Wednesday, January 26

Divide expenses and pay them in one click



This new normal has also been taken advantage of by the German digital bank N26, which last week launched “Split the bill”, a new functionality within the neobank’s app that allows dividing common expenses. After making a purchase and selecting the option to divide the account indicating how and with whom, an automatic request will be made from MoneyBeam, the service to send and receive money for digital bank clients, with the specified amount and thus settle their debt. For people who do not belong to the mobile bank, a message will be sent to them with the bank details and payment instructions, explains Marta Echarri, general director of N26 for Spain and Portugal. “From N26 we seek to simplify these actions without having to install more than one application on the mobile,” he points out.

The most demanded

As for the mobile applications referred to by Echarri, among which are compatible with iOS and Android and have more than half a million downloads, one of the best valued on the two platforms is the Spanish Verse. In addition to allowing you to send, request, transfer or receive money at the moment, it splits expenses automatically without the need to belong to any specific bank. In a dinner, for example, when entering the cost of it, it automatically shows how much each person has to pay. If it is a vacation, each one enters the expenses they have paid during the trip and the application calculates if someone in the group owes money or otherwise they have put in more than the rest. Added to this is the ability to create a boat for a barbecue, a joint gift or collect tickets for a college party through Verse Eventos. “We are the only app on the market with this section” they assure from the company.

For its part, Splitwise allows you to create groups with different people and include the expenses that arise. Once you have all the expenses, the program divides them equally or according to the percentages that are selected and establishes how much each member of the group has to pay or if it is necessary to return someone who has paid more. Although the payments that are made can be registered, either online or in cash, it does not allow to settle debts directly from the platform. To do this, as specified by the company, it has integrated PayPal and Venmo services, although at the moment it is only available to customers in the United States. “Due to the sensitive nature of bank account information, there is currently no place to store this information in Splitwise,” they add.

The tool that does offer the possibility of paying through PayPal in Spain is Settle Up. On this occasion, to divide the expenses it is only necessary that one of the members of the group has it installed and allows exporting a summary of all the actions carried out in a document or send it directly to an email.

This is the application that Jessica Llavero, an expert in accounts and banks at HelpMyCash.com, uses on her travels, and assures that these tools are “very precise and a good option to keep group expenses at bay, both on specific occasions and it is vacations, as if to organize the expenses that are generated when sharing a flat ». A negative point that Llavero mentions is the constant advertising that appears on these platforms if you do not pay for the premium versions, in addition to not being able to access certain functionalities.

This is what happens with Tricount, that to access sections such as exporting the data in a PDF or Excel, dividing the expenses into unequal parts or displaying statistics to understand the data, the paid version is necessary. As for the free part, although it does not integrate a specific functionality to send money directly, it does allow you to enter the bank account number, which will be shown to those people who owe money so that they can make transfers through their bank. Finally, Splid is the most basic and there is no option that facilitates payment between users.

To choose the best one, you have to know the needs of each one and investigate who is behind the applications, advises Marc Rovira, member of the Spanish Association of Fintech and Insurtech. Rivera is also the founder and CEO of Polaroo, a startup that allows you to manage recurring expenses that also includes the functionality of dividing those that you share with other people. “It is essential to be able to connect with the company and see if it is a team that seeks to help you on a personal level and that tries to find a better solution even if it involves a little more work,” he adds.


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