Instant Pay for Uber Drivers – How It Works
One of the best things about using Uber is the fact that it brings people from so many walks of life together. It’s a major part of the Uber experience and is one of the main reasons why people decide to get involved with the service in the first place. However, everyone likes the feeling of money in their palms – with Uber Instant Pay; drivers can get access to that immediately.
This is why Uber have decided to launch this super helpful new service, made to help drivers live an easier life. With Instant Pay via GoBank, drivers can get access to the money they earn when on shift easier than ever.
For Uber drivers, this is already becoming a smash hit. At present, Uber is beginning to see more than 80,000 drivers of this new service allowing for easy management of finances. All you do to use this service is sign up for the Uber Debit Card via GoBank. GoBank is an award-winning mobile app for simple banking from GreenDot. When you use this service, then, you can get access to the money that you have earned and make sure that payments are instant, not delayed.
What is Uber Instant Pay
Uber Instant Pay let drivers to cash out their earnings instead of having to wait for an entire week to get paid. The Uber instant program pays out funds to the Uber drivers upon their request; it has no minimum cash requirement, and costs just fifty cents for every time you transfer money to your personal debit card.
I recently use the instant pay, and it was on a Friday night, and I instantly receive my money with the push of one button. I mean I got to receive the money right away, within seconds. All I had to do was to enter the debit number that I wanted to send the money, name on the card, expiration date, and that’s pretty much it. The amazing thing, I only had to pay a flat fee of $0.50 (fifty cents).
If you don’t have a personal debit card or if for some reason you don’t want to use it, you can also apply for an Uber debit card through Gobank. Uber and Gobank have a partnership to provide such service. If you have the Gobank card, you won’t have to pay the fifty cent fee but bear in mind all of the responsibility that usually comes with having another checking account. Although there are no monthly fees with Gobank, but you have to use the instant pay at least once every six months.
How Does Instant Pay Work?
Once you’ve made your earnings driving you can request payment through the Uber driver-partner portal or through the driver app and you can do so up to 5 times on a daily basis. Personally I don’t know why someone would transfer the money 5 times in just 1 day… I’d wait until the end of the day and transfer the money to my debit card. But you are your own person and you have your own reasons, so you can choose to transfer your money as often as want and up to five times a day!
Unfortunately you can’t use instant pay for driver referrals, promotions, guarantees; you’re going to have to wait until the usual payday. So you can transfer your money whenever you want, even after a single $2.00 ride or after 500 bucks in fares, it’s up to you. If you transfer your earnings to a personal debit card, you’ll have to pay $0.50 each time you do that.
“For now, Instant Pay isn’t available to partners who rent or lease vehicles through Uber Xchange.”
But if you cash out to an Uber Gobank debit card then you won’t have to pay the $0.50 fee, but you do need to find a fee-free GoBank ATM though, and that can be frustrating. If you ask me I prefer to cash out to my personal debit card and be done with it, it’s only 50 cents you pay, I know those fifty cent fees can add up pretty quickly.
If you don’t want to use the Uber Instant Pay to cash out, you will get paid out via direct deposit to your personal checking account on file as usual. So you have a lot of options.
Why Is Uber Instant Pay Helpful?
When you use Uber Instant Pay, you get access to your money as much as you can your work. Uber drivers sign on with just a click, and now they can get paid at the same speed. Now, you can get that extra spending money to pick something up at the end of shift, buy lunch or just fill up the tank once again.
With Uber Instant Pay, getting your cash has never been simpler. All you do is move the money from your GoBank system to any Mastercard, VISA or Discover U.S. debit card associated with the account. Therefore, drivers can instantly grab the money they have earned when they are out and about in the streets.
This makes it easy to get simple access to that cash, so when something goes wrong you aren’t left stranded. Car broke down? No worries, you can use the money earned that day to pay it off there and then. Uber allows you to reach your goals and deal with your ambitions quicker than ever. You completed the journey, so it’s your money – why wait to pick it up?
Now, you choose when you get paid. Let it all build up and make the most of it later, or spend the money on a day-to-day basis. We all live differently, and Uber goes a long way to making sure that you can do just that.
Using Uber Instant Pay removes the challenge of driving unsure of your cash. It’s annoying knowing you might not have enough on you to get a coffee or a bite to eat, but with this solution you remove that problem from the equation.
If you are an Uber driver, or you want to be one but were put off by payment styles, this can be the easiest solution for you to turn to as a compromise.
Is Uber Instant Pay available in my city?
Uber Instant Pay is now available in every city and to all Uber drivers nationwide.
Are there any hidden fees, costs, etc?
If you use Uber Instant Pay to cash out your earnings to your personal debit card, you will pay $0.50 transaction fee each time.
If you decide to use Gobank debit card, there are no transactions fees, as long as you use the Uber Instant Pay at least once every six months. There are no ATM withdrawals fees as long as you get to use ATMs that are affiliated with GoBank’s network.
How do I cash out with Instant Pay?
Open your Uber driver app, go at the bottom of the screen and click on “Earnings” and choose the Instant Pay option. Next, you want to click on “Transfer Now” and the earnings you make from fares for the day or the week will go to your personal debit card, bank account or Gobank card. You will not be able to transfer any earnings made from referrals, promotions, and guarantees. You get to use Uber Instant Pay from earnings you make from driving with actual fares.
How long will it take for the money to show up?
I actually use the Uber Instant Pay feature, and in my case I received the money right away, but it varies by bank. I used CapitalOne 360 debit card, but according to Uber, some banks will take longer for the money to be available in your bank account. See the list below…
- First Citizens
- Bank of New York Mellon
- First National Bank of Omaha
- Webster Bank
- H&R Block
- Silicon Valley Bank
- Northern Trust
- California Bank and Trust