Payment apps. So many payment apps. You have Venmo, Zelle, Cashapp, Apple Pay, Google Pay, and more. Try splitting the bill with your friends at a restaurant, and you might be dealing with multiple payment apps. Ultimately, these apps offer a lot of conveniences, but some nuances can be a hassle. Let’s dig.
Venmo ranks among the best-known apps and currently allows you to transfer money to friends for free (peer-to-peer, aka P2P). However, the app is a bit curious about its default settings, showing people in the app where you’re spending money. And while it’s owned by PayPal, you can’t just link Venmo to your PayPay account and need to make bank transfers instead. Venmo also charges merchants who accept it.
Zelle is a great option for linking your bank account directly to an app. Zelle makes it easy to transfer from your bank account to your friends and merchants. However, you can only send funds from one bank account and not all banks participate. There are no fees to send and receive money, which makes Zelle a great low-cost option.
Google Pay is a solid option if you use Gmail and other Google services. There are no fees for transferring money to and from friends and family, and the app integrates with other Google apps, like Gmail. You will be charged a fee of 1.5% or 31 cents (whichever is greater) for debit card transfers.
Do you prefer Apple to Google? Apple Cash may be faster. However, standard transfers can take one to three days, unless you opt for an instant transfer, which incurs a fee of 1.5% or a minimum of 25 cents.
Which app is the best? It’s ultimately up to you, but choosing apps like Zelle or Venmo that don’t charge fees for P2P transfers will help you save.