The default option for transactions is set to public so that anyone can see them. Both Cash App and Venmo were made primarily for sending and receiving money.
Both apps support not only personal transactions but business ones as well. There are similarities in terms of transferring money as well. Both apps offer the option to transfer the money instantly for a 1. If you want to make international transfers, that option is only available to Cash App users and only between the US and the UK. Read more about it here. Both payment apps come with a debit card, but only Venmo offers an optional credit card as well.
Their cards are surprisingly good for traveling abroad as there are no foreign transaction fees when you use them for paying online or in-store. The currency exchange rate might not be the best, and a bank might charge you separate fees for their trouble.
Unfortunately, scams are running rampant on both platforms. The companies state that you should only use their apps to send money to people you know and to verified businesses. However, the transaction itself is still processing. It could bounce, be canceled, or Venmo and Cash App could keep it until they verify it.
If someone insists on not using PayPal to do a transaction, it should be a red flag for you. Cash App is the only one of the two apps with other features besides transferring money and paying for things. It offers crypto and stock investing to its users. It also encrypts all of your sensitive financial data so that no one — not even you — can access your bank and card details through the app.
Regardless, Venmo also had a fair share of security breaches numerous times in the past and even in the present. The following year, the Federal Trade Commission FTC conducted an investigation on the company for alleged deceptive practices. By finding his account, they also found the accounts of his entire network, including his family, several White House officials, and everyone else on their friend lists.
To this, Venmo responded by taking down the accounts of the President and his network. Cash App and Venmo both offer multiple ways to contact their customer support teams. With Cash App, you can ask for assistance through the app simply go to the Cash Support tab , their website, or by calling them at 1 If you want, you can also contact them via mail.
Venmo offers more or less similar channels for customer support. You can reach them via email, the live chat feature on the app, or by calling them at The same goes for Venmo.
Also, if you can, avoid keeping a large sum of money on either of these apps. Cash App and Venmo both offer features beyond sending and receiving money. Bitcoin transactions, on the other hand, are subject to service fees and other additional fees by Cash App.
You can also order a Cash Card, which is a Visa debit card from Cash App, for free when you set up your account. Unlike other mobile payment apps that offer debit cards, Cash App offers instant discounts, called Boosts, when you use your Cash Card at select stores.
The app lets you add friends by syncing your phone and Facebook contacts. Plus, the small businesses that you and your friends buy from gain exposure through the Venmo news feed. However, not everyone appreciates the social side of Venmo, which is understandable. Most people would want to keep their financial transactions private. Plus, being social creates a slew of security challenges, like hackers impersonating your friends to request payment. Other than being social, Venmo also lets you invest in four types of crypto: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Unlike the other services on this list, you may already have Apple Pay Cash , which rolled out as part of iOS Fees, transfer times, and limits are pretty good with Apple Pay Cash.
There are no fees to send, receive, or request money. Choosing the best payment service varies based on your needs, just like with financial apps, game consoles, and streaming services. PayPal is still leading the market if you require a line of credit or a universally accepted service designed for online commerce.
You might find the best functionality if you use Apple Pay Cash for in-app purchases and set up another method for other types of financial transactions. Venmo is our pick if you need to send or accept payments from individuals such as friends, but Cash App is a close second.
The best on-demand streaming services. Chromebooks vs. The best MVNOs for The best smartphones for Which should you buy on Black Friday? With Tesla bleeding money, Elon Musk initiates hardcore spending review. The best iPhone 13 cases and covers. Cash App was ranked as low as 21st in October, however, it has been trending higher in November. As of Tuesday, Cash App is the 10th most downloaded application in the Apple app store. Venmo was ranked 18th on Oct. Venmo is also trending higher to kick off November, as it currently sits in the 26th spot.
Benzinga does not provide investment advice. All rights reserved.
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