If you are new to Bizum or just using it but have a lot of questions, we are going to provide you with a guide on how to use bizumwhat are the first steps and to solve the most frequent doubts about the service.
Essential questions like what is Bizum, how does it work, your limits and supported banks, etc All information about this popular method of sending and requesting money, explained in detail.
What is Bizum and how does it work?
until that a mobile payment solution, promoted by the Spanish bank. It was born in June 2016 with the aim of offering an instant, universal and comfortable transfer system. With only seven employees, it reached 15 million users last year, becoming one of the payment methods Although it worked with an independent application, currently Bizum integrates directly with the application of compatible banksso you don’t need to install anything if you want to make it work.
The operation of Bizum is very simple: you enter the number of the contact to whom you wish to send (or request) the money and voila, instant transfer
with this platform you can send and request money from your contactsmake payments to NGOs and even authorize purchases via Bizum. Any merchant attached to the platform will allow you to pay immediately through Bizum, a great solution if you don’t have cash or cards with you or just want to pay quickly with it.
How to open a Bizum account?
Bizum, being a service within our bank, does not require the creation of an account, but to perform the service. This will depend on the banking app you are using, although the method is usually quite straightforward. All you have to do is open your bank’s app and find the Bizum section. If you are not registered, the application will guide you through the registration process.
you just have to validate your phone number, because it will be your master key to use the service, and nothing else. Registration will be instant and you can start using Bizum the same day you set it up.
Which banks work with Bizum?
There are currently 29 banks compatible with Bizum, covering practically all major banks in Europe, so that all users can use the service. If your bank account is in one of the banks on this list, it means that you will be able to make and request payments through Bizum, without having to install more than the official application of your corresponding bank.
- CaixaBank
- Santander
- BBVA
- Sabadell
- unibox
- Kutxabank
- Country Box
- Iber Caja
- cajamar
- Bank
- Bankinter
- Work Kutxa
- EVO Bank
- Bancamars
- Country Box
- engineer box
- Pueyo Bank
- Mediolanum
- Cajalmendralejo
- Arquia Banca
- Bank of roads
- Caixa Guissona
- Caixa Ontinyent
- Cajasur
- German Bank
- ImaginBank
- Open Bank
- Orange Bank
- Targo Bank
What do I need to make a Bizum?
To create a Bizum, you just need to have a bank account with one of the banks attached to the platform and know the telephone number of the person or entity in which we will make the payment. This data is essential, because Bizum does not expose the user’s account number or other data. Yes or yes, we will need to have a phone number to send or request money.
It will also be necessary that we have installed and (recommended) updated our bank app. It will be through the bank’s own application from which we can send money or request it through Bizum, in a section dedicated to this service within the application.
What maximum amount can be sent by Bizum? His limits
Since June last year, Bizum has reduced the number of operations. Specific, we can only receive 60 transfers per month. In other words, we can only receive money through Bizum for these 60 times, from there we will have to wait for the next month.
After this measurement, this is how they are The limits of Bizum
- Minimum amount per transaction: 0.50$
- Maximum amount per transaction: 1.000$
- Amount of transactions received per customer in one day: 2.000$
- Number of transactions issued/received by a client in a month: no limit on transactions issued, 60 receipts.
- Maximum number of recipients to include in a multiple request/send: 30 recipients
- Pending Shipment Duration to Non-Customer: Two days
- Duration of the pending request to a Non-client: 7 days
Can I put the subject I want?
Beware of Bizum’s goofy business, as “weapons for holy war” or “payment for drugs” are not appropriate. Bizum read the topics that users put and there have been cases of calls to them, warning them not to put this type of message in the concept of sending.
Bizum’s excuse here is to comply with the obligations of Regulation 10/2012 on the prevention of money laundering and terrorist financing. Operations that have a “suspicious” concept can be rejectedand you will not be able to send until you put a concept accepted by the platform.
How much does Bizum cost?
No more. Bizum is a completely free service and at no additional cost. Regardless of the bank, since we use it, its cost is zero, and the only limit it has is the one we mentioned earlier regarding money transfers.
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