Facebook’s money-transfer service: Like or unlike?

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Facebook, in a joint venture with PayPal, entered the money-transfer business last November with its Send Money Web application. Although peer-to-peer money transfers aren’t new, what is new is the massive number: Facebook has 800 million users.

Before you get “friendly” with this service, however, you should comparison-shop banks (some banks offer this service free to customers) and Western Union to determine the best price and compare features, such as how many days that the recipient has to accept the money and what happens if it isn’t picked up by then, says Beth Robertson, who is the director of payments research at Javelin Strategy & Research.