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This is a big plus, but the ease of sending someone cash so quickly can also be an issue if you click on the wrong person. All you need is the other person’s email address or mobile phone number to send the funds, and you’re done. The reason Zelle transfers are so fast is that both users have typically set up the service through their participating banks and are enrolled in Zelle. Check with your bank to make sure it doesn’t charge fees for using Zelle’s service. There is no fee to send or receive money via Zelle.
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Once the user receives your Zelle transfer into their bank account, they can then transfer the funds from their linked bank account straight into their Venmo balance. The only workaround to this limitation would be to send money to the bank account a Venmo user has linked to their Venmo account. Since Venmo is not a bank account, you won’t be able to transfer funds to Venmo from Zelle. Zelle is a peer-to-peer app designed to transfer funds between bank accounts. Venmo funds are held as a Venmo balance in your account for you to spend or transfer, but Venmo is not considered a bank. The two services work completely differently.
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You will not be able to use Zelle to send money to a Venmo account. Venmo funds take one to three business days unless you pay a 1.5% transaction fee for an instant transfer, which is available in minutes. Story continues Is Zelle Faster Than Venmo?īoth peer-to-peer apps are fast, but Zelle is the fastest - and it’s free. Both services are safe, although Venmo could be considered the more secure of the two because you can add a PIN and enable multifactor authentication in the app. Venmo also monitors transactions to catch fraud and uses data encryption to protect your personal data. Zelle’s team monitors transactions and uses authentication to ensure your banking information is protected.
ZELLE QUICKPAY LIMIT FREE
Instant for a fee otherwise within 1-3 business days free of chargeįree MoneyPass network withdrawals $2.50 charge for out-of-network withdrawalsĪs you can see in the comparison chart, both Zelle and Venmo have built-in security features to make money transfers safe. $299.99 weekly transaction limit for unverified users $4,999.99 person-to-person sending limit for verified accounts Venmo funds, credit, debit and bank transfersįees for sending money using bank transfer or your account balanceįree for standard transfers (1-3 business days) 1.5% for instant transfersĪsk your bank about its limits sending limit of $500 for accounts with banks that don’t participate in Zelle Transfers between linked bank or credit union accounts