Sending money to friends and family is becoming a common necessity, whether you’re splitting the cost of a meal, paying someone back for a shared birthday present, or even paying the babysitter.
One of the fastest and easiest ways to do that is to send money digitally using P2P payments.
P2P payments enable you to send money to another person right from an app on your mobile device using a linked bank account, credit card, or debit card. You can think of it as a digital replacement for cash or checks. Sending money this way is more convenient than writing checks or handling cash, and it has quickly become a popular way to send money across many age groups.
There are many P2P payment options available, and it’s typically easy to enroll and start sending money. Apple Pay, CashApp, Google Pay, Venmo, and Zelle® are a few P2P services you may have heard of or read about. Whichever option you choose, you can use your mobile device to enroll, then depending on the service, you can link your bank account, credit card, or debit card. Once you’re set up, you can start sending money to friends or family who are also enrolled with your platform of choice.
Sending and receiving money is usually just a few clicks away. You choose who to send money to, the amount you want to send, add a message to indicate why you’re sending money, and send. Depending on which P2P payment option you use, the time it takes for the recipient to receive their money can range from a few seconds to a few days.
One popular P2P payment option is Zelle®, and it’s already available in the SELCO app, so there’s no need to download another app or enter in your bank account, credit card, or debit card information. SELCO does not charge any fees to send or receive money with Zelle®.1 All you need to enroll is your email address or U.S. mobile number. Zelle® is available in more than 2,200 banking apps, so you can send money to friends and family even if they don’t bank at SELCO.2 Best of all, money sent is available to use in minutes.2
Learn more about how using Zelle® can help you send money to friends and family.
1 SELCO Community Credit Union does not charge fees to send or receive money with Zelle®, but there is a $20 stop payment fee to cancel a Zelle® transaction that is still pending because the recipient hasn't yet enrolled. If the recipient doesn't enroll with Zelle® within 14 days, the payment will naturally expire, the funds will be returned to your account and no fees will be assessed. Your mobile carrier's messaging and data rates may apply.
2 To send or receive money with Zelle®, both parties must have an eligible checking or savings account. Transactions between enrolled users typically occur in minutes.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
