Bizum is one of the services that banks offer us and that is carried out by mobile so that money circulates between its clients in an easy way, being much simpler than making a transfer.
The truth is that Bizum has come to make small payments much easier, especially between individuals.
The system does not depend on endless account numbers and only with the smartphone, in addition to a telephone number, we can quickly manage it ourselves.
It is the best way to interact with friends or family for money, as long as the amounts that we are going to handle are not exorbitant.
In addition to all this, another of Bizum’s great virtues is the immediacy of payments, something that not all transfers can guarantee, at least not for free.
What is Bizum?
Basically, Bizum is a money transfer system between individuals, created as alternative to bank transfers and as competition from other systems to carry out this type of operation, such as PayPal.
It has three undoubted points in its favor compared to classic transfers between banks:
- immediacy: the money that is sent arrives at the moment to the recipient, something that does not happen in most normal transfers. In all banks, a method has been added in which payment is also instantaneous, which usually entails an additional cost to the user of between 0.75 and 3 euros.
- Phone number: Bizum depends on our mobile number, previously configured, so that it works effectively in this service. We won’t need anything else.
- no app: it is not necessary to download any type of application, since the entire system is integrated into our bank’s own app.
The only condition we have at Bizum is that We must have an active bank account in the bank where we want to use this service and have associate our phone number mobile to that account.
The transfer limits are set by each bank, but normally they allow us to make payments of between 0.50 and 150 eurosalthough there are banks that allow these amounts to be exceeded, all of them being totally free.
Something that we must be very clear about is that we cannot have the Bizum system in two banks at the same time. That is, if we have it in one, to use it in another, we must deactivate it in the first.
It is compatible with the vast majority of banks today, such as:
- Mediolanum Bank
- Box of Engineers
- Country Box
- Deutsche Bank
- Rural Eurobox
- Image Bank
- Labor Kutxa
- Direct Office
- open bank
How does Bizum work?
Bizum has a really very simple way of working, but first of all we must enter our bank’s app, find where this service is and register.
Once we have achieved it, we will see how we have two differentiated options in the service, such as Send money and another, such as Request it. Let’s see how Bizum works in both options.
Obviously, each bank application is different, but the truth is that the steps are more or less the same in all of them.
That is why the ones that we are going to indicate to you will be used to send money to a person whose phone number, as usual, we must know.
Let’s see how Bizum works to send money:
- The first thing is to go to the Bizum section of our bank’s app and hit Send money.
- we see how we ask the recipient. At Bizum, the telephone number is used to identify the person who is going to receive our money.
- At that time we can write the number or remove it from the mobile contact list.
- Once selected or selected, it is time to put the amount we want to send and then we can put a concept, something that is optional.
- We will click on Confirm (Send) and ready.
If the amount is less than or equal to 20 euros, a password is not required, otherwise they will send one by means of an SMS to our mobile phone.
The recipients or receiver of this amount will receive it at the moment, without having to wait for anything, something that usually happens with transfers.
Ask for money
To know how Bizum works, we must also know how to request money from other people.
It is a good solution when you are paying for a dinner among many, buying a gift for someone among all of you, or planning the expenses of a trip among your friends.
To make the payment, a request from Bizum is sent to all the participants for the agreed amount. To achieve this, you just have to do the following:
- We enter our Bizum and this time we click on Apply for.
- Next, We select the recipients to whom we want our request to reach. We can put each of the digits of your phone number by hand or by going to the contacts of our terminal.
- Once selected, we put the amount that each one of them has to send us.
- Then we can the concept, which in this case makes more sense than in the previous one, because at least that way we remind them of what this request is due to.
- then it will come by SMS a key that we must introduce to then give in Confirm.
All those who receive the request must give a response to the sending of the money.
If the case arises, we receive one, the way to act is as follows:
- We will receive a notification in which it says You have received a request.
- In it we will be able to know who sent it, in concept and also ask if you want to pay it, being able to accept or reject this notice.
- Obviously, if we do not expect any Bizum, it is best to reject it, but if everything is correct, we will click on Accept. This will make the other person receive the money that he has requested from us immediately.
- To confirm it completely you must enter the bank app and approve it. For security reasons, there must be a second validation of the operation, although this is something that may not occur in your bank.
- If by chance it is not correct and we reject it, we must know that the request ends up disappearing and expires after 7 days.
With everything we have seen, you already know what Bizum is and how it works, the most comfortable and used system to send small amounts of money between friends and family.
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George is Digismak’s reported cum editor with 13 years of experience in Journalism