What's Zelle®?
Glad you asked!
Zelle® is a great way to send money to friends and family, even if they bank somewhere different than you do.1 That means it’s super easy to pitch in or get paid back for all sorts of things like the neighborhood block party or getting paid back for covering the cost of a vacation rental for a group of friends. Zelle® is already in lots of banking apps, so look for it in yours today.
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From now on, the strongest and most convenient inter-bank free real-time transfer method in American history has emerged. Its name is "Zelle". Zelle is a point-to-point payment tool that combines more than 30 American banking institutions. Users in different banks can transfer between banks in real time through Zelle, similar to PayPal and venmo, Users only need the e-mail address or telephone number of another Zelle user, and can transfer money without a bank account.
At ordinary times, we often need to transfer money to family, friends or colleagues. The methods include:
Write a check (it has a long history and is still popular in the United States, magic bar!).
Transfers between users of the same bank, such as chase quickpay, boa transfer, etc.
ACH Transfer
Wire transfer
Third party platforms, such as PayPal, venmo, Google wallet, square cash, etc.
The above methods have their own advantages and disadvantages, and do not necessarily arrive immediately. However, now a "new product" - Zelle is born, which is likely to become a powerful force in the P2P payment market.
It is not entirely accurate to say that Zelle is a new product, because its predecessor clearxchange has existed since 2011. At that time, clearxchange was jointly developed by the three banking giants of Bank of America, chase and Wells Fargo, allowing users of the three banks to transfer without handling charges. In 2016, clearxchange was renamed Zelle, and more banks joined the transfer network. Now more than 30 banks in the United States have supported Zelle, and more banks will gradually participate. The biggest feature of Zelle is that inter-bank transfers arrive immediately without handling charges. At present, major banks participating in Zelle have gradually launched in app transfer functions, such as usbank, chase, boa, capitalone, etc.
Glad you asked!
Zelle® is a great way to send money to friends and family, even if they bank somewhere different than you do.1 That means it’s super easy to pitch in or get paid back for all sorts of things like the neighborhood block party or getting paid back for covering the cost of a vacation rental for a group of friends. Zelle® is already in lots of banking apps, so look for it in yours today.
--------------------------------------------------------
From now on, the strongest and most convenient inter-bank free real-time transfer method in American history has emerged. Its name is "Zelle". Zelle is a point-to-point payment tool that combines more than 30 American banking institutions. Users in different banks can transfer between banks in real time through Zelle, similar to PayPal and venmo, Users only need the e-mail address or telephone number of another Zelle user, and can transfer money without a bank account.
At ordinary times, we often need to transfer money to family, friends or colleagues. The methods include:
Write a check (it has a long history and is still popular in the United States, magic bar!).
Transfers between users of the same bank, such as chase quickpay, boa transfer, etc.
ACH Transfer
Wire transfer
Third party platforms, such as PayPal, venmo, Google wallet, square cash, etc.
The above methods have their own advantages and disadvantages, and do not necessarily arrive immediately. However, now a "new product" - Zelle is born, which is likely to become a powerful force in the P2P payment market.
It is not entirely accurate to say that Zelle is a new product, because its predecessor clearxchange has existed since 2011. At that time, clearxchange was jointly developed by the three banking giants of Bank of America, chase and Wells Fargo, allowing users of the three banks to transfer without handling charges. In 2016, clearxchange was renamed Zelle, and more banks joined the transfer network. Now more than 30 banks in the United States have supported Zelle, and more banks will gradually participate. The biggest feature of Zelle is that inter-bank transfers arrive immediately without handling charges. At present, major banks participating in Zelle have gradually launched in app transfer functions, such as usbank, chase, boa, capitalone, etc.
