Cash App vs Venmo (best instant money apps / software)
|Ease of Use|
|Speed of Transfer|
|Max Transaction Limit|
|Savings and Deals|
|FREE / PAID|
Cash App monetizes through fees for instant transfer (1.5% of the total amount) and charges a 3% fee for sending money using a credit card.
Venmo makes money by charging a 3% fee when users send money using a credit card and also through its ‘Venmo for Business’ platform.
🔥Cash App is a robust money transfer app that offers versatile features like stock and Bitcoin trading.😎 But beware of fees for instant transfers.💸
🚀Venmo is great for easy peer-to-peer payments with its social aspect. 🤝 But beware, it’s not ideal for larger transactions. 💔
Cash App Pros & Cons
☑️Easy usability 🎯
📈Offers Bitcoin and stock trading 🚀
💲No monthly fee🎉
🔄Direct deposit features💳
🎁Exclusive merchant deals🔥
Venmo Pros & Cons
👥Social media integration🤳
💵Split bill feature💡
📤Quick transfers between Venmo users🚀
🎵Venmo card feature with cashback💳
💸Fees for instant transfer 😩
🔐Poor customer service feedback👎
📊Limited to US users🌎
💳Charge fees for using credit cards💡
💰1% fee for instant transfers💢
💴Cannot transfer money to non-Cash users💔
💸3% fee when using credit cards 😩
❌Not suited for merchants👎
✖️Withdrawal limits could be inconvenient🙁
❗Not ideal for larger transactions📉
💔Less robust features compared to competitors👎
Other best instant money apps
🏦Zelle shines with instant transfers for bank accounts💡, but lacks payment options compared to competitors.👎
🌐Paypal is your reliable, globally accepted money app💪, but be ready to face stubborn fees and stringent policies.💢
Some of the top-rated instant money apps currently in use include the Cash App and Venmo. These apps are favored because of their user-friendly interface and security features. Other popular options include Zelle, PayPal, and Google Pay.
The Cash App facilitates money transfer between users, allows for direct deposit, and also offers investment options in stocks as well as Bitcoin. Plus, it avails a cash card that can be used for transactions anywhere Visa is accepted. More about its features can be found on the official Cash App website.
Venmo is not only a platform for money transfers, but also for managing and splitting expenses with friends. The app enables users to share payment notes with emojis, and has a social function that allows for transaction comments. Visit the official Venmo website for more information.
Cash App uses a variety of security processes such as encryption and fraud detection to protect users. It also allows for optional security locks using Face ID, Touch ID, or passcodes.
Venmo provides several layers of security. It encrypts all personal and financial information, allows for a PIN code in the mobile application for added security, and monitors accounts for fraudulent activities.
There’s currently no direct way to transfer money from Cash App to Venmo, or vice versa. Users typically have to first transfer the funds to a linked bank account before sending it to the other app.
Cash App doesn’t charge for personal transactions, but a 3% fee is incurred when a user sends money via a credit card. Additionally, an instant transfer to a bank account will cost a 1.5% fee.
While sending and receiving money between friends on Venmo is free, there is a 3% fee for sending money using a credit card. A small fee is also incurred for instant transfers to linked bank accounts. Standard bank transfers are free of charge.
Yes, Cash App does impose a spending limit. For unverified accounts, the limit is $250 per week, but once the account is verified, the limit increases dramatically to $7500 per week.
For unverified Venmo accounts, the weekly limit is $299.99. However, after confirmation of your identity, the limit will increase to $4,999.99 per week for person-to-person transfers.
Currently, Cash App is available for use only in the United States and the United Kingdom.
No, Venmo is only offered to customers in the United States at the moment.
Yes, starting from the 2022 tax year, Cash App will report users’ account activity to the IRS if they receive over $600 in a calendar year as ruled by the latest American Infrastructure Investment and Jobs Act.
Yes, following similar rules, Venmo will also be reporting to the IRS if a user receives more than $600 in a given calendar year, starting from 2022.
Setting up a Cash App account involves downloading the app, entering your phone number or email, and choosing a unique username the app calls a ‘$Cashtag’. You’d also need to link at least one bank account to your Cash App profile.
To start using Venmo, you’ll need to download the app, sign up with your email or Facebook account, verify your phone number and login information, and then finally link it to a U.S bank account or credit/debit card.
Transfers from Cash App to a bank account generally take one to three business days. However, for a small fee, users can opt for an instant transfer.
Usually, transfers from Venmo to a bank account can take one to three business days as well. But similar to Cash App, Venmo also allows for instant transfers at a small fee.
Yes, the Cash App offers a free debit card known as the Cash Card. This Visa-branded card lets users make purchases with funds from their Cash App account.
Yes, Venmo offers the Venmo card, a Mastercard debit card that can be used anywhere Mastercard is accepted in the U.S. It can also be used at an ATM to withdraw cash from your Venmo balance.
The Cash App, by Square Inc., is an app that allows users to send, receive, and request money instantly. Users can also use it to buy, sell, or deposit Bitcoin, and stocks. The updated Cash Card feature of Cash App even enables them to make purchases using their Cash App balance at various retailers, both online and in-store. Learn more on their official website here.
Venmo, owned by PayPal, is a money management application that lets users transfer funds to others via the app. It links to the user’s bank account or a credit/debit card to send or receive payments. The app also has social media features, allowing users to share transactions with friends or followers. More information can be found at Venmo’s official site.
Yes, users can use Cash App without linking a bank account. They can receive money, but they may not be able to cash out or send money without adding a bank account or card.
Yes, you are allowed to add more than one bank account to your Venmo account. However, you will have to choose one as your primary account for Venmo operations.
Cash App uses encryption and fraud detection technology to protect customers’ data and prevent unauthorized transactions. It’s also compliant with the regulations of the Payment Card Industry Data Security Standard (PCI-DSS), which enhances its safety. However, like all digital platforms, it is important to use these apps responsibly and with caution.
In most instances, Venmo doesn’t charge a fee. However, there is a 1% fee for instant transfers from Venmo to a bank account, and a standard 3% fee applies to the amount being sent when you fund payments with a credit card.
Absolutely, the Cash App allows its users to invest in stocks and Bitcoin. Users can start investing for as low as $1. Note there may be possible fees and risks associated with investments.
Yes, Venmo has a sending limit of $4,999.99 per week for person-to-person payments. Once you’ve verified your identity, the weekly rolling limit for payments to friends or family is up to $4,999.99.
To cash out from Cash App, simply tap the banking tab, select ‘Cash Out’, choose the desired amount and hit ‘Cash Out’. Select a deposit speed and confirm using your PIN or Touch ID.
Yes, Venmo does allow users to make and accept payments for business transactions. It’s important to note that there is a 1.9% + $0.10 fee per transaction when receiving payments for goods or services.
No, as a caution against scams, Cash App does not currently offer telephone customer service. Users are advised to reach out through the app or their official website for any assistance.
At this time, Venmo is only available for use by residents of the United States and select U.S. territories. Users must also have a U.S. cell phone that can send/receive text messages from short codes.
Yes, you can refund payments on Cash App by selecting the transaction in question, tapping ‘refund’, and confirming it. Remember that you can’t cancel a completed payment, so refunding is the alternative.
Once you pay someone on Venmo, it’s not possible to cancel the payment. However, you can send a request to the recipient to have the money returned.
Cash App mostly has free transactions, but there are some instances that incur fees. These include: a 1.5% fee for instant transfers to a bank account, and a 3% fee if you send money using a credit card.
Yes, Venmo users can use their accounts to pay for purchases from select approved businesses and apps that are integrated with Venmo.
Currently, Cash App only supports U.S.-based transactions. Users can’t make payments to international recipients or receive payments from them.
Venmo uses various security protocols to secure users’ account details and transaction information. However, it advises users to only transact with people known to them and trusted businesses as it does not offer buyer or seller protection.
Yes, you can pay your bills with Cash App. You can send money from your app balance to the billing company’s app, or you can use your Cash Card being associated with Cash App as a debit card for bill payments.
Yes, similar to Cash App, Venmo also offers a physical card known as the Venmo Card. This card allows users to spend their Venmo balance in all locations where Mastercard is accepted in the U.S.