Author: Aries Smith
It is no surprise that digital payment services are ruling the world. Today, we will be reviewing the Zelle services.
Zelle is a popular p2p payment processor used in sending money to friends, family, and business partners. Zelle seems to be the best option for swift and secure transactions.
Zelle allows its users to transfer money in a flash without requiring sensitive information. You can conveniently make payment with the phone number or email address of your beneficiary.
The financial company is associated with top U.S banks, such as Citi, Wells Fargo, Bank of America, Chase, etc. Therefore, you don’t need to carry too much cash or write checks before you perform a transaction.
You can also send money to your friends with no Zelle account since the payment system provides instructions for non Zelle users on how to get their money.
Truly, Zelle’s quick transfer feature can not be rivaled. Notwithstanding, it doesn’t mean that it is a must-have digital payment service.
How to Use Zelle?
With your bank’s mobile app, you can enjoy the services of Zelle. Performing transaction on the Zelle network is free for all users.
Follow the steps below to send money with Zelle
- Add or select recipient.
- Enter the amount and select your funding account.
- Review and send.
For instant deposit, Zelle charges collect a 1.5% to 3% transaction fee. However, it is safer to check with your bank if you can use Zelle freely on every transaction.
If the main reason you want to use Zelle is to make transactions simple between your friends and family, there is less risk.
Also, if you are in the U.S, it is a safe option to make payments compared to other traditional institutions.
You can check the list of compatible U.S banks here
How Safe is Zelle?
Comparing Zelle to money orders, handling cash, or sending bills will let you know that the mobile payment application is a better option. Another reason why Zelle is reliable is that its system doesn’t require third-party to perform transactions. Sending money using Zelle is fast blazing such that you need to be careful with every transaction.
Before you perform a transaction on Zelle, it is advisable to double-check the recipient details and the amount because it might be difficult to cancel the transaction once you’ve hit the send button.
Compared to Paypal, Zelle may not be a reliable channel for sending money to strangers or transferring payment to the stores you visit once in a while.
However, Zelle offers a guide to understanding fraud and scams. Check Zelle’s official website to learn more about this.
Advantages Of Transacting with Zelle
- Fast blazing transaction
- Transaction is often free
- Partnered with the U.S major banks
Disadvantages Of Transacting with Zelle
- Zelle may not be able to recoup funds for victims of scams or fraud
- Only available in the U.S.
In a Nutshell
Zelle is meant for you if you are tired of the long transaction process from other financial institutions. It is also a must-have option for a no-cost process. However, if you regularly need to transfer money to strangers or love to buy in different stores, it might be best to find another digital payment service that suits your needs.