Zelle: A simple, secure bank transfer app with Zero Fees

26 Sep Zelle: A simple, secure bank transfer app with Zero Fees

Pros:

• Free and fast
• Secure transactions
• Integrates with many banking apps
• You don’t need the recipient’s banking information
• There are no receiving limits.

Cons:

• There is currently no fraud protection
• You can’t transfer funds from a credit card
• Only supports U.S. bank accounts
• You can’t cancel certain payments
• There are payment limits

What is Zelle and how does it work?

Zelle is a free payments app that is easy to use and transfers money fast. This mobile peer-to-peer payment app lets you send money directly from one bank account to another. It’s a good way to send money to someone you already know.

To send money via Zelle, you don’t need to know the recipient’s bank account details. Instead, you can use their phone number or email address. Zelle will then send a text message or email to let them know there’s a payment waiting.

This mobile payment app was created by some of the big banks and it now partners with hundreds of U.S. banks. That means you can likely use Zelle’s money transfer service through your banking app. If not, you can access Zelle as a standalone app.

The Zelle app is easy to set up. You just need to enter your personal and bank information. You can then send money, request money, or split an expense with others. Each of these tasks is simple to do, and the app will walk you through the process. Plus, there are zero fees to use Zelle.

Top reasons for using Zelle

1. There are no fees; Zelle is free to download and use. Unlike some other payments apps, Zelle won’t charge you to send or receive money. That said, it’s always a good idea to check with your bank to ensure it doesn’t charge any money service fees.
2. It’s secure; one reason Zelle sells itself as a secure money transfer app is that it doesn’t store your personal information. Your details stay secure with your bank and are never visible to Zelle. However, the downside to an instant money transfer is that you may not be able to cancel the transaction. That’s why you need to know and trust the person you’re sending money to.
3. Money transfers are fast; this payment option is a great way to send money quickly. In most cases, those who are enrolled with Zelle can receive a money transfer within minutes. That makes it even easier to handle your personal finance and money transfer needs.
4. Zelle is integrated with banking apps; Zelle is already integrated with many banking apps so you may not even need to download it separately. It lists hundreds of banking partners on its website and says 100 million people can access Zelle through their banks. Unlike other banking apps, there’s no middleman. The money will go straight to the recipient’s account.
5. No recipient banking info needed; You don’t need to have the recipient’s banking details on hand to send money. All you need to know is their phone number or email address. Zelle will text or email the recipient and handle the rest.
6. There are no receiving limits; You can receive as much money as someone’s willing to send you through Zelle as there are no receiving limits. But there are sending limits, which vary by bank. Other apps, like Cash App, have combined sending and receiving limits in place until users verify their identity.
7. You can send money, request money, or split purchases; Zelle lets you send money, request money, or split purchases with others. To split the cost of something, simply enter the total amount and choose who to split the expense with. Zelle will do the math for you.