Cash Apps like Venmo

Cash Apps like Venmo

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I love Venmo, but it’s quite limited. Especially for international transfers.

After Googling around for cash apps like Venmo, I felt I needed to conduct my own research.

In this post, I’ll share my notes on cash apps that offer more flexibility, enhanced features, and a seamless experience for domestic and international transfers.

One of them now has a permanent spot on my phone’s home screen. Read on to find out which one 😉

What is Venmo?

Venmo is a mobile payment service that allows users to transfer money to other people through a mobile app. It’s a popular way to split expenses with friends and pay for things like meals, rent, or utilities. 

Venmo is owned by PayPal and has become a widely used method of person-to-person payments in the United States.

See our review of Venmo.

It has a signature social feature that allows users to see the transactions made by their friends. However, this feature has caused severe privacy concerns among its users. By constantly publishing and updating information about user transactions, Venmo inadvertently created a loophole for cybercriminals to snoop on private accounts.

This potential vulnerability has exposed Venmo users to identity theft and online fraud. Because of this revelation, some people have switched to other cash apps. Venmo is also only available in the US which excludes the possibility of international transfers. 

Below, you’ll find some of the best Venmo alternatives so that you can decide on the one that’s best for your needs. 

Cash Apps like Venmo

📝 summary

  • Zelle – best for seamless fee-free transfers in the U.S.
  • Cash App – best for free instant domestic transfers in the U.S. and U.K.
  • Revolut – best for availability and multi-currency travel card
  • Wise – best all-rounder, and best for low-cost international transfers
  • Instarem – best for new-user discounts and payment options

Zelle 

Zelle is one of the best alternatives for people who prefer bank-to-bank transfers in the US. This service is only available in the US and lets users send and receive money through their bank’s mobile app or online banking platform. When you send money via Zelle, it’s deposited directly to the recipient’s bank account.

Zelle doesn’t charge a transfer fee which makes it a cost-effective option. Unfortunately, you cannot use the app to make purchases at physical stores.

For the fast transfer option, you can transfer up to $1,000 a day and $5,000 per month. For scheduled or next-day deliveries, you can transfer up to $2500 per day and $10,000 per month.

Pros 

  • No transfer fees.
  • Integrated with over 10,000 banks and credit unions in the US.
  • Fast transfers.
  • Interest in checking and saving accounts.

Cons 

  • No Zelle credit or debit card.

See our review of Zelle.

Cash App

Cash App is a peer-to-peer money transfer service that allows users to send and receive money via the mobile app in the UK and the US. In addition to sending and receiving money, Cash App allows users to receive paychecks, earn rewards, invest in stocks, purchase bitcoin, and make in-store and online payments using its cash card. 

Unlike Venmo, Cash App supports money transfers for Cash App users between the U.S. and the UK free of charge. In addition, 

Pros 

  • Fast transfers.
  • Supports direct bank and debit card deposits.
  • Free tax filing via Cash App Taxes.
  • Allows users to invest in Bitcoin and Stocks.

Cons 

  • Transaction limits for unverified users.
  • 3% fee for money transfers via credit card.

See our review of Cash App.

Wise

The app that’s got a permanent spot on my phone’s home screen, Wise, formerly known as TransferWise, was launched in 2011 to help users transfer money around the world conveniently and securely. 

Wise has over 13 million customers globally and supports international transfers to over 80 countries. 

Aside from international money transfers, Wise offers users a multi-currency account. You can open and operate this account online or via the Wise mobile app to manage over 50 currencies. 

Pros 

  • Fast transfer speeds.
  • No exchange rate markups.
  • Low transfer fees.

Cons

  • No cash delivery services.

See our review of Wise.

Revolut

Revolut allows users to send money to over 100 countries and in over 30 different currencies. 

Users can make local and international money transfers without worrying about high or hidden fees. The Revolut card is also excellent for allowing travelers to spend overseas without incurring high foreign transaction fees. 

Revolut uses mid-market exchange rates for foreign transactions which is the competitive rate often used between banks. In addition, Revolut doesn’t apply markup rates on international money transfer services during working days. However, it does charge a markup rate on weekends and holidays. 

The service allows users to receive weekly insights into their spending, thanks to its categorization feature. In addition, Revolut users can manage all their finances using the Revolut mobile app by linking their bank account to their Revolut account. This allows users to track all their finances from a centralized platform. 

You can use the Revolut app to organize recurring payments and cancel unwanted subscriptions. Users also benefit from end-of-trial notifications, which allow them to cancel the subscription before they are charged.

Pros

  • Competitive mid-market exchange rates.
  • Available in 100+ countries.
  • Offers a multi-currency account.

Cons

  • Users have complained about their accounts being unexpectedly frozen.
  • Customer service could be better.

See our review of Revolut.

Instarem

Instarem is an international money transfer company that allows individuals and businesses to send money overseas. The company has a network of over 8,000 banks worldwide and allows its users to send money to over 55 countries. 

There’s no markup added to the exchange rate which helps you to receive the best international rates. Furthermore, it offers low transfer fees, especially for users who transfer small amounts of money. 

The money transfer fees differ depending on the currency route and destination country. The fees range from 0.25% – 1% for every transaction.

Instarem processes most of the money transfers within minutes. However, certain transactions can take up to 48 hours to be processed. Instarem also accepts numerous payment options, including wire transfers, bank transfers, credit cards, and debit cards. 

Users receive InstaPoints for transactions and these points can be used to reduce the cost of future transfer fees. 

Pros 

  • Competitive exchange rates.
  • Range of payment options.
  • Low transfer fees.

Cons 

  • Some find that the transfer times are too long.

See our review of Instarem.

Conclusion

Although Venmo is one of the most popular options for transferring money domestically in the US, other options allow for low fees, fast transfer speeds, and worldwide availability. 

When choosing a money transfer service, it’s important to consider how you want to use it. Some users only need it for domestic transfers, whereas others need these apps for international transfers. 

Many people use cash apps for purchasing goods and services online or around the world in different currencies. 

You should also consider the fees and exchange rates that each service offers. The fees can vary depending on the destination country, currency, and amount being transferred. 

In addition, you may want to think about how many payment options are available. Many cash apps allow you to fund transfers with bank accounts and debit/credit cards. Some options enable cash deposits and cash pickup options. 

A cash app that comes with a card is worth considering for travelers as it helps them to spend overseas more easily and keep their costs low. 

Hopefully, this post has given you some insights into Venmo alternatives to consider so that you can decide which is the best option for your needs. 

Sources

  1. https://help.venmo.com/hc/en-us/articles/221011388-What-is-Venmo-
  2. https://www.zellepay.com/how-it-works
  3. https://www.zellepay.com/faq/what-zelle
  4. https://sourceforge.net/software/compare/Revolut-vs-Venmo/
  5. https://www.revolut.com/about-revolut/
  6. https://www.forbes.com/advisor/money-transfer/what-is-cash-app/
  7. https://cash.app/
  8. https://wise.com/gb/blog/how-does-transferwise-work
  9. https://www.instarem.com/about-us
  10. https://www.skrill.com/en-us/support/question/32/what-is-skrill-how-does-it-work/
  11. https://www.skrill.com/en-us/
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