How is Venmo different from PayPal?
What is Venmo and why is it better than PayPal?
If you want to send money to someone quickly, your options are many. The two most popular services that more people than anyone else use are PayPal and Venmo.
The main purpose of both services is the same: to transfer money from your bank account to someone else's account (or vice versa). However, the process is slightly different between Venmo and PayPal.
Even if you already know everything about PayPal, you may be wondering: what is Venmo? and is it a better option than PayPal?
What is Venmo?
Venmo allows you to send money to someone instantly, either with a credit card, debit card, or your bank account. Many people don't realize that PayPal actually owns Venmo. Venmo is essentially a simpler, alternative payment service offered by the same company.
Adding payment details
Once you've signed up for a Venmo account, all you need to do is add payment methods to send or receive money. You can find this in the app menu under Payment methods.
Just choose Add a bank or cardand enter the account details in the payment method form.
Once you have added a payment, you are now ready to use the app.
Sending or requesting payments
On the main screen of the app, you can tap the blue Send Payment icon to create a new payment to someone or request a payment.
The other user will need a Venmo Account so you can search for their name or Venmo User ID to send the payment.
All you have to do is:
You'll see this transaction on the main page of the app. You can tap this transaction at any time in the history to view the payment details.
Transfer money to your bank account
Whenever someone sends you money, you will see it appear in your Venmo balance. You can click the link at the top of the menu at any time Transfer credittap to transfer money to your bank account or credit card.
The Transfer Balance page shows your full balance available for transfer. You can make an instant transfer to your bank or credit card for a 1% fee, or let it take up to three days with no fee.
Get a Venmo debit card
You may have heard of the Paypal debit cards that allow you to instantly access your Paypal balance to receive payments with any offline or online store.
Now Venmo offers the same function: the Venmo debit card.
You can sign up for one by going to the app menu Venmo Cardtap.
Simply work your way through the wizard to sign up. You can choose from 4 basic colors. It's a Mastercard debit card that works in almost every business. It's also a reward card so you can earn points every time you use it - and there are no credit checks or monthly fees.
Venmo vs. Paypal: what are the differences?
You may have noticed that Venmo and Paypal have a lot in common. Aside from a very different user interface, the two services are very similar.
One of the main differences is that Venmo is almost like a payment service and social network rolled into one. You can add friends to the service so that you can send or receive payments from them more conveniently later.
Fees and charges
There are a number of other differences, some of which are minor and some of which are significant. For example, here are the differences in fees.
What is more accessible?
You can access the same platforms on both services. including the mobile app or both mobile and desktop browsers. There is one big difference that you will notice when you log into Visit Venmo in a browser and log into your account.
There is no blue send or request button in the lower right corner like it does in the app. This is because Venmo only allows you to send or request payments through the mobile app.
You can still use the website to check your transaction history, update settings, or request a transfer to your bank account or credit card.
Also, Venmo can only be used within the United States. On the other hand, PayPal is available to people in over 200 countries.
Paypal is also more widely accepted in many online and offline businesses.
Venmo is much newer and still has a foothold.
When these services allow you to pay directly in stores using these services, there is no need to transfer money to your bank account before you can buy things with your balance.
Without a doubt, sending money to people is much easier and more efficient with Venmo. With the Venmo app, it's really just a quick three step process with no confusing options or other choices.
If the user has a Venmo account, enter the amount and a reason (if desired) as to whether the transaction should be publicly released, and that's it. Your user will have to pay a fee to receive the money, but Venmo won't bother you with these details.
PayPal, on the other hand, has Send, Request, Crypto, and More Page buttons mixed in with all sorts of other information that is cluttered in the main dashboard. It's also not very easy to find the link to transfer money to your bank or credit card.
Once you've selected Submit, the process isn't a simple form. It's a step-by-step wizard that will change the next options depending on your choices and the person you're sending money to.
The first step of the wizard looks simple.
However, after you select Next, you'll see details about the transaction, which you can apparently change, such as: For example, the currency, whether you are sending to a friend and what account you are sending with.
If you want to change the account you can use your Paypal account or send directly from your bank account
Why do they exist? So many options with Paypal while Venmo is such a simple three step process?
This is because PayPal has introduced more complicated fee structures depending on whether payments are international and what is paid for.
For example, when sending money to a friend, you can choose to pay the fee or let the recipient pay. You can also pay for goods or services. In this case, the recipient has to pay the fee and cover it with PayPal purchase protection.
On the one hand, PayPal may have more features and choices. However, Venmo simplifies the entire transaction process by standardizing fees and other details so that you can complete the payment process with just a few simple clicks.
Some other important differences to consider before choosing Venmo or Paypal:
When comparing Venmo to PayPal, we used two full membership accounts to examine the user interface, transaction process, features, fees and credit transfers.
Ultimately, Venmo and PayPal do the same thing. Both receive money from your bank account or credit card into someone else's account. The difference is that Paypal is a little more complicated to use, but it has a lot more features and services.
Venmo is best for someone who doesn't want to deal with the bells and whistles and just wants a simple app to send someone some money as quickly and easily as possible.
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