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Sending money from one bank account to another is one of the most convenient and effective methods to transfer money. Simple and accessible, since it can be done by calling the bank or from the customer application.

 

However, traditional or standard transfers have the disadvantage of the lack of immediacy. What happens if you need to send money and the recipient receives it on the spot? Or do you want to make sure that you already have the income? In that case, transfers don't seem to be the best option.

 

The reason is that the time of receipt of a transfer can be one or two working days in standard operations, but it is extended if there are weekends or festive days in between.

 

There are also immediate transfers. These are done instantly, in real time, at any time and day of the week. The drawback they have is the cost of their issuance due to the speed.

 

Precisely to respond to this deficiency, Bizum emerged, a platform promoted by Spanish banks to make payments between individuals or in associated shops and even to make donations to NGOs. In addition to enabling instant shipments, it is enough for the sender to have the recipient's phone number among their contacts to make them effective, as long as the recipient has a Spanish phone number and a Spanish bank account. In other words, neither the account number nor the IBAN are required.

 

Is it possible to know if the money recipient has Bizum?

When it's time to complete the transaction, can you tell if the other person has the Bizum service activated? Well, yes, indeed. What should you look for to know if anyone has Bizum? Very simple. All you have to do is check if the Bizum symbol is marked on the other contact when you select it to perform the operation. If it appears like this, it will take you seconds to send the money you want.

 

What if the other person doesn't have Bizum?

But what if one of the parties is not registered in the service offered by the platform? Well, despite this, it is still possible to send money through Bizum. In fact, as for the operation, nothing changes: you just have to enter the mobile phone and the receiver will be sent a message inviting him to join Bizum. The rest of the process, however, will be different, with the following nuances:

If your Bizum is to send money, the shipment will be in "pending" status until the recipient registers in the service, at which time the operation will be completed. On the contrary, if the recipient does not register with Bizum after two days from the date on which the money was sent, the transfer will be automatically canceled.

 

In the other possible scenario, if your Bizum is to request money, the request will remain "pending" until the recipient of the message responds. Again, the operation will be automatically canceled if a period of seven days elapses from the date of request and the recipient has not registered on the platform. In this case, if it is a request for money, the recipient of the request also has a week to accept or reject the claim.

I'm Spanish Adviser and you can ask me any question related to Spain. Our people speak 🇬🇧 🇺🇸 🇪🇸 🇩🇪 🇫🇷 🇺🇦 🇷🇺.

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