There are some limitations to using Zelle for money transfers. The use of credit cards is one of these limitations. We will show you how it works and in which cases you cannot use some payment methods, such as credit cards.
As you know, Zelle is a payment service associated with banks that allows sending money using mobile devices. We can use some payment methods to make these remittances, but others cannot.
How Zelle works
The operation of Zelle is really simple. It is an application that is associated with a bank for its operation. In this link, you have a big list of the financial institutions related to Zelle.
When your bank is part of the network of this service, you can use it through your online banking application. But, if your bank does not offer this service, you can use the application to receive money.
Sending and receiving money depends on the beneficiary’s phone number or email address.
Limitations to using Zelle
Although it is a widespread method of sending and receiving money, it has some limitations that you should consider. These are the main ones:
It is not possible to associate a non-US bank account with the application. It is a service available only in the United States. Therefore, it is necessary to associate a statement of origin with the country.
That is not a valid option if you want to make a foreign payment. You should look for an alternative for this type of transfer.
How to operate in Zelle
As we have already told you, it is possible to make your transactions in Zelle through the online banking of the bank where you have your accounts. But, this only happens when your bank is associated with this service.
If your bank is not associated, you should operate from the mobile application you can download for the main operating systems on mobile devices.
Credit cards in Zelle
A very important feature is that it is impossible to use a credit card for payments in this application.
Payments can be made with the associated bank accounts or debit cards, regardless of whether they are Visa or MasterCard. However, no international debit card, prepaid card or credit card will work. Commercial debit cards will not accept either.
That is to say, the payments are made against your balance: the amount you have in the bank account where you associate the service.
What are the payment limits?
There is no unified limit for payments in Zelle. It is a low/medium payment-oriented application. Therefore, it is not particularly suitable for large sums, although this may vary depending on the bank.
It is very important that you thoroughly check your bank’s limits on the service. Not all banks will offer the same limitations. In addition, it may happen that initially, you have a low credit line, and as you use the service, it will increase.
You can find from the basic minimum amount when your bank is not associated with Zelle, which is $500 per week, to limits that can reach up to $60,000 monthly, as is the case with Bank of America.
How do you send money in Zelle?
Sending and receiving money in this application is very simple. First, if you operate with a partner bank, you must log in to your client area and choose Zelle as your payment tool.
To send money, you enter a phone number or email address. Remember, the phone number must be from the United States since the application only works in our country.
Once you confirm the money transfer, it is processed instantly.
You will receive a notification if you receive a payment that someone else has sent you with this service. If you are already registered with Zelle, you don’t have to do anything else. The amount is directed to the account you have the service associated with. You must configure the application to get the money if you are not yet enrolled. It is very simple since you get a link with which, following the steps, you can process the request and get the money sent.
In general, the money is transferred in just a few minutes. However, if the recipient is not enrolled in the service, it can take up to three working days.