Venmo, a popular payment service provider from PayPal, has captured a significant market share in a short span of time. It is a popular choice for online payments among many customers who value its convenience and ease of use. Despite this popularity, many businesses are still curious about the possible and best alternative to Venmo. But why? Let’s find out.
While Venmo is a long-standing choice for P2P payments among individuals, it may not be the most optimal solution for growing businesses. The high transaction fees can steal a hefty portion of their profits. And that is not the only drawback of this platform. Fortunately, the good part is that there is no dearth of alternatives to the Venmo app if you think it isn’t the right platform for your business needs.
These Venmo alternatives offer even better benefits to businesses than their existing payment processing app. From tracking expenses to processing international payments, these Venmo alternatives have it all.
So, let’s take a look at some of the best alternative to Venmo, especially for businesses. In this blog, we have examined each platform’s pricing, features, and overall value to help you compare them with Venmo and make the best decision. Here we go!
Before we move forward to get insights into the best alternative to Venmo, let’s first take a look at the pros and cons of this platform. This section will help you understand whether you really need to switch to the Venmo alternative or not. So, let’s start!
Venmo initiated as a bill-splitting and send-money app, has evolved a lot since its launch. The free P2P transaction functionality further adds to its popularity among individual users. You can even use your Venmo virtual debit card number to make payments at thousands of retail businesses. There is also a credit card option for payments, which makes it more convenient and quick.
You can use the money you receive right away with the Venmo debit card or the app itself, without having to top up your balance first. This makes it easy to send money or buy something online. Venmo also keeps its original charm as a great way to share expenses with others, like your friends or roommates.
Venmo's maximum transfer limit is $299.99 for new users. But if you verify your identity, you can raise your Venmo limits per day to a whopping $60,000.
Here are some Venmo daily and weekly limits you should know:
The strict transaction and low spending limits of the platform have insisted many businesses to look for the best alternative to the Venmo app.
Venmo allows users to send money to their friends and other people for free, but it does charge a 2.9% fee for purchases and making other payments for your business. Additionally, there is also a 1.75% fee for transferring funds from Venmo to a linked card.
The social feature of the Venmo platform has always raised privacy concerns over the app. The platform’s feature of showing a constantly updating feed of users and transactions may have unintentionally exposed users to the risk of being tracked, spied on, or even scammed and robbed by someone with enough persistence and curiosity.
Venmo’s security and privacy issues were first raised by Wired in 2018. The issue became evident in 2021, when Buzzfeed journalists found the hidden Venmo accounts of the President and the First Lady, along with some of their close friends and relatives. This discovery prompted many users to look for another alternative to Venmo.
However, Venmo immediately took action by making some adjustments to the platform. For example, the app gave users the option to make their friends list private, public, or visible only to friends.
Previously, Venmo’s default setting was public, which meant that anyone could see the transactions of the users who did not change it to private. You can also take some steps to secure your account, such as making your transactions private, using a random Venmo user ID (not your real name), and being careful about who you interact with on the app.
Now that you have understood the pros and cons of the Venmo app, we think you are in a better situation than earlier to make a decision. So, if you have decided to switch to the best alternative to Venmo, here are some options you can try once.
If you frequently send money and have used plenty of payment processing apps, you may often come across the question - Zelle or Venmo? Well! Zelle is the best alternative to Venmo for sending money directly through bank accounts.
The best part of using Zelle is that it is instant and doesn’t require fees for transfers, making it the best Venmo alternative for businesses. However, you must link your bank account to use the platform. You first need to download the app from the App Store or Google Play Store and link the bank account to get started.
While using the Zelle platform is free, some financial institutions may still have some charges associated with the transaction. Therefore, it is always a good idea to check with your financial institution. The only drawback of the platform is that it is limited to US residents only. For international payments, you should consider another alternative to Venmo.
Sending Limits and Fees
Zelle does not impose sending limits on the banks or credit unions. Rather, each institution has its own limits; some may offer higher limits for some customers. You should check with your bank to find out your limits before you use Zelle to transfer large sums of money.
If your bank or credit union is not supported by Zelle, you can still use the Zelle app with a weekly sending limit of $500. The platform does not charge any fees for sending or receiving money, which makes it a popular choice for users who value speed and affordability over Venmo.
Zelle employs robust encryption technology to protect the data and privacy of its users. It verifies the user's identity through multi-factor authentication. Additionally, bank account linking further offers an additional security layer.
Zelle does not provide accounts for holding funds. It only helps you transfer money between accounts at different institutions. Therefore, in case of any fraud or scam activity, you need to raise a complaint with the bank.
Pros and Cons
Instant fund transfer
No credit card transfer
No limit to receiving funds
Available for US bank accounts only
Cash App is a widely used payment app and probably the most considerable alternative to Venmo. It lets users transfer and receive money fast and simple.
The app does not charge for debit cards and bank account transfers, but some transactions have fees, such as sending money with a credit card. Cash App also provides a debit card to make purchases or withdraw cash.
Sending Limits & Fees
Cash App has sending limits based on daily and weekly transactions. The maximum transaction limit for Cash App is $250 per week for sending payments and $1,000 per month for receiving payments. However, these limits can also be increased by linking the bank account and completing the verification process.
Cash App does not charge for setting up a business account. Similar to many other Venmo alternatives and options, you have to pay fees for each transaction. These fees range from 2.5% to 2.75%, based on the type of payment.
Cash App employs robust encryption technology to safeguard user information and transactions. When you use the app, you get a “$Cashtag,” a distinctive identifier.
The app also lets users enable two-factor authentication for extra security. Overall, Cash App is a secure and easy-to-use payment app that has a range of features and advantages to consider if you are looking for an alternative to Venmo. Below, you can consider other best apps like Cashapp.
Pros and Cons
Free and fast money transfers
No cancellation option for accepted payments
Bitcoin and Stock Investing are available
Charges for instant fund transfers
Virtual debit cards are available
PayPal is a digital wallet service that actually owns Venmo. The platform offers free services in over 200 countries, with a high limit for transfers, and on various devices like iOS, Android, and the web. If you want to transfer funds from your PayPal account to your bank account or debit card, you don’t have to pay any extra fee. It usually takes one to three business days, which is similar to Venmo.
Additionally, PayPal keeps your financial information private from the seller or buyer. The company double-checks every transaction to stop fraud and identity theft. All transactions are secure, and PayPal doesn’t give away your personal information to anyone else.
Sending Limits & Fees
PayPal has different sending limits for its users based on their account status and transaction history. Unverified accounts usually have lower limits than verified accounts. Unverified users can send up to $60,000 per transaction, but sometimes the limit is $10,000.
You can ask for a limit increase by giving more information and verifying your account. This may involve adding and confirming a bank account, linking a credit or debit card, or sharing other personal information.
PayPal does not charge any fee for online and in-store consumer transactions without currency conversion. For merchants, PayPal charges fees that are a percentage of the amount (from 1.90% to 3.49%) plus a fixed fee per transaction. The fixed fee per transaction varies according to the country’s currency received.
PayPal secures user data and transactions with strong encryption technology. The app also has two-factor authentication, which asks users to type a code from their phone and their password. PayPal also has buyer and seller protection programs, which safeguard users from unauthorized transactions or conflicts.
Pros and Cons
Secure and safe transactions
Charges fees for instant transfer
Enhanced protection for buyer and seller
Currency conversion fees for International transfers
Offers Crypto investing
Apple Cash is a part of the integrated Apple Pay app for iOS devices that allows users to send or receive money from friends and family. The platform is mostly free to use, with a minimal transaction fee of 1.5% for instant fund transfer to a debit card ($0.25 minimum and $15 maximum).
The app seamlessly integrates with iOS devices and lets its users send money by linking debit, credit, or prepaid cards to the Apple Pay wallet.
When a user initiates a fund transfer, the money is stored as ‘Apple Cash’. You will then have two options to use the funds - either keeping them in your wallet for seamless payments to sending them to your bank account.
Sending Limits & Fees
The Apple Pay spending limits vary depending on transaction volumes. Users can send or receive a minimum of $1 per message and $10,000 per message as the maximum limit. The maximum Apple cash balance can’t go beyond $20,000.
Talking about the fees, the instant fund transfers on Apple Pay incur a fee of 1.5% ($0.25 minimum and $15 maximum). Additionally, you can also send funds from Venmo to Apple Pay using a debit card.
Apple Pay secures transactions with end-to-end encryption and needs Touch ID or Face ID to verify and authorize them. Also, all transactions are checked for fraud and unauthorized activity. It asks for two-factor authentication with your Apple ID to make payments.
Apple Cash is probably the best alternative to Venmo, specifically for Apple users. It works well with Apple devices and is easy to use. It also has security features that make you feel safe when you send or receive money.
Pros and Cons
Integration with Apple devices
Available exclusively for Apple users only
Free and easy to use
Cashback rewards for every transaction
Google Pay is a great alternative to Venmo for peer-to-peer (P2P) and business transactions, especially if you use an Android device (but iPhone users can also use it). This single app takes care of all your payment needs. Additionally, it is one of the few apps that pay instantly to Cash App.
It’s simple to use and quite efficient, considering that it supports many transaction types. You can also use the platform to get business payments for services or goods if you have a small business or a freelancing side job.
Sending Limits & Fees
The fund transfers on Google Pay depend on your weekly rolling limits. Your weekly limit resets every seven days, starting from the time you add money to your account. For example, if you added money on a Sunday at 9 a.m., your limit will refresh at 9:01 a.m. next Sunday.
You need to verify your identity to increase your sending limit with Google Pay. Without verification, you can only send up to $500. With verification, the limit increases to $5,000. You also have a lifetime limit of $5,000 if you are not verified, so it is better to verify your identity to enjoy the full benefits of the app.
The maximum amount you can keep in your Google Pay account is $25,000. Google Pay also restricts the number of withdrawals you can make per week to 30. The withdrawal limit for verified users is $20,000, and for unverified users it is $700.
Google Pay does not charge you any fees for using a debit card or a bank account to make transactions. You can connect up to 5 payment methods to your account. However, you can only send money to your friends if you have a debit card or a linked bank account.
Google Pay is probably one of the safest payment apps to date. The platform employs the best security practices and utilizes multiple security layers to protect user transactions and data. The app uses encryption technology, including fingerprint or face recognition to ensure only the real owner can have access to the app.
Additionally, the platform frequently sends fraud alerts when you send funds to an unknown source or to a person not in your contact list. It uses a Virtual Account Number (VAN) to secure the payments.
Pros and Cons
Integration with Google services
Limited availability in some countries
Robust security implementation
No protection for buyers
Rewards and cashback
Meta Pay (previously known as Facebook Pay) is a convenient way to send and receive money using Facebook’s Messenger app. If you’re a social media enthusiast and like to spend time on Facebook and its other apps, such as Instagram, WhatsApp, and various online shops, you will love this feature as it works smoothly with all of them.
To get started with Meta Pay, all you need to do is enter your payment method and account details. You can send money to your friends via Messenger using a debit card or your PayPal account.
For buying things from other online stores, you can use either credit or debit cards. You can also have more than one payment method in your Meta Pay account.
Sending Limits & Fees
The payment method you choose determines the transaction limits for Meta Pay, which are very simple and clear. Here take a look at it:
Limit per Transaction
Limit per 30-day Period
Visa Debit Card
Mastercard Debit Card
Metapay doesn’t charge any fees on fund transfers but remember that some transactions may incur fees from PayPal if that is your payment method.
Meta Pay encrypts all payment transactions and it uses anti-fraud technology to prevent, notify, and stop any unauthorized activity. The platform also takes the precaution of deactivating your account if needed to safeguard it more.
Meta Pay provides a secure PIN that you can set as a security measure when you send or receive money. You can also use biometrics for extra security. Your payment history is not visible on your News Feed or anywhere else unless you choose to share it.
Pros and Cons
Integration with other Meta apps
A debit card is required for purchases
Seamless purchases from social media
Limited to domestic transactions only
Best customer support services
Digital payments have become a necessity and almost everyone will want to use at least one platform, or maybe more. Venmo could be a good choice for you, but you should not overlook the advantages of other platforms.
Each of these platforms has pros and cons, and each is designed for a different kind of user. You’ll have to evaluate your needs, compare your choices, and pick the best one for you!
It's obvious that Venmo is not the only payment option for personal and business use. In fact, Venmo competitors are cheap, easy to use, and offer handy tools — that let you pay and get paid quickly and comfortably on any gadget.
So, no matter if you pick Venmo — or any other service provider from this list of alternative to Venmo — Just be sure to choose an online payment method that can suit your needs.
You can’t pay someone on Venmo without an account. You need to sign up using your email address or phone number and link a bank account or card to send money.
No, Venmo is not international. You can only use the app within the US with a US bank account or card, and a US phone number. You can’t send money to or receive money from people outside the United States.
You can’t transfer Venmo to PayPal without a bank account. You need to link a bank account to both Venmo and PayPal, and then transfer your Venmo balance to your bank account, and then transfer your bank balance to your PayPal account.
You can’t add money to Venmo without a bank account. You need to link a bank account or a card to add money to your Venmo balance. You can also receive money from other Venmo users, which will increase your balance.
You can add money to your Venmo account by linking a bank account or a card, and then tapping “Manage Balance” on the home screen, and then tapping “Add Money” and entering the amount you want to add.
Yes, you can use a credit card on Venmo, but you will be charged a 3% fee for every payment you make with it. You can avoid this fee by using a debit card or a bank account instead.
No, you can’t send money from PayPal to Venmo directly. You need to link a bank account to both PayPal and Venmo, and then transfer your PayPal balance to your bank account, and then transfer your bank balance to your Venmo account.
Both Zelle and Venmo are safe and secure ways to send and receive money online, but they have different features and protections. Zelle is backed by banks and transfers money directly from your bank account to another person’s bank account. Venmo is a social app that lets you pay and request money from friends and family and also offers purchase protection for some transactions.
You can send any amount on Venmo for free if you use a debit card or a bank account as your payment method. If you use a credit card, you will be charged a 3% fee for every payment you make.
You can transfer your Venmo balance to your bank account by tapping “Manage Balance” on the home screen and then clicking “Transfer Money” and entering the amount you want to transfer. You can choose between an instant transfer (with a 1% fee) or a standard transfer (with no fee).
No, you can’t transfer money from Venmo to Apple Pay directly. You need to link a bank account or a card that is compatible with Apple Pay to both Venmo and Apple Pay, and then transfer your Venmo balance to your bank account or card, and then use your bank account or card with Apple Pay.
To send money from Cash App to Venmo, you need to link a bank account or a card that is compatible with both Cash App and Venmo, and then transfer your Cash App balance to your bank account or card, and then use your bank account or card with Venmo.
You can get money off Venmo without a card by linking a bank account to your Venmo account and then transferring your Venmo balance to your bank account. You can also request a Venmo debit card, which lets you access your Venmo balance at ATMs and in stores.
No, you can’t link Venmo to Cash App directly. You need to link a bank account or a card that is compatible with both Venmo and Cash App, and then use your bank account or card with both apps.
You can withdraw money from Venmo without a card by linking a bank account to your Venmo account and then transferring your Venmo balance to your bank account. You can also request a Venmo debit card, which lets you access your Venmo balance at ATMs and in stores.
To send or receive money from Zelle to Venmo, you need to link a bank account that is compatible with both Zelle and Venmo, and then transfer your Zelle balance to your bank account, and then use your bank account with Venmo.
You can only cancel a Venmo payment if you send it to an email address or phone number that is not linked to an active Venmo account. In that case, you can tap the payment in your transaction history, and then tap “Cancel Payment” at the bottom of the screen. If you sent the payment to an active Venmo user, you can’t cancel it, but you can request the money back from them.
There could be several reasons why Venmo is not sending money. Some of the common ones are: