What Is Zelle? How It Works to send and receive money

Last Updated on September 2, 2024 by admin

Do you want to know how zelle works? or searching for how to receive money and send money from zelle. In this article you will understand what zelle is, how to use zelle and common Zelle scams to watch out for.

Zelle is a peer-to-peer mobile payment application to send and receive money from friends, family and other people you know and trust from one bank account to another. Zelle is owned by Early Warning Services, a financial technology (fintech) owned by seven major banks: Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.

When you enroll with Zelle from your bank there will be a connection between your email address or U.S. mobile phone number and your eligible bank checking or savings account. With the zelle app 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.

Read Zelle- How to enroll & Send and Receive money

Unlike other money transfer app such as Venmo, PayPal, and Cash App, Zelle does not charge an extra fee for an instant transfer. After you’ve enrolled, simply add your recipient’s email address or U.S. mobile number, the amount you’d like to send or request, review and add a memo, and hit “confirm.

On the other hand, To receive money, just share your enrolled email address or mobile number with a friend or person you trust and ask them to send you money with Zelle

Table of Contents

What is zelle

Zelle is a digital payment network in the United States that enables fast, safe, and easy person-to-person payments directly between bank accounts. It’s a popular choice for sending money to friends, family, and other trusted individuals, often within minutes.

Key Characteristics:

Transfers between enrolled users usually happen within minutes.
All you need is the recipient’s email address or U.S. mobile phone number
Zelle uses encryption and monitoring to help protect your transactions.
Most banks and credit unions don’t charge fees to use Zelle.
Many major U.S. financial institutions offer Zelle within their mobile banking apps or online banking platforms.

How to enroll with the Zelle

Zelle is primarily a US-based service that allows for quick and easy money transfers between bank accounts. It’s important to note that if you are currently located in Nigeria, you will likely not be able to enroll in Zelle directly, as it requires a U.S. bank account and a U.S. mobile number.

However, assuming you are in the United States and want to enroll in Zelle, here are the general steps:

1. Check if your bank or credit union offers Zelle:

Many major US financial institutions have Zelle integrated directly into their mobile banking apps or online banking platforms.
You can usually find this information on your bank’s website or by contacting their customer support.

2. Enroll through your bank’s app or online banking (if available):

Log in to your bank’s mobile app or online banking account.
Look for the “Zelle” section or a similar option for sending money.
Follow the prompts to enroll, which usually involves providing your email address or U.S. mobile phone number and selecting the bank account you want to use with Zelle.

3. Enroll through the Zelle app (if your bank doesn’t offer it):

Download the Zelle app from the App Store or Google Play
Open the app and follow the instructions to enroll.
You’ll need to provide your basic contact information, an email address, a U.S. mobile number, and link a U.S.-based Visa or Mastercard debit card

Key Points:

You’ll need a U.S. bank account and a U.S. mobile phone number to enroll in Zelle
Choose a strong password and enable two-factor authentication if available.
Your bank may have daily or weekly transaction limits for Zelle. Check with them for specifics.

Read; Chase Zelle Limits:How To Send or Request Money and enroll for Zelle

How doe Zelle Works

Zelle operates as a fast and convenient peer-to-peer (P2P) payment network, enabling users in the United States to send money directly between bank accounts typically within minutes.

Here’s a breakdown of how Zelle works:

Enrollment:
- Through Your Bank: Most major U.S. banks and credit unions have Zelle integrated into their mobile banking apps or online banking platforms. You enroll by providing your email address or U.S. mobile phone number and selecting the bank account you want to use with Zelle
- Through the Zelle App: If your bank doesn’t offer Zelle directly, you can download the Zelle app and enroll by linking a U.S.-based Visa or Mastercard debit card.
Sending Money:
- Open the Zelle feature within your bank’s app or the Zelle app itself.
- Select the recipient from your contacts or add a new one by entering their email address or U.S. mobile phone number.
- Input the amount you want to send
- Include a brief note about the payment.
- Double-check all details before confirming the transaction
Receiving Money:
- If Enrolled: If the recipient is already enrolled with Zelle, the money is typically deposited directly into their linked bank account within minutes.
- If Not Enrolled: The recipient receives a notification to enroll with Zelle. Once they enroll and link their bank account, the money will be deposited.

Pay attention: What is Wells Fargo Zelle Limit: How to send and receive money with zelle

How to send money with Zelle

Follow these steps to Send money with Zelle®:

1. Go to Send money with Zelle® under Transfer and Pay in the main menu.
2.Add or select recipient by selecting the “ + ” icon at the upper right of your screen and enter your recipient’s information.
3.Enter the amount you want to send and choose an account to fund your payment.
4.Review the details of your payment before you send it.
5.Once set, Your recipient will be notified by email or text message with the details of your payment

Also read: Bank of America Zelle Limits: How to send and receive money with Zelle

How to receive money with zelle

To receive money with Zelle, you need to follow these steps:

Enroll with Zelle:
- If your bank or credit union offers Zelle, you can enroll directly through their mobile banking app or online banking platform.
- If your bank doesn’t offer Zelle, you can download the Zelle app and enroll with a Visa or Mastercard debit card.
Provide your Zelle information:
- Once enrolled, share either your enrolled email address or U.S. mobile number with the person sending you money. Make sure they have the correct information to avoid any delays or issues
Receive the money:
- If you’re already enrolled, the money will be sent directly to your bank account linked to your Zelle profile, typically within minutes.
- If you’re not enrolled, you’ll receive a notification with instructions on how to enroll and claim your money

When someone sends you money, you’ll be notified by email or text message. The money will be automatically directed into the account you’ve linked to your Zelle® profile as your deposit account.

Does Zelle charge a fee?

No, Zelle itself does not charge any fees to send or receive money. However, it is always a good idea to check with your bank or credit union to confirm that they also do not charge any additional fees for Zelle transactions.

Read; How to transfer money with Jp Morgan Chase Wire transfer, ACH, Zelle and pay bills

What Is Zelle’s Transfer Limit

Zelle’s transfer limit can vary depending on a few factors:

Whether your bank offers Zelle:

If your bank or credit union offers Zelle directly through their services, the sending and receiving limits are set by your financial institution. Contact them directly to find out your specific limits.

Using the Zelle app without bank integration:

If you’re using the Zelle app independently (not through your bank), you have a weekly send limit of $500 and a weekly receive limit of $5,000

General Points to Remember:

Sending limits may be further restricted based on your account history, transaction patterns, and the recipient.
Receiving limits are generally not imposed by Zelle or banks, but the sender may have their own sending limits.
Some banks may have daily sending limits in addition to weekly limits.

Who owns Zelle?

Zelle is owned by Early Warning Services, LLC, a private financial services company. Early Warning Services is, in turn, owned by a consortium of seven major U.S. banks:

Bank of America
Truist
Capital One
JPMorgan Chase
PNC Bank
U.S. Bank
Wells Fargo

Frequently asked questions and answers about Zelle:

Q: Is there a fee to use Zelle?

A: Zelle itself does not charge any fees. However, your bank or credit union may have fees associated with using Zelle, so it’s best to check with them.

Q: How long does it take to receive money with Zelle?

A: Transfers typically happen within minutes if both the sender and recipient are already enrolled.

Q: Can I cancel a Zelle payment?

A: You can only cancel a Zelle payment if the recipient hasn’t yet enrolled in Zelle. Once they’re enrolled, the payment is processed immediately and cannot be canceled.

Q: Is Zelle safe?

A: Zelle is a secure way to send money, but it’s important to only send money to people you know and trust. Once you send money, it can’t be reversed unless the recipient agrees to send it back.

Q: What if I send money to the wrong person?

A: Unfortunately, Zelle cannot reverse payments sent to the wrong person. It’s crucial to double-check the recipient’s information before sending money.

Q: Can I use Zelle internationally?