What is the Zelle Daily Transfer Limit with Citibank?
Zelle is one of the fastest and most popular ways to send or receive money today. It’s hard to imagine what people had to go through every time they wanted to make a payment just a few years ago, before money transfer apps became widely used. Zelle was created in 2017 by some of the biggest consumer banks in America and it’s here to stay.
Although it allows you to make instant transfers and avoid additional fees, Zelle has a few limits. As you may have guessed, there are limits to how much money you can send daily and monthly. The amount can vary due to multiple factors. Find out the daily transfer limit for different groups of Citibank account holders.
Which Citibank Account Holders Can Use Zelle?
For now, Zelle is available to small business and consumer (personal) account holders. Zelle was envisioned as a service for money transfers among trusted people – friends, family, etc.
Therefore, it’s not available for medium and big companies. For small businesses, you can think of Zelle as a replacement for cash payments. That said, Citibank, like all other banks, doesn’t offer any guarantee for Zelle payments. It’s between you and the person you’re sending or receiving money from.
What Does My Daily Limit Depend On?
The answer depends on multiple factors. First, whether you have a consumer account or a small business account. Second, whether you’re a new account holder or not.
You’re considered an established account holder after 90 days of opening an account.
Daily Limit for Consumer Accounts
First of all, the daily limit applies only to the money sent. On the other hand, there’s no limit to the amount of money received daily.
During the first 90 days of having your account, your daily send limit is $1500, irrespective of the account type (Basic, Gold, Student, etc.). On top of that, there’s also a monthly limit of $6000.
Here’s what happens after the first 90 days:
- If you have one of the following accounts – Basic, Access, Citi Elevate, and Citibank Student Account – your daily and monthly limits are $2500 and $15000.
- For Priority, Citigold, Citi Private Bank, Citigold International Account, and Citi Global Executive Account, your daily and monthly limits are $5000 and $20000.
For Citibank account holders, It’s also worth mentioning that there’s no limit to the number of transfers you can make for the day or month.
Daily Limit for Small Business Accounts
Small business account holders can transact with anyone who has Zelle. That said, you can receive payments from customers who don’t have a Citibank account. On the other hand, you can send money to any US small business and personal accounts.
If you’re a new Citibank client, your daily and monthly Zelle send limits are $2000 and $10000 for the first 90 days. After the first 90 days, the limits go up to $5000 and $40.000. However, if you need more, you can always reach out to Citibank and explain your situation. They may be able to find a solution for you and your small business.
How Is the Daily Limit Measured?
The daily limit is determined on a fixed daily basis from 12:00 AM to 11:59 PM Eastern Time (Citibank is headquartered in New York) regardless of your location. This is something to bear in mind when planning your transactions. The monthly limit is based on a 30-day rolling period – depending on when you first used Zelle services.
Are There Any Additional Fees?
No. Citibank doesn’t charge any additional fees for using Zelle. This applies to all small business and consumer accounts, so you can use Zelle without worries.
Is There a Protection Program for Zelle Payments?
No. Citibank is just a service provider and doesn’t offer any protection for payments made with Zelle. If you pay for something with Zelle but don’t receive the product, there’s nothing that Citibank can do for you. That’s why you may only want to use Zelle only with people you trust and not strangers.
Although there are certain limitations, Zelle is one of the easiest ways to send or receive money in the United States. Citibank has recognized the advantages and has fully integrated it into its online banking system. If you’re sending small amounts of money, there’s nothing to worry about.
On the other hand, if you use Zelle to pay for a lot of things, you may need to plan your transactions in advance with regard to the daily or monthly limit.