Better way to transfer money to friends?

I most frequently use my mobile banking apps to transfer money, but I find the process quite frustrating with a lot of necessary waiting and taps. Does anyone use anything else to transfer money to friends, or is everyone still using account number / sort code based transfer?

Hi! Welcome to the community!

If you have accounts with any of fintech banks (Monzo, Revolut, Starling), they offer peer to peer options. This makes sending payments to other people with the same bank very easy, and in far fewer taps.

All of these also offer the option to send or receive money using links, which is much slicker.

I very often use Monzo’s payment link feature. I enter an amount I want to send, share the link with them and that’s it for my part. It’s not necessarily faster or easier, but it shifts the burden of who has to enter and confirm all the details from you to the person receiving it.

You’ll probably find the newer app based banks will generally have a much better and faster flow for payments anyway. Who do you bank with currently?

There’s also an app I use quite often for this purpose too called Cash App. The recipient will need to use it as well (often the pitfall for services that make the process better). Cash app is really cool though if you’re on iOS. It’s built into iMessage so you can send and receive directly from the app you use to talk to your family and friends on.


Many UK banks support PAYM - where you effectively use the mobile number of the person you are paying and don’t need to know their bank account details.


I don’t really use it myself for this purpose (I’m fine with regular bank transfer), but is there any reason PayPal hasn’t had a mention?

In the UK I suspect its active user pool is larger than the options already mentioned (fintech banks, cash app, paym). So after regular bank transfer might be the option with widest reach.


I agree, it’s a good option.

Really Paym and PayPal collectively cover most things, the other options are good if you know somebody uses a particular service as many of them are actually slightly easier.

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Cash App and VibePay are both great options

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Paym isn’t without its own issues.

A colleague of mine recently found a couple of hundred pounds in an old bank account of theirs. They had Paym set up on that account and people paid them back for things like lunches over the years with their mobile number and I guess they just assumed they were never being paid the money.

I’m not sure how well it’s been advertised and therefore how many people outside of forums like this one know that it exists.

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That’s unfair to label that as an issue with the technology, really.

It was on them to keep track of their registration status, which they should have realised earlier.

I have seen it advertised over the years, but it’s only really registered with me because I already knew what it was, if that makes sense.

It could do with a bigger push, probably best if it was joint push, from the big banks though - I agree with that.

Part of the reason was such a success initially was because nobody realised Paym existed.


If they could make the payments instant and Al did a good marketing push, force bank adoption too, I’d be down for it.

It is instant, or near enough.

The payments are sent via normal Faster Payment on the back-end, just as if you had used the sort code and account number.

The system acts as though it gives an account a mobile number as a secondary identifier (it’s accomplished through a separate database, but the effect is the same).

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Wasn’t aware, just know that they say payments can take up to a few hours.

Would be nice then if it really just is Faster Payments, if it was a system the banks coalesced around and made work. Even the smaller ones.

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As far as I know, one of the limitations with paym is that you can only have it registered to 1 account.
I have a few payments going out to friends, some with a fintech account, some without.
For those without, once I have paid them the first time, the fintech accounts keep the details and it’s just a couple of taps to transfer any money I need to :grin:

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Well yes, that’s obviously the case, otherwise the PAYM system wouldn’t know which account to send the payment to.

But if you’re paying someone with more than one bank account you’ll have to keep several sets of bank details for them and ask them which account they want the money sending to, which is just as limited as PAYM.


It is, but you have hit the nail on the head in identifying the issue here as the smaller banks seem to have all opted to develop their own contact-based systems instead to create a network effect and lock people in with the ability to add richer transaction data, which has compromised the Paym pitch - it should obviously be just “every bank” (within reason). There’s no reason Monzo (for example) couldn’t offer, PayM payments and “traditional” sort code and account number.

All the big banks are Paym members, but many of the smaller and medium-sized ones aren’t.


Yes, you can only register your phone number to one account with Paym, but it’s easy enough to move money around your own accounts once you’ve received it so I don’t really see that as an issue.

In a way, that’s by design, as clearly your phone number is an identifier that can only be used once. You can, however, change what account your number is registered with quite easily.

Every bank does this, if you are talking about saving payees!


It’s situations like this that make me envious of Scandinavia with solutions like MobilePay (DK), Swish (SE), and Vipps (NO) for in-store, online, and P2P payments. It would be so nice to just have one thing for everything (regardless of your bank).

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True, but most of those solutions are very clunky and based largely on QR codes (and sometimes Bluetooth).

For payments in shops, I’m much happier with Apple Pay (which we obviously have already).

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Write a cheque - in the age of cheque imaging these are actually surprisingly convenient :joy::see_no_evil:


Long live cheques!

WePay is where it’s at, QR codes everywhere

It’s a lot friendlier for low-end devices and could feasibly connect even the (for lack of a better word popping to mind) poors to the financial system

In China every single phone will have WePay or AliPay (or they’re trialing the digital Yuan now with certain state banks)

Every phone has a camera (that is capable of reading a QR code) but not every phone has a secure NFC chip to make mobile payments

On top of that, with a QR code it’s actually more secure (in theory) as you scan their code and can look at all the data before agreeing to exchange anything with them

Also, although I doubt it, does anyone have any ties to any of the following universities? 上海交通、北大、复旦、清华

Looking for cronyism