Due to their positioning in the financial services market, Venmo and Cash App are often pitted against each other as competing platforms for mobile peer-to-peer payments. Both competed for their market share in the US, and the Cash App also launched services in the UK in 2018. In this comparison, we'll weigh the strengths and weaknesses of each company as we determine which offers the best commissions, exchange rates, and transfer speeds.
Content:
Venmo launched four years before the Cash App, so the company had more time to tweak the functionality of its product. Venmo is a simpler app of the two that serves one purpose (online payments) and does it well. The app developers have focused on building a social payment platform to send and receive money with colleagues. The company was acquired by PayPal in 2013 and has grown exponentially since then.
Nonetheless, Cash App is a worthy competitor, and the app has been praised for its versatility. The mobile payment platform is available to users in the US and UK and was developed by the financial services group Square Inc. Quirky features like buying and selling stocks, cryptocurrencies and bitcoins, as well as direct deposit of checks, set this app apart from its competitor. Cash App customers can also connect their account to Google and Apple Pay, a feature not currently offered by Venmo.
In this article, we will look at which application is the best for those who make money transfers.
Which brand has lower commissions?
In this section, we will define the fee structure and total cost of using Venmo and the Cash App for money transfers.
Venmo
Venmo is free to install with no monthly fee. In addition to these factors, the following pay structures apply:
Cash Application
Cash App calls himself a free service, but can be used and other charges. Learning and understanding free remittances is invaluable in managing the expectations of remittances abroad. This includes:
Verdict: The Cash App appears to be a lower-
fee service Venmo's fee structure is more complex and therefore customers are more likely to be affected by different fees when using this service than when using the Cash app.
Which brand offers the best exchange rate?
We usually use this section to determine who is better at dealing with exchange rates. However, given that both Venmo and the Cash App deal primarily with domestic remittances, this section will be relatively short.
Venmo
Venmo can only be used to send or receive USD. Exchange rates are not applicable.
Cash App
The Cash app is now available in both the UK and the US. To meet the needs of customers who may request money from friends from abroad in any country, the Cash App converts payments from dollars to pounds sterling (or vice versa) at the average market exchange rate at that time.
Verdict: Cash App has an advantage
Since Venmo does not support international money transfers, the brand does not offer any exchange rates. For this reason, the Cash App should win in this section as it handles payment requests in both USD and GBP using the mid-market rate to offer customers the best value for money.
Venmo alternatives for international transfers
If you're already a Venmo user and would like to use their services to send money abroad, check out our guide on suitable Venmo alternatives. Another useful PayPal-owned company that specializes in international payments is Xoom; a platform that provides transfers to more than 150 countries around the world.
Which brand covers more regions?
Some money transfer companies support payments to all continents of the planet, while others are country specific.
Venmo
You cannot send or receive international money transfers using Venmo. The app serves as an internal P2P digital wallet available only to US customers.
Cash App
US and UK are the only destinations supported by the Cash app: only transfers in US dollars - pounds sterling / pounds sterling - US dollars.
Verdict: Cash App wins one at a time
Both brands were originally intended to serve US customers only, but since Cash App expanded its network to serve UK customers, it now has the advantage of an additional market.
Which is faster?
The speed of international payment transfers can be a deciding factor for some customers who want to quickly transfer funds from point A to point B.
Venmo
Transfers between Venmo user accounts are instant. Bank transfers sent or received using Venmo take 1 to 3 business days.
Cash App
As with Venmmo, transfers from one Cash App account to another are instant. Transfers sent or received to a bank account will take 1 to 3 business days.
Verdict: Draw
It looks like both Venmo and Cash App offer the same transfer rate.
Which brand offers the best transfer and payment options?
In this section, we'll take a look at the different ways Venmo and the Cash App make money transfers easy.
Venmo
The following transfer options are available in Venmo:
The following transfer options are available in the Cash App:
Verdict: Venmo Takes Gold
Even though there are more payment options available in the Cash App, Venmo has streamlined its transfer options to make it quick and easy to send money to partners.
What do users say about each brand?
Since both brands function exclusively as a money transfer app, we study reviews posted online by iOS and Android users.
Venmo
At the time of writing (August 2021) Venmo was the # 2 mobile app in the App Store, with an amazing 4.9 out of 5. Out of 12.2 million reviews, the vast majority of users rated Venmo 5 stars, praised Venmo for its user-friendly design, user-friendly services and instant payments.
On the Google Play store, Venmo scored 4.3 out of 5. While there are positive reviews on how user-friendly the app is, it looks like Venmo is generally less popular with Android users. Common negative reviews for processing problems, duplicate transactions, and unreliable availability.
Cash App
The Cash App was rated # 1 by users, topping the App Store's financial apps list and ranking # 1 with Venmo. Regardless, Cash App reviews total 4.7 out of 5 stars out of 2 million online ratings. Reviews include accolades for fast payments, simple user interface, and great features, but comments about poor customer service seem to keep Cash App from 5-star status.
Similar criticism can be found on the Google Play store, where the Cash app was awarded a good 4.2 out of 5 stars. It looks like the customer support needs to be improved to attract more positive user reviews.
Verdict: Tied
After evaluating numerous user reviews, it turned out that both applications need improvement. While Cash is currently the number one financial app in the App Store, it sits below the Google Play Store and both seem to consistently rank # 1 in terms of user reviews.
Which brand offers the best ease-of-use, accessibility, transparency, and security
Here, we look at the overall user experience by examining how easy, accessible, transparent, and safe both brands are.
Venmo
Verdict: Cash App Wins
When it comes to the security of both applications, they are on par in terms of protecting customer information, but users still need to provide basic personal security. The Cash App offers more options when it comes to overall accessibility, transparency and ease of use, thanks to its simple and dedicated payment platform.
Additional Features
Here we look at additional features that will benefit Venmo and Cash App users, with a focus on any innovative fintech services that improve the customer experience.
Venmo
Verdict: The Cash App has more options
While Venmo offers a more unusual user experience, the Cash app offers advanced features such as additional payment methods, check depositing, international payments to the US and UK, and discounts at multiple retail outlets throughout territory of the United States.
The bottom line is who is better?
At first glance, these applications appear to be similar, but the variety of payment services is the same. However, upon closer inspection, Venmo and the Cash App approach money transfers completely differently.
Although the Cash App is more convenient and affordable than the major banks, the time it takes to process an internal transfer is about the same. Cash App's business model is focused solely on the process of sending and receiving money, and it does it well. However, for users looking for a social media-style entertainment, Venmo will be the best choice.
Unfortunately, if you live outside the US or UK, neither the Cash App nor Venmo's services can meet your money transfer needs. Instead, we would recommend other money transfer companies with large global reach, such as Wise, PaySend or WorldRemit. Use our search engine to browse all available options and read comparisons of our other companies to learn more about each service provider.
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Content:
- Which brand has lower commissions?
- Which brand offers the best exchange rate?
- Which brand covers more regions?
- Which is faster?
- Which brand offers the best transfer and payment options?
- What do users say about each brand?
- Which brand offers the best ease of use, accessibility, transparency, and security
- Additional features
- Verdict: Cash App has more options
- The bottom line is who is better?
Venmo launched four years before the Cash App, so the company had more time to tweak the functionality of its product. Venmo is a simpler app of the two that serves one purpose (online payments) and does it well. The app developers have focused on building a social payment platform to send and receive money with colleagues. The company was acquired by PayPal in 2013 and has grown exponentially since then.
Nonetheless, Cash App is a worthy competitor, and the app has been praised for its versatility. The mobile payment platform is available to users in the US and UK and was developed by the financial services group Square Inc. Quirky features like buying and selling stocks, cryptocurrencies and bitcoins, as well as direct deposit of checks, set this app apart from its competitor. Cash App customers can also connect their account to Google and Apple Pay, a feature not currently offered by Venmo.
In this article, we will look at which application is the best for those who make money transfers.
Which brand has lower commissions?
In this section, we will define the fee structure and total cost of using Venmo and the Cash App for money transfers.
Venmo
Venmo is free to install with no monthly fee. In addition to these factors, the following pay structures apply:
- For transfers paid by credit card, there is a flat 3% fee.
- The seller's transaction fee is 1.9% when funds are credited to the Venmo business account.
- There is a 1% fee when you deposit payrolls or government checks (there is a 5% fee for non-government checks and non-government checks).
- From 2 August 2021, customers will be charged a 1.5% fee to transfer money from their Venmo account to their debit card or bank account.
- Venmo instant transfers charge a flat fee of 1% with a minimum payment of $ 0.25.
- Zero fees on transfers funded from Venmo balance sheets
- Zero fees for transfers funded by wire transfers, debit or prepaid cards.
- Shopping from sellers is also free, even if paid by credit card.
Cash Application
Cash App calls himself a free service, but can be used and other charges. Learning and understanding free remittances is invaluable in managing the expectations of remittances abroad. This includes:
- A commission of 3% of the transfer amount is charged to customers who finance the transfer with a credit card.
- Customers who request an instant transfer by withdrawing money from their balance will incur a 1.5% commission for this instant service.
Verdict: The Cash App appears to be a lower-fee service Venmo's fee structure is more complex and therefore customers are more likely to be affected by different fees when using this service than when using the Cash app.
Which brand offers the best exchange rate?
We usually use this section to determine who is better at dealing with exchange rates. However, given that both Venmo and the Cash App deal primarily with domestic remittances, this section will be relatively short.
Venmo
Venmo can only be used to send or receive USD. Exchange rates are not applicable.
Cash App
The Cash app is now available in both the UK and the US. To meet the needs of customers who may request money from friends from abroad in any country, the Cash App converts payments from dollars to pounds sterling (or vice versa) at the average market exchange rate at that time.
Verdict: Cash App has an advantageSince Venmo does not support international money transfers, the brand does not offer any exchange rates. For this reason, the Cash App should win in this section as it handles payment requests in both USD and GBP using the mid-market rate to offer customers the best value for money.
Venmo alternatives for international transfers
If you're already a Venmo user and would like to use their services to send money abroad, check out our guide on suitable Venmo alternatives. Another useful PayPal-owned company that specializes in international payments is Xoom; a platform that provides transfers to more than 150 countries around the world.
Which brand covers more regions?
Some money transfer companies support payments to all continents of the planet, while others are country specific.
Venmo
You cannot send or receive international money transfers using Venmo. The app serves as an internal P2P digital wallet available only to US customers.
Cash App
US and UK are the only destinations supported by the Cash app: only transfers in US dollars - pounds sterling / pounds sterling - US dollars.
Verdict: Cash App wins one at a timeBoth brands were originally intended to serve US customers only, but since Cash App expanded its network to serve UK customers, it now has the advantage of an additional market.
Which is faster?
The speed of international payment transfers can be a deciding factor for some customers who want to quickly transfer funds from point A to point B.
Venmo
Transfers between Venmo user accounts are instant. Bank transfers sent or received using Venmo take 1 to 3 business days.
Cash App
As with Venmmo, transfers from one Cash App account to another are instant. Transfers sent or received to a bank account will take 1 to 3 business days.
Verdict: DrawIt looks like both Venmo and Cash App offer the same transfer rate.
Which brand offers the best transfer and payment options?
In this section, we'll take a look at the different ways Venmo and the Cash App make money transfers easy.
Venmo
The following transfer options are available in Venmo:
- Standard Bank Transfer: Send money to a suitable bank account, free of charge, takes 1-3 business days
- Instant Transfer: Send money to eligible bank accounts or Visa / Mastercard debit cards within 30 minutes at a 1.5% fee.
- Direct Deposit: A feature that allows eligible users to electronically deposit part or all of their salary into their Venmo account, this can take 1-2 business days.
- Credit or debit card
- Bank account
- Venmo balance
The following transfer options are available in the Cash App:
- Standard deposit: Send money to a suitable bank account, free of charge, takes 1-3 business days.
- Instant Deposits: Instantly send money to a bank account or debit card with a 1.5% fee (minimum fee is $ 0.25).
- Credit or debit card
- Bank account
- Google pay
- Apple Pay
- Cash app balance
Verdict: Venmo Takes GoldEven though there are more payment options available in the Cash App, Venmo has streamlined its transfer options to make it quick and easy to send money to partners.
What do users say about each brand?
Since both brands function exclusively as a money transfer app, we study reviews posted online by iOS and Android users.
Venmo
At the time of writing (August 2021) Venmo was the # 2 mobile app in the App Store, with an amazing 4.9 out of 5. Out of 12.2 million reviews, the vast majority of users rated Venmo 5 stars, praised Venmo for its user-friendly design, user-friendly services and instant payments.
On the Google Play store, Venmo scored 4.3 out of 5. While there are positive reviews on how user-friendly the app is, it looks like Venmo is generally less popular with Android users. Common negative reviews for processing problems, duplicate transactions, and unreliable availability.
Cash App
The Cash App was rated # 1 by users, topping the App Store's financial apps list and ranking # 1 with Venmo. Regardless, Cash App reviews total 4.7 out of 5 stars out of 2 million online ratings. Reviews include accolades for fast payments, simple user interface, and great features, but comments about poor customer service seem to keep Cash App from 5-star status.
Similar criticism can be found on the Google Play store, where the Cash app was awarded a good 4.2 out of 5 stars. It looks like the customer support needs to be improved to attract more positive user reviews.
Verdict: TiedAfter evaluating numerous user reviews, it turned out that both applications need improvement. While Cash is currently the number one financial app in the App Store, it sits below the Google Play Store and both seem to consistently rank # 1 in terms of user reviews.
Which brand offers the best ease-of-use, accessibility, transparency, and security
Here, we look at the overall user experience by examining how easy, accessible, transparent, and safe both brands are.
Venmo
- Availability: When you receive money through Venmo, funds are not automatically transferred to your bank account. Instead, the money remains in Venmo's account unless you make a bank transfer.
- Ease of Use: The Venmo app uses fun, user-friendly navigation and has been highly praised by users. Contacts are easy to find by searching by their username or contact details, scanning their unique QR code, or syncing contacts. Venmo's social media-style feed allows users to see who others are sending and receiving payments to.
- Security: Venmo uses advanced data encryption and personal data is stored on separate secure servers to ensure all financial information is protected. It is also possible to improve the security of the application by adding a PIN and enabling two-factor authentication.
- Transparency: Venmo and its parent company PayPal have been criticized for unexplained account closings and freezes. This has led digital rights organizations to demand more transparency and clearer user guidelines.
- Affordability: The company does not require customers to connect a bank account to register in the Cash app, which means it is easy to send and receive money from your balance, although it costs $ 2 to withdraw funds from ATMs with a Cash Card.
- Ease of Use: Cash App's simple display and clear user interface make it easy to use for peer-to-peer transactions, whether you split bills or split your monthly rent share.
- Security: The Cash App is not FDIC insured in the US, which limits their banking functions as funds are not subject to the same rules as other competitors. However, when it comes to protecting and insuring personal data, Cash App uses state of the art encryption and fraud detection technology to keep customer data safe. The app also uses two-factor authentication.
- Transparency: The Cash App very clearly describes its main functions: sending money, receiving money, investing and working as a digital wallet.
Verdict: Cash App WinsWhen it comes to the security of both applications, they are on par in terms of protecting customer information, but users still need to provide basic personal security. The Cash App offers more options when it comes to overall accessibility, transparency and ease of use, thanks to its simple and dedicated payment platform.
Additional Features
Here we look at additional features that will benefit Venmo and Cash App users, with a focus on any innovative fintech services that improve the customer experience.
Venmo
- Clients can buy, sell, and store four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Offers social media features including emoticons and online status updates
- Venmo makes it easy to separate accounts
- Refund benefits are offered to debit card users, and a point-based reward system exists for credit card users.
- Supports international transfers between US and UK users
- Cash App customers can buy, sell, send and receive stocks and bitcoins; only available for US customers
- Supports Google Pay and Apple Pay
- Discounts at popular cafes, restaurants and other stores are part of the app's Boosts scheme.
- Customers can make direct transfers of salaries and tax receipts.
Verdict: The Cash App has more optionsWhile Venmo offers a more unusual user experience, the Cash app offers advanced features such as additional payment methods, check depositing, international payments to the US and UK, and discounts at multiple retail outlets throughout territory of the United States.
The bottom line is who is better?
At first glance, these applications appear to be similar, but the variety of payment services is the same. However, upon closer inspection, Venmo and the Cash App approach money transfers completely differently.
Although the Cash App is more convenient and affordable than the major banks, the time it takes to process an internal transfer is about the same. Cash App's business model is focused solely on the process of sending and receiving money, and it does it well. However, for users looking for a social media-style entertainment, Venmo will be the best choice.
Unfortunately, if you live outside the US or UK, neither the Cash App nor Venmo's services can meet your money transfer needs. Instead, we would recommend other money transfer companies with large global reach, such as Wise, PaySend or WorldRemit. Use our search engine to browse all available options and read comparisons of our other companies to learn more about each service provider.
https://carder.uk/login/