Square Cash, Venmo and Zelle: what should you decide on?

7 July 2017

Who wishes cash any longer? Modern peer-to-peer payment service providers allow consumers pay for virtually anything with a simple app. Utilizing apps like Square Cash, Venmo and Zelle you can split the bill, pay companions back, and lend out to relatives – all with some taps of your fingers. Let’s have a look at them, and determine which one is superior over the other. Find out which peer-to-peer money transfer app is best for sending and receiving funds.


Square Cash, Venmo and Zelle have unpaid app for iOS and Android devices. Registration process for each system is fast and free, permitting users to request money from or send money to someone else by means of the app, email or through the Internet. And yet, Zelle with its integration into the banking, can be accessed by consumers through apps and websites of the banks supporting it, including JPMorgan, Bank of America Corp, Wells Fargo, U.S. Bancorp, and Capital One. It is worth pointing out that all three services are available only within the U.S., as well as it is obvious that the user should be 18 years old to be eligible to use them.


Charges and limits

The registration process for all three services is free, as well as their corresponding apps, but each payment system has commissions you should be familiar with.

Square Cash operations are free of charge, but this applies only to connected debit cards. Credit cards can be utilized with the transfer provider, however there is a 3% commission per deal.

Customers cannot link it directly to a bank account like it is the case with Venmo, or keep records within Square Cash itself. Users will also have a $250 weekly funds sending limit and $1,000 receiving limit per 30 days. In case you try to send an amount above $250 per week or get more than $1,000 during 30 days, you will be required to pass the verification process with respect to your name, date of birth, and the last four digits of your Social Security number (SSN). When you are verified, free deals are then equal to $2,500 per week and there are no restrictions on how much funds you can get.

Venmo operations are likewise chargeless, in case you utilize your linked debit card, bank account, or current Venmo balance. However, you will get hit with a 3% commission simply like Square Cash, in the event you need to apply a credit card. Venmo’s transaction restrictions are not quite the same as those of  Square Cash, however. You are restricted to $299.99 every week except you confirm your personality by connecting your Facebook account or including your last four digits of SSN, ZIP code and date of birth, which brings your limit up to $2,999.99. Finally, it is important to know that Venmo does not charge a fee for debit transfers. Money hits your bank account within 24 hours.

The surprising thing is that Zelle is even not charging any internal fees, although it is possible that the financial institutions would attempt to impose their own fees. Higher costs might make Zelle dead in the water, when contrasted with other services like Venmo or Square Cash payments. So, it is hopeful that the banks becoming a member of the Zelle system can do with the ridiculous fees they already force. As for limits, there is no public information to be disclosed yet.

Utilizing each service

Venmo, Square Cash and Zelle apps allow users to perform quite the same set of manipulations: send or receive funds from others using the name or mobile phone number. This process is carried out through the app, email, or network. However, each service has its own tricks.

In addition to the basics, Square Cash allows you to send and receive money with a unique screen name “$Cashtags” that gives you a chance to pay and get paid anonymously. Asking for a $Cashtag is not required to utilize Square Cash, and it is, perhaps, the most effortless way for non-Square Cash clients to make payments. Once you have a debit card connected to your Square Cash account, funds will usually transfer instantly. Some transactions, nonetheless, can take up to two days to fully transfer over.

Venmo significantly differs from Square Cash in a couple of key areas. For example, using Venmo your money sits in a Venmo balance account, which you must then transfer to your linked bank account. Venmo deals are instant, if the sender is utilizing the bank funds, but withdrawals to your bank account may take up to two days.

Utilizing each service

Venmo additionally functions as a social element that does not exist with Square Cash. When you make transactions, the others in the Venmo community (Facebook friends and random people) may also observe who you paid for and why (not the amount). For many, the added social component of Venmo is a little much. However, you do have the alternative to keep any or greater part of your transactions non-public.

Zelle peer-to-peer payments system permits for money to be sent from one bank account to another “in minutes”, using only a recipient’s email address or mobile number. That is kind of enhancement compared to Venmo and Square Cash, which alerts users that funds transfer is in progress, but takes time to shift money between bank accounts. In addition, Zelle customers do not have a choice to keep an eye on their friends’ payment action. According to developers, the idea was tested on consumers, but fell flat with Zelle’s target audience.

If you are searching for a peer-to-peer money transfer provider that benefits you, it is not difficult to do. Square Cash, Venmo, and Zelle each have their own incredible features.

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