Traditional employers usually pay their employees once a week or once every two weeks.
And as we all know, a lot of people live paycheck to paycheck. It’s comforting knowing that you’re getting a paycheck next week.
But what are you supposed to do today about the bills that are due tomorrow? What if your bills are already late?
Knowing that you’re getting paid on Friday is great, but that doesn’t help much when you have to buy groceries on Wednesday.
Fortunately, for Uber drivers, there’s a way to get paid every single day – it’s called Uber Instant Pay.
What exactly is it? How does it work? How do you set it up?
Uber drivers, keep reading. Today we’re detailing everything you need to know about Uber Instant Pay.
- What is Uber Instant Pay?
- How Uber Instant Pay Helps Drivers
- How to Sign Up for Instant Pay
- How You Get Your Money
- Two Ways to Cash Out
- Frequently Asked Questions
What is Uber Instant Pay?
The standard payment process is that Uber pays driver-partners weekly. But with Uber Instant Pay, drivers can get paid up to 5 times daily and access cash whenever they want.
If you set yourself up for Uber Instant Pay feature, you can access your money almost immediately upon earning it. With Uber’s Instant Pay, direct deposits to your checking account happen immediately. Processing times vary from bank to bank, but in most cases, you can take cash out of your account almost instantly.
And the convenience doesn’t stop there.
With Uber Instant Pay you can make withdrawals from your account up to 5 times per day. That’s right – you can get paid 5 times per day instead of 4 or 5 times per month.
Forget getting paid once a week – now you can get paid after every ride or two if that’s what you want to do.
Let’s say you have a busy morning rush and make $40 or $50 in your first two hours on the road. You can cash out with Instant Pay and have money to buy lunch, go shopping, or a make a payment to a bill that’s past due.
Don’t have any cash on hand at all? You can do one ride, earn $5, and cash out to buy yourself a cup of coffee. Uber doesn’t care how little or how much you withdrawal – you can take out as much as you want up to each time you make a withdrawal.
Keep in mind, there are processing fees associated with every withdrawal. So it’s to your benefit to take out large sums of money rather than many small sums of money (because those fees will add up). But the convenience of being able to access money whenever you complete a ride is a benefit that lots of Uber drivers are loving.
How Can Uber Instant Pay Help Me?
When money is tight, Uber Instant Pay can be a huge relief.
Worried that your water or your electricity is going to be turned off because you’re past due on your bill? When you’re up against a tight deadline, Instant Pay offers an easy way to access your money without having to wait for payday to roll around.
Need to put food on the table for your kids tonight? With quick access to cash, you can put dinner on the table, buy groceries, or stock up on essentials whenever you’re running low.
As an Uber driver, you know that you have to have gas in your tank – without it, you won’t be able to make any money at all. By being able to access fund throughout the day, you can ensure that your tank never goes empty.
Related: How Much Uber Drivers Actually Make
It doesn’t matter what type of car you drive – vehicle emergencies happen all the time. Tires need to be changed and repairs need to be made. If you’re faced with the need for an immediate vehicle repair or need to pay for a tow, Uber Instant Pay makes it easy to access the cash to do so.
But Uber Instant Pay isn’t just for drivers suffering through desperate times and dire situations. You can spend your money however you want – so if it’s Friday night and you want to cash out with Instant Pay so you have an extra $100 to spend, you can do that too.
The point is that the service offers flexibility. Driving for Uber provides flexibility in itself. So it makes perfect sense that how and when you access your earnings should be flexible as well.
How Do I Sign Up For Uber Instant Pay?
Ready to have flexible access to your money? To sign up for Uber Instant pay, Uber drivers. If you’re on your mobile device, you can sign up for it directly within the Uber partner app.[su_youtube url=”https://www.youtube.com/watch?v=9oEwG4ey04Y”]
To be able to access Instant Pay, you’ll need to add a debit card account to your Uber account. Don’t have a debit card account? Uber’s got you covered – you can open an Uber debit card account with GoBank, (which is part of Green Dot Bank).
To get your account set up, add your debit card details into the app. Once you have a debit account linked with your Uber account, you’re eligible to cash out with Instant Pay. Unfortunately, funds cashed out this way can only go to a debit account, so you’ll need to be willing to open a new one or add your existing account.
Keep in mind, signing up for Uber Instant Pay doesn’t mean that you have to use it. If you don’t make any instant withdrawals throughout the week, you’ll still receive your weekly pay as you normally would.
Emergencies can happen at any time – and you have to be prepared to handle them. So even if you don’t use it, signing up for Instant Pay offers you options for those OMG moments when you need to access cash.
How Can I Get My Money With Uber Instant Pay?
Getting your money out with Uber Instant Pay is easy. Just log onto the app and click on the earnings tab. As long as you’ve already added your debit card account, you’ll see an “instant pay” option. Click on that and you’ll be able to see how much money is available in your account.
When you’re ready to cash out and move the money into your debit account, tap on “transfer now.” It’s as simple as that.
Remember, even though it’s called “instant” pay, you may not be able to access the money immediately. It all depends on the bank you use. The following banks are known for taking several business days to process payments.
- H&R Block
- First Citizens
- California Bank and Trust
- First National Bank of Omaha
- Webster Bank
- Silicon Valley Bank
- Northern Trust
- Bank of New York Mellon
- (other banks not on this list may also make you wait a few days for processing)
If your bank does not appear on this list, we suggest using Instant Pay at least once. That way you’ll know how long it takes for the funds to become available in your bank account. At the very least, you’ll know if you can rely on it in case of a cash emergency.
Two Ways to Cash Out With Uber Instant Pay[su_youtube url=”https://www.youtube.com/watch?v=dWIYNpyjLkc”]
We mentioned above that there are two types of accounts you can use to cash out with Uber Instant Pay: your personal debit card or an Uber Debit Card.
Using a personal debit card:
Most people prefer to use their existing debit card account, if only for the fact that the account already exists. That makes it easy to keep all of your funds in one convenient place. You can sign up for Uber Instant Pay with most Visa, MasterCard, and Discover accounts, but there’s one thing you should be aware of:
Each transaction will cost you $0.50.
It doesn’t matter if you cash out $10 or $500, you’ll pay a $0.50 processing fee every time you cash out. And if you cash out 5 times a day 5 days a week, that’s $12.50 a week you’ll be spending just in transaction fees.
If your bank takes a few days to process instant pay payments, there’s absolutely no reason to cash out more than once a day. That only makes sense if you have access to the funds immediately and are in pressing need of cash at that moment.
One other thing to remember: depending on the ATM you use, you might also be charged transactional fees for cash withdrawals as well. Fifty cents here and a dollar there might not seem like much. But if you make consistent withdrawals on small amounts of money, those fees can add up over time.
Using an Uber debit card:
If you don’t want to pay $0.50 per transaction, you can open up an Uber debit account through GoBank and you won’t have to pay that charge. But, as with all cards, you might still have to pay withdrawal fees at the ATM if you don’t use an authorized GoBank ATM.
There is no monthly fee to open a GoBank Uber account. But there’s more to consider than that. Do you want to deal with another account? Do you want your money to be in various accounts at the same time? For most people, having one account is easier than managing multiple ones.
Frequently Asked Questions
Want to learn a little bit more about Uber Instant Pay before deciding if it’s right for you? Here are some of the most frequently asked questions about the service.
Q: Where is Uber Instant Pay available?
A: This service is available to all drivers in all markets, except drivers on an Xchange lease (or a similar car rental program).
Q: Is there a minimum withdrawal amount?
A: No. You can withdraw any funds that are available, so you can withdraw as little or as much as you want. Keep in mind, unless you use an Uber debit account you’ll pay a $0.50 transaction fee regardless of how much you cash out.
Q: Can I use Instant pay to withdraw referral bonuses?
A: Unfortunately, no. With Instant Pay you can only withdraw money from Uber rides. Referral bonuses are paid weekly, along with any other earnings that you did not cash out with Instant Pay throughout the week.
Q: Should I use my own debit account or sign up for an Uber debit account?
A: If you don’t want to open a new debit account you can use the one you already have. But you will have to pay $0.50 per Instant Pay transaction. If you open an Uber debit account, you will not have to pay the $0.50 transaction fee.
Q: Are there fees involved?
A: Unless you have an Uber debit account, there is a $0.50 fee per Instant Pay transaction.
Q: How often can I cash out?
A: Instant Pay allows you the option to cash out up to 5 times per day. Some drivers prefer to cash out at various times throughout the day, while others prefer to cash out at the end of each shift.
Q: How long will it take to get my money?
A: It depends on what bank you use. Some banks make the funds available instantly. Some banks take 2-3 business days to process the transaction.
Uber Instant Pay offers drivers more flexibility when it comes to when and how often they access their earnings. With the option to cash out up to 5 times a day, it’s ideal for drivers who are strapped for cash or have immediate needs that simply cannot wait until payday.
But unless you have an Uber debit account, you’ll pay a fee every time you cash out. And while $0.50 per transaction might not seem like a lot, those fees can add up over time.
We love that drivers can get paid every day if they want to, but it’s not the best habit to get into if you’re trying to maintain a well-planned budget. Sure, it might be useful to take out $50 here or $100 there. But just remember…there will be that much less in your account when you get your “paycheck” at the end of the week.
Brett Helling is the owner of Ridester.com. He has been a rideshare driver since early 2012, having completed hundreds of trips for companies including Uber, Lyft, and Postmates. In 2014 he acquired Ridester.com to share his experiences with other drivers. His insights are regularly quoted by publications such as Forbes, Vice, CNBC, and more. He is currently working on a book about working in the Gig Economy, expanding his skill set beyond the rideshare niche. Read more about Brett here.