Bizum has managed to establish itself in recent months as one of the most popular payment methods of 2019. Far from services such as PayPal, the Spanish platform to send money instantly has been created in order to eliminate tedious procedures and long waiting times. wait when transferring money to accounts of different banking entities. Its use, however, continues to raise doubts among those who do not know the application or its functions. For this reason we have compiled some of the most recurrent doubts about Bizum and its operation as a dependent application.
What is Bizum and how does it work
Bizum is a service promoted by Spanish banking that unifies the vast majority of banking groups in Spain to integrate a single transfer system with which to send and receive money immediately, free of charge and without commissions .
Currently the Bizum service drinks from telephone numbers to identify users and carry out operations among themselves. In this way, we can send or request money to any contact on our agenda through a simple free SMS .
As announced by Bizum's own website, the platform is trying to bring this payment method to electronic businesses and physical stores to increase the possibilities of the service. At the moment, most functions are limited to individual use: sending money, requesting it or making donations to associations and NGOs.
Is Bizum free? What commissions do you have?
The use of Bizum is completely free, at least in most banking entities. Currently BBVA is the only entity that charges a commission of 0.10 euros per transfer from the year of use, the first year being free.
It is unknown if the rest of the entities will be joining this measure in a phased manner in the future. At the moment it seems that it is not.
Where can I download Bizum
Bizum is not presented as a separate application, so we will not be able to download it from the different mobile application stores. To use the tool we will have to go to the application of our bank . In general, we can find a section for Bizum.
Is Bizum safe?
Right. As it is a service whose distribution is limited to the official channels of the banks, the security and encryption systems used are the same as those integrated into the official application of our bank . The service itself ensures that both the transfer and the authentication are managed by the bank itself.
Which banks support Bizum
Practically all Spanish banks. As of today, a total of 27 financial entities are compatible:
- Banco Mediolanum
- Bankoa (coming soon)
- Caixa Bank
- Engineers Box
- Rural Box
- Deutsche Bank
- Rural Eurobox
- Imagin Bank
- Kutxa Labor
- Direct Office
How to activate Bizum in my bank (La Caixa, BBVA, Bankia ...)
As mentioned above, Bizum does not have a separate application. To make use of this we will have to refer to our bank application (Imagin Bank, BBVA, EVO ...).
Image Bank application.
How many Bizum can be made? Is there a limit?
The truth is that yes. Bizum establishes a monthly limit of 150 money transfer operations and 150 money receipt operations . That is, a monthly limit of 300 operations.
If we talk about recipient limits, Bizum sets the figure at a maximum of 30 people when making a multiple transfer . These figures may vary depending on the financial institution, so we will have to consult the conditions that we accept at the time of registration.
Can I make payments with Bizum to a bank in another country?
No. Being an application developed by Spanish banks, money transfers can only be made from a Spanish bank to another Spanish bank as long as it is compatible with Bizum.
How much is the maximum amount of money I can send through Bizum
As with operations, there is a limit of money that we can send throughout a day. The maximum amount set by Bizum per transaction is 1,000 euros , while the maximum total amount per day is 2,000 euros .
Is there a minimum amount per transaction? Affirmative. From 0.50 euros . However, there are entities that set lower and higher figures. From tuexperto.com we recommend contacting directly with the financial institution to ensure the amounts that are handled.
Bizum does not work, gives me an error or does not let me pay
Some users have been reporting various Bizum problems in the BBVA, EVO and Bankia applications. The solution is as simple as logging back into the bank app . In the event that the service still does not work, we will have to contact the customer service of our branch.
I am a company / self-employed person, can I use Bizum as a professional?
Unfortunately, the use of Bizum is limited to individuals, associations and NGOs , so we will not be able to use this service as a payment method if we are entrepreneurs or freelancers. The good news is that the application is compatible with the payment of products and services from an individual to a company or freelance , just like PayPal and other traditional payment methods, such as bank transfers or credit cards.