Difference between revisions of "Zelle"

From Bisq Wiki
Jump to navigation Jump to search
(Bisq v1 references; update standalone app status (discontinued Apr 2025); improve structure/flow; fix typos; add/update links.)
 
(2 intermediate revisions by the same user not shown)
Line 1: Line 1:
−
'''Zelle''' is a popular payment method that can be used to buy and sell bitcoin for USD. It is offered by many banks and credit unions in the United States (US). Zelle payments are typically instant, but they can take up to 4 days to process in some cases.
+
'''Zelle''' is a popular payment method within the United States (US) for buying and selling bitcoin for USD on Bisq. It is offered directly through the mobile apps or online banking of many US banks and credit unions. Zelle payments are typically instant, but users should be aware they can occasionally take longer (Bisq allows up to 4 days for the trade window).
  
−
== What is Zelle? ==
+
{{Admonition_Note|'''Version Context:''' The details on this page, particularly regarding trade limits and account signing, primarily apply to trading on '''[[Bisq 1|Bisq v1]]'''.}}
−
Zelle is a convenient way to send and receive money through your bank or credit union’s mobile app or online banking. All you need is your recipient’s email address or U.S. mobile number, and money will be available to use in minutes if they’re already enrolled with Zelle. Your account information and activity stay private. Zelle is available in over 2,200 bank and credit union apps.
 
  
−
More information is available on Zelle's website: [https://www.zellepay.com/faq/top-zelle-questions]
+
== About Zelle ==
  
−
== The Standalone Zelle App ==
+
Zelle allows users to easily send and receive money using only the recipient’s email address or U.S. mobile number, provided both parties are enrolled. Money is usually available within minutes. Zelle itself does not charge fees for transfers, though your bank might have standard account fees. Account details and transaction activity remain private between the user and their bank.
−
In addition to Zelle being available directly from banks and credit unions, there is also a Zelle standalone app available for those whose banks do not offer Zelle. On April 1, 2025, the standalone Zelle app will no longer be available. Current users of the standalone app will need to register with a bank or credit union that offers Zelle to continue using the service. Users of the standalone app that do not register with a supported bank or credit union will not be able to use the service after April 1, 2025.
 
  
−
== What counties is Zelle available in? ==
+
* '''Availability:''' Zelle is available '''only in the United States''' and facilitates transfers in '''USD'''. It is integrated into over 2,200 bank and credit union apps.
−
Zelle is only available in the United States.
+
* '''Standalone App Discontinued:''' The separate Zelle mobile app (for users whose banks didn't offer Zelle directly) was '''discontinued on April 1, 2025'''. Users who relied on the standalone app must now access Zelle through a participating bank or credit union's online/mobile banking services.
 +
* '''More Information:''' Visit the official Zelle website FAQ for more details: [https://www.zellepay.com/faq/top-zelle-questions]
  
−
== What currencies can I use with Zelle? ==
+
== Using Zelle on Bisq v1 ==
−
Zelle is used for transferring USD. 
 
  
−
== Are there spending limits with Zelle? ==
+
=== Limits and Requirements ===
−
Zelle does not have a universal standard in regards to spending limits. Each bank will have different policies when setting daily, weekly, and monthly spending limits. Limits are typically displayed within the Zelle app, and it's the buyer's responsibility to check their spending limits before taking an offer to buy bitcoin.
 
  
−
== What is the maximum trading duration for Zelle? ==
+
* '''Spending Limits:''' Zelle limits (daily, weekly, monthly) vary significantly between banks and credit unions. '''Buyers are responsible for checking their own Zelle sending limits''' (usually visible within their banking app) before starting a trade.
−
The maximum time for Zelle trade is 4 days. Most Zelle payments arriving instantly, but policies vary depending on the user's bank.
+
* '''Maximum Trade Duration:''' 4 days.
 +
* '''Maximum BTC per Trade:''' {{MaxTradeSizeBisq1}} (This is the standard [[Bisq 1|Bisq v1]] limit).
 +
* '''Account Signing:''' Yes, Zelle accounts '''require [[Account_limits|signing]]''' in [[Bisq 1|Bisq v1]]. Until your Zelle payment account is signed, trades using it are limited to 0.01 BTC.
  
−
== What is the maximum BTC limit for a Zelle trade? ==
+
=== Setting Up Your Zelle Account in Bisq ===
−
0.1252 BTC is the maximum amount per trade.
+
Before adding Zelle to Bisq, ensure you have enrolled with Zelle through your participating bank or credit union's app or website. This usually involves verifying your U.S. mobile number or email address.
  
−
== Does the Zelle payment method require account signing in Bisq? ==
+
To add your Zelle account to Bisq:
−
Yes. Trades are limited to 0.01 BTC until the payment account is [[Account_limits|signed]].
+
# Go to the '''Account''' tab in Bisq.
 +
# Click '''Add New Account'''.
 +
# Select '''Zelle (ClearXchange)''' from the payment method dropdown list.
 +
# Enter the '''Full Name''' associated with your bank account.
 +
{{Admonition_Warn|Use your real name exactly as registered with your bank. Sellers cannot confirm payment receipt if the sender's name doesn't match the name provided in Bisq, per trade rules.}}
 +
# Enter the '''Email Address or U.S. Mobile Number''' that you have registered with Zelle.
 +
# (Optional) Add a custom '''Account Name''' visible only to you (useful if you add multiple Zelle methods).
 +
# Click '''Save New Account'''.
  
−
== How do I setup a Zelle account ==
+
== Trading with Zelle on Bisq v1 ==
−
Zelle is normally an option from within your mobile banking app.  First time users will normally need to verify their email or phone number to get started. 
 
  
−
== How do I create a Zelle payment account in Bisq? ==
+
=== Buying BTC with Zelle ===
−
# Click 'Account'
+
1.  Find an offer to buy BTC (or create your own) in the USD market using Zelle.
−
# Click 'Add New Account'
+
2.  Once the trade starts and the initial deposit transaction confirms, you'll see the seller's Zelle details (Full Name and registered Email/Phone Number).
−
# Select 'Zelle (ClearXchange) from the dropdown list
+
3.  Log in to your bank/credit union's mobile app or website and initiate the Zelle payment '''exactly''' as instructed on the Bisq trade screen.
−
# Fill in the account owner's full name.
+
{{Admonition_Warn|Only use the payment details provided in the Bisq trade. Do not send to different details if requested by the peer outside of Bisq.}}
−
{{Admonition_Warn|It's important to use your real information, as it's registered with your bank.  Per Bisq trade rules, sellers can not confirm payment receipt unless the sender's account name matches what's listed in Bisq.}}
+
4.  After sending the payment, click the '''Payment started''' button in Bisq.
−
# Fill in your email address or phone number that is registered with Zelle. 
 
−
# Optionally, you can select to use a custom account name that will only be visible to you.  This helps identify multiple Zelle payment accounts. 
 
−
# Click 'Save New Account'
 
  
−
== How do I buy BTC with my Zelle account? ==
+
=== Selling BTC with Zelle ===
−
# Make an offer to buy BTC in the USD market.
+
1.  Find an offer to sell BTC (or create your own) in the USD market using Zelle.
−
# Take an offer to buy BTC in the USD market.
+
2.  Once the trade starts and the initial deposit transaction confirms, the buyer will see your Zelle details (from the account you added in Bisq) and will send the payment.
 +
3.  Wait for the buyer to click "Payment started" in Bisq.
 +
4.  '''Verify''' in your bank account that you have received the correct USD amount '''from a sender whose name matches''' the buyer's name shown in the Bisq trade details.
 +
{{Admonition_Warn|Only confirm payment receipt if the sender's name matches the details in Bisq, per trade rules.}}
 +
5.  Once verified, click the button in Bisq to '''Confirm payment receipt''', which releases the BTC to the buyer.
  
−
Once a trade is started and the deposit transaction is confirmed on the blockchain, you will see the seller's full name and either their email address or phone number.  Next, login to your bank's mobile banking app and follow the instructions to send the Zelle payment.  {{Admonition_Warn|Per Bisq trade rules you can only use the information provided on the Bisq trade screen.}}. Once payment has been sent and confirmed click the 'Payment Started' button on the trade screen.
+
== Potential Issues ==
  
−
== How do I sell BTC with my Zelle account? ==
+
=== Dispute Resolution ===
−
# Make an offer to sell BTC in the USD market
+
If a problem occurs (e.g., payment not received, wrong amount sent, sender name mismatch), a [[Dispute_Resolution_in_Bisq_1|dispute resolution]] process involving a [[Mediator]] may be initiated.
−
# Take an offer to sell BTC in the USD market.
+
* The '''buyer''' might need to provide proof of payment (screenshot, bank statement showing correct amount, recipient, and timestamp).
 +
* The '''seller''' might need to provide information to verify their account details or confirm non-receipt.
  
−
Once a trade is started and the deposit transaction is confirmed on the blockchain, the buyer will be instructed to send payment to the Zelle account information that you have provided.  Once they confirm that payment has been sent you will see an option on the trade screen to confirm that you have received the payment.  Once you have confirmed the correct amount has been sent from the account that is listed on the Bisq trade screen, you can click to confirm payment.  {{Admonition_Warn|Per Bisq trade rules the buyer can only confirm a payment if the sender's name match's what's displayed in Bisq.}}
+
=== Bank Blocking Payment ===
−
 
+
Banks or credit unions may sometimes block Zelle payments based on their own risk algorithms or policies. If you (as the buyer) are unable to send the Zelle payment for reasons beyond your control:
−
== Are there any fees for me to be aware of when using my Zelle account? ==
+
1.  Do '''not''' try to send payment from a different Zelle account or a friend/family member's account.
−
Zelle is free of charge.   
+
2.  Immediately open a support ticket with a [[Mediator]]: select the trade in Bisq and press '''Ctrl + O''' (or Cmd + O on Mac).
−
 
+
3.  Explain the situation clearly to the [[Mediator]].
−
== How does dispute resolution when trading with Zelle? ==
 
−
If a dispute arises, the mediator may request the buyer to provide evidence that they have made the payment of the correct amount to the BTC Seller within the specified timeframe. The mediator may also request the seller to provide information to verify their account details, or in the case of the BTC Buyer making a payment late or of the wrong amount.  For more information see [[dispute resolution]].
 
−
 
 
−
== What happens if my bank doesn't allow me to send a Zelle Payment ==
 
−
Each bank or credit union can set their own risk factors for their customers when it comes to sending payments. If, for any reason, you're unable to send a payment to the account listed on the trade screen, then you should manually open a support ticket (hit Ctrl + O while the trade is selected) and notify the mediator about your banking issue.
 

Latest revision as of 17:14, 5 April 2025

Zelle is a popular payment method within the United States (US) for buying and selling bitcoin for USD on Bisq. It is offered directly through the mobile apps or online banking of many US banks and credit unions. Zelle payments are typically instant, but users should be aware they can occasionally take longer (Bisq allows up to 4 days for the trade window).

Note
 Version Context: The details on this page, particularly regarding trade limits and account signing, primarily apply to trading on Bisq v1.

About Zelle

Zelle allows users to easily send and receive money using only the recipient’s email address or U.S. mobile number, provided both parties are enrolled. Money is usually available within minutes. Zelle itself does not charge fees for transfers, though your bank might have standard account fees. Account details and transaction activity remain private between the user and their bank.

  • Availability: Zelle is available only in the United States and facilitates transfers in USD. It is integrated into over 2,200 bank and credit union apps.
  • Standalone App Discontinued: The separate Zelle mobile app (for users whose banks didn't offer Zelle directly) was discontinued on April 1, 2025. Users who relied on the standalone app must now access Zelle through a participating bank or credit union's online/mobile banking services.
  • More Information: Visit the official Zelle website FAQ for more details: [1]

Using Zelle on Bisq v1

Limits and Requirements

  • Spending Limits: Zelle limits (daily, weekly, monthly) vary significantly between banks and credit unions. Buyers are responsible for checking their own Zelle sending limits (usually visible within their banking app) before starting a trade.
  • Maximum Trade Duration: 4 days.
  • Maximum BTC per Trade: 0.0624 BTC (This is the standard Bisq v1 limit).
  • Account Signing: Yes, Zelle accounts require signing in Bisq v1. Until your Zelle payment account is signed, trades using it are limited to 0.01 BTC.

Setting Up Your Zelle Account in Bisq

Before adding Zelle to Bisq, ensure you have enrolled with Zelle through your participating bank or credit union's app or website. This usually involves verifying your U.S. mobile number or email address.

To add your Zelle account to Bisq:

  1. Go to the Account tab in Bisq.
  2. Click Add New Account.
  3. Select Zelle (ClearXchange) from the payment method dropdown list.
  4. Enter the Full Name associated with your bank account.
Warn
 Use your real name exactly as registered with your bank. Sellers cannot confirm payment receipt if the sender's name doesn't match the name provided in Bisq, per trade rules.
  1. Enter the Email Address or U.S. Mobile Number that you have registered with Zelle.
  2. (Optional) Add a custom Account Name visible only to you (useful if you add multiple Zelle methods).
  3. Click Save New Account.

Trading with Zelle on Bisq v1

Buying BTC with Zelle

1. Find an offer to buy BTC (or create your own) in the USD market using Zelle. 2. Once the trade starts and the initial deposit transaction confirms, you'll see the seller's Zelle details (Full Name and registered Email/Phone Number). 3. Log in to your bank/credit union's mobile app or website and initiate the Zelle payment exactly as instructed on the Bisq trade screen.

Warn
 Only use the payment details provided in the Bisq trade. Do not send to different details if requested by the peer outside of Bisq.

4. After sending the payment, click the Payment started button in Bisq.

Selling BTC with Zelle

1. Find an offer to sell BTC (or create your own) in the USD market using Zelle. 2. Once the trade starts and the initial deposit transaction confirms, the buyer will see your Zelle details (from the account you added in Bisq) and will send the payment. 3. Wait for the buyer to click "Payment started" in Bisq. 4. Verify in your bank account that you have received the correct USD amount from a sender whose name matches the buyer's name shown in the Bisq trade details.

Warn
 Only confirm payment receipt if the sender's name matches the details in Bisq, per trade rules.

5. Once verified, click the button in Bisq to Confirm payment receipt, which releases the BTC to the buyer.

Potential Issues

Dispute Resolution

If a problem occurs (e.g., payment not received, wrong amount sent, sender name mismatch), a dispute resolution process involving a Mediator may be initiated.

  • The buyer might need to provide proof of payment (screenshot, bank statement showing correct amount, recipient, and timestamp).
  • The seller might need to provide information to verify their account details or confirm non-receipt.

Bank Blocking Payment

Banks or credit unions may sometimes block Zelle payments based on their own risk algorithms or policies. If you (as the buyer) are unable to send the Zelle payment for reasons beyond your control: 1. Do not try to send payment from a different Zelle account or a friend/family member's account. 2. Immediately open a support ticket with a Mediator: select the trade in Bisq and press Ctrl + O (or Cmd + O on Mac). 3. Explain the situation clearly to the Mediator.

Retrieved from "https://bisq.wiki/index.php?title=Zelle&oldid=3952"