If you have ever attempted an online payment, you already know everything about Venmo and Zelle. Moreover, the pandemic further escalated the popularity and worth of both these contactless payments giants. But have you ever wondered, how do you link Zelle and Venmo payments?
What is Zelle?
Zelle is a fast, safe, and simple way to send and receive money to those who have a bank account in the United States. Transactions are typically completed in minutes when both the sender and the receiver have already been enrolled with Zelle with their financial institution or in the Zelle app.
How does Zelle work?
Set up and send
Add or select a trusted receiver, enter the amount to be sent, and select an account from which to finance your payment. Check and double-check the details of your pay before sending it. Sending money with Zelle is similar to trading cash with someone because most payments are sent in minutes between enrolled users.
Recipient is Notified
Suppose your receiver is not already enrolled with Zelle at their financial institution or in the Zelle® app. In that case, they will be alerted via email or text message with the details of your payment and information on how to enroll to receive the money.
Recipient Enrolled
If your recipient’s email address or U.S. mobile phone number isn’t already registered with Zelle, they’ll have to do so before they may receive money. They’ll have fourteen days to complete their one-time enrollment using the same email address or phone number in the United States that you used to transmit the payment.
Money is Sent
The money is paid straight to the recipient’s account when they’ve registered and verified their eligible account to their email or U.S. mobile phone number, and it’s usually ready in minutes.
What is Venmo?
Venmo is a service that empowers you to send and receive money from your friends. Venmo is a social payment app that will enable you to pay your friends when you owe them money but don’t want to deal with cash.
Venmo could also be used to purchase items from merchants who are allowed to accept it. Consider the following scenario:
- Using the Venmo Mastercard Debit Card in any Mastercard-accepting location in the United States
- Using Venmo as a payment mechanism in partner applications or mobile websites that have been approved
- Using in-store QR codes to finish Venmo purchases.
How does Venmo Work?
Users hit the “Pay or Request” button in the Venmo app and enter their friend’s username, phone number, or email address in the top box to ask for or give money. If the friend is close, they can also use the app to scan a QR code. They can then either seek money from them or send money to them. The transaction is complete after you type a memo specifying what the payment was for.
Venmo funds come from the user’s Venmo balance, debit or credit card, or a bank account. Venmo customers could even request that a percentage of their paycheck be instantly deposited into the app, ensuring that there is always a balance on the app.
A Venmo debit card can also be requested to be used to withdraw money from a user’s Venmo balance in addition to spending anywhere Mastercard is accepted. ATMs with the Mastercard, PULSE or Cirrus logos can be used to make withdrawals. Users will be charged a fee if they withdraw money from a machine that isn’t part of the MoneyPass network.
Sending money from Zelle to Venmo
Both parties do not need a Zelle account to use its services. However, just one of the parties must have a Zelle account to make a transfer. As a result, if your bank enables Zelle transfers, you can transfer funds to anyone in the United States with a bank account. In addition, individuals who use Venmo must also have a bank account. This means you can use Zelle to make a direct deposit into their bank account.
If you don’t have a Zelle account, on the other hand, you can only send money to others who do. You would not be able to get money directly to someone’s bank account in this instance. By installing the Zelle app and connecting it to your bank account, you can overcome this difficulty. Every central bank in the United States is either a co-owner or a supporter of Zelle. Furthermore, the service is completely free.
Even if your bank isn’t a Zelle partner, you can download the app and add your Visa or MasterCard debit card only. The only issue is that you are limited in the sum of funds you can transfer ($500 each week). Users who have qualified bank accounts linked to Zelle have more considerable weekly limitations when payments go through the bank.
Conclusion
While online payment sources have taken the world by surprise in recent years, it is essential to understand the scale of data shared with these platforms during such transactions. If used with precaution, Zelle and Venmo can be excellent sources of money transfer.
