BMO Harris is associated with Zelle, so it will be possible to operate from this bank the service of sending and receiving money. However, it has some particularities you should know, among them the potential limits to sending money.
Zelle operates in the USA, so an important fact is that it will only be able to work with US telephones, and in no case will it be able to carry out international operations.
What is Zelle?
It is a service that allows you to send money directly (or receive it) from anyone with this tool associated with their bank account.
It is important to note that not all banks accept it: this is the list of banks associated with Zelle.
You only need the recipient’s email address or phone number to use this service. However, remember that this is a US-only service. That implies that the phone number must be American and cannot carry out international operations.
On the other hand, it is a payment service recommended for small amounts and transactions between people you know. It is not recommended for Internet purchases or similar payments to unknown people.
How to trade at BMO Harris
First, you need to have a personal account with BMO Harris. This account can be a checking or money market account. Secondly, you will need to have the bank’s digital banking activated.
On the other hand, as we have already told you, you will need to present an email address, a US cell phone number, and your mailing address. When you register with Zelle, this data will be associated and become part of your profile.
Through this tool, you can send money to virtually any user with bank accounts in the United States. When the recipient does not have an enrollment in the application or does not have one in any of the associated banks, they will receive a link when they receive the money.
Through this link, it is possible to register in the application to request access to the funds. It is important to note that in no case will it be possible to access the funds if you are not registered in the application.
Although users must be located in the United States, it is not required for operations to be carried out from the same banks. You can trade with Zeller from BMO Harris by sending or receiving money without the recipient or sender trading from the same bank.
Limits to the use of Zelle at BMO Harris
With BMO Harris, there is no limit to the amount of money you can send to your account. The minimum amount you can send or request is five dollars. There are limits on the quantity and amount you can send. These thresholds will depend on the type of account you have.
The quickest way to know your limit is to log in to your BMO Harris Digital Banking, select the send money function, choose a receiver and click on the information icon: this way, you will know your sending limits and how much you have left to send.
Steps to send money
If you are already registered in the bank’s digital banking system and have activated the Zelle service, sending money is very simple.
The first step is to go to the option to add a new contact, where the beneficiary’s email address or cell phone number is included. Remember, it has to be a US cell phone. Then you enter the amount of money you will send and choose the option to review the operation. When you have verified that the details are correct, click on the send option.
Generally, the money will be available to the recipient within 15 minutes. However, this process may take a little longer if the recipient does not have the application or is not associated with any bank. If the application needs to be installed, it can take up to three business days.
The notification for someone not registered in the application arrives through a link. It is possible to download and access the funds by following a few simple steps.
On the other hand, it should remember that payments cannot be canceled when the money is sent directly to the recipient’s account. The only scenario in which you could reverse a charge is if the recipient is not yet enrolled in Zelle, and the payment will appear pending.
In this scenario, you would go to your activity page, selecting the option to send money with Zelle. Then select the pending payment and the opportunity to cancel the outstanding money.