With Google Pay going the way of the dodo soon, you need to start withdrawing funds

With Google Pay going the way of the dodo soon, you need to start withdrawing funds

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In late February, Google announced that the Google Pay app was shutting down in the US. The company wants people to transition to Google Wallet, which offers many of Google Pay’s features, including paying at online checkouts and in stores. Google Pay will stop working for US citizens after June 4, so if you have a lot of funds, you might want to start transferring them to your bank account.Google Wallet, as the name implies, is more of a digital wallet and can be used to store payment cards and other digital items like your driver’s license and loyalty cards. According to Google, it’s used five more times than Google Pay in the US, but what it did not mention is that Google Wallet doesn’t have Google Pay’s peer-to-peer payment feature.

If you want to transfer funds from the Google Pay app to your bank account, you should do it by June 4. After that date, you will have to visit the Google Pay website to transfer money out of it.

Even if that doesn’t sound too much of a hassle to you, you should start withdrawing cash right away if there’s a lot of it in your Google Pay account.

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That’s because currently, you can withdraw up to $5,000 from the app every day if your account is verified. The app has a rolling $20,000 7-day limit, meaning you cannot withdraw more than $20,000 within a 7-day period. If your identity is not verified, the total limit is $700 for seven days.

Google is informing customers that new daily and weekly caps will apply once the app is sunsetted, per Droid Life. Starting June 4, you will not be able to withdraw more than $200 in any given week. Whether you access the limit in a single transaction or withdraw it over a 7-day period is up to you.

If your account balance is in the thousands, it will take forever to take all your money out, which is why it’s recommended that you start pulling out funds before June 4.



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