Bizum is a system that was born in June 2016 in order to offer instant transfers. Most Spanish banks implemented this system in which you can send and receive money in a simple way through your mobile. This system has been an alternative to bank transfers and other platforms to send money online such as PayPal.
Bizum is gradually replacing debit and credit cards, since you can use it for anything, pay in stores, contribute for a gift, pay debts between friends. That is why we invite you to continue reading, so that you know what is bizumwhat it is for and how it works.
What is the purpose of the Bizum application?
The purpose of this App is send money between individuals, no annoying bank transfers and no need to ask people for their IBAN. It is also used to make payments in associated online stores.
What makes this system attractive is that the money arrives at the moment regardless of which bank you execute the transaction from. You can find Bizum integrated in the App of each bankso you will not need to download any extra App to use this service.
The Spanish banks that offer this service are:
- Mediolanum Bank
- Box of Engineers
- Country Box
- Deutsche Bank
- Rural Eurobox
- Image Bank
- Labor Kutxa
- Direct Office
- open bank
Requirements that I must meet to register in Bizum
Using Bizum is something simple, first of all you should know if your bank offers this service.
How to create an account in Bizum?
You must have a bank account in any bank in Spain and a mobile phone number to be able to send and receive money through Bizum. This service is free in most banks, although after the first year of use BBVA charges commissions of 0.10 euros.
Activating Bizum in your bank account is a simple procedure, although it varies depending on each bank.
The steps you must follow are:
- First make sure to confirm that your entity uses this platform.
- Download the App.
- Enter the App and enter your online banking credentials.
- Go to the ‘Bizum’ or ‘Send/receive money with Bizum’ area.
- Accept the Terms and Conditions
After following these steps you will be able to use Bizum at that moment. It is important that you know that your mobile number can be associated with only one bank account.
How can I make payments and receive money through my Bizum?
To make payments and receive money it is necessary that the other user has an account in the banks affiliated with this platform
How to send money through Bizum?
Sending money online is now common. To send money through Bizum you must have the mobile number of the person or entity to which you wish to make the payment and install and update your bank’s App.
For example, for send money from the BBVA App you must do the following:
- Open the App with your credentials.
- Go to ‘Menu’.
- Select ‘Make a trade’.
- Click on the ‘Bizum’ option then ‘Send’.
- Enter the amount and reason for the transaction.
- Add the recipient, you can write the phone number manually or choose it from the phonebook.
- Then you must confirm for the shipment to be made.
- If the amount is more than 20 euros, you will receive an SMS to authorize the operation.
- Transactions cannot be cancelled, so please confirm the mobile number and amount before accepting.
Another option available is attach an image to your BizumThe steps are the following:
- Open the App on your mobile.
- Choose the user to whom you will send the payment.
- Enter the quantity and the concept.
- Click on the ‘Add photo’ option and select the image.
- You will see a preview.
- Then confirm the operation so that the other person receives the money and the image.
What should I do to receive money through Bizum?
With this App you can request that they send you money just like you do in RappiPay, you just have to follow a few simple steps:
- Enter the App of your bank
- Select the option ‘Request money with Bizum’
- Choose a contact
- Place the amount and contact
- Verify that the data is correct
- accept the operation
- The other person you will receive a message with the request to accept or reject it
Approximately how long will Bizum take to reflect my payment?
When you receive a Bizum payment, it will be reflected instantly, you will not have to wait to receive the money in your account.
What is the maximum amount of money that can be sent through Bizum?
The minimum amount of each operation in Bizum is 0.50 euros and the maximum is 1,000 euros. Besides, the maximum amount per day is 2000 euros.
You can carry out 150 money sending and receiving operations in the month. When making a multiple transfer you can add 30 people.
Is it safe to use Bizum to send and receive money?
Bizum is a secure platformsince it is integrated into the mobile App of each bank, in order to use this service you need your online banking credentials and a PIN to confirm the operations that is verified through an SMS sent to your associated mobile number.
Bizum is backed by security systems of banks, since they use security protocols that serve to encrypt communications and customer data, the transfers are ordered by the bank and they carry out the process of authenticating you.
- 1 What is the purpose of the Bizum application?
- 2 Requirements that I must meet to register in Bizum
- 3 How can I make payments and receive money through my Bizum?
- 4 Approximately how long will Bizum take to reflect my payment?
- 5 What is the maximum amount of money that can be sent through Bizum?
- 6 Is it safe to use Bizum to send and receive money?