11/23/2023 0 Comments Paypal vs venmo vs square![]() On top of that, Zelle won’t let you send money unless they have access to your full contact list, which is a bit of a permission nightmare as far as Android goes. Most people have trouble registering and setting up their Zelle account, and even if they can get it setup and supposedly working, there’s usually errors that come about when trying to send money. Zelle has a ridiculous amount of bugs, glitches, and limitations as well. That, of course, alienates a lot of their customer base. Another interesting factor with Zelle is that you can only use it with Visa and MasterCard’s linked to US checking accounts - that means that other card services, such as American Express, are not supported. Zelle doesn’t charge fees to use their service, although they do say that it’s likely that there will be bank fees that apply. Your money can be held up, and some reviewers even claim money they tried to send has just disappeared. However, Zelle works awful if your financial institution isn’t integrated with Zelle. The idea was that consumers could send money from bank account to bank account with Zelle, only using a consumer’s phone number or email. ![]() Zelle was created by top rated banks and credit unions across the US after they began seeing the success of independent mobile payment apps like PayPal, Square Cash, and Venmo. It’s, overall, great mobile payment app that you can try out for yourself from the Google Play Store. Still, Venmo is free to download and use. You can use a credit card as well, but with credit card comes fees, and as far as Venmo goes, they charge a 0.03% fee on credit card transactions. For example, you can use your bank card within Venmo to pay back a friend for last night’s pizza or movie ticket. Venmo will give you monthly statements of activity on the mobile payment app, just like you would receive a bank statement from your local bank or credit union.Įven though you can’t transfer funds instantly over a debit card to your bank, you can still use cards to make payments. Normally, this is one business day but it can depend based on weekends and holidays. Funds can only be withdrawn to your bank over an ACH transaction - when you do this, Venmo will tell you the estimated arrival time. One of the downsides of Venmo is that you can’t transfer funds to your bank account instantly like you can with Square Cash. This is usually nothing more than a 0.01% to 0.03% charge on the total cumulative amount received. You can request and receive payments from friends, family, and businesses - the former two are completely free, but you might find that there’s a few on transactions with businesses (i.e. ![]() Venmo is a mobile payment app that will allow you to send and receive payments. ![]()
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