Transfer money directly through Splitwise
Why you are planning to add square cash as an payment option, why you are using third party tools. Instead, do you have any future strategy to implement your own payment option, somewhat exactly as square cash. By this, people will trust in your own application more than someone else. For example, If I have to give some money to my friend, than either I give cash or will send money online by bank transfer or square cash. In either option I have to go and create a transaction in split wise and when my friend give it back than I again have to record that transaction. This feature will create your application more smooth and easy and it will be easy for us to see Transaction automatically.
Sorry for the trouble! It’d definitely be interesting to transfer money directly through Splitwise (without using PayPal/Venmo/Square Cash/etc). We haven’t built that feature so far because there are a lot of regulations around transferring money, and we’d need to do a lot of technical and legal work, but it’s on our list of possible things to do in the future.
NYIT Navaneeth commented
Please update the app so that we can split the money among the friends and you have the option to send the money through the app.Just add one more tab to the app and give option to send the money to the friend after the money has been split among the friends.Update the app so that it will be useful to send the money to friends in Other countries as well.
currently, I can only see balances but it will make more sense if I can directly transfer the money from the app. Currently, I see the amount go to any other app from which I transfer the amount and then come back to splitwise to add that transaction. But all of this can be simplified if splitwise provides the ability to transfer the amount directly. Splitwise can ask for bank account details or UPI(in India) from their users and save it and use the same details while settling up. For example, suppose A owes Rs 1000 to B and both A and B have saved their bank details with splitwise. Now when A chooses settle up with B, splitwise asks for the amount and in the next step transfers the money using any payment gateway or account transfer. The process of transfering may have 2-atep authentication for security purpose. In this whole way, A does not need to know bank details of B as splitwise already has that information. A just had to authenticate the transfer from his bank.
This is one way of doing it, you can also ask users to enter details manually and then transfer. There are many ways this can be achieved but the best efficient way should be selected by splitwise.
I have heard from many of my splitwise friends wanting this feature.
Hope it makes sense.
akshith rk commented
Why is Splitwise losing customers to venmo or cash or some other app/company for money transfer...
The reasoning is based on my group of friends of about 30-40 people from about 2-3 countries... all of them use Splitwise to split bills between themselves... however as Splitwise doesn't have the feature yet, we rely on other apps for money transfer btw us...
Apps like venmo just came into existence because Splitwise doesn't have this money transfer feature... imagine if Splitwise also provides a money transfer option... there would be no reason for people to use another app... I would not want to share my bank details with 3-4 different apps if I could get all of it done in the same app like Splitwise...
Again apologies for a loosely constructed essay for what I wrote is based on a true frustration among people I've met.
If Splitwise could add this feature, it would tap on a lot of customers... looking forward to this feature in Splitwise...
Aditya padala commented
I understand that this app is just to split money between people. But i feel having an additional feature such as transferring the money that i owe someone in the app itself makes it all the more awesome. I need to always go to my bank account app and send the money to my friends, but i would highly prefer sending the same through splitwise which saves me a lot of time and effort. The idea is very flexible in terms of when to cash out the money and etc.
Matias Singers commented
I often need to settle bills across borders in multiple currencies, and TransferWise is perfect for this.
They ensure great mid-market rates, and almost instant transfers.
Anjith Sasindran commented
I really like Splitwise, my friends and myself use it regularly for splitting bills. It's really handy. What I found after few weeks of usage is, it doesn't improve anything. It's basically like storing bills in notepad.
I would really recommend if you guys can give the option to pay friends through online banking rather than handing over cash. Thank you