Everyone knows PayPal. Everyone knows Venmo. Apple Pay. Google Wallet. But does everyone know Zelle?
Transferring money digitally has become a way of life, especially for millennials, and why wouldn’t it be? It’s much easier to click a few buttons and send your friend $5, then to take the money out of your wallet, and then have to go to an ATM to refill the wallet.
But the banks aren’t such a fan of PayPal and Venmo. Why should PayPal be allowed to make money off your money transfer? Why should Venmo make 3% on all your Credit Card transactions? And if you want to quickly withdraw money from Venmo…you can have it in 1-3 days, for a fee of course.
A lot of banks have had internal transfers for years. Chase QuickPay. Citi PopMoney. But finally, the banks have all gotten on the same page and put up a front against the outsiders making money.
And that answer is Zelle. Zelle allows you immediate transfers of money within the network, with real-time cash transactions, at no fee to any of the users.
You just need to be part of the evergrowing network. And that network is pretty substantial, including Chase Bank, Bank of America, Capital One, TD Bank, and Wells Fargo, among others.
And transferring money is as simple as putting in the person’s email address or phone number, regardless their bank, and voila, your money will quickly disappear…or the request will go thru for that person to send you that long owed IOU.