When it comes to financial services, obviously these companies are here to do business and there is no such thing as a free lunch. However, for those who have been using Google Pay to make instant transfers, you will now have to look forward to paying a 1.5% fee (minimum of 31 cents) per transaction.
According to Google, “It can take 1–3 business days when you transfer money to your bank account. Debit card transfers are usually instant. There is a fee of 1.5% or $.31 (whichever is higher), when you transfer out money with a debit card.” It should be noted that this only applies to instant transfers, like those made to a debit card.
However, Google notes that you can opt for a slower transfer of 1-3 days which has no fees, but given that transfers to debit cards only have the option of instant transfers, you will incur the fee anyway. This means that if you’d rather not have to pay the 1.5% fee, you will need to stop transferring to your debit card and opt for the slower 1-3 days transfer fee to an alternate account.
Google isn’t the only one who charges transfer fees, but given that they did not use to charge a transfer fee before, this might upset some users who might have otherwise been relying heavily on the app to make money transfers.