PayPal, Venmo, Cash App, and Apple Cash are among the most popular ways to send and receive money. But which one should you use?
We’re getting closer every day to an entirely cashless society. While some folks may still carry around a few bucks for emergencies, electronic payments are accepted nearly everywhere, and as mobile wallets expand, even traditional credit and debit cards are starting to fall by the wayside.
PayPal’s popularity makes it an ideal method for transferring money between friends and family simply because the folks in your circle are much more likely to also have PayPal accounts. However, PayPal also lets you send someone money even if they don’t; they’ll need to sign up for PayPal to receive the transfer, but they can do that from the notification email after you’ve sent the money .
Getting money out of PayPal can also be costly if you’re in a hurry. Any money you receive remains in your PayPal account balance unless you transfer it out manually, and it’s good to plan ahead, as transfers to your U.S. bank account are free if you’re willing to wait up to three business days. However, instant transfers will incur a 1.75% fee, with a minimum of $0.25 and a maximum of $25, regardless of the total amount transferred.
Venmo started around 15 years ago as a way to help people split their bills and was focused solely on person-to-person payments for the first few years. However, after it got gobbled up in an acquisition by PayPal in 2013, it gradually shifted into a merchant platform and has more recently even shifted into cryptocurrencies. Today, any merchant that accepts PayPal can also accept Venmo.
As a primarily personal payment service, Venmo offers several other ways to get money into your Venmo account. You can deposit checks by scanning them with the Venmo app on your phone, although you’ll pay a fee of 1% for payroll or government checks or 5% for other types of checks, with a minimum fee of $5 per item. You can also add cash using your Venmo Debit Card at retailers that offer this feature for a flat fee of $3.74.
While Cash App will encourage you to invite your friends when you sign up, that’s as far as the social features go. The mobile app is a refreshing beacon of simplicity that focuses on sending and receiving money with no superfluous bells and whistles. You also don’t need to leave any money you receive sitting around in your Cash App account, thanks to an Auto Cash Out feature that will send everything to your bank account right away.
This makes Apple Cash one of the easiest platforms to use among Apple fans. It works on the iPhone, iPad, Apple Watch, and even the Apple Vision Pro, but oddly, not the Mac — and, of course, non-Apple users are left out entirely. Money is sent from your Apple Cash balance, if you have one, or transferred from a debit card using Apple Pay.
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