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#PAYPAL FEES PLUS#For debit and credit card payments, PayPal’s fee is technically 2.9% plus 30 cents. #PAYPAL FEES FREE#Where they differ slightly is that Venmo extends its no-fee option to payments made from debit cards, while PayPal only allows free payments directly from a bank account. Both offer free payments from linked bank accounts, and both charge about 3% for payments from a credit card. If you’re in a rush, both Venmo and PayPal allow you to choose an instant transfer for a small fee.įees for the two services are fairly similar. Without a fee, you can choose a transfer that will generally be completed the following day, but it can take up to two to three days for either app. If you opt to transfer funds to your bank, both PayPal and Venmo give you the further option of how quickly to complete the transfer. From there, you can use those funds to make a subsequent payment (or, with PayPal, a merchant purchase), keep them sitting in your account for later use, or transfer them out to your linked bank account. 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 FEES CODE#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. Until then, the maximum transaction amount is capped at $299.99. #PAYPAL FEES VERIFICATION#* 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. #PAYPAL FEES HOW TO#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. Read our advertiser disclosure for more info. We may receive compensation if you visit partners we recommend. We recommend the best products through an independent review process, and advertisers do not influence our picks. ![]()
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