The payments app Zelle quickly became popular among users. These days, the banks are loving it, too. Show
Zelle is a service that lets you digitally transfer money to someone else — no cash, checks, or wire transfers required. The service launched two year ago when JPMorgan, Bank of America, Wells Fargo, US Bancorp, Capital One, BB&T, and PNC joined together to launch Zelle. Zelle is similar to the super-popular payments app Venmo. Both Venmo and Zelle let you send money to friends instantly, but there are some key differences between the two services: Money sent through Venmo can be transferred instantly with Venmo's "instant transfer" feature, but Venmo charges a fee of 1% of the transfer amount if you go that route. Money sent through Zelle is transferred to your bank account automatically, free of charge. This feature may have contributed to why Zelle has become so popular. According to eMarketer data, after only a year on the market, Zelle was poised to overtake Venmo as the most-used peer-to-peer payment app in the US. In the first quarter of 2019, Zelle processed $39 billion in payments, whereas Venmo processed $21 billion in payments during the same quarter. And now, banks are starting to reap the rewards of Zelle and technologies like it. Bank of America CEO Brian Moynihan, for example, said at a recent conference that Zelle handled $44 billion in Bank of America customer transactions last year, which reduced the number of paper checks — saving the company the money it normally spends on processing those checks. So what makes Zelle different from other payment apps, and how do you use it? Here's everything you need to know. This is an update to a story originally published in 2018.
Once you locate your bank, you'll need to give Zelle permission to link your bank account to the app.Business InsiderNext, you'll need to log into your bank account online. This is followed by several steps to verify your identity.Business InsiderZelle is very clear about what it will be accessing in your bank account. As with any app, it's a good idea to read the fine print before clicking "I agree."Business InsiderOnce you're in, you'll see this screen. This is the home screen for the Zelle app, and you can probably already tell that it's pretty different from Venmo or other payment apps. There's no social feed, just three options: send, request, or split.Business InsiderIf you click on "Send" or "Request," you'll be prompted to choose from one of your phone's contacts. Once you've selected someone, it'll ask you for a dollar amount. You can also add a note explaining what the money is for.Business InsiderZelle has a $500 per week limit on how much money you can send, but if your bank offers Zelle, it may have different limits. You can also split money using Zelle. This could be helpful if you made a group purchase — all you have to do is enter the dollar amount and select each person from your contacts list. Then, Zelle will calculate the cost per person.Business InsiderZelle keeps track of your activity within the service — it even tracked money I had sent from within my banking app (more on that in a minute).Business InsiderIf your bank offers Zelle like mine does, it may be built directly into the bank's app. If I want to use the service, I can do so without having the separate Zelle app on my phone.Business InsiderHowever, if you find yourself using the service a lot, you may like having the separate Zelle app, as it's a bit easier than logging into your bank account each time you want to send or request money. But the best part about Zelle is that the money shows up in your bank account immediately. You don't have to wait several days for it to arrive. Plus, there's no fee for using the service. Zelle is free to download for iOS and Android users. Avery Hartmans Senior Reporter Avery Hartmans is a senior reporter on Insider's business news team. She previously served as an editor overseeing Insider's consumer tech coverage. Before Insider, she covered tech and startups for the Pittsburgh Business Times. She has a degree in journalism from Syracuse University. You can contact her at [email protected]. Read more Read lessGet the latest JPM stock price here. Read next More... Close iconTwo crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. How do I send money to Venmo?You can add money to your Venmo balance in the app. Go to the “Me” tab and tap “Manage Balance” in the Wallet section. Then, follow these steps to initiate your transfer: Enter the amount you'd like to transfer,* and tap “Next”
What accounts can Zelle send money to?Zelle® is a convenient way to send and receive money from friends, family and other people you know and trust. You can send money to almost anyone with an eligible U.S.-based bank account using their email address or U.S. mobile phone number.
Does Zelle work with Venmo or Cash App?Zelle transactions are private between the two parties. Venmo and Cash App allow users to hold funds in their platforms, while Zelle moves money between existing bank accounts. Transferring money from your Venmo or Cash App balance to your bank account can take several days, unless you pay a fee.
Can I use Zelle to send money to Cash App?So, to send money from Zelle to Cash App, you'll have to send money from Zelle to a connected bank account. After that, you can send the money from the bank account to Cash App.
|
Can i use zelle to send money to venmo
Related Posts
Copyright © 2024 en.apacode Inc.
