Bizum vs bank transfers, what is better to do?

When it comes to sending money to our acquaintances or even to make a payment in different establishments or services, the truth is that we find two ways to get it through our phones. One of the options that takes more time between us is the bank transfer . Although, since the arrival of Bizum in our lives, the payments we make through mobile phones have changed a bit.

Bizum vs bank transfers, what is better to do

For this reason, we are going to make a small comparison of these two methods that we can use on a daily basis to make payments between individuals, online purchases, etc. To do this, it will be necessary to distinguish what each method is and, most importantly, how much money it allows us to send from each alternative that we have today to send money.

The big difference when sending money

The simple fact of sending money to our contacts has become much more agile since the arrival of Bizum . Well, basically, we need to have a bank account associated with our mobile phone to be able to send money to the contacts that we have in the agenda. As simple as that. Therefore, it was no longer necessary to ask for the account number to make a transfer.

Bizum móvil

And not only do we find this difference, but immediacy is another characteristic for which Bizum stands out. Well, it will only take a few seconds or milliseconds for the money to reach our contact’s account. The closest thing to this, we find it in immediate bank transfers. The main problem with the latter is that they have an average cost of 2 euros , in some cases it will be 1 euro and in other banks it will be charged more.

The maximum daily amount

However, not everything is in favor of Bizum. More than anything, because everything will depend on the amount we want or have to send to a specific person or business. In the case of this first option, as much as the immediacy is worth it, the truth is that the maximum amount that we can carry out is 1,000 euros (the minimum is 0.50 euros). And per day, a limit of 2,000 euros is established, being 5,000 euros per month. Although, each bank may establish its own limits.

transferencias bancarias instantáneas

On the other hand, in the case of transfers, the amount increases . In this case, once again each bank establishes the maximum amount that can be transferred. So, depending on the bank we have, we will have one amount or another. Here are some examples:

  • BBVA: 1,200 euros per day.
  • Santander: limit of 6,000 euros.
  • CaixaBank: maximum urgent transfer of 15,000 euros and common transfer without limits.
  • ING: no limit for transfer between accounts.

Although these are just a few examples. But, in any case, we see how the amount that can be sent per operation or the maximum limit is higher in transfers . Therefore, in this aspect transfers win.

So which method is better?

Once we have understood each of the main features, we can clearly say that when we want to send smaller amounts of money to relatives, acquaintances or friends, it will be better to use Bizum . Basically, because the money will arrive immediately and we will not have to pay an extra supplement. In addition to that it is a method more designed for family and friends, and not so much for business.

However, if in our case we need to send a higher amount or it is a periodic payment, such as house rent, it will be better to use the bank transfer. In addition, it is usually the “most professional” method when making certain payments.