Bizum is a widely used money transfer service today and it has its advantages and disadvantages compared to classic bank transfers. One of the options that transfers allow us is the issuance of a periodic one, an amount that reaches a specific recipient once a month or when we choose.
You may be used to this periodic payment via transfer and when using Bizum you have wondered if it is possible to do it too or not.
Periodic payments in Bizum, yes or no?
Making a periodic transfer is an increasingly widespread option when it comes to making recurring payments , due to the time saved by automating them. You program an amount, a recipient and that’s it. Now you can pay your children, pay your monthly fee for a shared subscription, pay your part of a receipt or any other amount that is always repeated.
Virtually all banks allow you to make periodic transfers, both national and international, so Bizum, since it functions as a bank for many of its uses, should have them too, right? Well no. Payment scheduling between periodic friends is not currently a feature of the service.
You have two options: either you continue to rely on your usual bank transfer, or if you prefer to use Bizum for any reason such as the immediacy of the arrival of the money or the convenience of only needing a telephone number and not the huge IBAN of the recipient’s checking account, schedule monthly alarms that remind you that you have to do that operation. The process to send a Bizum will not take you more than a minute, so it will not take up much time.
The other limitations of Bizum
Like any other financial service, it also has a series of limits that we cannot exceed and of which you may not be very aware.
If you have wondered what are the minimum and maximum amounts that you can send for each operation with Bizum, this system only allows figures between 50 cents and 1,000 euros. It is true that this makes it possible for you to carry out several operations if they are going to send you more than 1,000 euros, but you will never be able to receive more than 2,000 euros in one day or 5,000 euros a month.
Speaking of monthly limitations, remember that you can only make 60 bizums per month . It is an amount that should be more than enough not to reach that limit with normal use, but if you go out a lot and spread the bills among several people, you should take it into account, especially if you still thought you had 150, which was the amount former.
Next, we put all the current limitations that Bizum has:
- Minimum amount per operation: 0.50 euros
- Maximum amount per operation: 1,000 euros
- Number of operations sent by a client: unlimited
- Amount of operations sent per client in one day: 2,000 euros
- Amount of operations sent per client in a month: 5,000 euros
- Number of operations received by a client in a month: 60 operations
- Amount of operations received per client in one day: 2,000 euros
- Maximum number of recipients to include in a multiple request/shipment: 30 recipients
- Number of requests made by a client in a month: 60 operations
- Duration of pending shipment to those who are not yet a customer: 2 days
- Duration of pending request to someone who is not yet a customer: 7 days
- Maximum storage time for additional content on service servers: 30 days
All these limits only apply to “payments between individuals”, the transfer of money that we usually use, but not to purchases in stores or donations.