Sending money is just as simple all you need is the receiver’s phone number or email address. After you log in, you can start receiving payments directly in your wallet. Another way to sign up for the application is by using your Facebook account. Once you download the Venmo app, you can easily register yourself by sharing your name, mobile number, and email ID. Some app users will soon be able to acquire a Venmo card that’ll work just like a Mastercard and let you spend your wallet balance. Unless you change your privacy settings, every payment you make will show up on the app’s public transaction feed. Standard transfers to your bank account are free.The app also has a social aspect to it, which means that it publishes a list of all transactions taking place on its platform. Cash App also charges a 1.5% fee if you request an Instant Transfer from your Cash App account balance to your linked debit card. Standard transfers are free, but it will take one to three business days for the deposit to show up in your bank account.Ĭash App: There is a 3% fee to use a credit card to send money, but it is free to send money from a debit card or bank account. Instant transfers allow you to transfer money from your Venmo balance to your debit card in a matter of minutes. There is also a 1% fee for instant transfers. The fee is waived when you fund the transaction with your Venmo balance, bank account, or debit card. Venmo: There is a 3% fee when sending money over Venmo using a credit card. They both also charge a small fee for instant transfers to your bank, but no fee for standard transfers, which take one to three business days. Neither charge a fee to send money, unless you are doing so with a credit card.
Venmo and Cash App follow a very similar fee structure.
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