November 13, 2020
72 Comments
by Chuck
(Update 11/13/20: Here’s an official enrollment and instructions link.)
In the latest app update, American Express has added a feature which allows sending money via Paypal or Venmo from within the AmEx app with no additional fees. Typically, when using a credit card on Paypal/Venmo there is a 2.9% fee, but with this new Amex Send Account feature you’ll pay no fees.
Some notes:
- These transactions will not earn rewards. (Not clear if it’ll count toward spend requirements or if it’ll count as a purchase on the Everyday card to bump up your transaction numbers.)
- There is no cash advance fee for using this feature.
- I’m running under the assumption that the amount spent via Paypal will just combine with your regular Amex balance, and will not accumulate fees if you pay your bill when the statement closes, just like every credit card bill works. If anyone can verify this, please let us know.
- Currently, the feature is only available on AmEx consumer cards, not on business cards.
- It also does not work with Paypal business accounts.
- You need to update your app to get this feature. It’s available on the new iOS app and Android apps.
You need to enroll and link your Paypal and Venmo accounts before using this new option. (Go to a posted transaction and select the Split purchase option in the mobile app to find the enrollment option.) Once added from within the AmEx app, you’ll then be able to use the option either from within the AmEx app or from within your Paypal/Venmo account directly; it’ll show up as an additional payment option.
Interestingly, from what I’m reading it sounds like you can RECEIVE money directly to your AmEx card as well. The example given is that if you pay at a restaurant with your AmEx card, your friends can pay back their share, and you can apply that to your AmEx balance. So there’s finally a way to pay your credit card balance directly from Paypal. This could be helpful to people who do business in large volume using Paypal. (Not sure if the funds need to come from someone else to be able to apply it to your bill or if you can use your own Paypal funds to do this.)
Overall, I actually find the new option interesting for someone who wants to use Paypal/Venmo but doesn’t want to give their debit card number or bank info. This way, it’ll all just combine with your regular AmEx bill, and there’s additional security of the funds not being drawn out of your bank.
Hat tip to readers Donald, Cole and to r/amex
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72 Comments
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Kim Heath(@guest_1251802)
September 12, 2021 09:52
#1251802
I have sadly discovered on fail point to this. I used AMEX to purchase a vintage sewing machine. I did so thinking I had the extra security of my American Express to back me up if the purchase fell thru. In fact, that is exactly what happened – I was scammed. American Express now tells me I cannot file a dispute because my purchase was not made thru a vendor/merchant. This is something that needs to be FLAGGED/ANNOUNCED/POSTED, or something to that effect, when you sign up!!!!
5
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Seb(@guest_1124244)
January 8, 2021 12:21
#1124244
Any Data Points about this counting toward spend requirements?
19
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RiskandReward(@guest_1094980)
November 20, 2020 18:23
#1094980
Is it possible to load an Amex GC into the app and then send money to Venmo?
5
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Mark(@guest_1091816)
November 16, 2020 07:26
#1091816
I signed up for “Send & Split” and enrolled my Venmo account but the people I can “send” to are my phone contacts, as opposed to my Venmo Friends. So I guess I’d have to confirm that anybody I want to pay has a Venmo account that’s linked to their current phone number? :/
5
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Eric Lipkind(@guest_1091555)
November 15, 2020 16:51
#1091555
Will this count toward $50K annual spend to earn Marriott Platinum on Brilliant card?
17
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vc(@guest_1090819)
November 13, 2020 21:53
#1090819
This doesn’t work on all phones. I tried on 1 Android a few times and the send/split feature never appeared. Downloaded the app on another Android and it worked. It also got the Split feature to appear on the original phone, but not the Send feature. Chuck
4
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vc(@guest_1090532)
November 13, 2020 16:39
#1090532
Does anyone who does NOT have any posted charges have this feature enabled? I have reinstalled the app at least 4 times since they first posted this, and I even got this link from AMEX. For some reason, the text reply includes a link to the apple store, not android. But, I’m sure that I have the right app and version.
Reply
HarryTheFirstHarry(@guest_1090411)
November 13, 2020 13:47
#1090411
while it might seem obvious, the unstated benefit here is up to 30 day free float which certainly is helpful for MSers who might need a temporary cash infusion at certain times when bank balances are tight and there is that expiring bonus that needs to be funded by the end of the month with salaries not due until the beginning of next month and all other funds in play for other bonuses.
11
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Joe(@guest_1166692)
March 25, 2021 17:23
#1166692
HarryTheFirstHarry
Please tell me what an “MSer” is?
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Lyte(@guest_1650244)
July 9, 2023 22:00
#1650244
Joe
Manufactured Spender
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Douglas(@guest_1090334)
November 13, 2020 12:19
#1090334
Would using the credit card still provide chargeback protection for Venmo and PayPal F&F payments?
4
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Lyte(@guest_1650245)
July 9, 2023 22:02
#1650245
Douglas
American Express CS says no: they will be treated as purchases only for the purpose of determining interest rate and grace period. There are not protections of any kind for fraud, unauthorized use or warranty/theft assistance, as they are not actually purchases made through a vendor or merchant.
Reply
PT(@guest_1089998)
November 13, 2020 00:25
#1089998
I looked at this closer and noticed the following that wasnt mentioned yet for Amex Send.
You have to charge a set amount of money on your Amex card that prefunds an Amex Send account before sending money to another PayPal or Venmo user. This account is a prepaid account with no FDIC insurance but held by an Amex banking entity.
If you receive money into your Amex Send account such as from another PayPal or Venmo user paying you back OR you decide not to send the money to someone, you then have to manually send the money back to your Amex card which takes 2-3 days to be credited.
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