Finance

7 Best Payment Apps like Venmo

Updated on: March 25, 2022
apps like venmo

Venmo is a great option when you want to send money to family and friends and pop it up in Venmo’s news feed when public sharing is turned on.

You can use it to raise funds for your non-profit organizations, though it levies 1.9% + $0.10 for receiving payment. 

You may get many perks for being a Venmo user, but a low transaction limit and no global payment support are still an issue for many.

To avoid such an issue, we’ve rounded up the best payment apps like Venmo for more secure, quick, and convenient payments. Let’s jump straight into the best Venmo alternatives.

Best Pay apps like Venmo (Top alternatives)

cash app min

Cash App

1.5% for instant transfer
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The Cash app is the most flexible peer-to-peer mobile payment app you can use. Launched in 2013 by Square, it has recorded over 31 million users across the U.K. and US, making it one of the most popular money transfer apps like Venmo. Using it, you can spend, invest, and send money instantly.

Besides, it makes your payment available up to two days earlier when you set up your direct deposit account. Unlike other Venmo alternatives, it lets users design their own debit cards to match their style. 

Sending and receiving cash is free via a debit card, but you have to pay a 3% fee for sending money via a linked credit card, which is also a standard fee charged by other similar services. Want to invest in stocks? With the Cash App, you can begin investing in fractional stocks with as little as $1.

Or you can break into bitcoins by purchasing or receiving up to $10000 worth of bitcoins per week in the Cash App digital wallet and withdrawing up to $5000 in bitcoins per week.

The app processes millions of transactions a year, providing extra layers of security to ensure the protection of customers. 

Pros
  • Commission-free investing.
  • No fee for sending money.
  • Custom debit card design.
  • Users can buy a broad range of stocks and trade Bitcoins.
  • Access to over 55k fee-free ATMs with a linked direct deposit account. 
  • Flexible features. 
Cons
  • 3% fee via credit card transaction.
  • Requires at least $300 in steady deposits in the last three months to receive early paychecks. 
  • 1.5% fee for transfer of funds.
  • No FDIC insurance.
  • Only available in the U.S and U.K. 
apps like venmo

Payoneer

2% fee + $1.50 fixed rate
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It’s our favorite—Payoneer is a global payment service that supports various currencies. It’s a quick, secure, and easy-to-use payment gateway used by thousands of international direct clients and marketplaces.

Some of the leading brands that use Payoneer are Freelancer, Taboola, eBay, Upwork, Airbnb, and many more. Whether you want to expand your business or receive cash from other sites, Payoneer is the most hassle-free solution. 

With this platform, you can receive funds directly into your local currency account, request a payment, pay your VAT, manage multiple stores, get your digital FIRCs, and much more.

Not only is it the best platform to send and receive cash on the go, but it’s also easy to manage and charges low transaction fees. 

Payoneer offers a debit card to shop in online stores and withdraw cash from any ATM that supports MasterCard. You can also use its debit card as a credit card to request a payment, but you cannot load personal funds onto the card.

To sum up, Payoneer accepts global payments while Venmo only accepts US-based bank accounts, so it’s a great platform to make transactions abroad.

Pros
  • Accepts payments in your local currency at a standard exchange rate.
  • Offers Mastercard debit card (For limited countries).
  • Used by many brands as a payment source.
  • Robust customer support.
  • Easy to use.
  • No Monthly and no hidden charges.
  • Automatic withdrawal.
  • Available on cross platforms.
Cons
  • 2% fee. $1.50 base rate for each withdrawal (May vary).
  • $29.95 annual fee for inactive account or card.
  • No investing option.
  • Limited to up to $20,000 monthly transactions.
  • No instant withdrawal. 
Paysend app

Paysend

$2 base rate + exchange rate
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Paysend is one of the best international money transfer apps based out of Andorra, Europe. It serves customers in over 100 countries and is trusted by over 4 million customers worldwide.

Similar to Venmo, this app transfers money to a card, account number, or Paysend link in as little as a few seconds. 

It has a fixed base rate of $2 for sending and receiving cash from any country. Also, exchange rates may apply based on the local currency you’re receiving the cash in. 

Apart from its global coverage and hassle-free transfers, it also provides high-level bank security for all money transfers with 24/7 customer support. Compared to Venmo, The Paysend is solely an international money transfer app with a low fee structure.

And when you create a global account, it lets you send cash via your linked card to up to 7 multi-currency accounts at any time. 

Also, you can order a plastic MasterCard or apply for its virtual card and spend cash accordingly as any standard debit card. This app is the best Venmo alternative, with the added benefit of transferring money across multiple countries. 

Pros
  • Send and receive cash internationally. 
  • $2 flat fee for sending payment in most countries.
  • Users can hold up to 7 currencies in a linked account or card.
  • Quick and easy transfers.
Cons
  • Identity verification may take up to 3 days.
  • Occasional delay in payments.
  • Can’t send money from African nations. 
wise app

Wise

Exchange rate + flat rate may apply
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Next up is Wise, the popular international money transfer app. Launched in 2010, in London, United Kingdom, it has over six million active users transferring over $5 billion per month at the touch of a button.

This fintech application allows users to send and receive money in 19 currencies at a real mid-market rate. So if you’re sending about $1000 in EUR, the recipient will receive nearly 843.91 euros after the exchange rates and a 1% flat fee are applied. 

TransferWise offers low-rate exchanges compared to other providers such as Paypal, Moneygram, Xoom, or Chase.

And you don’t even have to pay anything most of the time for transferring cash between the same currency. Unlike Payoneer, it lets you handle a large amount of cash on the go. 

If you’re dealing with multi-currencies, we suggest you order a Wise card to manage different currencies all in one account at the best rates, including other perks like ATMs access and in-store shopping.

To sum up, TransferWise is one of the best apps like Venmo for sending and receiving money on the flow.

Pros
  • No monthly fees.
  • Low conversion rates.
  • For larger money transfers.
  • Supports up to 40 currencies.
  • Creates a multi-currency local bank account.
  • Wise debit card benefits (Not for all).
  • Robust customer support.
Cons
  • No investment and insurance options.
  • No Visa card.
venmo alternative

Zelle

No fees
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Looking for the best Venmo alternative? Look no further. Zelle is the ultimate choice. With this app, you can send or receive your money with a wink to the people you trust.

To send or request money, all you need to do is enter the name, email, or phone number of any recipient that you’ve already added to your contacts—put in the amount, review, and tap to pay. That’s there is to it.

To become a Zelle user, you need to have a U.S bank account and a U.S phone number (linked bank account). Once it confirms your bank account, you’ll be able to transfer money instantly straight out of your contacts. 

Best of all, the app doesn’t charge any fees. It’s not available abroad, so for U.S. users, it’s the go-to money transfer app like Venmo. 

Pros
  • No transaction or monthly fee.
  • Easy, secure, and fast.
  • Unlimited receiving limit.
Cons
  • No investment option.
  • No Global support, Only U.S.
  • Can’t cancel payments.
  • Payments are limited to $500 per week (Varies by banks).
apps like venmo

PayPal mobile

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PayPal is a household name across the globe, specifically in the United States. It’s a parent company of Venmo that allows transactions internationally. Furthermore, you can use it to keep tabs on your money and buy, sell, and hold crypto.

It is built on cutting-edge technology that makes it possible to pay and get paid touch-free at events like the coronavirus. The caveat is that the Paypal mobile app does not support lightning-fast transfers like Venmo.

Despite lacking an instant payment sending capability, it still has an edge over Venmo. Paypal has a service called PayPal Credit that allows users to purchase items and pay over time within six months from the date of purchase.

Besides, users can order a Paypal cash card and shop touch-free, and withdraw funds from ATMs where MasterCard is supported. 

On top of that, Paypal has a larger spending limit, while Venmo’s rolling limit is $4,999.99 per week for verified users and $299.99 for non-verified users. To sum up, it is one of the best apps like Venmo for sending large amounts and much more. 

Pros
  • Send and receive payments free.
  • Buy now and pay later option.
  • For larger payments.
  • Barcode scan.
  • Buy, sell, hold cryptocurrencies.
  • Global payment transactions. 
  • Secure.
Cons
  • Can’t send instant payments.
  • 3.9% + $0.49 for person-to-person money transfers fee via credit card.
apps like venmo

Google Pay

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Google Pay is the simplest way to send, receive, and organize money. It’s a free and straightforward app owned by Google to help people with mobile transfers — hassle-free. Since it’s a Google app, users get robust security with the ability to make payments with their Android, iOS, or watches. 

Currently, Google Pay works in over 22 countries, including the U.S., India, Singapore, Canada, Brazil, Germany, and a few more. And it keeps expanding its reach, so we might see dozens of countries and banks lined up down the line.

It doesn’t stop with peer-to-peer payments, as hundreds of popular businesses have already added Google Pay to accept payments from their consumers. 

To get started, all you need to do is download the app, set your screen lock, link your bank account, and you’re ready to make payments with anyone at the tap of a button.

Jot down the fact that this application has over a hundred million downloads, making it one of the most downloaded fintech apps in the world. As to the Venmo alternative, it’s far from perfect, but for seamless payment transfers, it’s the one you can bet on.

Pros
  • Instant payment – send and receive.
  • In-App & in-store purchases.
  • Endless rewards.
  • Major bank support.
  • Seamless mobile integration.
  • Improved security, support.
  • Accepts bank account, debit card, credit card.
  • Cross-devices support (Also, watches)
Cons
  • No international transaction (Only the U.S to India & Singapore)
  • Many banks don’t allow Google Pay yet. 
  • No buyer protection.

Wrapping it up

You may wonder why so many apps are not on the list. Most of the Venmo competitors do not back U.S.-based bank accounts, and they charge hefty fees if they do.

The listed apps provide you with straightforward tools, bank-level security, and an appealing user interface to make your payments more appealing and safe. On the other hand, each app supports payments in the United States and other countries at minimum exchange rates. 

We found Zelle to be the best in service, providing a recurring payment option and fast payment. Also, Paypal Mobile is by far the best payment app built to make larger payments globally. 

Frequently asked questions

Q. Does Paypal Mobile offer faster transfers?

A. Unfortunately No, Payments made through Paypal may take up to 2 days to reflect in your account. 

Q. Does Paypal Mobile have an investment option?

A. You can trade cryptocurrency with Paypal mobile.

Q. Does Zello accept international transactions?

A. No, it is only available in the USA or when you have a US-based bank account.

By ankit raghuwanshi