply on their end.
You cannot send or receive less than $1, which shouldn't come as a hindrance to most. You are limited to sending or receiving $3,000 at a time, and just like adding money to your Apple Pay Cash card, you cannot send or receive over $10,000 over a 7-day period.
- minimum $1 per message
- maximum $3,000 per message
- maximum $10,000 per 7-day period
Again, just like when adding to your Apple Pay Cash card balance, your debit, prepaid, or credit card's issuing bank may have their own set of limits to abide by.
When it comes to transferring money to your bank account, you need a minimum of $1, though you can transfer less if your current balance is less than $1. There's a maximum of $3,000 per transaction, and you can transfer up to $20,000 every seven days.
- minimum $1 per transfer, unless your full balance is less than that
- maximum $3,000 per transfer
- maximum $20,000 per 7-day period
We're not quite sure who will ever reach this maximum, but you're limited to having $20,000 loaded to your Apple Pay Cash card at any time. Of course, you'll need to have your identity verified to have this much cash loaded.
- maximum $20,000 total
Now that you know the rules, you are free to send and receive money to all of your friends and family using the "Apple Pay" iMessage app in Messages. Just keep it within the restrictions above, and you'll be working Apple Pay Cash like a pro.