No, Zelle is not available to the Canadian residents. It can be used only by those United States residents who have an account with one of the US banks.
What is Zelle?
Zelle is a mobile-based peer-to-peer payment app that is associated with more than a thousand banks that makes transferring money easy. You can pay rent, your baby sitter, or any other bills at the convenience of your home. You need to register your email ID or your mobile number with Zelle. You should know what is the registered mobile number or email ID of your recipient. You can enter these details along with the amount you need to transfer and this will trigger a notification at your recipient’s end, who can then complete the payment process.
What are the advantages of Zelle?
- It is free of cost
- You can swiftly transfer funds.
- It is a secure method of payment
- It is integrated with numerous banking apps.
- You simply need the recipient’s email ID or mobile number and not their detailed banking information.
- There is no limit for receivers
- You can make payments on the go.
What are the disadvantages of Zelle?
- There is no policy for fraud protection
- There is a limit to payments
Is Zelle available in Canada?
The advantages of Zelle outweigh the disadvantages. With so many pros of having Zelle, many are curious if Zelle is available to Canadians, but it is so far available only to the residents of the United States. In fact, only those who have an account with one of the US banks can make use of Zelle. The reason for Zelle not being available in Canada is that foreign exchange and currency conversion is complex with a number of terms and conditions. Although mobile apps such as Paypal aid foreign currency transfer, they charge a heavy cost.
Zelle Payment App
Although Zelle is not available in Canada, there are other apps such as KOHO, Wise, PayPal, Stack, Wealthsimple cash, Interac etc.,