Circle: Sending Money The Way The Internet

Works

Those days when snail mail was the only option for reaching out to someone across the
border is gone. We now live in a digital and technology-driven world. With a few swipes
and clicks, you can send a personal message to your friends or loved ones abroad. By
setting up an email address, you can cross the border without any restrictions, though
not physically. This is the golden era of the internet and its rare to find someone who
isn't enthralled by its unique capabilities.

What if sending money is as easy as sending a mes-

sage?

Circle, a peer-to-peer online money transfer app, wants to enhance the user experience
of sending or receiving payments. Its developers want to make sending money as pain-
less and free as much as possible for the users. We can chat on Facebook for free,
send a message to a good friend in UK for free, why cant our payments be sent for free
as well? This is perhaps the unique selling point of Circle, a company which started out
on a different field on its launch.

Circle, from a bitcoin-trading app to a payments app?

It was in 2013 when Circle was launched by the duo of Jeremy Allaire and Sean Neville.
Initially, it was a bitcoin trading app, which allowed for users to sell and trade the digital
currency on the platform. While it did made profit from that time, the developers and
owners decided to fully convert it into a payments app in 2016. While bitcoins can still
be exchanged for USD or EUR today, the app doesn't have features for selling, buying
or trading it anymore.

Welcome to the new world of sending money, thanks to

Circle
Unlike PayPal or Skrill, Circle aims to make sending money a social interaction. The
processes and transactions are pretty straight-forward but you can make it more fun by
the addition of emojis and even GIFs. In a way, its like Venmo though your transactions
themselves are not made public. This new world of sending money is free, yet fast and
secure. At the same time, its not boring or old-fashioned, it moves along with the way
this generation is moving, fast-paced and always ready for action.

Where is Circle available and in what platforms?

Circle is available in selected countries as of the moment which includes the US, UK,
Ireland, Spain, France, Germany and Italy. Users can send and receive money in cur-
rencies like USD, EUR and GBP. Circle is available in both the <a href="https://play.-
google.com/store/apps/details?id=com.circle.android&hl=en">Android</a> and <a
href=https://itunes.apple.com/us/app/circle-pay-send-money-to-friends-here-and-
abroad/id920164002?mt=8">Apple</a> platforms. The app is free to download for both
platforms as well.

Circle is still expanding its services globally. Recently, it has partnered with digital cur-
rency giants in Korea (Korbit) and the Philippines (Coins). However, these companies
are both bitcoin exchange platforms. Once you send these bitcoins to Circle, they can
only be used as USD, EUR or GBP. Circle also plans expansion in China with the
launch of the countrys very own version of the app, Circle China.

Setting up your account in the Circle app

1. The first step is to download the Circle app from either the <a href=https://play.-
google.com/store/apps/details?id=com.circle.android&hl=en">Google Play Store</a> for
Android users or the<a href=https://itunes.apple.com/us/app/circle-pay-send-money-to-
friends-here-and-abroad/id920164002?mt=8>iTunes Store</a> for Apple users.

2. Create an account in the app, you need to have a matching currency, mobile number
and debit card or bank account address. Fill in all the required information like your pro-
file name, profile picture and more. You can also change various settings related to se-
curity, its best that you enable a 2-Factor Authentication and also the Touch ID. This
way, your account and bank information is safer and more secured.

3. Its time to link a debit card to start sending payments. Go to Settings and select
Cards and Banks. Enter the required information for the debit card. Only Visa or Mast-
erCard debit cards are accepted by the app. Credit cards used to be allowed in the past,
still valid for those who were able to attach them before, but attaching them now isnt
allowed anymore.
4. You can also opt to link your bank account. Go to Settings and select Cards and
Banks. Enter the required information for the bank account. Supported banks are Wells
Fargo, Bank of America, US Bank, to name a few. You can also attach an unsupported
bank account but you would need to verify its your account through a deposit transac-
tion done by Circle.

Sending money through the Circle app

1.On the main screen of the app, you have three tabs, namely: Send, Account and Re-
quest. Click on the Send tab to start sending money to friends or loved ones.

2. Enter the amount of money you would like to send, choose the debit card or bank ac-
count you would like to source the money from. Enter the name or phone number of the
user who would be receiving the money. You can also choose the currency you would
like the recipient to receive the money in.

3. Click on Continue to access the confirmation page. Verify that the information pre-
sented are correct and proceed with authenticating the transaction. Now this varies de-
pending on which type of security you have enabled for your account, it could be
through a verification code sent through text or through an authenticator app.
4. After authentication, the money would be sent to its rightful recipient. Circle would
give a notification to the recipient and the money sent would show up within a few min-
utes to a few hours in his or her account.

Alternatively, you can also send money outside of the Circle app. You can do so via
iMessage or even email. This works best for those who dont have an account with Cir-
cle yet.

Are there any fees for using Circle to send money?

There are no transaction fees for using Circle to send money. They only take some
money from you through the conversion fees which are definitely lower as compared to
other online peer-to-peer money transfer companies. You wont lose more than 0.25%
of your converted money with Circle, which is a good deal considering that other online
money transfer platforms have 1% to 3% currency conversion fees.
Are there any disadvantages with using Circle?

The main disadvantage of Circle is that it isn't globally available yet. It is just available in
the US and some parts of Europe. So if you are working abroad with relatives from an
Asian country, you need to look for other alternatives to send money to your loved ones.
Yes, it is available for transfer of money from Korea or the Philippines to the US or Eu-
ropean countries but only on selected platforms.

Another con of this money sending app is that the money takes around one to four days
to reach your debit card or bank account. While the money is immediately credited to
your Circle account, it won't be automatically transferred to your debit card or bank ac-
count. You need to initiate the transfer yourself and it isn't as fast as other money trans-
fer companies like Western Union or Xoom.

The limited currency options is yet another downside. Unlike worldwide peer-to-peer
money transfer companies like PayPal or even TransferWise which has a myriad of op-
tions when it comes to currencies. But if youre from the US who just wants to transfer
money domestically, the currency issue won't be much of a problem.

One of the best options for local or international money

transfer is Circle
Easy, convenient and direct, these three factors make Circle one of the best options for
domestic money transfer around the US or some European countries. You can easily
send money that your son or daughter needs for school using the app. You can also
send payments to friends or clients for small businessmen using the app. There are no
transaction fees and if youre transferring money via local currency, there are also no
conversion fees.

With very minimal conversion fees, Circle is also ideal for US to Europe or Europe to US
transactions. Despite the restricted currencies and countries, the highlight is the low
fees that can rival that of TransferWise or PayPal. Hopefully, Circle continues to inno-
vate the money sending industry and expand into more borders to lessen the gap be-
tween countries.

Have you used Circle before? What are your thoughts about this sending money app?
Share them in the comments section below to give more insight for our readers.