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Personal Finance

Circle Pay Review

Updated Mar 01, 2022   |   4 mins read

Peer-to-peer (P2P) payment apps are a way for people who know each other, such as family or friends, to instantly send each other money. By linking a bank account or credit card to an app, a user can request or transfer money.

Circle pay is one of these payment apps that work as a sort of middleman, expediting the processing of the payment between your bank account or credit card and your contact’s account.

Learn more about Circle Pay with this review.

What is Circle Pay?

Circle Pay is a P2P payment app founded in Boston in 2013. Like other payment apps, it allows users to send and receive money via a mobile app, serving as a digital wallet.

The way it works is simple: after a user downloads the Circle app, he or she can then sign up for an account via the Circle website.

Once in the app, users can choose from three options: send, request, or messages. Send can be used to transfer money to anyone via email or phone number; you can also add a comment, GIF, or image when you send the money.

To send money, you will need to link Circle to your debit card and/or your bank account. Request can be used to ask for funds from either someone in your contact list or any person through their email address.

Under the Messages tab, you can review your transactions, change your settings, add money to your account, or cash out your account to transfer money from Circle to your bank account.

Are There Any Unique Benefits?

Circle Pay has certain benefits over other P2P payment apps that may make it a more attractive option for certain users.

One of the most important advantages of using Circle is that you can cash out your balance instantly if you have linked your debit card to the account. Rather than waiting three to five days for money to be transferred into your account, you will immediately have the funds in your bank, but only if you have your debit card on the account.

Circle also has a social media aspect, allowing users to send GIFs, comments, and images along with their transfers and requests for money, making the process a lot more fun and interactive.

In addition, Circle has strong security features, such as Touch ID, PIN lock, and two factor authentication, to ensure your account is safe.

For anyone sending money around the world, Circle has the feature that other P2P payment apps don’t: the ability to send money between countries. It does not charge any fees for international money transfers, and its currency exchange rates are generally in the mid-market range.

Using the Circle app, you can choose the recipient, select the amount you want to send in your local currency, and they will receive the amount in their local currency.

How Do You Use Circle Pay?

In order to use Circle Pay, you must sign up via the website and then download the app. Next, you will be required to link either a debit card or a bank account; it does not support the use of credit cards at this time.

Adding and transferring money with a debit card is instantaneous, while transfers of money using a bank account may take several days. Currently, Circle Pay is available in twenty-nine countries, including the United States and throughout much of Europe.

Are There Any Fees?

Circle currently charges no fees for using any of its services. Sending, receiving, and cashing out money to your bank account are all available for free. In addition, sending money internationally is also free for all users. Circle does not charge any fees on top of the mid-market currency exchange rate it uses for international transfers.

While there are many P2P payment apps available, each with their own benefits, Circle Pay is particularly advantageous for anyone who regularly sends money overseas.

With no fees for international money transfers and the ability to obtain decent currency exchange rates, Circle is an ideal option for foreign money transfers if both parties live in a supported country.

In addition, the lack of fees for regular transactions and the ability to instantly cash out your Circle Pay balance makes it a great choice for many users.