Was it a big surprise that Capital One added Zelle as part of its suite of services for customers? Since Capital One was founded in 1988, it has gained a reputation as a bank that embraced technology and innovation. After all, it was one of the first banks in the 90s that pioneered and aggressively promoted the use of credit cards.
Capital One’s commitment to harness the power of technology was further proven by the company’s decision to invest in the design and development of the Zelle money transfer app which is used by many other banks.
Zelle is owned by the 30 biggest banks in the United States and Zelle is one of them. Presently, Capital One has more than 750 branches in the United States, the United Kingdom, and Canada.
In terms of total assets, Capital One ranks 8th among the 10 biggest banks in the United States. The bank is known for being a great company to work in. In addition to being ranked 100th in the Fortune 500, Capital One is placed at 18th among the best employers in the U.S.
What do these numbers mean?
Capital One is invested in making things easier for people – its customers and employees. Being part of the group of banks that developed the Zelle money transfer app is clearly aligned with the company’s vision of using technology to enhance the banking experience.
Zelle: Sending Money Faster With P2P Banking
Zelle was formally launched in 2017. You might have heard of Zelle from friends and family or read about it on the Internet. If you’re a depositor at Capital One, take advantage of the availability of Zelle.
People go to the bank to send money to friends and family, issue payments to suppliers or creditors, or make sure remittances are deposited on time. With Zelle on your smartphone, you no longer have to worry about beating traffic during rush hour to get to the bank or lining up at the nearest Automated Teller Machine (ATM).
Zelle allows you to transact from your smartphone and send money to friends and family via P2P or People to People banking. P2P is a feature of Zelle that lets you electronically send funds to anyone in the United States. If you get a message from a friend who needs money immediately to pay for a medical bill or overdue rent, you can help him out wherever you are in the U.S. You don’t have to line up at the bank cashier or transact at the ATM. Everything can be done on the Zelle app.
And whereas transacting at the bank can take hours, with Zelle, you can complete the transaction in seconds. In comparison with a fund transfer at the bank, your friend might not receive the money until after a few days. When you send funds via Zelle, your friend will have your money deposited in his account within a few minutes.
Capital One And The Zelle Advantage
The benefits of using Zelle to send money to anyone in the U.S are further magnified by the fact that Capital One is one of the developers and owners of the app. Recipient Doesn’t Have To Be A Member Of The Zelle Network
There are other banks in the United States that have the Zelle money transfer app available for their depositors. However, if the recipient isn’t a member of the Zelle network, he will have to sign up for the service before your money can be deposited into his account. Not so with Capital One.
If you’re an existing holder of a personal account at Capital One, you can use Zelle to send money to people who aren’t part of the Zelle network. They don’t have to sign up with Zelle to receive your money.
Signing up and joining the Zelle network isn’t hard. All you need to do is to provide a valid email address and a U.S-based mobile phone number. However, this is one less step for your recipient and it will make things easier for you.
Capital One Zelle Limit
To be clear, there are limits on how much money you can send out when using Zelle. On average, the daily limit for sending money through a bank participating in the Zelle network will range from US$1,000 to US$1,500. Meanwhile, the monthly limit might range from US$5,000 to US$10,000.
Since Capital One is a part-owner of Zelle, the daily and monthly limits are set much higher at US$2,000 and US$10,000, respectively. Likewise, to clarify, there are no limits on how much money you can receive through Zelle.
The Zelle Service Is Free Of Charge
If you carry out a fund transfer through a bank or ATM, you will be charged service fees. When you use Zelle, you won’t be charged for the service. Zelle is 100% free of charge for customers of Capital One. You might be charged by your carrier for using their service to perform the fund transfer transaction.
How To Use Zelle
There are 2 ways to use Zelle. First, you can download the Zelle app on your smartphone. The second way is much easier and more convenient. Download the Capital One mobile banking app which already has the Zelle app embedded in it. From there, follow these simple instructions to use Zelle:
- Log in to your Capital One mobile banking account.
- Choose the checking account that you want to use.
- Choose the option “Send Money With Zelle”.
- Enter the details as required by the app.
- Make sure all of the information is correct before tapping “Send”.
Can you use Zelle if you’re on a desktop PC?
Yes! Follow the instructions as listed below:
- Go to www.capitalone.com.
- Sign in to your Capital One account.
- Choose the checking account for the transaction.
- Choose “Send Money With Zelle”.
- Provide the accurate details – email address, bank account number, and the amount of money to be sent to the recipient.
Conclusion
Fast service, immediate results, convenience, no fees or charges… These are just a few good reasons why you should use Zelle when sending money. Zelle makes banking at Capital Bank so much easier. We wish to make it clear that Zelle can only be used within the United States. You can’t use Zelle to send money abroad. That’s why you’re required to provide a U.S-based mobile phone number.
You’ll have to use another money transfer service to send money to a friend or family member who resides in a foreign country. In the U.S, you can’t go wrong with using Zelle.