Send Money, a new Facebook app, is designed to make it easier to send money to Facebook friends, according to its designers. It was launched on Facebook today.
The app is offered here, though the webpage has been working inconsistently throughout the day today.
Using Send Money requires both parties to register with PayPal if they are not already members. The sender either selects an e-card or can send money without a card. Once the information is filled out on Facebook, the user is forwarded to PayPal to complete the transaction. The friend being sent the money will receive a notification on their Facebook wall, and e-mails from Facebook and PayPal notifying them that money has been sent. If the receiver is not already a member of PayPal, they will be prompted to sign up to receive the funds.
According to information provided on the app, there is no cost for sending money within the US from a PayPal or bank account. If sending funds from a credit or debit card the transaction fee is 2.9% plus $.30. If sending US dollars outside of the US there is a 0.5% to 2% fee if the funds come from a PayPal or bank account. The fee is 3.4% to 3.9% plus $.30 if the funds are through a credit or debit card.
The ‘Send Money’ app was designed and is operated by a Canadian firm called ConnectionPoint. which has been operating a different Facebook/PayPal mashup app for several years. That app is called FundRazr and is designed as a social fundraising app for individuals, teams and organizations.