Business Bank accounts

Zelle Business vs Personal: What’s the difference?

Panna Kemenes

08.02.23 (updated more than 1 year ago)

Read time 3 minutes

Zelle® is a popular peer-to-peer payment service that also offers business account compatibility.

In 2021, consumers and small businesses sent near to half a trillion dollars using Zelle.¹ 8 million users received payments from small businesses via Zelle in the second quarter of 2022 alone.²

Let’s look at the differences between Zelle personal vs business, and see if the latter could benefit you.

💡 If you need an account that offers international transfers, then you can also discover Wise Business in this article.

Zelle business vs personal: Quick overview

Here’s a quick-fire overview of Zelle business vs personal.

	Zelle business account	Zelle personal
Fees	Depends on your financial institution	Free to use when you send money to friends or family
Great for	Small businesses wanting quick contactless payments	Anyone looking for quick bank-to-bank cost-free transfers
Requirements	A financial institution that directly offers Zelle through their mobile banking app	A Visa or Mastercard debit card issued by a US financial institution (for personal transactions)
Availability	Only available in the US	Only available in the US³

📝 In this article: Can I use a personal Zelle account for business? Zelle personal vs business key features Zelle business vs personal fees International payments? Try Wise

Can I use my personal Zelle account for my business?

This depends. You first need to check if your bank or credit union offers Zelle for small businesses. Unfortunately, not every bank supports Zelle for all business account types.⁴

Zelle personal vs business key features

If your bank or credit union offers Zelle for personal accounts, then you can make all Zelle transactions via your mobile banking app. If they don’t offer Zelle, you can enroll by simply connecting your account with a Visa or Mastercard debit card associated with a U.S. bank.⁵

To send money to friends or family, all you need is their phone number or email address. Transactions with Zelle are fast and efficient. Funds usually arrives within minutes in your bank account.⁶

For personal transactions, at least one person’s bank or credit union must offer Zelle.⁷

But, for Zelle business accounts, it’s a bit of a different story.

For all business transactions between Zelle consumers and small businesses registered with Zelle, both parties' financial institutions must offer Zelle through their banking app.

This means that if you’re registered to Zelle with a Visa or Mastercard debit card, you can’t register as a small business, nor can you make payments to small businesses using Zelle.⁸

If both you and your customer can access Zelle through your banking apps, then Zelle enables fast direct transfers from the customer's bank account to yours. This eliminates the need for card or cash payments.

However, one drawback of Zelle is that you can’t cancel payments. On top of this, there is no customer protection scheme.⁹ This may put off customers if they are looking for a payment system that can refund their money.

Additionally, Zelle is only available to US based financial institutions and cards. This could limit your business if you want to expand internationally.

When it comes to how much you can send and receive with Zelle, it’s best to check with your bank or credit union. Each financial institution has different sending and receiving limits.

Using Zelle for business

Zelle business account vs personal fees

Let’s now take a look at Zelle business account vs personal account fees.

Zelle personal account fees

The Zelle personal account is free to use.¹⁰

There are no extra transaction fees when you send money to friends or family. On top of this, there are no setup fees or monthly fees, making it a cost-effective money transfer service.

Zelle business account fees

Just like with the personal account, the Zelle business account is free of setup fees and monthly fees.

But is there a fee to use Zelle as a small business?

When it comes to making and receiving business transactions, fees may be applied. However, there is no definitive fee, as it varies from bank to bank.⁴

For example,

Wells Fargo

Chase Bank

transactions are free

Amerant

$2.00 USD

So it’s best to check with your credit union or bank about which fees will apply.

Need to send or receive international payments? Try Wise

One thing Zelle personal and business accounts have in common, is that they're only available for US based bank accounts and debit cards. This means you can’t receive or send money internationally with Zelle, limiting your business’ market.

Wise Business could be a great alternative in this case.

Wise is a smart online banking alternative that’s already used by 15 million people and businesses. There is no monthly subscription fee, and you’ll find a host of tools to help manage your business finances.

Open a Wise Business account online

With a Wise Business account, you can pay suppliers and employees abroad, in up to 80 different countries. You’ll have access to the mid-market exchange rate when you do so, free from hidden fees and mark-ups.

You’ll also have access to local account details for up to 10 different currencies. With these, you can receive money from abroad like a local, saving you on cross border fees.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.