Today, Apple announced a small update to Apple Cash. The updated version is now compatible with Mastercard debit cards. There are also some other changes that you might want to know about.
You can now use a Mastercard debit card to transfer money from your Apple Cash balance to your bank account. This is no longer just possible with a Visa debit card. With Instant Transfer, you do not have to wait until the transaction is processed and the money is sent very quickly!
Apple has changed how it charges for transfers. Apple Cash will now be charged 1.5% (previously 1%). There will be a minimum fee of $0.25 and a maximum fee of $15 per transaction. These changes will take effect from August 26, 2021.
Those who do not want to pay any fees from sending money from the Apple Card balance to a bank account can use ACH transfers. This takes 1-3 days and adds the money to your account.
With Apple Cash, you can easily send and receive money to friends and family through iMessage. You can also use the service with your Apple Card. All of the money in your account will work at stores that have Apple Pay.
Apple Cash is exclusive to the US right now. You can find more information about it on Apple’s website.