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MasterCard lets iPhone owners send or receive money

MoneySend is new app released by MasterCard for iPhone and iPad consumers. The app is developed for money transfer to any account in the USA. Users can simply transfer or receive money straight from their iPhone or iPad with MasterCards’s MoneySend app.

MoneySend app is free and advisable for everyday payments like babysitter or example. Besides, you can use it in case your child is out of money in the college or to receive your loan back.

Existing iPhone and iPad consumers can send or receive money with their existing MasterCard account or a bank account. The users are also able to create virtual prepaid account through Bancorp Bank that is linked to an existing MasterCard credit card or checking account. The senders will have to pay a transaction fee, 29 cents for transfers up to $50, 99 cents for transfers up to $200, and $2.95 over that but there is not charge for receiving money.

The maximum amount of money a user can send with MoneySend is $2,500 per month, according to a MasterCard FAQ.

The application is free and available for download from the iPhone App Store.