When it comes to Cash App Vs Venmo, which money sending platform would you prefer?
If you're living in America, chances are that you know someone using Cash App or Venmo.
In this article, I will be covering the following topics and show the comparison between these two money sending platforms.Â
- I will be talking about Venmo fees and Cash App fees.
- I will give you a brief Cash App review, Venmo review, and what I think of both.
- I will talk about Cash App Vs Venmo and compare the pros and cons of each.
- I will answer the important questions on what people are mainly asking on the search engine when it comes to Cash App Vs Venmo.
Before getting started into the main article, let's give you a brief introduction and history of each money sending platform.
Cash App Vs Venmo: Introduction
About Cash App
Cash App, a branch of Square Inc. was launched in 2013. That little logo with the green dollar symbol you know it today is now Venmo's biggest competitor. When Venmo was the leading money sending platform, many people didn't trust Cash App. It took a little awhile for Cash App to catch up as it became more efficient and convenient to use.
About Venmo
Venmo was launched in 2009 and is a branch of PayPal. If you didn't know, Elon Musk was one of the co-founders of PayPal. You could tell that Venmo was highly successful during the time without any big competitors up until Cash App started expanding its user base.
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What Are The Pros When It Comes To Cash App Vs Venmo?
Every platform has its pros and cons. Otherwise, each user-base wouldn't be higher than the other. Also, thanks to the help of marketing. Let's jump into the pros of Cash App and Venmo first and to see which one works out best for you. As a user for both platforms (for years), I can give you the best input on what I think of each.
Pros of Cash App
- Cash App has both a request and pay button. You can request or pay friends with money that's connected to your bank account/debit card. All you need is their cash tag.
- Cash App has a referral system where you can earn $5 for every friend you invite. New users of the platform that signs up under any referrer's referral code/link will also earn $5. This is a great marketing strategy and I believe this is what helped Cash App's growth.
- You can invest in Bitcoin through the Cash App platform. This is a great step for Cash App especially when we're in the midst of the adoption of cryptocurrencies.
- There are tons of stocks to invest in on Cash App. With all this feature, there's no doubt that Cash App has a chance of being the top money sending platform in a few years.
- Do people owe you money? You can use your QR code for people to scan and send you money instantly.
- You also get instant withdrawal with a fee.
- There are 5 ways to deposit money into your Cash App account. You can deposit by sending Bitcoin, linking your bank's account and routing number, linking debit card, or add credit card.
- You can request your own personal Cash App debit card.
- There's an option to view your Cash App's transaction history.
- You can use your Cash App card and withdraw at any ATM.
After reading this, which platform would you prefer when it comes to Cash App Vs Venmo? Let's hear out Venmo next.
Pros of Venmo
- You can shop at millions of stores using your Venmo account. As long as PayPal is a payment on those stores' websites, then Venmo is allowed.
- You get both the pay and request button for Venmo.
- You have your own personal Venmo QR code.
- You can request your own personal Venmo debit card.
- With an instant transfer, you can withdraw your money instantly into your bank.
- There's an option to view your Venmo's transaction history.
- You can withdraw from any ATM with your Venmo card.
- One of my favorite thing about Venmo is that I can connect my Uber account to Venmo. I use Uber a lot and this is one of the main reasons why I use Venmo.
What Are The Cons When It Comes to Cash App Vs Venmo?
When it comes to writing about the cons of these apps, it's quite difficult. I enjoyed both platforms. As an investor and day trader, my opinion might be bias but this is how I felt towards each app.
Cons of Cash App
- When you're withdrawing at an ATM using the Cash App debit card, the fee is $2. With Cash App fees, I would suggest withdrawing to your bank and withdraw cash from there instead.
- When sending money with a debit card, the Cash App fee is 3%.
- If you want to withdraw money to your bank account instantly, the fee is 1.5% of your total transaction.
- When you're buying and selling Bitcoin, the fees are high.
- If you're looking to transfer money into your bank without any fees, the time will take approximately 1-3 business days.
Cons of Venmo
- Just like Cash App, Venmo charges 3% when you're sending from credit cards. The Venmo fees compare to Cash App fees are both a match.
- Transfering instantly to your bank will take 1% in Venmo fees.
- The minimum fee is $0.25 which gives Cash App an advantage over Venmo for this reason. If you're withdrawing $1, you will lose not 1% but $0.25.
- When you're withdrawing from an ATM, the fee for cash withdrawal is $2.50.
- With a free transfer, it normally takes around 1-3 business days after you request the transfer.
After going over the pros and cons when it comes to Cash App Vs Venmo, you can see that each has its own advantage. You can also tell why Cash App has become Venmo's main competitor in such a short amount of time because of certain things. Many people still use Venmo because it was the main platform at first. But with more additional features to Cash App and competitive fees, users are beginning to look towards Cash App.
Popular Questions People Asked On The Search Engine
In the midst of researching and writing this article about Cash App Vs Venmo, there are quite a few questions that popped up that I'll be answering. These are questions from the search query that many people are asking and I'm here to answer it.
Do You Need A Bank For Venmo or Cash App?
When you're first creating the accounts, you're able to receive payments from people. The problem is, you won't be able to withdraw it unless you have a bank account. The way to avoid this is to order a debit card through either Venmo or Cash App, which will require a social security number.
Can I delete Venmo or Cash App transaction history?
When it comes to your history on Venmo, people around the world including your friends can see it. While there is no way to delete your transaction history, you can make your transactions private through the settings. The same goes for Cash App.
Is Venmo or Cash App better?
While they're both equal, in my opinion, I feel that Venmo has better customer support compared to Cash App where support is almost 0. All I know is that Cash App will close your account any time if it suspects you breaking their terms of service in any way. Venmo has more users and most likely because it's been out longer than Cash App. Cash App has a lot of things that Venmo doesn't such as being able to buy stocks and Bitcoin.
Can you transfer money from Venmo to Cash App?
While doing some research, it seems that you can connect your Cash App or Venmo card to the other platforms. If you're thinking about sending directly to the other platform, there's no way. One other way is to withdraw money from either platform to your bank and add it to whichever platform you prefer. While I'm not sure why this question is commonly asked, those are the two methods that I can think of when it comes to this question.
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Thoughts from @mysocialgod
After being a long term user for both platforms, I enjoyed Cash App more personally because I have a huge interest in the cryptocurrency and stock market. I also use both Venmo and Cash App because almost all of my friends have one or the other. It makes things more convenient for me, personally. If I would recommend a platform, I would recommend Cash App due to their slightly lower fee than Venmo. It's simple and easy to use.
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