Whether you are having good time with your friends on a night out or travelling with your college pals, it is common to split the bill.
In case you are a vegetarian and ordered a veggie appetizer while everyone in your crew ordered the chicken feast. It isn’t possible to split the bill in the middle, also having exact change is somewhat rare. We all have experienced this.
Smartphones have now made things easier. Using a payment transfer service through your bank makes splitting the cost a breeze.
Here are few reason why you want to give it a try.
We all have experienced certain scenario where you might not have an ATM nearby, or the person you’re trying to pay is on the other side of the city or country.
Nothing can beat the convenience of picking up a smartphone and tapping some buttons on the screen to sending instant money to your family or friends.
Keeping track of your money withdrawal and what you did of that money is difficult. To have a budget we have to keep track of your expenditure.
If you are using a digital service to transfer money, you have a record of your activity.
If you’re splitting a phone or lunch bill, you have the ability to know down to the exact penny where your money is going, or how much you’re receiving.
It’s much easier when you look at your bank statement to budget.
All this sounds great, but is it secure?
Every money transfer service has its own security controls. If you’re using a service through your bank it is going to have the same security controls that your institution uses.
Other services that you download may have their own security controls. Typically they involve setting up or linking a debit card or checking account and adding the people you want to send money to.
The benefit you have here is of using the same security your financial institution uses. Now you need to verify who you’re sending money to, especially that first time.
Triple check that phone number or email address you are using to send money. That will give you peace of mind knowing your money is going exactly to the person you intended.
Give it a try
Check out your bank’s website to see if they offer a transfer service. At the end of the day, using digital services to manage your money means you have more control anytime and anywhere.
So next time you split a bill or need to divvy up costs with a roommate or a friend, you will know how.
It is convenient, helps you budget and lets you narrow down your expenses. That way you can make informed decisions, and you won’t have to pitch in for the chicken feast if all you got was an veggie appetizer!