Once the person receiving your request for money acts on it by making a payment, the funds will hit your PayPal or Venmo balance almost instantaneously. Requests can only be made to other PayPal users. With PayPal, you can securely request funds and customize a message before sending. With Venmo, you can request funds from another person, creating a reminder for someone to pay you, or provide them with easy access to your contact info and the proper amount of the requested payment. It‘s also possible with both PayPal and Venmo to receive funds from someone. With both apps, you’ll want to make doubly sure you’re sending money to the right contact, since the companies won’t refund your money if you send it to the wrong person. Once you hit "send" on your payment, the amount will hit the user’s PayPal or Venmo balance within a couple of minutes, often even seconds. Otherwise, funds will be drawn from the bank account, debit card, or credit card you identify as your desired payment method for this transaction. If you have a positive balance with either service, you can use those funds for your payment. But even if the app doesn’t surface the contact you’re looking for, you can send money using their username, email address, or mobile number.Īfter choosing the recipient and the amount, both PayPal and Venmo will ask you what payment method you’d like to use. Both offer the ability to sync your contacts to the app, enabling it to search for any associated PayPal or Venmo accounts held by your friends and family. The process to send money to someone is fairly similar across the two apps. Though Venmo is working to build up this merchant transaction capability among more retailers, its reach is currently very limited compared to PayPal’s very expansive footprint. PayPal can also be used as payment with a wide variety of online merchants, and even for QR code purchases in-store. However, Venmo payments can only be initiated with the mobile app, whereas PayPal payments can be made through the app or the website. They both also have browser-based desktop versions. PayPal and Venmo both have their own free apps for iOS and Android, which is where most users will go to use each service. Making payments to people you personally know Online shoppers, small business owners, those who sell/buy internationally $6,999.99 for all transactions during the last 7 days*Ĭan be used in more than 200 countries, with 25 currencies Up to $60,000, including $10,000 in a single transaction Mostly smartphone with limited web, online shopping, and in-store abilitiesīank account, debit card, credit card, PayPal balanceīank account, debit card, credit card, Venmo balanceįree from bank account 2.9% plus 30 cents if paid with debit or credit cardįree from bank account or debit card 3% if paid with credit cardįree for 3- to 5-day transfers 1.75% for instant transfers (25 cents min, $25 max)įree for 1- to 3-day transfers 1.75% for instant transfers (25 cents min, $25 max) Web, smartphone, online shopping checkout, in-store checkout Until then, the maximum transaction amount is capped at $299.99. * An identity verification step is required to access these limits. To help you choose between them, we’ve dug into the details on features, fees, speed, and versatility, giving you all the information you need to make your own smart choice. Meanwhile, PayPal is the leading choice for transactions that are more purchase-oriented, such as buying from merchants or accepting payments from your own customers. In terms of business payments, Venmo is geared more towards peer-to-peer transactions (P2P) and PayPal is more a business-to-consumer platform (B2C).īut there is a fair bit of overlap between the two payment services. For instance, personal transactions with people you know, such as paying your babysitter or splitting a restaurant bill with friends, are particularly well-suited to Venmo, where you can also make your payments a more social affair. How to wisely choose one over the other largely depends on the kinds of transactions you want to make and the parties with which you want to exchange funds. The two giants in the space, however, are PayPal and Venmo, to the point that each has come to be used as a verb, as in “PayPal me” or “Venmo me.” When you need to send someone money or accept a payment from them, there’s no shortage of digital options at your disposal.
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