Google Wallet Adds Automatic Bank Transfers with Recent Update

September 7, 2016, Written By John H. Oldshue
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Google Wallet users will now have a faster, easier way to get money from their account, thanks to the latest update for the Wallet app. Instead of manually cashing out money from their Wallet balance, users can set up a bank account to automatically have funds sent when they become available.

While the new update will eliminate the need to remember to make a withdrawal, it does not speed up the time for the actual bank transfer. If it normally takes 1-3 days for money to transfer between your mobile wallet into your bank account, it will still take the same amount of time for that to happen. The only difference now is that you don’t have to command the money to go anywhere—it will do that on its own. Transfer times vary by banking institution.

With the development of Android Pay, Google is now aiming to make Google Wallet more of a peer-to-peer payment app and less of a mobile wallet. Earlier this year, Google shut down support for the Wallet Card, which was a physical card tied to a person’s Wallet account.

Users do not have to set up automatic bank transfers. They can still choose to keep their money in their Google Wallet. They can also send money to friends and family members, and those recipients can have the funds instantly transferred to their bank accounts.



The information contained within this article was accurate as of September 7, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.