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. Making payments to people you personally know Online shoppers, small business owners, those who sell/buy internationally $6,999.99 for all transactions during the last 7 days*Ĭan be used in more than 200 countries, with 25 currencies Up to $60,000, including $10,000 in a single transaction Mostly smartphone with limited web, online shopping, and in-store abilitiesīank account, debit card, credit card, PayPal balanceīank account, debit card, credit card, Venmo balanceįree from bank account 2.9% plus 30 cents if paid with debit or credit cardįree from bank account or debit card 3% if paid with credit cardįree for 3- to 5-day transfers 1.75% for instant transfers (25 cents min, $25 max)įree for 1- to 3-day transfers 1.75% for instant transfers (25 cents min, $25 max) Web, smartphone, online shopping checkout, in-store checkout Until then, the maximum transaction amount is capped at $299.99.
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* 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.
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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.
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