PSA: PayPal doesn’t offer money pools anymore
In November 2021, PayPal shut down its money pools. Do you need something else to manage group money? Try Braid Pools.
Braid is a modern money pool tool that’s flexible, convenient, and free. This article breaks down the differences between PayPal Pools vs Braid Money Pools, and why people are happier with Braid.
Ready to set up your Braid Pool? Start here.
PayPal Pools vs Braid Money Pools: how easy are they to use?
PayPal was clunky
Creating a PayPal money pool wasn’t convenient. Customers had to navigate lots of screens and restrictions. Yes, you ended up with a money pool. But it had limitations and it only met some of your needs.
Braid is approachable and easy-to-use
Braid has a clean design, a smooth set-up process, and a modern interface. Together, this lets you focus on what matters - your group money.
Braid Money Pools are for multi-users, PayPal’s were for single-users
PayPal was for single-users
If you opened a PayPal money pool, you could collect and spend group money. But no one else could access funds, see transactions or spend from the pool. Yes, PayPal was a place for group money. But PayPal didn’t create a space for the “group.” It was for single-users.
Braid is designed for multi-users
Braid is a transparent tool that allows people to collect, manage and spend money together. If you create a pool, you can choose to invite members and assign permissions to different members. You don't have to do everything yourself. With Braid, group money is a team effort.
Braid recently launched Pool Links so not everyone needs to download the app to contribute to the pool! It’s simple to create and share the link to wherever your community lives.
PayPal vs Braid: who decides what your pool is for?
PayPal only let you fundraise for charity
PayPal offers Generosity Networks as an alternative to money pools. But they come with significant drawbacks:
- Generosity networks are fundraising platforms for charitable initiatives
- Networks run for 30 days
- Networks have a fundraising limit
- You can only run one fundraiser at a time. Or, you can run multiple fundraisers for the same charity
PayPal’s Generosity Networks are useful for fundraising. But they make it impossible to collect money for shared rent, group gifts, or managing money with a significant other. And there’s no flexibility in how you run your fundraiser.
Braid lets you decide what your pool is for
What do you need a money pool for? With Braid, you can create as many pools as you need. And you can use them for just about everything, too.
People use Braid for everything from community savings, vacation funds, retirement gifts, classrooms, splitting rent to group gifts. Braid can also smooth out delicate situations, like splitting bills with an ex or coordinating senior care payments with siblings.
Say goodbye to PayPal fees. Braid is free
PayPal had fees
PayPal money pools were free to open, but they came with fees. Everyone had to contribute extra money to cover these added costs.
Braid is completely free
Braid is free to download, and there are zero service, monthly, or transaction fees. You keep 100% of what you collect and never have to factor in surprise fees.
How do Braid and PayPal rank for rules and restrictions?
PayPal money pools had many rules
PayPal’s strict rules made its money pools inconvenient. If you started a pool, you couldn’t add money. But you had to manage everything else on your own. On the flip side, if you joined a pool, you could only send money. You couldn’t do anything else.
PayPal also had pool deadlines, making them an all-around inconvenient choice for group money.
With Braid, it’s your pool, your rules
Braid Pools are incredibly flexible. All you need is a debit card to open a pool and invite others to join. Everyone can contribute, manage and spend with the other pool members. There are no deadlines, no expiration dates, and no pressure.
Is it easy to spend with PayPal vs Braid Money Pools?
There were limitations to spending PayPal pool money
If you created a PayPal money pool, you were the only person authorized to spend funds. And you must do so either with your PayPal account or your bank account.
If you want anyone else to spend group money with you, you must first transfer funds to them. It’s a time-consuming step that slows down group finances.
Spend funds easily with your Braid debit card
With Braid, you can spend directly from the pool using your Braid debit card. Other pool members can have their own Braid debit card, too. This way, you’re not the only one responsible for collecting and spending. It’s a group effort.
Braid Money Pools: the modern solution for group money
In November 2021, PayPal officially closed down its money pool feature, leaving many customers without a money pool tool.
The silver lining? Now, you can use Braid instead. With Braid, your group money is flexible, convenient, and transparent.
