Paypal vs venmo technology11/23/2023 ![]() ![]() Which digital payment service is right for you ultimately depends on your specific needs. PayPal can also be used to send and receive small amounts from abroad (however, fees may be high). PayPal is preferable if you shop online from both US and international e-commerce stores and need purchase protection for these transactions. We recommend going for Venmo if you want to pay friends and family in the US as well as trusted businesses that offer Venmo as a payment option (like UberEats, Abercombie and Fitch, etc.). With 1 win each for PayPal and Venmo and 4 ties, it can be difficult to say which is best. Wise is one of the most transparent options for international bank transfers, while WorldRemit and Remitly let you send cash abroad at an affordable rate.įor large bank transfers abroad (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), we recommend either OFX for online transfers (review), or CurrenciesDirect for phone based transfers (review). However, they’re usually not the best option.įor small transfers abroad (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD) we recommend Wise formerly TransferWise (review), WorldRemit (review), or Remitly (review). Quick note: Sending money abroad with PayPal is very easy and can be affordable if you’re funding it with your PayPal balance. However, Venmo wins this round based on their focus for making US payments simple while adding only things you might really want. If you receive more, this amount is held by PayPal till you offer more documentation and request to increase the limit.Įssentially, PayPal is good for receiving small amounts if you’re a freelancer or a small e-commerce business.īoth Venmo and PayPal offer some cool features to enhance their customer’s user experience. Typically, you can receive about $2000 USD in your PayPal account. PayPal’s customer service is also difficult to get hold of and not helpful when it comes to solving pressing problems. Excellent service” – Rita Radcliffe on Trustpilot I would never buy anything online without using them. Are Venmo and PayPal the same Venmo and PayPal are not the same service both providers have their own features, services, products and fees. If an item didnt arrive or I’ve had a problem with a product or refund. Venmo is part of the PayPal family, after being bought by PayPal in 2013. “I use PayPal as a matter of choice when purchasing anything online. “PP is extremely convenient for international payments” – Andrew A on Trustpilot “Excellent service professional and quick” – Karoline on Trustpilot Purchase protection for online payments.On the contrary, Venmo is majorly used for personal or everyday use.PayPal is rated 1.6/5 on Trustpilot with 200+ reviews. PayPal is majorly used for businesses or merchants. With variations in transfer limits, these platforms are launched for different purposes. PayPal and Venmo are quite famous platforms that are commonly used for transferring money to merchants or for personal use. ![]() While in Venmo, this withdrawal frame consists of 1-3 business days. ![]() In the case of PayPal, the withdrawal frame is comprised of 3-5 business days. Various platforms are available in the market with different withdrawal frames.
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