How to Send Money With the Current App

Current is a mobile banking platform that enables users to manage their finances directly from their smartphones. A core functionality is the ability to send money to others. This article guides you through the process of sending money using the Current app, from initial account setup to understanding transfer details.

Setting Up Your Current Account for Transfers

Before initiating money transfers, establishing your Current account is the first step. Creating an account requires a U.S. Social Security Number, a U.S. residential address (not a P.O. Box), and a smartphone for verification. This setup ensures compliance with identity verification standards.

Once your Current account is active, linking external funding sources is essential. You can connect external bank accounts by providing the username and password through a secure service like Plaid. The name on the external bank account must match the name on your Current account for successful linking. Additionally, you can link debit cards from other financial institutions, which offers a convenient method for transferring funds to and from your Current account, often with instant availability for deposits.

Sending Money Through Current

The Current app offers different methods for transfers, primarily through its peer-to-peer service, Current Pay, or via transfers to external bank accounts.

Sending Money with Current Pay

For Current Pay, which allows sending money to other Current users, navigate to the Transfer tab within the app. Select Current Pay and locate your recipient by searching their name, Current Tag, or by scanning their unique QR code. Enter the desired transfer amount and optionally include a note or reason for the payment. Transfers are drawn from your primary Current balance. If your balance is insufficient, the app may allow you to deposit funds from a linked external bank account to cover the amount. Review the transaction details to ensure accuracy before confirming the transfer.

Sending Money to External Bank Accounts

For sending money to external bank accounts, select the Transfer tab in the app. Choose the option to transfer money and select the specific linked external bank account as the destination. After specifying the amount, confirm the details to initiate the transfer. Most standard transfers to external banks, which utilize the Automated Clearing House (ACH) network, settle within 1 to 3 business days, though some may take up to 5 business days to fully process.

Important Details for Sending Money

Current imposes certain limits on transactions for security and operational reasons. Peer-to-peer payments through Current Pay have a maximum transaction limit of $2,500. Daily spending limits for purchases are $3,500, with ATM withdrawals capped at $500 per day. These limits reset daily at 8 PM EST and cannot be permanently increased.

Standard ACH transfers to external bank accounts are generally free. However, instant transfers, particularly those involving withdrawals to a linked debit card, typically incur a small fee. The exact fee can vary, but it is usually a percentage of the transaction amount. Conversely, depositing funds into your Current account from a linked debit card typically does not incur fees.

Current incorporates several security features to protect user transactions and personal information. These include multi-factor authentication (MFA), which adds layers of verification beyond a simple password, and end-to-end encryption to safeguard data during transmission. The platform also employs fraud detection mechanisms and offers biometric authentication options like fingerprint or facial recognition. Users should secure their mobile devices with robust passwords or biometric protection to prevent unauthorized access. For any issues or questions regarding transfers, Current provides support through various channels, including in-app chat, email, and a contact form.