We ’re capture nigher every day to an entirely cashless society . While some folks may still carry around a few bucks for emergency brake , electronic payment are accept nearly everywhere , and as mobile notecase expand , even traditional cite and debit entry card are starting to fall by the wayside .

That means many of us are past the Day of toss out a few bills onto the board to pay our share of a eating house lozenge or slip our pal a couple of bucks to help them out . Now , even those things are more easily manageable from our smartphones than our forcible wallets .

There are a lot of apps you may use to send / receive money , the most popular ones being PayPal , Venmo , Cash App , and Apple Cash . But which one is the good , and which should you use ? That ’s what we ’re here to detect out .

iOS

1.75 % ( instant transfers )

1.5 % ( instant conveyance )

Varies with verification ( typically up to $ 7,500 )

PayPal

If you ’ve been rat online for long enough , chances are you already have a PayPal write up —   even if you have n’t used it in age . PayPal was arguably the original online money transferee service . It begin in the fledgling days of the modern internet and became such a popular method for paying online that it was have by eBay from 2002 to 2014 . After being spun off into its own autonomous party again ten age ago , PayPal has focus on providing an alternative to traditional cite and debit cards for on-line shopping and allowing line and person to transfer money easily .

PayPal ’s popularity makes it an ideal method for transfer money between friends and family simply because the folks in your roundabout are much more potential to also have PayPal accounts . However , PayPal also lets you send someone money even if they do n’t ; they ’ll need to signalise up for PayPal to receive the transfer , but they can do that from the notification email after you ’ve send the money ( and your transfer will be refunded if they decline to do so ) .

To encourage folk to expend its service for casual money transference , PayPal also lets folkscreate customs duty paypal.me linksthat are easy to apportion and remember . Give someone your link , and they can plainly press it to be take direct to a web page where they can send you money with only a few more clicks .

Technically , there are no fees for sending and receiving money in the U.S. , but that depends on where you ’re getting the money from . If you ’ve linked your bank account , money can be sent from there with no additional fee ; however , sending from a recognition card through PayPal will cost you 2.9 % of the amount you ’re sending , plus a flat $ 0.30 fee on top of that , like to the fees that merchant typically pay when you use your credit lineup in a storage . PayPal also offer no - fee payments from Amex Send bill and Visa+ proceedings to Venmo Visa+-enabled digital wallets , although you ’ll compensate 1.75 % when using Visa+ to send to a non - Venmo receiver , with a minimum fee of $ 0.25 and a maximum of $ 25 .

Where PayPal gets exceptionally pricey is for international transactions . broadcast money anywhere outside the U.S. , and you ’ll be hit with a 5 % surcharge , regardless of the payment method acting used . You ’ll pay a lower limit of $ 0.99 , and it ’s cap at $ 4.99 , but it ’s still pricey . On top of that , PayPal ’s 4 % foreign transaction fees — the amount they wear round on top of the rally rate —   are among the uncollectible of any money transfer of training service out there . In other words , if you want to send money to someone in Canada , the U.K. , or anywhere else beyond the U.S. perimeter , you could stop up paying 9 % in total fees .

convey money out of PayPal can also be costly if you ’re in a hurry . Any money you receive remains in your PayPal account balance unless you transfer it out manually , and it ’s in effect to plan forward , as transfers to your U.S. banking company account are free if you ’re uncoerced to hold back up to three business days . However , instant transference will find a 1.75 % fee , with a minimum of $ 0.25 and a utmost of $ 25 , irrespective of the total amount transferred . However , that could be deserving it if you need riotous access to your money , as instant transfers typically take less than 30 minutes to arrive in your bank account .

On the upper side , PayPal has some of the most generous maximal dealings limits — at least in theory . kinfolk without PayPal account can send one - sentence payments of up to $ 4,000 , but if you have a verified PayPal account ( think of you ’ve added and corroborate your bank account or deferred payment plug-in ) , that specify increase to $ 60,000 in a single transaction , althoughPayPal notesthat it “ may fix that amount to 10,000.00 USD . ”

PayPal offer a few other perks beyond personal money transfers , including a PayPal Debit card that lets you spend the investment trust in your account directly , along with Mastercard prepaid and credit card . you could also pay directly from your PayPal balance at take part retailer by scanning a QR codification with your phone .

AndroidiOS

Venmo

Part fiscal service and part social connection , the PayPal - ownedVenmohas become the go - to mobile payment provider for folks who on a regular basis postulate to switch humble amounts of money with common people in their societal circles . However , the societal aspect also make it one of the more unusual services available .

On the one hired hand , Venmo encourages you to build a friends tilt so you ’ll have spry and easy access code to those you want to share money with . That ’s great , but it also encourage folks to make their minutes as public as a Facebook post . Thankfully , this is n’t required , but you ’ll have to pay attention when send money to ensure you ’re not send your financial affairs to the cosmos .

Venmo start around 15 years ago as a style to help oneself hoi polloi split their bills and was focused alone on person - to - somebody payments for the first few year . However , after it got gobble up in an acquisition by PayPal in 2013 , it gradually shifted into a merchandiser platform and has more recently even shifted into cryptocurrencies . Today , any merchant that accept PayPal can also admit Venmo .

Still , true to its roots , exchanging money with friends remain Venmo ’s most popular feature film , to the item where “ Venmo me ” has become a trite reflexion for asking someone to post you money . As with PayPal , you’re able to dribble a proportionality in your Venmo account , and anything you receive will sit there unless you pass it or transfer it .

Since PayPal owns Venmo , it should n’t be surprising that its fees are similar . Sending or spending money from a connect bank account or debit batting order is complimentary , but using a credit card will be you 3 % . you could also send money using Visa Plus to PayPal digital wallet at no guardianship , but you ’ll pay the same 1.75 % fee PayPal charge for sending Visa Plus transactions to other digital wallets .

To get money out of your Venmo account , you’re able to transpose it to a linked bank account in the usual 1–3 business days or use your Venmo Debit add-in to swallow Johnny Cash at an in - web ATM with no additional fees . Out - of - connection ATM withdrawal will be you a flat $ 2.50 transaction fee , while an instant 30 - moment transfer to your camber story contain the same 1.75 % surcharge as PayPal , cap at a maximal toll of $ 25 .

As a primarily personal payment service , Venmo offer several other ways to get money into your Venmo write up . you may fix checks by scanning them with the Venmo app on your headphone , although you ’ll bear a fee of 1 % for paysheet or governance chit or 5 % for other types of checks , with a minimum fee of $ 5 per particular . you may also add cash using your Venmo Debit Card at retailers that provide this feature for a two-dimensional fee of $ 3.74 . These are all pricier ways to go than just transferring money from your savings bank report or setting up Direct Deposit , both of which are free , but at least the options are there if you ask them . Funds added to your account through Direct Deposit or cashed checks are also covered by the Federal Deposit Insurance Corporation ( FDIC ) against banking concern failure , up to the usual limits .

Since Venmo is a U.S.-only Robert William Service , you ca n’t send money internationally , although you may pay foreign dealing fee if you use Venmo to pay for good and services when traveling abroad . Venmo has also increase its limits to match PayPal ; once you swan your identity element , you ’ll be able to send up to $ 60,000 per week and expend up to $ 7,000 per week on purchases using Venmo in - entrepot and online .

Cash App

in the beginning plunge as Square Cash in 2013 , Cash App afterward rebranded to set itself aside from the point - of - sale payment processor , although it ’s still have by the same ship’s company , now bed as Block . Square had already established itself with its mobile point - of - sales event terminals that have become nearly omnipresent in cafes , James Leonard Farmer ’s markets , and other small merchandiser . With Cash App , the company specify to capitalize on that by stretch its expertise into person - to - person payment and giving Venmo a run for its money .

Cash App has arise to rival both Venmo and PayPal as one of the openhanded personal requital solutions in the U.S. thanks to its simplicity of utilization across multiple platforms . Cash App ’s title to fame is that you do n’t need an account to send smaller amounts of money , but if you want to lift that ceiling , you may sign up in seconds with nothing more than a mobile number or e-mail reference and a debit poster .

When setting up an account , you ’ll be prompted to choose a unparalleled “ $ Cashtag , ” which is the handle that others will use to institutionalize you money . Like PayPal , Cash App also lets you give folk a “ cash.app ” link so they can send you money easy , but you do n’t need to create one severally as it ends in your Cashtag , so it ’s ready to go as soon as your account is localize up .

While Cash App will encourage you to ask for your friends when you contract up , that ’s as far as the social features go . The mobile app is a refreshful beacon of simpleness that focuses on sending and receive money with no excess bells and whistle . You also do n’t need to leave any money you receive sitting around in your Cash App account , thanks to an Auto Cash Out feature article that will send out everything to your bank account properly away .

Cash App ’s fees are on equation with Venmo ’s , and it offer many of the same services . Sending and take in money is liberal as long as it come from a camber account or debit entry carte ; credit menu cost the common 3 % . Free transfer to a bank account take 1–3 days , with fast instantaneous transfers available for an extra fee . However , Cash App may be you less for those , since it quote a 0.5 % to 1.75 % range , with the actual fee “ disclosed at the time of the dealing . ” you may also withdraw money at an ATM with a physical Cash App Card , with a per - transaction fee of $ 2.50 . The Cash App Card can also be used to spend your balance like any other debit entry posting , assuming you choose to impart money in your report instead of transferring it to your money box .

A non - verified Cash App story can be used to institutionalise up to $ 1,000 in a rolled 30 - twenty-four hours period and can only hold a maximal balance of $ 1,000 . After you verify your bill , which requires providing your full name , date of birth , and societal security number ( SSN ) , those demarcation will be increase . Cash App does n’t provide any specific information on these terminus ad quem and implies that they may be set on a per - customer basis ; however , some third - party reviews cite them as transmit up to $ 7,500 per week and receiving an unlimited amount .

Apple Cash

Although Google lately abandoned its person - to - mortal payment chopine , Apple Cash is alert and well for those hold out in the ship’s company ’s ecosystem . Apple ’s foray into personal peregrine payment began in 2017 as an extension of Apple Pay —   in fact , the service was originally squall “ Apple Pay hard currency ” —   and promised to make share money between iPhone users as easy as exchange content .

That was a middling easygoing feat to fulfil since Apple owns all the patch . Unsurprisingly , Apple Cash is tightly integrate into Apple ’s iMessage platform , which mean you could literally mail someone money in an iMessage . You also call for money in the same room . Even transportation initiated from Apple Wallet are place through iMessage . Apple is alsoexpanding this in Io 18 with a new Tap to Cash featurethat will get you securely transmit money just by holding your iPhone near theirs , similar tothe NameDrop feature that came to iOS 17 last year , with no need to know someone ’s earpiece number or email address first .

This makes Apple Cash one of the easy platforms to use among Apple fans . It work on the iPhone , iPad , Apple Watch , and even the Apple Vision Pro , but curiously , not the Mac — and , of course , non - Apple substance abuser are left out entirely . Money is sent from your Apple Cash balance , if you have one , or transferred from a debit card using Apple Pay . There are no fees to post or get money under any circumstances ; Apple does n’t allow credit cards to be used to fund Apple Cash , thereby avoiding any penury for the distinctive 3 % hit . This lets it be a nearly zero - fee political program .

The only place where you ’ll encounter a fee is if you want to do instantaneous transfers . Like other platforms , you may move your Apple Cash balance into your linked bank account at no direction if you ’re unforced to waitress 1–3 business days for it to happen . If you ’re in a hurry , however , you ’ll present a 1.5 % transaction fee , with a minimum of $ 0.25 and a maximum of $ 15 . That ’s slenderly better than Apple ’s competitors , but it ’s still good to plan ahead and avoid the fee entirely .

In keeping with its Apple Pay integration , Apple Cash also give you a practical debit card in your Apple Wallet that you’re able to use to pass your balance . This was in the beginning on the Discover internet , but Apple switched to Visa Debit in 2022 . There are no fee for drop from your Apple Cash balance in this manner other than the usual alien transaction fees that most debit entry cards obtain if you ’re traveling abroad . With iOS 17.4 , you could also create a virtual card numeral directly from Apple Wallet so you could spend money from your Apple Cash story on internet site that do n’t digest Apple Pay .

However , like Venmo , Apple Cash is only available in the U.S. , so you wo n’t have to worry about international transaction fees since you ca n’t institutionalise money to anyone outside the U.S. As for limit , Apple ismuch more guileless about thesethan many other person - to - person payment companies , and they ’re simple , too : the magic number is $ 10,000 almost entirely across the board .

That ’s how much you’re able to transfer between Apple Cash and your bank calculate in a single dealing , how much you’re able to commit in a single iMessage , and the full amount you’re able to send in a trilled seven - twenty-four hour period period . That seven - mean solar day limit increase to $ 20,000 for moving funds from Apple Cash into your bank bill each week , but the seven - 24-hour interval limit for prompt money into Apple Cash is still $ 10,000 . The minimum attention deficit disorder is $ 10 , and the belittled amount you’re able to charge is $ 1 .

Those terminus ad quem are lower for Apple Cash Family members , which is another nice fillip of the Apple Cash system . Unlike other roving defrayal providers , which typically involve users to be at least 13 year old , Apple Cash allows parents to set up a prepaid spending account for even jr. child . Although only teens can use a debit card to add together money to their own Apple Cash accounts , parents can transplant funds to an Apple Cash placard on a Family Setup Apple Watch or a child ’s iPhone to rent tiddler have some of their own spending money .

Which one should I use?

Your option of payment service might already be partially order by what those in your social circle are using , but there ’s no motivation to stick with the bunch or perplex with just one .

If you ’re firm entrenched in the Apple ecosystem , Apple Cash is by far the good of the bunch since it has almost no fees , and it ’s already uncommitted on nearly every Apple twist . The limits are generous and comfortable to understand , and you do n’t postulate to install any extra software or sign up for any new accounts . You only need to activate the Apple Cash carte du jour , although you ’ll have to offer a slice of government - issued ID and societal security phone number to verify your identity , as Apple has no preparation for unverified explanation .

For cross - platform funding , Venmo still leads the ring . It ’s widely used and easy to arrange up , and you do n’t need to jump through supererogatory verification hoops to apply it to air smaller amounts of money . Cash App get in as a close second to that and comes out ahead for having the most straightforward user interface and frictionless sign - up process .

While PayPal is a household name , it ’s surd to recommend for person - to - individual payments due to its high and more complicated fee social structure . Still , it ’s not a spoilt option if you already expend it for other reasons . It ’s almost universally accepted in the professional humanity , although since PayPal have Venmo , you ’ll find both are take in the same places for retail dealing .

Lastly , your financial institution may provide its own peer - to - peer store transfer services . These have become more and more democratic in recent year through services likeZelle , allowing you to ship money to friend directly from your camber accounting , often with fewer complications and downhearted fee .