Fund transfers are free and speedy (they typically take one business day) and accounts are protected by bank-grade security and encryption. (If you don’t have a balance, funds are drawn from your linked bank account.) The app is also free to use and no fees are charged as long as you pay with your Venmo balance, linked bank account, debit card or prepaid card. Pros: A nice-to-have (similar to PayPal) is the fact that you can hold a balance in your Venmo account, which you in turn tap into to send cash or transfer to your checking or saving account. (Maximum fee is $10.) You can also only cancel a PayPal transaction if it’s yet to be completed/claimed. If you want the funds to go to your account immediately, you have to pay a fee of 1 percent. Security features abound-including account monitoring and encryption-and funds can be sent internationally for a fee ( varies based on the country).Ĭons: There’s a 3 percent transaction fee for credit cards (a linked bank account or a PayPal balance are free), and transferring money from PayPal to your bank account can take up to five business days. You can also use multiple methods to fund your account-a debit card, a credit card, PayPal balance (cash sits in your account until you transfer it to your bank) and a PayPal credit (a credit line offered by PayPal). You can send up to $60,000 in a single transaction (some limits may apply, depending on your currency and account status), but that’s a significant amount. Pros: One of the number one benefits of PayPal is the extremely high transfer limit. (If the recipient doesn’t have an account, they’ll get an email alert that funds are available and they need to set one up to receive.) To set it up, you’ll first need a PayPal account, then-as long as the person you’re sending money to is also enrolled-you can use their name, email address or phone number to send or request cash. How PayPal Works: While the service is known for its help with online purchases and e-commerce, it also offers peer-to-peer money transfers. (Her rules, not mine.)īut which peer-to-peer payment system is best? We weigh the pros and cons-and talk to a financial consultant-to decide. (Love those emojis.) As for reimbursing my mother-in-law? That’s strictly limited to Zelle. Paying the babysitter or splitting the tab with friends at dinner? Venmo all the way. If I’m shopping, I send funds via PayPal. Zelle: In a time when I’m trying to simplify, both digitally and physically, I’m almost embarrassed to admit that I use all three.
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