Show
Mobile payment tools make it faster and more convenient for you to send and receive money for personal and business purposes. Along with Venmo, PayPal and Cash App, Zelle is a platform that allows you to send money from your bank account to an intended recipient with no fees attached. Here’s a closer look at how Zelle works, its limits at many of the country’s top banks and what you can do if you reach these monthly and daily limits. If your financial institution offers Zelle, you should contact it directly to inquire about its daily and monthly sending limits. If your bank or credit union does not provide the service, you must download the Zelle app to send and receive payments. In that case, your weekly send limit is $500. Please note that you cannot request to increase or decrease your send limit. Who Can Use Zelle?Your bank must have a partnership with Zelle for you to access this feature. More than 1,000 financial institutions in the U.S. offer Zelle to their customers. Financial institutions typically incorporate Zelle’s capabilities into their mobile banking apps. If your bank doesn’t offer the service, you can download the Zelle mobile app on your smartphone or tablet and open an account, which will allow you to receive and send payments. How Does Zelle Work?There’s a specific process for sending or receiving money through your bank’s mobile app. Here are the steps to follow.
Your recipients do not need to disclose their banking information to receive your payment.
What Are Zelle Limits at National Banks?Financial institutions are responsible for setting daily and monthly limits for account holders. Banks often have different limits on how much users can receive or send. The following table lists the daily and monthly Zelle limits at some of the country’s largest banks.
Please note that these limits may vary depending on your account status. What Are Some Alternative Options if You Hit Your Zelle Limit?Many person-to-person payment methods set limits for users because it’s difficult to recoup money if it’s sent to the wrong place. Zelle limits how much you can send in 24 hours and during a 30-day period. These limits are relatively easy to meet, especially if you use Zelle for business purposes. There are other ways to send money if you hit the Zelle limits. Here are some alternatives to consider. Try Another Payment PlatformMany payment platforms allow you to send instant transfers to anyone with a smartphone. Popular applications include Venmo, PayPal and Square. Many of these services charge a small fee to send money, and users need an account to receive the money. It takes a few days to set up an account with services like Venmo because of the verification processes in place. Write a Personal CheckWhile personal checks may seem outdated, they are an excellent alternative to peer-to-peer transfer apps if you need to send a large sum of money. Most banks even allow users to deposit checks using a smartphone by snapping a photo. Withdraw CashWhile many people do not always have a lot of cash on hand because of the popularity of debit cards, you can always make a trip to the ATM to withdraw some money. In fact, many people enjoy receiving cash to have it on hand to cover incidentals such as bus fares and parking fees. Use a Payment RetailerThere are ways to send money without the need for a smartphone app. Western Union and MoneyGram, for instance, allow you to send money by visiting an authorized retailer and funding the transaction with cash or a debit card. Your recipients can pick up the money by visiting a retailer and providing their name and the transaction number. Wait a Few DaysWaiting 24 hours or 30 days until you are back under Zelle’s payment limits is the slowest strategy, but it may be necessary if you want to send a large payment. Holding off is likely the best option if you only need to wait a day to send the payment. What Are the Benefits of Using Zelle?One of the most significant advantages of using Zelle is that there are no fees to send or receive money. Most competitors charge a small fee if you use a credit card to send money, while others charge to transfer funds received to a bank account. Zelle is able to offer the service at no cost to customers because money is sent directly between bank accounts with no middleman. While there’s no cost to use Zelle, you can only use your checking, savings or debit card to send or receive money, and you can’t make credit card payments. To be sure, you should check with your bank or credit union to make sure it doesn’t charge extra fees for using the Zelle feature. Another benefit of using Zelle over another payment application is the instant nature of the service. The money is immediately transferred to your recipient’s bank account because there’s no intermediary. It takes a few days to transfer funds from the app to a bank account with other services. Other platforms that do offer instant transfers charge a fee for the service. FAQHere are some of the most common questions asked about using Zelle.
Information is subject to change. Editorial Note: This content is not provided by Zelle. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Zelle. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase. Allison Johnson has 5+ years of copywriting experience and has produced content for numerous public and private sector clients, including the U.S. Department of Homeland Security and the National Cancer Institute. She has a Master of Public and International Affairs from Virginia Tech and a Bachelor of Science in Journalism from the University of Utah. Her work has been featured in Utah Business Magazine, the Salt Lake Tribune, and the Deseret News. Learn More What is the maximum you can send with Zelle Bank of America?If your bank doesn't offer Zelle, your limit for sending money is $500 per week.
...
What Is Zelle's Transfer Limit?. Can I send $5000 through Zelle?Generally speaking, Zelle limits its users to sending approximately $1,000 a week, or up to $5,000 a month.
|