Last Updated on December, 2024
I know that everyone, including me, uses different payment apps to do money transfers (digital payments) to friends and families.
If you want to know the reason, keep reading.
It’s because everyone has different preferences and worries about safety. Plus, technology is always changing, and new apps will ALWAYS offer cool features. So, looking for other apps like Venmo is like exploring different roads to find the one that fits you best.
If you’re here, you should probably know all Venmo’s features, pros and cons. So, I don’t like to repeat them here and waste your time.
I’ll directly discuss the Venmo alternatives in the following section.
Quick Summary
Reasons for Seeking Venmo Alternatives: People look for alternatives due to varying preferences, safety concerns, and the continuous evolution of technology that introduces new features.
Key Features of Venmo Alternatives: Various payment apps like Wise, PayPal, Cash App, Chime Pay Anyone, Google Pay, Meta Pay, and Payoneer are highlighted, each with unique features, fee structures, sending limits, and security measures.
Criteria for Choosing Payment Apps: Selecting the right payment app involves considering factors like transaction costs, security, integration with other systems, and user convenience to ensure optimal service for businesses and individuals.
Contents
What are the Venmo Alternatives?
Listen, the listed Venmo alternatives are the ones I picked and found as the BEST ones, in case you prefer a better option.
Read them to get a better idea.
1. Wise
Wise is an international service to transfer money based in London. It’s a popular payment app that allows users to send and receive money in multiple currencies.
Wise’s payment processor processes over £8 billion (nearly 9.7 billion USD) worth of transactions monthly, serving more than 13 million individuals and businesses.
Here, fees are calculated as a percentage of the amount being sent. Users can save on fees for larger transactions, exceeding £100,000 per transaction in US dollars.
There are, however, some transaction limits ( $1,000,000 per transfer, depending on how you pay. If you use a card to pay, the most you can send is $2,000 per 24 hours, as Wise does not offer cash delivery to home or businesses.
Plus, the service is available in 160+ countries.
While it asserts not to misuse or sell customer data, users should note that some data types, including contact information, financial details, and search history, may be collected and linked to their identity.
Looking for more information? Our full review of Wise has you covered.
Pros
Cons
2. PayPal
PayPal, a widely used service, is a top choice for sending money to friends or family who also have PayPal accounts. Plus, it serves as a convenient payment method for numerous online stores.
TRUST ME. Getting a PayPal account is free!
You can also request a debit card to easily access the money in your account. Once your PayPal account is set up, it’s easy to use. You can use online payments using various methods, including cryptocurrency and Venmo.
The BEST part is, If you encounter a fraudulent purchase made through PayPal, the service can help you get a refund through their fraud detection technology.
You can try fee-free transfers to PayPal accounts, but your bank may charge withdrawal and currency conversion fees.
Verified accounts have no total transaction limit (including business transactions).
Unverified users are typically limited to a maximum of $60,000 for a single transaction, but in some cases, the limit is $10,000. Users can request a limit increase by providing additional information and verifying their account.
This also involves adding and accepting a bank account, linking a credit or debit card, or providing other personal details (even for personal transfers).
Plus, PayPal provides buyer and seller protection programs to assist users in cases of unauthorized transactions or disputes to ensure your PayPal balance is safe.
Pros
Cons
3. Cash App
Cash App allows you to send and receive money privately. Instead of using bank account numbers, phone numbers, or email addresses, users can use a UNIQUE screen name called, ‘$cashtag’.
Standard deposits are FREE and take 1-3 business days to arrive. If you choose instant deposits, there’s a fixed fee of 0.5% to 1.75% (with a minimum fee of $0.25), but your money arrives instantly to your debit card.
To increase these limits, you need identity verification and link bank accounts.
When you use the Cash App, as I already mentioned above, you get a UNIQUE identifier called a ‘$cashtag’. For added security, the app allows users to set up two-factor authentication.
Check out our in-depth comparison of Cash App and Venmo to learn more. Or you can read our comprehensive Cash App review.
Pros
Cons
4. Chime Pay Anyone
Chime’s Pay Anyone provides an easy and safe way to send money to friends and family with NO FEES. This feature is part of Chime, a platform offering both checking and saving accounts.
You can send money instantly to people using Pay Anyone, and receive money from other Pay Anyone users. The best part? There are zero fees for transactions, and you can make unlimited transfers.
Listen,even if the recipient is not a Chime member, you can easily pay them using their phone number or email address. So, they’ll receive a link to retrieve the funds.
Note: Chime offers 24/7 support for any questions or concerns you may have. You can easily reach out to a real human for assistance.
Plus, all funds in Chime accounts are FDIC insured up to $250,000 through The Bancorp Bank, N.A. or Stride Bank, N.A., members of the FDIC, to provide an extra layer of protection.
Pros
Cons
5. Google Pay
Google Pay is a FREE payment app. You can use this as one of the Venmo alternatives to send money to friends without paying any extra fees using a debit card or bank account.
GUESS WHAT? You can link up to 5 different ways to pay to your account.
The fees can change depending on the type of card you have. In the US, using debit cards is usually free, but if you use your card internationally, there may be additional fees.
Guess what? In Google Pay, If you haven’t confirmed your identity, the maximum amount you can send is $500. However, If you have confirmed your identity, you can send up to $5000.
There’s also a rule that says if you don’t prove who you are, you can ONLY SEND a total of $5,000 in your lifetime. Got it? So, it’s a good idea to prove who is to get the most out of the app.
Plus, the money you can keep in your Google Pay account is $25,000.
Listen, you can take money out of your Google Pay account, but there are rules for that too. You can only take money out 30 times a week. If you prove who you are, then you can take up to $20,000. If not, you can take out up to $700.
They use special technology to protect your data. You can also use your fingerprint or face to make sure only you can use the app and pay people.
If you send money to someone who is not in your contact list, Google Pay will let you know to be careful. They also use a special number to keep your payment information safe.
Pros
Cons
6. Meta Pay (Facebook Pay)
If you use Facebook’s Messenger app, you can use Meta Pay or Facebook Pay instead of Venmo. Meta Pay is connected with Facebook, Instagram, WhatsApp, and other online stores.
To start sending and receiving money, add your payment details. You can use a debit card or link your PayPal account for transactions on Messenger. Credit and debit cards are accepted for purchases on third-party online stores.
Note: You can add multiple accepted payment methods.
- Visa Debit Card: $10,000 per transaction and per 30-day period.
- Mastercard Debit Card: $5,000 per transaction and per 30-day period.
Meta Pay also offers a secure PIN for transactions. Plus, biometrics as an extra security layer.
However, your mobile payment history is private and not visible on your News Feed unless you choose to share it in this payment app.
Pros
Cons
7. Payoneer
Payoneer is one of the global digital payment services available in over 200 countries, making it a great choice for free-lancers, digital marketers, and eCommerce sellers. Unlike Venmo, which is limited to the US, Payoneer allows you to receive payments from clients worldwide.
The specific percentage depends on whether the payment is made through a debit or credit card.
Point-of-sale transactions are capped at 30 per day, with an overall daily limit of $2.500.
Personal accounts and their information, including name, date of birth, IP address, and email address, are collected for account management.
Looking for more information? Our full review of Payoneer has you covered.
Pros
Cons
How to Choose the Right Payment App for Your Business?
I understand. Deciding on the right payment provider for your business is really important. It can affect how much money you spend and how happy your customers are.
If you’re choosing between Venmo competitors for business accounts, think about things like how much it costs each month, the fees for each transaction, the kinds of cards it accepts, how long it takes to receive payments, extra fees for instant transfers, if it works with different currencies, the security features it has, if it’s good for mobile payments, transaction limits, how well it works with other systems and more.
It’s also good to know the difference between payment apps like Venmo and payment gateways (including whether they use your data for joint marketing campaigns with financial institutions).
Payment apps are for mobile person-to-person transactions, while payment gateways are for businesses.
Gateways offer better security, more ways to pay, easier integration, lower fees, and higher limits. They keep customer credit card details safe and handle encrypted information securely, so businesses don’t have to worry about keeping sensitive data safe in their business accounts.
As mobile payments are increasing day by day, it’s smart to think about the good and not-so-good parts of different payment services.
Peer-to-peer payments in Venmo are quick and convenient, especially with loyalty programs. But they depend on technology and might not work everywhere. For example, if your battery dies or you lose the internet, you won’t be able to finish a transaction.
So, as a business owner, focus on what’s easy for your customers while keeping costs low. Different customers like different things, so understanding your customers helps you make the right choice for your business.
Conclusion
Which alternative took your attention? (for me, it’s Wise.)
Well, having more choices means people can pick what works for them. It’s like having a variety of tools in a toolbox – each serves a UNIQUE purpose.
So, searching for alternatives to Venmo is just about finding more ways to make money sharing easy and enjoyable. Isn’t it?
Think beyond the box to go for the best Venmo alternatives!
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