Recently, EarlyPay Bank was the first in Hungary to announce the introduction of MoneySend to Maestro and MasterCard, but only on the betting side. Soon, however, money will be sent in Hungary so we can completely bypass our bank account with this innovative service. With the help of Mary Country, Product Development Manager for the MasterCard Debit Card, we went into detail.
MoneySend is not exactly a new service for MasterCard, but so far we haven’t heard much about it in Hungary, as Hungarian banks have not yet introduced a credit card money transfer service. Now, however, the time has come, according to MasterCard rules, every bank in the world has to implement it, so we will meet it soon in Hungary.
Sending money between individuals
Imagine going out on vacation or just having a beer with your friends, or having to settle a debt to an individual quickly. So far, our answer has been to pay off the debt in cash or to ask the person for an account number and transfer the money.
Yes, but who knows your account number by heart? Probably no one! At the same time, the bank card is always in our pocket, and it has a unique card number that is his own all over the world. So the easiest thing to do is to give this number to anyone we’re expecting money from – it occurred to the creators of the service.
MasterCard’s MoneySend service does just that: transfer money between credit cards. But not just between customers of a particular bank and not only customers of a particular country, but between two retail customers of any MasterCard and Maestro card in the world.
Sending money will be the third leg of your credit card
What does this mean? So far, we have been able to do two things with our MasterCard credit card: pay with it at a merchant, service provider on the spot (in-store) or remotely (via the Internet), or withdraw cash from an ATM, post office or branch. However, from now on, a third service will be linked to MasterCard retail credit cards: we can send money directly from one credit card to another. To be more specific, you will only be able to send via cards from qualified banks, but the bet will be available on all Maestro and MasterCard retail cards worldwide.
We already knew how to transfer money, what will it be new?
MoneySend will bypass traditional national and international credit transfer systems, and will operate completely independently of the MasterCard infrastructure. This also means that it will become an alternative to classical credit transfers, not only for domestic credit transfers but also for international credit transfers. Although in Hungary we are good at the speed of sending money, as the so-called. Domestic credit transfers take an average of 1 hour 40 minutes since the 4-hour credit transfer was introduced two years ago, but MasterCard MoneySend requires a 30-minute credit transfer between two debit cards, and a credit card on the next day. crediting money.
However, this deadline will be valid not only on working days and within working hours as in the domestic transfer system, but also on weekends and holidays, ie 7×24 hours continuously! Obviously, since we are talking about a global service, it will work not only between Hungarian bank cards but also between two different countries. This means that, according to some estimates, our 600,000 or so compatriots working abroad will get another chance at their existing money remittance service: MasterCard MoneySend! However, it should be emphasized that this only works between Maestro and MasterCard cards, not between other card companies!
Fee for the service
MasterCard does not charge a fee for MoneySend. According to Mary Country, Head of Product Development at MasterCard, each bank will decide on the fees for the service, both on the send and receive sides, in accordance with its business policy. We already know that EarlyPay Bank will not charge you a fee and will accept up to $ 100,000 per credit card per day in this way and will reject the rest. The 100K limit is not a per transaction, but a total daily limit and cannot be changed by the client.
But how do we send money from our credit card?
Ukraine, Latvia, Lithuania, Poland and Russia, where money is already available from MoneySend. Romania will soon be eligible to send money, and soon MoneySend will be available in Hungary, which, unlike betting, will no longer be a mandatory service, so not all banks will offer it. The channel of transmission will be determined by the bank issuing the credit card, which may be via branch office, telephone or Internet banking, including smartphone applications.
Although accepting money with all Maestro and MasterCard retail credit cards worldwide has been a mandatory feature since October 17, 2014, all Hungarian banks are currently unable to accept money, and presumably so throughout the world. Therefore, before giving your card number to MoneySend to send money to someone, be sure to ask your card issuing bank first if we can get money with MoneySend.