Can HomeCo Transfer Money?
No. HomeCo records shared expenses, calculates shares and tracks balances and settlement status. Payments between household members happen outside HomeCo.
A record of a payment is not a payment
HomeCo's official website explicitly states that it does not move money between members. Its expense tools help a household record what was paid, how the cost is shared and whether the resulting amount has been settled.
Adding an expense, changing a balance or marking something settled does not send money from a bank account. Keep that distinction clear when explaining the app to other household members.
A £60 expense worked example
Alex pays £60 for an agreed shared purchase used equally by Alex, Bea and Chris. Each person's share is £20. Alex's own £20 is already covered by the purchase; Bea and Chris each owe Alex £20.
Alex records the purchase and the agreed participants in HomeCo. Bea and Chris then pay using a method they choose separately. After Alex confirms receipt, the relevant settlement status can be updated using the app's available controls.
If Bea sends only £10, the remaining obligation is still £10. Keep the record consistent with what was actually received. A message saying payment was sent is not the same as confirmation that the intended recipient received it.
What if the figures are wrong?
Check the underlying expense before changing settlement status. Confirm the total, payer, participants and split. A personal item accidentally included in a shared receipt should be corrected in the allocation, rather than hidden by marking the wrong balance settled.
Retain enough context for the household to understand a correction. Do not store full bank details, account credentials or unneeded financial screenshots in the shared workspace. An expense description and agreed amount are often sufficient.
Does this affect HomeCo subscription payments?
Paying for HomeCo membership is separate from reimbursing housemates. HomeCo's official page says store subscription payments are handled by Apple or Google. That does not make HomeCo a money-transfer service between residents.
Check the current app and official help if the controls or wording differ from this example. The essential distinction remains: HomeCo provides the household record; the actual person-to-person payment is completed elsewhere.