Want to know about Zelle vs Venmo? Then, read this blog till the end. Here we have designed all the needed information associated with Zelle and Venmo so that you do not face any confusion while using these payment service apps on your devices for money transfers.
Zelle and Venmo are peer-to-peer payment applications, which allow users to send and receive money without any hassle. One can easily send and receive funds to and from their friends and family members with these apps’ straightforward features and user-friendly interface. All you need to do is – download the apps on your device, set up your account by providing essential details about yourself, and then, you can start making transactions.
But apart from this fact, you would also be wondering about what difference makes Zelle and Venmo apart. And that is something we are going to learn in this blog. You will also learn about the other benefits of these peer-to-peer payment apps. And apart from sending and receiving money, what else you can do here on these platforms to manage your financial data and records?
Zelle vs Venmo?
Both Zelle and Venmo are payment transferring applications that let users manage their online financial transactions without any hassle. Zelle is a peer-to-peer payment app that helps users move funds between bank accounts. Zelle account does not hold any money but it provides a facility to make online transactions between bank accounts associated with the Zelle profile.
And on the other hand, Venmo lets users send and receive funds instantly and securely, holding funds in its account. And users do not have to pay fees for money transfers on the apps as they offer free online payment services. With Venmo, users can also use debit or credit cards, with which, they can manage their online and offline payments.
Let’s compare which one is better for you – Zelle or Venmo
One fact that no one can’t deny is that – both Zelle and Venmo support online secure money transfers. And apart from this fact, there are some major differences you need to keep in your mind for easy and obstacle-free online transfers. Let’s first discuss what Zelle is.
What is Zelle?
Zelle seems to be a fantastic way to transfer funds between bank accounts. You can first, add bank accounts to Zelle, and then, you can start transferring funds between your bank accounts that are linked to Zelle. You can use Zelle if you have multiple banks to manage. By signing up on Zelle, you can move funds between your bank accounts with ease and without any fees. No money is stored in the Zelle account but you can transfer funds between bank accounts. You will have to provide the recipient’s bank details to transfer money.
What is Venmo?
Venmo is a digital wallet that holds your funds for online transfers. You will have to create your accounts on the app and link your bank account with it as a source of payment. After doing it, you can directly send and receive funds to and from your Venmo digital wallet. Payments on Venmo are instant and one can receive the money as soon as it releases from the sender’s account.
What are the features of Zelle and Venmo?
- It offers secure and instant money transfers between bank accounts.
- Zelle does not charge any fee for money transfers. Moving funds between bank accounts through Zelle is free.
- The payment app is available in the United States only.
- A credit card transaction fee is not applicable.
- A debit card transaction is also not applicable.
- It provides complete protection against fraudulent activities.
- Sending and receiving funds is just a matter of seconds.
- Venmo is a digital wallet that holds money for online transactions.
- It offers easy and hassle-free money transfers between accounts.
- The app only works in the US, offering several money transfer features to its users.
- There is no fee for the standard transfer of money that can take up to 3 business days to be processed. But the app will charge you a 1.5% fee for instant money transfers.
- Debit card transactions are free.
- But if you want to make a transaction with your credit card then, you may be charged around 3% fees.
Are Zelle and Venmo Secure?
Yes, Zelle and Venmo are 100% secure and instant money transfer applications. The apps come with lots of safety features so that the financial data and transactions of the users store safely and in an encrypted format. The technical team of these apps, closely keep a watch on users’ account, and if anything suspicious is found then, appropriate action is taken immediately.
What one is faster – Zelle vs Venmo?
Both peer-to-peer payment apps are reliable and instant. Users can send and receive money in just seconds. But if you choose standard transfer of money then, it may take up to 3 business days. And for instant transfer, you will have to pay a fee of 1.5%.
Can money be transferred between Zelle and Venmo?
No, it is not possible to transfer funds between Zelle and Venmo. Both these apps are compatible with each other and therefore, you can not send and receive funds between these accounts.
Does Zelle Charge a fee for money transfers?
No, Zelle does not charge fees for sending and receiving funds. Users are free to make transactions without paying any fee for it.
Does Venmo Charge a fee for money transfers?
No, only credit card transactions may charge you 3% fees.
Which is safer Zelle or Venmo?
Both are safer and both are fast. You can rely on the apps for instant and safe money transfers.
Why is Zelle not good?
It doesn’t offer fraud protection for authorized payments
Why you shouldn’t use Venmo?
Venmo may not be suitable for business, commercial, or merchant transactions.
Does Zelle charge a fee?
No, Zelle does not charge money for sending and receiving funds between bank accounts.
What are the disadvantages of using Venmo?
Users are charged fees for making transactions through credit cards.
Can your bank account be hacked through Zelle or Venmo?
No, it is protected from any hacking.
Do Venmo and Zelle have fees?
No, only credit card transactions may have fees.
Is Zelle or Venmo more popular?
Both are popular and helpful in managing online money transfers.
Whether you want to split bills with your friends or send money to your family, Zelle and Venmo are here to help you to carry out your money transfer process with ease and security. But knowing the difference between both these apps is also important to make payments without any confusion. Here we have shown the most interesting facts about Zelle vs Venmo. You can read the above information to make you more aware of these apps’ benefits.