Apple today announced a minor update to Apple Cash, the company’s digital wallet that works with Apple Pay and iMessage. As of today, Instant Transfer on Apple Cash is compatible with Mastercard debit cards, but there are some other changes as well.
In an email sent to Apple Card users on Thursday, Apple says users can now transfer money from their Apple Cash balance to a bank account using a Mastercard debit card and Instant Transfer. Previously this was only possible using a Visa debit card. With Instant Transfer, the money is sent immediately to your bank, so you don’t have to wait until the transaction is processed.
The company is also changing some Apple Cash terms and conditions with today’s update. Most notably, the company will now charge 1.5% (previously 1%) for transfers made with Instant Transfer. There will be a minimum fee of $0.25 and maximum fee of $15 per transaction. These changes will take effect from August 26, 2021.
Those who don’t want to pay any fees for sending money from the Apple Card balance to a bank account can use ACH transfers. However, this method takes from one to three days to add the money to your account.
With Apple Cash, users can easily send and receive money to friends and family through iMessage. The service is also integrated with Apple Card so users can receive Daily Cash. All the money in an Apple Cash account can be used in stores through Apple Pay.
It’s worth noting that Apple Cash is currently exclusive to the US. You can learn more about it on Apple’s website.
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