Every day more transactions are carried out with Bizum, and surely you will have the doubt of How to pay with Bizum? here we will give you all the information you need on this subject.
This is a tool to transfer funds between people through mobile phones, using only one phone number, because customer bank accounts, whether they are from different entities, are linked through mobile phone numbers.
Pay with Bizum: How does it work?
With this platform you can send and request funds from free and instant to other users who also use it. The only condition is that another user also has an account in the bank that cooperates with the project and accepts its use. It also allows you to send money to NGOs.
The upper limit of the remittance is established by each bank, although the amount of the remittance usually ranges between 0.50 and 150 euros, in some cases it may even be higher. As we said before, the transfer is completely free until further notice.
Bizum also allows you to use it to pay online purchases. You only need to indicate your phone number in the online store that supports it and verify the operation to be able to transfer funds safely. In addition, they also hope to start implementing a mobile payment system for physical stores as soon as possible.
Initially, Bizum only supported 15 banks, but over time the list continued to grow. Currently, 26 banks provide Bizum to users. By the way, the total number of users has reached 3.5 million and more than 30 million operations worth 1,500 million euros have been carried out. Watch page.
Bizum can only be linked to a bank account and each account has a phone number. If we are talking about the account of the same bank, the process of changing the linked account will take a few seconds, but if you want to change the account of another bank, you must first cancel the service of the first bank before you. Bank record.
In terms of security, as it is integrated into the mobile application of each bank, security will be the same as that used by the application itself. Similarly, first you need your online banking credentials to access your bank’s applications, and then you need a PIN to verify each operation, and you must verify the PIN via SMS sent to the corresponding phone number. You already know How to Pay with Bizum.
Pay with Bizum: Compatible Banks
Currently, there are 26 financial entities that can provide Bizum to their clients. Normally, the operating cost of using this function is free, but it depends on the policy of each bank, so the best way to avoid surprises is to contact your entity and request conditions.
The same happens with the limit amounts and the number of transactions, they depend on the bank. For example, at BBVA you can send up to 500 Euros per transaction, up to 1,200 Euros per day and up to 5,000 Euros per month. At Caixabank the limit for each transaction is 500 euros and each NIF is 40 transactions per day; In Santander, the maximum amount per transaction is 1,000 euros and a maximum of 2,000 euros per day can be obtained.
Here is a list of all the banks that work with Bizum in Spain. On their web pages you can download the application, and you can also find out about the transaction limits of each of them. Watch page.
- Banco Mediolanum
- Caixa Bank
- Engineers Box
- Rural Box
- Deutsche Bank
- Rural Eurobox
- Imagin Bank
- Kutxa Labor
- Direct Office
Pay with Bizum: Donate to an NGO
You want to make one or more donations, How to pay with Bizum?, 100% of your money will be donated to the organization of your choice. No commissions, no fees:
- Acciona Bizum: Download your bank’s app, register and select the Bizum option. Locate the option to send money to an NGO.
- Sending serial: Choose the NGO you want to make the donation to, or enter the sending code that you will find in the NGO list.
- Enter an amount; Select the amount you want to contribute and press send. Your money will reach the NGO at that very moment. Watch page.
Benefits of Paying with Bizum
- The cost it will depend on the pricing policy of each institution. Registration and shipping at Bankinter are free.
- At the moment, it allows you to associate only a mobile number to each account.
- The limit of remittances is determined by the bank, although under normal circumstances it can range between 0.50 euros and 150 euros, some banks will increase the limit.
- You can also use it to pay online, for this you only need to indicate your phone number in the store to get support and verify information.
- If you want change associated accountIf it is related to the same bank, you can quickly complete the process, but if the change is in another entity, you must cancel the account to sign up for the second account.
- Safety contained in each banking application will be the same as the one used by the application itself. In the same way, you will need a PIN to verify each operation, and the PIN will also be confirmed by SMS, which the bank will send to the corresponding phone number. Watch page.
Frequently Asked Questions about Bizum
What requirements do I need to use Bizum?
It is enough to have a bank account (IBAN), and a mobile phone number of any entity that provides services in Spain. Download your app, register for the service and start enjoying Bizum.
Where can I find it?
Depending on the entity, it can be found in your general mobile phone, wallet or electronic banking application.
Is Bizum safe?
Bizum is a service provided entirely through banking channels, which is why it is fully backed by the banking security system. Remittances are always ordered by your bank, who is responsible for verifying your identity.
Does it have any cost?
Bizum has no cost to users. However, this will depend on the policies of each entity. We recommend that you check with your bank.
How do I sign up?
This procedure is very easy:
- Select the entity to which you want to join Bizum.
- Find your app in the Play Store or Apple Store.
- Download said application.
- Issue your online banking credentials and log in.
- Enter the Bizum section or send / receive money with Bizum.
- Read and approve the Terms and Conditions! You can now use Bizums !.
Can I make a Bizum to a person with an account abroad?
Although we like to travel abroad, Bizum services are not yet available for bank accounts outside of Spain.
Regarding phone calls, Bizum has no restrictions, so sending Bizum to a foreign mobile phone with an associated Spanish bank account will not have any problem.
Can I make a Bizum to a person who is not affiliated with the service?
Regarding phone calls, Bizum has no restrictions, so sending Bizum to a foreign mobile phone with an associated Spanish bank account will not have any problem:
- You want send money, your shipment will be in pending status until the recipient registers. In the event that the recipient does not register after two days from the date of shipment, the operation will be automatically canceled.
- If your Bizum requires payment, your request will be pending until the recipient responds. If the recipient does not register after seven days from the date of shipment, the operation will be canceled automatically.
Can I own Bizum with several entities at the same time?
Bizum is monogamous, so he can only be with one entity at a time. Of course, you can make various changes as needed. You can only enter Bizum through an entity using a mobile phone number. If you use multiple mobile phone numbers, you can use multiple entities.
What is Bizum?
We explain what Bizum is, how it works and which banks are compatible. It is not an application because it is directly integrated into the mobile application of the bank that supports it, but a system through which they can be carried out. instant payments between individuals safely and in real time.
Bizum is a money transfer system between individuals, it is an alternative to bank transfers and can compete directly with other well-known systems such as PayPal. His main argument against bank transfers is that the money will arrive immediately, regardless of the entity from which you are making the transaction.
Bizum is a platform or remittance service, but it is a system directly integrated into the application of each bank, so it is not necessary to download any other application to use it. Most Spanish banks support it, so all you have to do is check if you can use it in the app.
Bizum is a mobile payment solution strongly promoted by Spanish banks, which is instant, fast, convenient and universal. Currently, it allows payments between individuals, donations to NGOs and payments in related online businesses. More information on his page Web.
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