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How to send money to Facebook friends

Facebook money transfers don't exist in Australia yet, but there are plenty of ways to pay your friends back.

Facebook Pay gives people a way to transfer money to their Facebook friends or pay for items, but it's not available in Australia at the moment. Luckily, there are several easy alternatives already in place for you to use with your friends.

When can I get Facebook Pay in Australia?

Although Facebook Pay is not currently available in Australia, there has been speculation about when Facebook Pay may be launched – especially after Facebook got an Australian patent for peer-to-peer Messenger payments in 2017. But for now, there is no set release date or confirmation that it will be released.

Other ways to transfer money to Facebook friends

Fortunately, if you need to pay back a friend or split a bill, there are several other convenient payment methods available for Australians. These include:

  • Osko/PayID. This is one of the best options in Australia. Using someone's BSB, account number and name, you can transfer funds instantly from your bank account to theirs. If they've registered a mobile number or email to their account, you can transfer with just that information.
  • Revolut. Revolut provides convenient international and domestic transfers, the app is as user-friendly as they come.
  • PayPal. PayPal is a secure transaction service that allows you to pay someone with only the email or phone number associated with their account. You can link a credit or debit card or use funds from your PayPal wallet.
  • Beem It. Beem It is a free payment app owned by three of the Big Four banks. It lets you send, receive and request money from other users, with the money appearing in your account in seconds. Beem It uses usernames for transaction purposes.

How do you pay someone on Facebook Marketplace?

young people with gadgets lined up

Facebook Marketplace doesn't actually have an inbuilt payment system in Australia, unlike some other countries. This makes it a somewhat risky proposition. Facebook recommends that you arrange a payment in cash or by bank transfer to pay for a Facebook Marketplace item, but you must arrange it yourself with the seller.

It's worth noting that Facebook's payment protection policies don't apply in Australia, and there's no money-back guarantee if you get scammed, unlike other marketplace sites such as eBay.

Tips to keep your financial details safe on Facebook

Keeping your financial details safe on Facebook is much the same as with any other online platform. Here are a few general tips:

  • Use a strong password. Using a strong password can help prevent people from hacking into your account. Keep your password safe and don't share it.
  • Keep an eye out for scammers. Be wary of anyone asking you for money or your personal details over Facebook. Check with the person who's supposedly asking through other channels before even considering such a request, and never share your details over Facebook. If you're suspicious, you can submit a report and have Facebook investigate it.
  • Add extra security. With both Facebook Pay and other payment methods, you can often add an extra bit of security by attaching a PIN or a biometric check (like a fingerprint) to your account. This will prevent other people from making transactions using your account.

Compare money transfer apps

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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How does a Facebook Money transfer work?

In countries that have Facebook Pay, people can transfer money directly in a few steps:

  1. Go to "Settings" → "Facebook Pay" on the website or app.
  2. Add a payment method, like a debit card or PayPal account.
  3. The next time you make a payment, use Facebook Pay.

facebook payment transfer process

If Facebook Pay is available in other apps like WhatsApp or Instagram, you can set it up separately in those apps. In Messenger, you can send or request money from a friend by hitting the "$" sign on the bar along the bottom. Then, you can enter in a dollar amount and confirm it.

Pictures: Shutterstock and Facebook

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