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Google Wallet Introduces Automatic Transfers to Your Bank Account

About Google Wallet

Google Wallet, with the purpose to make it easier to pay, is updating with the feature of automatic transfers to your bank account. With this newly added feature, you are saved from the lengthy cashing out processes to get your money. For those who want to sign up for Google Wallet, just need an email address or phone number for sign up. Then, you can start sending and receiving money from anyone in the US.

google wallet

Omit “Cash Out” Process

Previously, when you wanted to use money from your account, you had to go in and cash out your Google Wallet balance. But, now this part can be omitted. You can enable automatic transfers to your bank account. Just choose a debit card or bank to link to your Wallet. Once enabled, you won’ t require to manually cash out money from the Wallet balance. It speeds up the time it takes for Wallet users to gain access to the cash. Though it will take some time to transfer, but is a much smoother solution. Transfer to debit cards will be instant or may take up to 24 hours to process while transfers to bank can take 1 to 3 days.

Meanwhile, you will still be able to keep money in Google Wallet if you want to. The move to bypass the “cash out” process could help Wallet to compete.

Google Wallet

Google Wallet and Other Payment Services

With this recently announced feature, Google is stepping up its battle with Square Cash, PayPal, Venmo and other online payment applications. This automatic transfer feature also means that when you send money to friends, those funds will go to their bank accounts automatically.

google wallet

Some useful insights about Google Wallet:
Cost: Free
Ratings:4.1 and up
Publisher: Google
Requires Android: 4.4 out of 5 stars
Download it

Do you use Google Wallet? Which is your favorite peer-to-peer transfer service? Share your thoughts with us in the comments.

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