Many banks will allow customers to make transfers to other accounts within or outside their bank. Zelle is an even easier version of bank transfers where you only need the other person’s phone number to connect and Request/Pay. However, if either bank doesn’t have Zelle, you’ll need the Account Number and Routing Number of the bank account where you are sending funds. Ask your HousePlant agreement partner for this info, and be specific about when you plan to process the transaction so they can montior and verify.

If you have online banking, you can usually add the new destination account and set the transfer up as a One Time or Recurring Transfer in the External Transfers section of your account management page. There can occasionally be a small fee or limits for the transfers, which can take 1-7 business days typically. Check with your bank for details.

We don’t recommend using cash for loans and repayments. Cash is riskier, especially with higher loan amounts, and harder to trace in case of confusion or disagreements. If cash is used in any transaction, it is always advisable to write a written receipt detailing the dates, parties involved, and the total amount.

Written checks are commonly used for loans from friends and family and are often the primary method for funds as given for gifts. If you receive a check, try to deposit as soon as possible and inform the check-writer when you do so they’ll know when to expect the funds to be withdrawn.

If your bank has a mobile banking app, you may be able to securely deposit a check using the app and photos. However, many banks limit the size checks that can be deposited using mobile banking apps. Usually this limit is displayed in the app and alternative instructions are provided for larger checks (usually taking it to your bank, ATM, or by mail).

Funds are usually available within 2-7 business days, but double check with your bank to be sure.

PayPal is a peer-to-peer & payments app that makes it easy to send and request money. You can connect to people you know on PayPal using their email address or username.

Verified accounts on PayPal can transfer up to $60,000, but often restrict or delay transactions over $10,000 at a time.

There is no fee for P2P transactions (transferring money to people you know) from your PayPal balance or linked bank account. However, there are fees if you transfer funds from a credit card using PayPal or exchange currencies.

If you are receiving funds via PayPal, know there is a 1% fee for instant transfer of money to your external bank.

More info on comparing Venmo & PayPal can be found here.

Venmo, like PayPal, is a peer-to-peer & payments app that makes it easy to send and request money. You can connect to people you know on Venmo using their email address or phone number.

Verified accounts on Venmo have a weekly limit of $6,999.99 total, and weekly limit of $4,999.99 for peer-to-peer transfers.

If you are transferring a higher amount than this for your HousePlant loan or repayment, plan to split the transaction into multiple amounts that are 7+ days apart.

There is no fee for P2P transactions (transferring money to people you know) from your Venmo balance or linked bank account.

There is a 1.5% fee for instant transfer of money to your external bank.

More info on comparing Venmo & PayPal can be found here.

Bank wires generally have the highest limits on total amounts that can be sent from one bank account to another. Usually you have to visit your bank, present ID, and arrange the transfer with the recipient account’s number and routing number. This process can take 48-72 hours, and you should confirm with your bank by calling ahead of time.

There is often a fee for wires, typically between $25-30 for transfers within the U.S.

Zelle is an easy way for users to make banking transfers where you only need the other person’s phone number to connect and Request/Pay. Many banks allow customers to use Zelle to make transfers to other accounts within or outside their bank.

If either person’s bank doesn’t have Zelle, the limit for using Zelle like a P2P transaction app is $500. There are no fees for using Zelle, but the daily transfer limits vary by bank (and range from $1000 to $10,000).

Learn more about using Zelle here.