While the app might be good for figuring out how to divvy up expenses, I wouldn’t recommend it for paying each other. It took a full week (5 business days) for a friend’s payment to post to my SplitWise account. After the payment posted, I went to transfer the funds to my bank account. There is a maximum transfer limit of $800 per WEEK. The transfer itself took another 5 days (3 business days) to post to my bank account. I still have to wait another 3 days before I can transfer the remaining balance into my bank account. And it won’t post until mid-week the following week. Another friend paid me via Venmo, which posted to my Venmo account immediately and was credited the next business day after I initiated the funds transfer. She was able to mark on the Splitwuse app that we were “settled” up.
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Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!
