News by Todd Haselton on Wednesday September 08, 2010.
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Today MasterCard announced a free MoneySend application for BlackBerry smartphones. MoneySend lets MasterCard owners "Send," "Pay," or "Request Funds" in the United States person-to-person using their BlackBerry smartphone.
To use the service, users link a credit card or bank account to a virtual prepaid MoneySend account, similar to what PayPal offers. Once that's setup, MoneySend users can manage their money, request funds, pay bills, and send money to others.
Signing up for MoneySend is free, but there are a numerous fees involved. For example, it costs $0.29 to send $0-$50 to another account, $0.99 to send $50.01-$200, and $2.95 to send $200.01 or more. While MasterCard is currently offering free transfers from credit card or bank accounts into your MoneySend account, there is normally a 1.5 percent fee associated with that, as well. Should you choose to get a debit card that is tied to your MoneySend account, there are also monthly and ATM access fees associated with that.
You can, at least, transfer money back into a bank account for free.
For more information, visit MasterCard's MoneySend website. The application is available in BlackBerry App World.
Todd is a senior editor at MobileBurn and works out of his home in New York City. He covers news for us and also writes reviews. You can follow him on Twitter at @RoboTodd