Finder makes money from featured partners, but editorial opinions are our own.
How to use Facebook Pay
Send money to friends and family online.
Facebook Pay lets you transfer money to friends and family while keeping your card details safe — as long as you know who you’re talking to.
How do I request and send money through Facebook?
- Create or sign into your Facebook account. In the future, when Facebook Pay is available on Messenger, WhatsApp and Instagram, you will not need a Facebook account and can set-up Facebook Pay directly within each app.
- Add a payment method. Go to Facebook > “Settings” > “Facebook Pay” and add your preferred payment method—credit card, debit card, or PayPal (options dependent on product)—and complete the payment setup. For added security, you will have the option to create a PIN or use your device biometrics, and you can do so when making a payment where Facebook Pay is available.
- Start your transfer. Create a new message and click the dollar sign at lower right. A smaller pop-up window will ask you to input the dollar amount you’re paying or requesting and what the payment is for. Choose which payment method you want to use and then click “Pay.”
What happens when someone sends or requests money from me?
- You receive a message on Facebook. Notification of your request or payment will appear in Messenger just like any other message.
- Accept or deny the payment request. If you accept the request, the amount will be withdrawn from your linked account. If you deny it, the person who requested the money will receive notification.
- Accept or deny the payment. If you’ve received a payment, you can accept it for immediate deposit to your linked account. You can also deny the payment if you don’t recognize the sender or are otherwise wary.
Is Facebook’s payment system safe?
Facebook Pay is secured and protected with:
- Anti-fraud technology which monitors purchases to detect unauthorized activity.
- Advanced data storage and encryption for payment card and bank account details.
- Notifications when unusual activities on your account are detected.
- You can also add a PIN or use your device biometrics for extra security when sending money or making a payment. Facebook does not receive or store your device’s biometric information.
Like other services, Facebook’s payment system is still susceptible to scams. To use Facebook’s payment system safely, avoid clicking on links from people you do not know or pay people you have not met in person.
Tips to keep your finances safe on Facebook
If you decide to eventually use Facebook for managing your money, consider the following tips.
- Password. A strong password helps to keep your financial information secure. After your first successful transaction, you’ll see a prompt asking if you’d like to use your password for future transactions. You should definitely do this to stay on the safe side, and of course, always keep your password a secret.
- Scammers and hackers. Don’t let this new functionality make the work of scammers and hackers any easier. Alarm bells should instantly sound if a friend or friend-of-friend requests money out of the blue. That person’s Messenger account could have been hacked, so make sure you’re communicating with the right person by calling or video-chatting with them before you make a payment.
- Personal details. Remember to never share your personal details with people you don’t know. When you want to exchange personal information with a trusted friend, it would be smart to send it using a different app or platform so that your information can’t be easily compromised by any single app or website.
Ultimately, Facebook Pay could make life simpler when it comes to things like splitting the dinner bill or repaying a friend for a movie ticket. It’s quick and easy and, best of all, free.
Pros
- Safety backed by Facebook. The social networking giant encrypts every message sent through its messaging service and uses a second layer of encryption for money transfers. If you have a newer iPhone or iPad, you can use your fingerprint to complete your transaction.
- Easy payments through a familiar system. If you already use Facebook Messenger, sending money is a natural extension of something you already do.
Cons
- Up to five days for receipt. Although money is transferred right away, you may have to wait a few days for your bank to approve the transaction.
- Businesses can’t use it. Facebook supports personal transactions between family and friends only.
- Only available in select countries. As of this writing, you can send or receive payments through Facebook if you live in Canada (both in English and French), United States, the United Kingdom, France, Australia, Brazil, Mexico, Spain, and Thailand.
Compare money transfer services
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
{"niche":"CAFMT"}
1 - 9 of 9
Bottom Line
There are many money transfer apps out there that can help you send funds to a friend or family member in minutes. Facebook’s Messenger makes it easy to send using a social media website that you might already spend a lot of time on, which makes it convenient. If you plan to send a lot of money, send money overseas, or make regular payments, however, we suggest you compare more money transfer options to find the right one for you.
More resources on Finder
More guides on Finder
-
Compare car loans in Winnipeg
Compare rates and terms, and get up to speed on car loans in Winnipeg.
-
5 alternatives to Cleo in Canada
Cleo doesn’t offer loans in Canada, but these cash advance and payday loan providers do.
-
Compare student lines of credit in Canada
Compare rates and limits from the Big Five banks and other lenders to find the best Canadian student line of credit for you.
-
Loans like OppLoans in Canada
If you live in Canada, you can’t get funding from OppLoans. Compare these loan alternatives instead.
-
7 SoFi loan alternatives in Canada
If you live in Canada, you can’t get a loan from SoFi. Instead, explore these alternatives lenders.
-
Sites like LightStream
Check out rates, fees and features of these alternatives to LightStream loans in Canada.
-
7 business loans in Ontario
Compare popular business loans in Ontario to get a customized solution for your business.
-
Podestic Lending review
Your guide to the legitimacy of Podestic Lending and whether you should apply for a payday loan with this lender.
-
7 alternatives to LendingClub in Canada
If you live in Canada, you can’t get a loan through LendingClub. Explore these alternative providers instead.
-
Loans like Upstart
US-based loan provider Upstart isn’t available in Canada, but these lenders are.