There are some users who are using all three apps Venmo, Zelle, and PayPal. All three of them are used collectively. For instance, if you are shopping online you need Paypal and if you have decided to split your fair then Venmo is right for you whereas if you are thinking of reimbursement then Zella is for you. Each one of them is known for their quality services over the peer-to-peer payment system. However, if you want to decide one between the three then this article can help you. So let’s start the topic and understand how the three of them are different and which the best one amongst them is.
Paypal: This platform is known for its help with online purchases and eCommerce, it also offers a peer-to-peer money transfer. To set up, you will need a Paypal account, and then as long as the person you are sending money is enrolled and you can use their names, email address, or phone number to send the cash request.
Pros: One of the benefits of having Paypal is an extremely high transfer limit and you can send $60,000 in one transaction. You cannot send transfers of more than $60,000.
Cons: There is a 3% transaction fee for credit cards and PayPal money transfer to your bank will take up to 5 days.
Venmo: It is similar to Paypal where both the sender and the receiver need to have Venmo accounts. But the key difference is that Venmo is a mobile app that allows you to “Text” cash amount simply by searching and sending the money using the recipient’s credentials. Moreover, the users can opt to make the transactions public so they appear on the timeline that allows the friends to like and comment on purchases.
Pros: The app is free to use and no fees are charged as long as you pay with the Venmo balance, which is linked to the bank account, debit card, or prepaid card. The fund transfers are free and quick and the accounts are protected and secured by bank-grade security and encryption.
Cons: The users are charged a 3% fee to transfer funds from the credit card and Venmo charges an extra 1 percent fee if you need an immediate transfer of cash to your account. As per the security concerns, Venmo encourages you to send or receive money from those you know and trust. Moreover, Venmo doesn’t offer international transactions at present. Unlike PayPal, sending limit is set to $5,000 a week.
Zelle: This app allows you to send money using your smartphone numbers or email address as long as participants have a US bank account. In order to participate using the app, you need to link your visa or MasterCard. However, if your bank participates, then you simply need to activate the service within your bank’s mobile number.
Pros: As long as both you and the receiver are transacting with their registered accounts, there are speedy and funds transfer can be done immediately. It doesn’t charge any fees and neither bank do participate in the network. It uses top-level security in order to keep the security transactions safe and if you go through the bank app to use Zelle.
Cons: If you need to transfer cash to anyone on international basic then Zelle doesn’t accept credit cards as a form of payment and users have faced extreme challenges with canceling the transactions in the process. Remember, the sending limit depends on your bank.
All three service platforms are magnificent when it comes to security and ease of use, all three of them are on the same platform. You can use Paypal for international transfers and Zelle can be used if you want transactions to go directly from one bank account to another. Apart from this, Venmo is widely used as it is widely used and is a combination of a secured online money transfer platform with the ability to split a utility bill quickly. So, it just depends on how the user wishes to use the application and the purpose behind it.