The P2P payment platform Zelle is in a class of its own. It can transfer $1 or more into your recipient’s bank account – typically in minutes. Backed by many of the major US banks, Zelle could be your solution for nearly instantaneous transfers with no fees for you or your recipient. But if you're in Australia, you're out of luck.
Can I use Zelle in Australia?
Unfortunately, Zelle hasn't launched in Australia yet. If both your recipient and you have US bank accounts, you'll be able to use it anywhere in the world. But if not, you'll have to find another way.
If you want to send money within Australia, it's worth checking out Revolut and other digital wallets such as PayPal and Google Play. If you want to transfer money to another currency, you'll need an international money transfer service. Read our full guide to make sure you get the best deal possible.
What is Zelle?
Formerly called ClearXchange, Zelle is a new payment processing network developed with some of the largest American banks, including Bank of America, Chase, Capital One and USAA among them. Zelle prides itself on easily completing transfers instantly to other users. If your recipient isn’t a Zelle user and you're both in the US, you can send money using their email or phone number. Zelle will prompt them to visit their bank's app or download the Zelle app to receive their money.
Given the imagery on its site (avocado toast, anyone?), Zelle is obviously skewed towards the millennial crowd. Zelle is integrated into its partners’ websites and mobile banking apps, so you won’t need to download another one to use it – or encounter your money getting held up in a third-party account along the way.
How much can I send with Zelle?
This is where things get tricky: There's a lot of confusion (a possible Zelle theme) as to how much you can send with Zelle. In prior press releases, it listed up to 10 transfers totalling less than $2,500 every 24 hours and 30 transfers totalling less than $20,000 every month. For small business owners, those limits rose to $25,000 every 24 hours over a maximum of 10 transfers and $100,000 every month over 30 transfers.
Today, Zelle's site includes a vague note about contacting your bank or credit union to learn about their limits through the service. Otherwise, "your weekly limit is based off usage and experience with the service." Not sure where that leaves those of us who don't have experience with Zelle.
We've received so many of your updates about banks limiting your transfers to far, far less than any stated maximums, it sounds like there's a lot more tweaking going on as Zelle rolls out.
Details
Product name
Zelle
Minimum transfer
Varies by bank
Maximum transfer
Varies by bank
Transfer methods
Your current mobile banking app or standalone app
Transfer options
Direct transfers only, no scheduled transfers
Delivery speed
In minutes to banks in Zelle's network, 2–3 days for other banks
Banking partner
Many banks including Bank of America, Chase, Capital One and USAA
Available currencies
USD only
Fees and exchange rates
No fee
Customer service options
Phone or through bank partners
Finder survey: How do Australians of different ages prefer to send a money transfer?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
I do not transfer money
50%
53.14%
51.74%
41.97%
26.9%
23.85%
14.43%
Website
20.69%
19.43%
19.19%
23.32%
15.74%
19.72%
14.43%
In person
13.79%
14.86%
15.12%
11.4%
10.15%
7.8%
17.53%
App
8.62%
9.71%
10.47%
20.73%
45.18%
45.41%
48.45%
Other
6.9%
1.71%
1.16%
0.46%
Over the phone
1.14%
2.33%
2.59%
2.03%
2.75%
5.15%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
How much will I pay to send money with Zelle?
Similar to Venmo, you won’t pay a fee to send money through Zelle. However, when using the app on your smart device, you could pay fees associated with your carrier’s message and data rates.
What types of transfers does Zelle support?
Zelle supports transfers between bank accounts only – in US dollars and within the States. You’ll also need a debit card backed by Visa or Mastercard.
Which US banks are currently using Zelle?
Bank of America
Capital One
Chase
Citi
Fifth Third Bank
First Tech
FirstBank
Morgan Stanley
PNC
TD Bank
U.S. Bank
USAA
Wells Fargo
To come are these additional banks rolling out Zelle over the year:
Ally Bank
Bank of Hawaii
Bank of the West/BNP Paribas
BB&T Bank
BECU
BNY Mellon
Citizens Bank
Comerica Bank
ConnectOne Bank
Dollar Bank
Frederick County Bank
First National Bank
First Tennessee
Frost Bank
HomeStreet Bank
KeyBank
MB Financial Bank
M&T Bank
SchoolsFirst Federal Credit Union
Star One Credit Union
SunTrust Bank
How do I send money through Zelle?
Zelle is available as a standalone P2P app that works a lot like Venmo. But unlike Venmo, to send money with Zelle, you and your recipient must be members of one of the Zelle partner banks.
Zelle also lives in your current bank’s app, offering a way to transfer money in four easy steps: 1. Set up your account. Log in to your current bank’s online system and register your email address or phone number to establish a connection with your bank account. 2. Send your payment. Choose your recipient, the amount you’re transferring and your funding account. Review your information and send. 3. Zelle notifies your recipient. Your recipient receives an email or text with instructions on how to receive the transfer. If your recipient is not registered with Zelle, they’ll be prompted with a one-time set-up. 4. Zelle deposits your money. Your transfer is deposited into your recipient’s bank account, typically in minutes.
You can also request money from friends or family, just like with Venmo.
How do I receive money with Zelle?
When another Zelle user sends you money, you’re notified at the email address or phone number that your sender used. If this email or number isn’t registered, simply register it to receive your funds.
What to look out for
Zelle is currently limited to bank transfers in US dollars within the United States. Like other payment processing services, it imposes some restrictions on the size and frequency of the transfers you can make.
Zelle won’t be as helpful if your bank doesn’t yet work with it. If your friends or family use these remaining holdout banks, you’ll need to manually enter their banking information or use Zelle's standalone app. Transfers to banks outside of Zelle's network can take one to three days, rather than a few minutes.
We're also hearing firsthand accounts about low maximums that aren't always advertised and other blips that could be a result of a quick rollout – or worse. We'll continue to update our review as we hear more.
Benefits and drawbacks
Benefits
Backed by many banks. Because it’s integrated into your bank’s app, you won’t need to download another one.
Instant transfers. When you use Zelle's bank-integrated service, it processes direct bank-to-bank transfers in minutes.
No fees. Send money to other Zelle users for free.
Drawbacks
Requires a bank account with Zelle-supported banks. The fastest transfers are between Zelle-supported banks. Otherwise, you must use Zelle's third-party app – and wait up to three days.
Murky maximums. Despite initial PR announcements of high $2,500 maximums, readers don't seem to be able to send this much. You'll need to confirm with your bank how much – and how little – you're able to send with Zelle.
US only. Zelle sends transfers in US dollars to US bank accounts only.
How safe is Zelle?
Because Zelle's integrated into your existing bank’s website or app, if you’re satisfied with your current bank’s security and encryption, that same protection is extended to cover Zelle transactions. Zelle's standalone app is backed by Early Warning Systems, a risk-management company that uses mobile identity authentication and advanced monitoring to ensure that your money is secure.
Our firsthand experience with Zelle
One Wednesday night, I realised I needed to send money to someone quickly. I was looking for a same-day domestic money transfer service, and Kelly recommended Zelle as a bank-to-bank option.
First, I confirmed that my recipient and I both have bank accounts with Zelle's partner banks, Wells Fargo and Capital One.
Then I sent $5 through my Wells Fargo mobile app to make sure she'd get the money right away. She refreshed her bank account balance summary on her tablet and saw my funds in her account.
I went ahead and transferred the full amount right after. Happy with the convenient service, I've used Zelle twice since then, and it's now my default method for quick transfers.
Aliyyah, Publisher
Bottom line
Zelle's taking off with transfers among users who expect funds within minutes. But not without snags that include hung-up transfers and customer reps who appear unwilling to untangle the problem.
While you won't be able to use Zelle in Australia, check out some other alternatives for domestic transfers and international ones.
No. For now, Zelle supports transfers in the United States in US dollars only.
In July 2017, ClearXchange became Zelle. If you were a member of ClearXchange, you’ll have been invited to enroll and can now send money using Zelle's app.
No. Zelle does not currently work with credit cards, so cash advances are not possible.
Kelly Waggoner is a senior editor at Finder. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma's world domination.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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