Zelle is a United States money transfer platform that allows you to transfer money between banks. It eliminates the need for an account and routing numbers necessary when transferring money between banks. Furthermore, the platform allows you to make instant transfers. The platform only operates in the United States, and thus you cannot make an international money transfer. You will learn how to transfer money from Zelle to a bank shortly.
The service operates online, and thus you have to open an account to get started. In most cases, you can find Zelle integrated with various mobile banking apps, and you need to provide a few details to get started. Even though not all financial companies support Zelle, most of them do. Even if your bank does not work with Zelle, you can use the app independently to send money to other Zelle users.
Zelle supports both banks and credit unions. It is free to send money with the platform, although some financial companies may charge fees when using the service. You might wonder how the service makes money if they do not charge transfer fees. The platform earns money from the participating banks and credit unions since they have to part with a 1% processing fee whenever someone uses Zelle money transfer services.
How to open a Zelle account?
You can open a Zelle account either independently or within a banking app. When registering to use it as an independent app, you just need to download it from the relevant stores. We have a Zelle app for both Android and iOS devices. For android phones, you can get the app from Google Play, while for iOS devices, you can get it from the app store.
Once you have downloaded the app, you open it and provide various details in the spaces provided. You need to enter your basic contact details, such as an email address and a US mobile phone number.
You also need to add a payment method such as a Visa® or Mastercard® debit card that connects to a US-based account. Zelle does not accept debit cards that link to international deposit accounts.
If you enroll in Zelle within your mobile banking app, you will have an easy time registering. You just need to follow simple guidelines, and your account will start operating within no minutes.
How to send money with Zelle
Zelle allows you to send money instantly to others through their independent apps or bank accounts. But can you send money internationally with Zelle? As I mentioned earlier, Zelle does not allow international money transfers. If transferring money to international recipients, you will need to seek services from other platforms such as banks and mobile wallets like PayPal and Payoneer.
Now back to how you can send money with Zelle. Transferring money with the service is the easiest way to move money between banks. You need to enter the recipient’s email or US mobile number to get started.
To minimize fraud, Zelle advises that you send money to people you know, such as friends and relatives. You can send funds to anyone you trust with a bank account in the US.
Next, you enter the amount to send, and your recipient gets a notification guiding them on how to complete the payment.
How to transfer money from Zelle to the bank?
Zelle to bank transfer should not be a big issue if you have money in your Zelle account and want to move it to a bank account. Such a case can arise if you use Zelle as an independent app.
The first step to moving money from your Zelle account to the bank account of your choice is checking whether your bank supports Zelle. If it does, then you should make sure that you enroll in the bank’s mobile banking services if not yet.
After that, you can log into your bank account online via the banking app and then look around to see Zelle. Next, enroll in the integrated service using your phone number or email address, probably different from the one you use with the mobile app.
Next, you can then send money from your app to your bank account using the phone number you used to register your account. The funds will then reflect within a short time.
The question you might be having is, how much money can you send through Zelle? You can send no specific amount with Zelle if using your mobile banking app services. Different banks have different transfer limits that you should observe within a given period.
You should first consult your bank or credit union customer service to know the maximum amount you can send. However, if you send money from your app, the maximum amount you can send is $500 per week.
Why should you use Zelle?
Numerous advantages come with using Zelle. First of all, the service is free, and if you have to pay fees, maybe to your bank or credit union. It saves you from hefty transfer fees that you can pay when sending money using methods such as wire transfers, money orders, and checks.
Secondly, the transfer method is fast. Money usually transfers instantly to the recipient’s account as soon as you transfer the money unless there are any technical hitches. That is contrary to transfer methods such as ACH and check. Zelle is faster than wire transfers.
Again, Zelle works with very many financial companies in the US, and only a few do not support the service. That makes it a convenient platform to use when the need arises. Do not forget that you can still use Zelle as an independent app.
How do I receive money Via Zelle?
Another important thing is to know how you can receive money via Zelle. If you are enrolled with the platform within your banking app or as an independent app, you do not struggle a lot. The funds appear immediately when sent to your account.
However, if you are not enrolled on Zelle, you will get a notification that you have received money via Zelle and that you must open an account to claim the funds. You should follow the link sent to you to open an account, and the funds will reflect automatically in your bank account.
If you do not claim the funds within 14 days, the payment will expire, and the money will be returned to the sender.
How can I send money without Zelle?
Zelle is not the only available option to transfer funds to others. You can send money using other ways. For example, you can use Chase to transfer money to another person without Zelle using ACH or wire transfer. ACH transfer allows you to move funds between banks through the Automated Clearing House (ACH).
ACH transfers are free, although some banks may charge a few coins for the service. The transfer requires the routing and account numbers of the receiving account. It takes 1-3 days for the funds to reflect in the recipient account.
On the other hand, wire transfer allows you to move funds from your bank to another one but this time around, you do not use ACH. Your bank communicates directly with the receiving bank account to facilitate the transfer. Remember that the ACH transfer method relies on the Automated Clearing House to process the transfer.
Thus the receiving and the sending institutions do not communicate directly to each other. The wire transfer process requires you to part with some fees. The process is faster, and funds reflect within 24 hours for domestic transfers.
How do I instantly transfer money internationally?
Since Zelle does not allow international money transfers, there are other methods you can use to ensure that the recipient gets money within a few minutes. Wire and ACH transfers are suitable to move money internationally. However, the money takes long before it reaches the recipient.
We have other methods that you can use to transfer money very fast to people across the world. They include the following.
i) PayPal
PayPal is one of the best money transfer services that operates in more than 200 countries worldwide. The platform allows you to send money instantly using the recipient’s phone number or email address.
Interestingly, I can transfer money from PayPal to my bank account after someone sends me money. However, I must first link the bank account to my PayPal account to carry out the process.
ii) Payoneer
Payoneer is similar to PayPal because you require the recipient’s email address to send them money. When sending funds, you just need to navigate to the send money section, enter the required details and send.
iii) Skrill
The UK-based platform allows you to send money to various destinations worldwide. Like many other mobile wallets, you must open an account and add a payment method to use the service.
Bottom line
Zelle is a money transfer platform that operates in the United States. The platform integrates with banks and credit unions online, and you just need your phone number and email address to enroll. Zelle transfers are instant whether sent to a bank account or app.
You can send no specific amount using the platform integrated into banks. However, the Zelle to Zelle transfer limit is $500 per week. The platform does not support international transfers.
