Peer-to-peer (P2P) apps or services are becoming increasingly popular for everyday transactions, such as sending money to friends and family or paying for goods and services. However, not all accounts can be linked to P2P apps or services due to various reasons. In this article, we will discuss which of the following accounts cannot be linked to most P2P apps or services.
- Savings accounts: Most P2P apps or services do not allow users to link their savings accounts. This is because savings accounts typically have restrictions on the number of withdrawals that can be made in a month. Additionally, savings accounts often require a minimum balance, which can be difficult to maintain if funds are constantly being transferred through a P2P app.
- Investment accounts: Investment accounts, such as brokerage accounts, cannot be linked to P2P apps or services. This is because investment accounts are designed for long-term investing and may not have the liquidity required for everyday transactions. Additionally, investment accounts may have restrictions on the types of transactions that can be made, such as limits on the number of trades that can be executed in a day.
- Business accounts: While some P2P apps or services do allow users to link their business accounts, many do not. This is because business accounts often have additional requirements, such as a tax ID number, that may not be available to individual users. Additionally, business accounts may have higher transaction fees, which can make them less desirable for everyday transactions.
- Prepaid debit cards: Prepaid debit cards can be used like traditional debit cards to make purchases and withdraw cash, but they may not be accepted by all P2P apps or services. This is because prepaid debit cards often have restrictions on the types of transactions that can be made, such as limits on the amount of money that can be transferred in a single transaction.
- Foreign accounts: P2P apps and services are typically designed for use in a specific country or region and may not support foreign accounts. This is because foreign accounts may have different requirements and regulations that make it difficult to link them to a P2P app or service.
In conclusion, not all accounts can be linked to P2P apps or services. Users should check with their chosen P2P app or service to determine which types of accounts are supported and what restrictions may apply. It is also important to be aware of any fees or transaction limits associated with linking an account to a P2P app or service.