7 Apps Like Venmo: Top Alternatives Reviewd

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?
How to Choose the Right Payment App for Your Business?
Conclusion
FAQs

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.

Fees: Wise’s fee structure depends on factors such as the instant transfer amount, currency type, and payment method. Notably, Wise avoids marking up exchange rates for fairer transactions.

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.

Sending Limit: Wise enables users to send money from the US to over 80 countries, with transactions completed in various currencies.

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.

Security Measures: Wise emphasizes data protection through HTTPS encryption and a two-step login process.

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

Wide range of options for sending money

Fast transfers for certain transactions, with half completed within an hour

Multi-currency account for holding and sending money in various currencies

Wise’s assets program for investing funds in global equities. However, the receiver does not need to have a Wise account to receive money

Cons

Limited customer support availability, as experienced during testing

No provision for cash delivery to home or businesses

GO TO WISE

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.

Fees: When using PayPal for business, transaction fees range from 2.29% to 3.49%. Mobile payment services have optional monthly fees.

You can try fee-free transfers to PayPal accounts, but your bank may charge withdrawal and currency conversion fees.

Sending Limit: PayPal sets daily and weekly limits, which vary based on the user’s account and transaction history. Unverified accounts generally have lower spending limits compared to verified ones.

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).

Security Measures: To protect user data and transactions, PayPal employs encryption technology. The app also offers two-factor authentication, requiring users to enter a code sent to their smartphone along with their password.

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

Accept payments from all major card brands

Easy integration with eCommerce shopping carts

Accept payments from users without a PayPal account

Supports transactions in 25 different currencies

Cons

Poor customer service reputation

High fees compared to many other platforms

Freeze funds without notice

GO TO PAYPAL

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’.

Fees: Cash App gives you two options for getting your money. They are standard deposits to your bank account or instant deposits to your linked bank account.

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.

Sending Limit: There are limits on the amount of money you can send and receive with Cash App. You can send a maximum of $250 each week and receive up to $1,000 per month.

To increase these limits, you need identity verification and link bank accounts.

Security Measures: Cash App takes measures to keep your information secure. It uses encryption technology to safeguard your data and transactions.

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

Send payments for free

Invest in Stocks and Bitcoin

Get a debit card

Cons

Money isn’t insured by FDIC unless you have a Cash Card

Once transactions are accepted, it can’t be cancelled

Instant transfers come with fees

GO TO CASH APP

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.

Fees: Chime doesn’t ask you to pay to use its banking services. This includes not having to worry about monthly fees, overdraft fees, debit card fees, in-network ATM fees, or foreign fees.
Sending Limit: Chime allows unlimited transactions per month, and your personal sending limits are automatically set based on your account history. This flexibility makes sure you can manage your finances according to your needs.
Security Measures: Chime prioritizes the security of user data. Regular system wide security tests are conducted to safeguard your information.

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

Accessible customer support 24/7

No charges for both members and non-members

Members can benefit from instant transfers

Cons

Lack of integration with social media

Limited to U.S. users

GO TO CHIME PAY

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.

Fees: When you use Google Pay, it doesn’t charge fees as mentioned above. However, the bank or credit union that issued your payment card might charge you a fee.

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.

Sending Limit: When you send money with Google Pay, there are limits to how much you can send. These limits are based on a week from the time you send the money.

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.

Security Measures: Remember this! Keeping your information safe is important to Google Pay. They use many ways to make sure your data and transactions are secure.

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

Easy connection with other Google services

Strong security features

Cashback rewards

Cons

Low customer support rating on Trustpilot

Not accessible in every country

Lack of buyer protection

GO TO GOOGLE PAY

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.

Fees: Meta Pay does not charge fees.

Sending Limit: Remember, the sending limits for Meta Pay transactions depend on the payment methods you prefer (always check with your bank for additional restrictions):

Visa Debit Card: $10,000 per transaction and per 30-day period.
Mastercard Debit Card: $5,000 per transaction and per 30-day period.

Security Measures: Meta Pay ensures data security by encrypting mobile payment data, using anti-fraud technology to detect unauthorized activity, alerts and blocks unauthorized activity, and may disable your account if needed to protect against fraud.

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

Simplified buying things on social media

Offers quick customer support in real-time

Easily connects with Instagram and specific apps

Cons

Need a debit card to send and receive money

Requires a Facebook account and Messenger app

Limited to domestic transfers only

GO TO META PAY

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.

Fees: GUESS WHAT? Payoneer offers free transactions for payments received from other Payoneer customers. However, for processing payments from clients who do not use Payoneer, a fee ranging from 1-3% is applied.

The specific percentage depends on whether the payment is made through a debit or credit card.

Sending Limit: Payoneer enables users to withdraw up to $5,000 per day, with the flexibility to make a maximum amount of 30 withdrawals within a 24 hours time.

Point-of-sale transactions are capped at 30 per day, with an overall daily limit of $2.500.

Security Measures: Payoneer employs a secure financial platform that is subject to regular audits. Their risk committee assesses risk rates and, if needed, transfers funds to safer banks.

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

Payoneer is available in 200 countries

International contactless payments between Payoneer accounts are free

It offers local receiving accounts in various currencies like USD, GBP, EUR, MEX, AUD, CNY, and JPY

Customer support is available 24/7 and in multiple languages

No fees for VAT payments in the EU and UK

Cons

The card transaction fees are high

Payoneer has various types of fees, which you should be aware of

The sign-up process may involve jumping through many hoops and could potentially have issues

GO TO PAYONEER

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).

a picture of a question mark on a phone screen

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!

FAQs

Venmo’s competitors in the payment management sector are led by PayPal with a 39.82% market share, followed by Stripe at 36.96%, and Authorize.net at 5.21%.

Venmo sets itself apart from other apps by not imposing fees for sending or receiving funds, except for credit card transactions which incur charges.

Venmo is superior to Cash App because it only charges a 1% fee for swift bank transfers and does not charge for credit card transactions, unlike Cash App which imposes a 1.5% fee for expedited bank transfers and a 3% fee for credit card transactions.

Venmo is good because it secures transactions with encryption, protecting against hackers. However, users should be cautious of scammers and maintain privacy in their transactions to avoid potential financial loss.

Venmo is safe for online sales, offering security for sellers as buyers can’t easily cancel payments. It’s generally safe for buyers too, though Venmo doesn’t guarantee refunds in scams. Safety features include verified phone numbers and emails.