Zelle is a US-based company that deals with digital payments. The name of the game here? Quick, seamless, almost instantaneous payments, as long as the recipient is on Zelle, too. Although it’s backed by many US banks, the app is still relatively new on the market (a few years old) and not everyone knows exactly what it’s all about.
Simple to use and quite straightforward, Zelle is a brilliant means of making financial transactions. With this in mind, here’s more information about the actual transactions on Zelle.
Max Send Amount
This is quite a frequently asked question when it comes to money transfer services. People want to know the maximum amount they can send using Zelle. First of all, Zelle is a service that is based on working integrated with your actual bank. This means that it’s the bank that decides on the send limit when it comes to Zelle. If you’re interested in the max send amounts, your best bet would be contacting your bank.
Zelle is also available as a standalone app, but it still needs to be ‘attached’ to a debit card. In this case, the weekly send limit on Zelle is $500 – and this limit can’t be increased or decreased.
Another thing to keep in mind is that Zelle can’t be integrated with a credit card. It’s simply not how the service functions.
Zelle, whether used via your bank account or as a standalone app, is a service that is completely free for the user. The banks actually pay any other bank that participates in their program $0.50 to $0.75, which is how they earn their keep. Of course, the banks are generally more than happy to pay these amounts for the service they get, as it really helps every transaction go smoother and doesn’t require too much bank involvement.
The very essence behind the idea of Zelle is never having to worry about transaction times that you have to worry about with banks and similar services. Fast transactions are Zelle’s motto and bread and butter. But just how quick are we talking here? Well, in most cases, instantaneous; that’s to say, depending on how quick your connection is. As soon as you send your money, the recipient will receive it and vice-versa. Delays may occur, but we’re talking about minutes here.
That being said, there’s one giant condition– that both you and the recipient are on Zelle in some way (as a bank account integration or a standalone app). This is why Zelle is a service that works by integrating to a bank account or a debit card – it speeds up the payment process in case both users are using Zelle; otherwise, regular transaction methods are applied.
Naturally, in order to use Zelle, you’re going to have to supply them with some information. First, you need to sign up for a Zelle account, as you would for any modern online service. Then, you need to link your bank information or your debit card details. After doing this, you can use the Zelle app to send and receive money from other Zelle users. The app pretty much works like an instant messaging app. In order to send or request money from someone, you need their phone number or their email address.
If the recipient/sender is in your contacts, simply type his or her name and select their contact. Then, you simply enter the desired amount that you want to send, tap Review, and confirm that you’ve entered all the information properly.
This can all be avoided by not using the Zelle app but using your bank’s own app (if it’s powered by Zelle). But why use the Zelle app in the first place, when you can work with the native bank app? Well, because it’s much more straightforward and easy to use.
The Beauty of Zelle Transactions
Although most banks that aren’t integrated with Zelle have managed to find a way to speed up their transactions, making them quick and available 24/7, there’s still no guarantee that the transaction is going to happen immediately. This means that using your bank app to pay for your taxi ride or really paying anyone who doesn’t accept cards is impossible.
This is where Zelle kicks in, providing you with a unique way to pay someone, as long as they, too, have the Zelle app installed on their device. To make things even better, the Zelle app allows you to split payments between more people, which is ideal for paying service providers who don’t accept cards. For instance, if you’re sharing a taxi ride with multiple friends, the Zelle app allows everyone to pay their fair share, instantaneously, of course.
Zelle or Bank App?
The only answer to this is: both. Each of the two ways of using Zelle has its own benefits and each one is pretty much instantaneous, which is the whole idea. If you use your Zelle app, you’re pretty much guaranteed that your money will be sent/received instantaneously. How come? Well, you can’t use the Zelle app to send money to someone who isn’t on Zelle. Clearly, using the Zelle app is a smart way of making payments.
Alternatively, because you can’t pay someone who isn’t on Zelle, using the Zelle app, you will, at times, need to use the bank app.
Transactions with Zelle
Clearly, whether you use it as a bank account-integrated service or as a standalone app, Zelle offers fantastic transaction opportunities and benefits. After all, there’s a reason why north of 90 banks use Zelle at this moment.
Have you tried Zelle? How do you like their app and service? If you have anything to add or ask any questions, join the discussion in the comments section below.