Zelle money transfer: what is it, how to use it
While there are many peer-to-peer transfer services available, Zelle is the one most commonly integrated with banks. Read on to learn more about this money transfer service and what you should consider if you are considering using it.
What is Zelle?
Zelle is a peer-to-peer, or P2P, money transfer service that allows individuals to send and receive money from each other through connected bank accounts. Most of the major banks and credit unions are part of the Zelle network, and once you sign up you just need an email address or phone number to send and receive money through. electronically.
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Does Zelle cost anything?
Zelle does not charge any fees for sending or receiving money. However, the company recommends on its site that customers check that their bank is not charging fees.
Benefits of using Zelle
Free of charge. Zelle does not charge any fees for sending or receiving money, and your bank is unlikely to charge you a fee for using the service. The company, however, recommends checking with your bank or credit union to make sure there are no additional charges.
Fast money transfers. Zelle transfers usually arrive within minutes, so money can change hands quickly.
The convenience of going cashless. Daily activities like utility splitting, gas money, and restaurant bills become much easier and faster when you don’t have to go to an ATM every time.
Compatible with different banks and credit unions. If you have an account with Wells Fargo and need to send half the rent to your roommate who uses Ally Bank, don’t worry. Zelle has a huge list of partner banks and credit unions that can send money to each other seamlessly. If your bank or credit union doesn’t use Zelle, you also have the option of using the Zelle app and connecting a debit card.
Things to consider when using Zelle
Customers cannot use Zelle with international bank accounts. Both sender and receiver must have US bank accounts to use Zelle.
Zelle users should be very careful when sending payments. When using Zelle, the responsibility to protect your money rests with you, the user. Zelle recommends that you think of the Zelle service like cash: send money only to people you trust, make sure your recipient’s contact details are correct before sending money, and beware you from scams. If you’re looking to send money to someone you don’t know and are worried about not getting what you pay for, you might want to pay with a credit card instead, as the cards credit lines are generally over built. -in the protections of the buyer.
Using Zelle generally requires a smartphone. If your bank or credit union offers Zelle, you should be able to use a desktop web browser to access your bank account and use the service. If your bank or credit union doesn’t offer Zelle, you’ll need to use the Zelle app, which requires a smartphone.
You cannot connect a credit card. Venmo – a competing P2P transfer service – allows users to link credit cards and use them to pay a 3% fee. The ability to use a credit card can be expensive, but it can also be handy if you don’t have enough cash in your bank account.
How do I register for Zelle?
To use Zelle, the sender and recipient must register for Zelle through their bank account or with the Zelle app. This process is fairly straightforward: Zelle will ask you for basic information like a phone number and / or email account and walk you through the registration process. If you use Zelle through your bank, your accounts will be linked. If you are using the Zelle app, you will need to connect a debit card.
How do I send, request and receive money from Zelle?
Sending and requesting money. You can send or request money to or from another Zelle user by entering their email address or phone number.
Check with your bank how much you are allowed to send at one time. Some banks may impose lower limits on sending to new recipients and then increase those limits once they become an established recipient.
To recieve money. When you receive money with Zelle, the funds should appear in your account within a few minutes.