In the US, it has been a long time since college students or office workers use Venmo to easily exchange money and transfer funds by connecting a checking account.
With the popularization of smartphones, the Venmo app is often used to exchange goods between individuals, but if you connect a credit card without connecting a checking account, a certain amount of fee will be charged.
In my case, I heard a lot of cases where the Venmo app was hacked due to security problems, so the usage of Venmo continued to decrease.
Since Zelle has been newly introduced in recent years, it is possible to set up directly from your bank account, and if you know the recipient’s name, phone number or email, you can easily use it for personal or business transfers.
I’ve seen a lot of mistakes when using Zelle, so here are a few tips.
- Zelle is not a service offered by all banks. If your bank does not provide services, you will need to open an account with another bank where Zelle service is available. Zelle can be used on both checking and savings accounts.
- When setting up Zelle, you only need to decide whether to use a phone number or an email address. If you want to use each Zelle with two banks, you can specify a different phone number or email address for each.
If you enter the same information by mistake, the service will be unavailable at the bank where Zelle is set up first.
If you used your phone number when setting up Zelle for the first time, please use your email address when setting up Zelle at the next bank.
- If you change your phone number or email in Zelle you are currently using, it is impossible to transfer immediately.
In general, Zelle can be used only after a grace period of about a month after the information has been modified, so it is good to know this.