Bizum: What It Is, How It Works And Compatible Banks

Bizum what it is, how it works and compatible banks

We will explain Bizum, its works, and which banks are compatible. It is not an application since it is directly integrated into the mobile apps of the banks that support it, but rather a system through which you can make instant payments between individuals safely and practically instantly.

The idea is to allow you to send money without having to depend on asking the IBAN of the person you want to send it to and serving as an alternative to giants like Paypal. We will start by explaining what it is and how it works, and then we will tell you the list of compatible banks that have already implemented the service.

What is Bizum, and how does it work?

Bizum is a system for sending money between individuals, an alternative to bank transfers, and that directly competes with other renowned systems such as PayPal. His main argument against bank transfers is that the money arrives at the moment, regardless of the entity from which you make the transaction.

Bizum is the platform or service through which money is sent, but it is a system integrated directly into each bank’s application, so you do not need to download any extra app to use it. Most Spanish banks support it, so all you have to do is see if you have the option to use it in your app.

With this platform, you can send and request money from other users who also use it, all for free and instantly. The only condition is that the other user also has an account in the banks that collaborate with the project and accept its use. It also allows you to send money to NGOs.

Each bank sets limits for the transfers, although, in general, the transfers can be between 0.50 and 150 euros. Still, in some, the limit can be even higher. And as we said before, transfers are free until further notice.

What is Bizum and how does it work

Bizum also allows you to use it to make payments for your online purchases. You only have to indicate your telephone number in the online store that supports it and validate the operation so that the money is transmitted safely. In addition, soon, they also want to start implementing a mobile payment system for physical businesses.

At first, Bizum was only compatible with 15 banks, but this list has grown. Currently, 26 banks make Bizum available to users. Users who already add up to 3.5 million and have made more than 30 million operations worth 1,500 million euros.

Bizum can only be linked to one bank account and one phone number per account. Changing the associated account is a process that takes seconds if we are talking about accounts from the same bank. Still, if you want to change to an account from another bank, you must cancel the service at the first bank to register it at the second.

Regarding its security, since it is integrated into each bank’s mobile application, the security will be the same as that used by the application itself. Likewise, first, you need the online banking credentials to access your bank’s app and then a PIN to validate each operation, verified by SMS sent to the associated phone number.

Which banks are compatible with Bizum

Currently, 26 financial entities make Bizum available to their customers. Generally, the cost of operating with this function is free, but it depends on the policies of each bank, so the best thing to do to avoid surprises is to contact your entity and ask about the conditions.

The same happens with the limits and the number of transactions; they depend on the bank. For example, at BBVA, you can send up to 500 euros per transaction, up to 1,200 euros per day, and up to 5,000 euros per month; at Caixabank, the limit is 500 euros per operation and 40 operations per NIF per day; in Santander 1,000 euros maximum per transaction and a maximum of 2,000 euros received per day.

Below is the list of all the banks that operate with Bizum in Spain. We offer you links to the conditions so that if you click on each of them, you will access the instructions to activate Bizum on your mobile, and you will also be able to find out about the transaction limits of each of them.