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Venmo and Cash App make it quick and easy to send money to friends and family. These mobile apps allow users to both send and request funds from other users. The recipient can then transfer the money to their bank account or keep it in their in-app wallets.
On the surface they’re pretty similar, but each app brings a different twist to the process and offers its own special features. If you’re not sure which app to start using, keep reading to find out the differences between the two money transfer apps.
Cash App vs Venmo: Fees
Venmo and Cash App follow a very similar pricing structure. Neither charges a fee for sending money, unless you do so with a credit card. They also both charge a nominal fee for instant transfers to your bank, but no fees for standard transfers, which take one to three business days.
Venmo: There is a 3% charge when sending money through Venmo using a credit card. The fees are waived when you fund the transaction with your Venmo balance, bank account, or debit card. There is also a 1% fee for instant transfers. Instant Transfers let you transfer money from your Venmo balance to your debit card in minutes. Standard transfers are free, but it will take one to three business days for the deposit to appear in your bank account.
Cash application: There is a 3% fee for using a credit card to send money, but it is free to send money from a debit card or bank account. Cash App also charges a fee of 1.5% if you request an instant transfer of your Cash App account balance to your linked debit card. Standard transfers to your bank account are free.
Cash App vs Venmo: Special Features
When it comes to sending and receiving money, Cash App and Venmo work very similarly. If you choose between the two, it’s the additional features that will set them apart the most.
Venmo: Venmo takes a social approach to money transfer. There is a social feed where you can view your friends’ transactions. You can’t see how much they sent or received, but you can see who they sent or received money to, the date of the transaction, and their caption for the transaction. You can even like or comment on transactions. You can adjust your privacy settings to make your transaction history public, friends only, or private.
Venmo also offers crypto investments. Users can choose from a few different options including Bitcoin and Litecoin. It also offers short educational crypto videos to help newcomers to the crypto space learn about the coins available.
Cash application: Cash App does not show your transactions to others and does not have a social aspect. However, it offers more investment options. On Cash App, you can invest in stocks or bitcoin using your Cash balance or linked debit card. There are a variety of popular stocks to choose from, and up-to-date stock market data is available to help you make your choices. It is a very beginner friendly option for those who want to get started in stock market investing.
Cash App vs Venmo: international availability
Although both apps have a huge presence in the United States, their international presence is still relatively limited. Only Cash App serves non-US customers, and even then it is limited to the UK.
Venmo: Venmo is currently only available in the United States. The company states that the sender and receiver of a Venmo transaction must be physically present in the United States.
Cash application: Cash App is currently only available in the US and UK. US and UK users can email each other and request money at no cost. When you send money outside of your local market, Cash App will convert the payment to the local currency (currently only USD and GBP) based on the mid-market exchange rate at the time the payment is sent.
Cash App vs Venmo: App Store Availability
Both apps work well on iPhone and Android smartphones and are also accessible from a computer or mobile browser.
Venmo: Venmo is available on both the Apple App Store and the Google Play Store. It is also available on venmo.com.
Cash application: Like Venmo, Cash App is available on the Apple App Store and the Google Play Store. It is also available as a web application on cash.app.
Cash App vs Venmo: physical payment cards
Cash App and Venmo also offer physical cards that can turn their apps into working bank accounts or in-person payment methods.
Venmo: Venmo offers a debit card that can be linked to a user’s Venmo balance. The card supports contactless payments and access to ATMs. There is no charge to acquire a Venmo debit card and it offers ATM withdrawals free of charge at some ATMs. Venmo also issues Venmo Visa credit cards to eligible users. The card offers up to 6% cash back on purchases and other rewards in the Venmo app.
Cash application: The Cash App Cash Card is a physical debit card that allows cardholders to spend money from their Cash App balance at retailers, restaurants and any other establishment that accepts debit cards. Cash App also supports direct deposit on your Cash App balance. The Cash Card debit card is free.
Send money to friends and family
Overall, the two apps work very similarly and even follow almost the same pricing structure. When it comes to deciding which one to use, many users choose to download and have accounts with both services. Since the main function is to send and receive money with your contacts, you will have to use the service used by your friends and family or embed them with your favorite app.
Venmo and Cash App aren’t the only ways to quickly exchange funds from your phone. Zelle, Apple Pay Cash, and PayPal are also popular solutions for sending money quickly and easily from your phone or computer. These services, especially Zelle and PayPal, are also often more popular for payments and business transactions than Cash App or Venmo.
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