The fintech landscape is rapidly evolving. These platforms have several great features, and financial institutions have been digitizing many of their services for years. Zelle is a pioneer in the space that helps consumers send and receive money. Despite only launching in 2017, Zelle has accumulated over 100 million users and has processed nearly $1.5 trillion in transactions. Current is an online money management app gaining momentum that recently eclipsed four million users. Do these two companies provide synergy for Current’s members? We will share the details on getting Zelle set up for your Current account.
About Current
Current is a fintech company that provides online banking services through Choice Financial Group, Member FDIC. The banking and cash app does not have physical branches, which significantly reduces the fintech company’s overhead. Current passes these savings onto consumers through up to a 4% bonus on savings accounts, overdraft protection of up to $200, automatic savings through Current round-up purchases, and other perks.
Current has no hidden fees or minimum account balance requirements. Many financial institutions use these gimmicks to get more money from their customers. Members can also save money across Current’s ATM network. Current partners with Allpoint ATMs to provide fee-free withdrawals across over 40,000 in-network ATMs. The online finance services provider also offers Teen Accounts with parental oversight. You can get your child started with an account and monitor their expenses. Parents can even block certain merchants and send automated allowances to their children’s accounts.
Current lets you grow your money at up to a 4% bonus, but you can also invest in crypto. Current lets its members diversify their portfolios with over 30 digital currencies. You won’t have to pay any trading fees if you invest with the Current mobile app. Since the app has your crypto and checking account in one place, you can instantly convert crypto into cash and use it to address emergency expenses. Under the traditional format, it would take several days to transfer converted crypto from a brokerage account to your spending account.
Current is an all-in-one money management resource that provides resources to strengthen your finances. The fintech company has amassed over 4 million members since being founded in 2015. The fintech company’s headquarters is located in New York.
Current has a top-quality customer service team available 24/7. You can visit the mobile banking app’s Support section and tap Contact Us to speak with a representative. Current also offers a support email address and a form you can fill out. For security purposes, Current can only communicate with an email address associated with your account.
What is Zelle?
Zelle is an online payment network that allows people to exchange money easily. For example, you can use Zelle to pay for a restaurant visit, send money to a friend, and cover other expenses. Many banks have already integrated with Zelle, making the company’s services more accessible.
Over 1,000 banks make Zelle accessible to customers, which is very convenient. However, you don’t have to worry if your bank doesn’t connect with Zelle. You can still use the app. Zelle has several workarounds and allows you to make quick and safe money transfers.
The company launched in 2017 and has its headquarters located in Scottsdale, Arizona. Early Warning Services, LLC, a fintech company owned by seven of the largest U.S. financial institutions, created Zelle. Bank of America, Truist, Capital One, JP Morgan Chase, PNC Bank, U.S. Bank, and Wells Fargo are the seven banks that own Early Warning Services, LLC.
How Does Zelle Work?
Zelle connects with your bank account and lets you use those funds to pay people. If someone sends you money through Zelle, the funds will go straight to your bank account. To get started, you will have to create a Zelle account with your mobile phone number or email address. Most banks let you create an account from their respective apps, but you can also create an account with the Zelle app.
If you want to pay someone, Zelle lets you enter the person’s email address or mobile number. You can then inform Zelle of how much you would like to pay the person. Zelle will handle the rest after you input your details and submit the payment. Your funds will get transferred to the recipient’s account. Transactions have no fees, and you can send money to someone with Zelle even if you use different banks to store your cash. If the recipient does not have a Zelle account, they will receive a notification detailing how to receive the money. It’s a simple and quick process, even if the recipient does not have a Zelle account.
Zelle lets you send money to almost anyone with a bank account in the United States. You will have to choose how much to send someone and then process the money transfer. Most Zelle transfers only take a few minutes.
Does Current Work with Zelle?
Although Current is not a bank, Current members can still use Zelle. Current provides banking services through Choice Financial Group. You can integrate with Zelle using Current’s partnership with the Metropolitan Commercial Bank. You can find that bank on Zelle’s Get Started page and get started. It’s a bit of a workaround, but Current members can transfer money to friends and accept payments through their Current accounts.
Using Zelle offers many benefits. You can easily transfer money to other Current users and people who work with other banks. Zelle does not charge any fees for its service. You can readily send money back and forth to your family and friends. It’s also a great resource for small businesses. Funds should arrive in the recipient’s bank account within 1-3 business days.
Linking Current with Zelle
Connecting your Current account with Zelle requires a few extra steps, but the process is straightforward once you see it in action. You can follow these steps to link your Current account with Zelle.
Downloading the Zelle App
Since Current doesn’t have an integration with Zelle, you will have to download the Zelle app. You can get Zelle in the App Store or Google Play.
Registering Without a Bank
After downloading the app, follow the steps to create a Zelle account. You can register for Zelle without adding a U.S. checking account.
Add Your Current Account to Zelle
You can add your Current account to Zelle using the workaround we discussed earlier. You can look for the Metropolitan Commercial Bank on Zelle’s list or connect your Current debit card. Zelle lets you send and receive payments through a debit card. Current’s debit card connects to your checking account, providing a backdoor to using Zelle to process money transfers.
Is Zelle Worth It?
Creating a Zelle account involves multiple steps if your bank does not have an easy integration in place. Although you have to jump through extra hoops, a Zelle account is definitely worth the effort. This account makes it easier to send and request money. You also won’t have to worry about any additional fees for using this service.
Some banks make the integration with Zelle seamless and let you connect your account within a few minutes. You only have to set it up once, and then Zelle runs in the background and makes money transfers to other financial institutions much easier.
How to Open an Account with Current
A Current account can up-level your finances with spending insights, access to investments, budgeting tools, and other perks. You can create a Current account by visiting the website or downloading the mobile app.
Current will walk you through the process and have your account set up within two minutes. You will need to provide your government-issued photo ID, Social Security Number, email address, home address, and other information. All banks request this type of information before letting individuals or small businesses create accounts.
You can then connect with Zelle through their app and start saving money at one of the most attractive savings bonuses in the industry. Current is available on iOS and Android devices. It has an average rating of 4.7 stars from more than 300,000 combined reviews from the App Store and Google Play.
Frequently Asked Questions (FAQs)
What are the benefits of using Zelle with your Current account?
Zelle is free to use and offers an easy way to transfer money to family and friends. You also won’t have to pay any transaction fees for these transfers. Using Zelle with your Current account allows you to send money to people who use other financial institutions for their mobile banking app experience.
Are there any fees when transferring money with Zelle in your Current account?
You do not have to pay any fees when transferring money with Zelle in your Current account. Zelle does not charge any transaction fees for any bank or credit union. You can also use Zelle to make payment requests.
How safe and secure is it to use Zelle?
Zelle is a safe and secure platform that uses advanced cybersecurity tools and protections to keep its users safe.
