Now You Can Send Friends Cash Using Skype
Now when you buy concert tickets for the crew, there's absolutely no excuse (beyond just not having the cash) for your friends to not pay you back immediately. There are a ton of different options out there for sending cash to friends. Services like Venmo, Square Cash, Apple Pay, and Facebook can get the job done in just a few seconds, and now one other popular service added the feature: Skype. Thanks to a new partnership with PayPal, Skype users can now send money to friends using the service through its mobile app.
While it's not likely to replace Venmo or Square for your every day money transfers, I can see it coming handy when you need to send money to a friend overseas.
For the feature to work you'll need to be using the latest version of Skype's mobile app. Payments can be sent to friends and family in 22 different countries, and transferring money is free, as long as you're using your PayPal balance or a connected debit card. Credit transactions cost $.30 per transaction + 3.4% of the total amount. If your pal is in another country, you'll have the option to send in their currency.
Payments are done by swiping right in the app and selecting "Send Money." You'll need a PayPal account in order to use the feature, and the first time you decide to try it out you'll need to connect your Skype and PayPal accounts together.
Your recipient doesn't have to be using the latest version of Skype, but they do need to have a PayPal account. If they don't, they'll be prompted to open one in order to collect your payment. Beyond the United States, the feature is available in Canada, UK (Jersey, Guernsey, Isle of Man) Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, San Marino, Slovakia, Slovenia, and Spain.
Fun fact: Skype offered the ability to pay your friends using PayPal back in 2007, although then (the year the first iPhone was released) it was only for desktop customers.
PayPal is actually the owner and power behind Venmo, which arguably is the most popular way to send cash in my personal friend group. Before we were app peer-pressured onto the Venmo train, Square Cash was my preferred way to send money. I loved that money was instantly in my account, often before a waitress could even come grab my credit card to pay a bill. Since Venmo (and PayPal, including the Skype integration) work sort of like a bank account, the money you send will sit in your recipient's account until he or she withdraws it.
Depending on your friend, that withdrawal option could be a blessing or a curse. I definitely have a few friends that use their Venmo accounts as a savings account of sorts for future nights out. When you're talking about being paid back a large sum of money, like expensive concert tickets from a large group of buddies, that withdrawal requirement can mean the person who pays has to essentially float everyone a huge loan for a few days, even if they're "paid back" a few seconds after they make the purchase. That's annoying. However, if you're already sending money to friends overseas or elsewhere via PayPal, then this could make that process a tiny bit easier.