Zelle is a P2P payment network that uses instant ACH transfers between U.S. banks accounts. It has over 50 partner banks and credit unions, but anyone that has a U.S. bank account and a Visa® or Mastercard® debit card can use it by downloading the Zelle app on iOS or Android. Continue reading our Zelle Review to see if this service is the one for you!
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Table of Contents
|Min. transfer||Varies by bank|
|Max. transfer||Varies by bank|
|Transfer methods||Your current mobile banking app or standalone app|
|Transfer options||Direct transfers only, no scheduled transfers|
|Delivery speed||In minutes to banks in Zelle’s network, 2–3 days for other banks|
|Banking partner||30+ banks including Bank of America, Chase, Capital One and USAA. See full list.|
|Available currencies||USD only|
|Fees & Exchange rates||No fees|
|Customer service options||Phone or through bank partners|
What is Zelle?
Zelle is a fast and safe way to easily send money to your family and friends through your banking app or with in the Zelle app if your bank doesn’t offer the service. Compared to Venmo, Zelle moves money directly one bank account to another.
Not only that, most bank transfers require account numbers and can take up to several business days to complete a transaction, with Zelle, it allows users to transfer funds instantly using recipient’s email address or phone number.
- To receive or send payments, you’ll need to have a bank account in the United States.
- Transfer limits may vary from bank to bank.
- Zelle is not made for buying or selling things and you are not protected for these types of transfers. (Try Paypal for Goods & Services)
- There is a limit in protection regarding someone stealing your Zelle account or password to send money. As well as when sending money to the wrong person or transferring the wrong amount if not covered.
- Zelle does not support credit card transactions nor international transfers.
How Zelle Works
Use Zelle as a standalone peer-to-peer app that works like Venmo. However, the only difference between Venmo and Zelle, is that you and the recipient will need to be members of one of their partner banks in order to send money using Zelle from within your bank’s app.
- Access Zelle. Find Zelle in the mobile banking app with their partners. If you already have your banking app, there’s no need to download. BUT if your bank or credit union doesn’t offer Zelle yet, just download the Zelle app to get started.
- Pick a person to pay. Once you’re done enrolling, all you need in order to send money with Zelle is the preferred email address or mobile phone number of the trusted recipient.
- Choose the amount the send. Enter the amount you want to send. If your recipient is already enrolled with Zelle, the money will go directly into their bank account, typically in minutes. However if they’re not enrolled yet, they will get a notification explaining how to receive the money simply and quickly.
Zelle Fees & Transfer
There are no fees to use the service, so all Zelle transfers are free. Your funding options are limited to your bank account or your debit card.
You can directly transfer money between U.S. bank accounts with Zelle! It is usually completed within minutes, unless the recipient is not enrolled with Zelle. If that does happen, it could take up to three business days for the money to become available in their bank account.
Zelle Funding Limits
If you’re with a non-partnered bank, you have a maximum transfer limit of$500 over a seven day period. But for those that bank with member of Zelle’s network are subject to their bank’s spending and receiving limits.
For example, I bank with Chase and I use Zelle to QuickPay my friend and family, however Chase limits personal checking account transfers to $2,000 per transaction, up to $2,000 a day, and $16,000 in a calendar month.
Since Zelle is intergrated into your existing bank’s website and app, the same protection used by your bank also cover transactions with Zelle. The standalone app is supported by Early Warning Systems, it’s a company that employs advance monitoring and mobile identity authentication to make sure your money is secure. Plus the app also gives you the option to use touch ID to sign in, which adds protection.
But please not even with the security measures outlined for you, make sure to keep in mind regarding regarding these concerns like:
When you send money with Zelle, it’s the same thing as giving someone cash. So make sure to transfer to people you know and trust, so you don’t get scammed.
Transactions with Zelle can’t be reversed or disputed. So make sure you double check with the recipient and make sure you’re using the right email address or phone number!
If you end up sending money to the wrong person, Zell is not obligated to help you get your money back from who and wherever you sent it to.
Make sure that the email address or phone number you want to use for your Zelle account is enrolled to only one bank or credit union and that it matches what the bank has on file. This can help avoid delays in sending and receiving funds with Zelle.
Why Use Zelle?
Zelle is a good fit for you since it makes money transfers easy, free, and fast, with minimum set hassle. It offers one of the fastes way to send and receive money with people you already know!
- With Zelle, you can move money form your account to someone else’s with minutes.
- It lets you send money with just a few taps from your mobile phone. You can split the rest, pay necessities, and reimburse anything owed all in one convenient place.
- Your money travels safely from the minute you send to the minute it hits their account.
- Daily activities like splitting utilities, gas money and restaurant bills become much easier and faster when you don’t have to run to an ATM every time.
- Zelle has a huge list of partner banks and credit unions that can send money to one another 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.
Zelle might be the easiest and simplest way for you to send money to a person within the U.S. This works through your bank app, so the money goes straight to the receivers account.
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