The application of instant transfers allowed until now to receive 150 operations per month, but since mid-June that limit has been lowered to 60.
Bizum begins to put limits on its operations. The instant transfer application created five years ago by large banks will reduce the number of transactions it allows to receive per month to eachparticular less than half of the current ones, as Invertia has learned.
Specifically, the daily and monthly limit of operations that each user is allowed to receive particular will happen to 60 transactions starting next June 15, compared to the 150 that were currently allowed. This maximum, as this newspaper has learned, will apply to all banks, although each entity may decide to establish a lower limit.
This change occurs “By security policy”, as explained from Bizum, and it comes at a time when the application already exceeds 15 million users.
Every day, and especially after the pandemic, during which the use of cash has been limited, individuals use the service more (what is already known as “making a Bizum”) and some businesses and freelancers have also begun to offer to your customers receive payments in this way.
Some do it as individuals, rather than as e-commerce, which constitutes a irregular operation, since Bizum establishes that the service that a business or a self-employed person can offer is different from sending money between individuals, so must be contracted with the bank.
Between 0.5 and 1,000 euros per operation
The operation with this application, which is free, is subject to other limits that were already in force. Although each entity has the capacity to establish its own limitations, as a general rule they conform to those imposed by Bizum.
Among them, it is found that the amount allowed for each operation is between 0.5 euros and 1,000 euros. The application does not allow to receive more than 2,000 euros per day through this system and, at most, they can be included 30 recipients in each shipment.
Some banks have already begun to warn their clients of the change, which they attribute to a change in the conditions of the platform. Currently, it offers its customers this service of free money transfers between individuals a thirty entities.
More specifically, this is done by CaixaBank, Santander, BBVA, the former Bankia, Sabadell, Kutxabank, Caja Rural, Unicaja Banco, Ibercaja, Cajamar, Abanca, Bankinter, Liberbank, Laboral Kutxa, Banca March, Banco Mediolanum, Caja de Ingenieros, Cajalmendralejo, Arquia Banca, Bankoa, Banca Pueyo, Caixa Ontinyent, Cajasur, Deutsche Bank, Imagin Bank, ING, Openbank, Orange Bank and Targobank.
Instant transfers between individuals are the platform’s main service, although Bizum offers other modalities for both companies and individuals. The latter, for example, can pay the lottery through “a Bizum”.
You may also like…
- How to use Bizum: How to send and receive money safely
- Bizum will reorganize its board after the departure of the two members of Bankia
- Instant Transfer, the instant transfer service of PayPal and Mastercard arrives in Spain