Cash App vs Venmo: Which One Should You Choose?

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Between business and personal finance needs, I use both Cash App and Venmo regularly. I ended up downloading both apps because different friends and family members use one or the other. Now that I’ve become accustomed to having them on my phone, they are both helpful to me for different reasons.

There are countless apps available to download that are designed to help individuals manage their money. All of these money management apps are competing for your attention and for you to sign up with them for any number of reasons. It’s only logical to want to compare apps such as Cash App and Venmo to figure out which one is best for you.

Money management apps are used to transfer money quickly to others, pay for goods and services, invest, receive money, and much more. There is no time like the present to get in on the money management apps that are available to help you with your finances. Being able to control your money from the palm of your hand is convenient and quick to do.

Depending on what your financial needs or goals are, each money management app will offer something different. It’s up to you to determine what your top needs are in an app and compare Cash App vs. Venmo to see which app covers your needs.

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What are Cash App and Venmo?

Cash App is one of the newer money management apps available. It is one of the only apps that offer complete financial access right at your fingertips. While other apps only offer certain features, Cash App offers the most features in comparison.

However, if you are trying to use an app that just meets basic financial needs, then it’s important to compare Cash App to Venmo. Venmo is a convenient app that allows you to transfer and receive money from other Venmo users. It is a popular app because it is user-friendly and offers some fun features like sending emojis with your transfers.

Both apps are available for download from the Apple Store and Google Play Store. It is convenient to use for both Apple and Android users.

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Comparing Cash App vs. Venmo Fees

Fees for personal accounts on Cash App include:

  • Transfers between Cash App users: free
  • Monthly account rate: free
  • Standard deposit (1-3 days): free
  • Instant deposit: 0.5% – 1.75% (minimum of $0.25)
  • Credit card transfer: 3%
  • ATM fee: $2 (with the opportunity to get reimbursed depending on your account status)

Fees for personal accounts on Venmo include:

  • Credit card transfer: 3%
  • Monthly membership: free
  • Instant deposit: 1.75% (minimum of $0.25)
  • ATM fee: $2.50
  • Standard transfer: free
  • Transfer among Venmo users: free

Related: 100+ Cash App ATMs

Differences Between Cash App and Venmo

Two women holding shopping bags looking at a smartphone

Take a look at the differences between Cash App and Venmo to make an informed decision about which app is right for you. One of the differences could be the deciding factor for which app you choose.

Taxes

Cash App offers free tax filing. If you have a Cash App account, you are eligible to file your taxes right on the app. There are no hidden fees. Take advantage of this significant feature and have your tax return deposited directly to your Cash App account.

Youth Account

Cash App allows minors to have access to their own account with a parent who is able to monitor the account. The account comes with a debit card that your child could design in their own way. If you need an option to allow your child to also have access to teach them about financial responsibility, then this is a great feature. Minor accounts are for children ages 13 to 18.

Similarities Between Cash App and Venmo

Cash App and Venmo displayed on two smartphones

Find out what the two apps have in common to understand which features will benefit you no matter which app you choose.

Cashback Opportunities

Cash App offers cashback opportunities for users with debit cards. With your Cash App account, you can activate Boosts to get instant savings on purchases, even small buys from coffee shops. This is a way Cash App helps users keep more of their money.

Venmo offers a similar feature that is powered by Dosh. Using the Venmo debit card, you can earn cash back automatically when you make a purchase at a participating retailer. The offers change frequently.

Fees

For both Cash App and Venmo, you can count on no monthly membership fees, free transfers between other account users, and free standard deposits to your bank account.

Both apps charge instant deposit fees, credit card transfer fees, and ATM withdrawal fees. Cash App charges slightly lower fees than Venmo.

Transfer Money

Both apps offer the convenience of transferring money from one user to another. This is always free to do within the apps. Transferring money can be for any number of reasons. Simply search for the user you want to transfer money to and send the money. You can also send your username or QR code to others to have them send you money.

Related: 100+ Cash App Names

Business Accounts

Cash App and Venmo both offer personal and business accounts. You can determine which account is best for you depending on what stage of life you are in. Business accounts are easy to receive payment for services or products you sell to your customers.

Debit Card

Both apps offer free debit cards to go along with your account. This gives you easy access to use the funds in your Cash App or Venmo account if you want to shop or pay bills with that money. You will also have access to withdraw cash from ATMs keeping in mind the ATM fees accrued by each app.

Related: How to Use Cash App Without a Debit Card

Direct Deposit

Cash App and Venmo offer direct deposit options at no charge. You could set up your paycheck to get deposited to your account and have access to those funds right away to do whatever you need with the money. Transfer it to another user, spend it on bills, or buy something you need.

Line of Credit

There are options for a line of credit with both apps. With Cash App Borrow, there is the option to get a loan for up to $200. With Venmo, you can apply for a Venmo credit card.

Investing

Both platforms offer investing opportunities. It is no secret that cryptocurrency is a hot financial asset. Cash App and Venmo both offer ways to invest in Bitcoin so that you can get in on this asset. However, Cash App doesn’t just stop at Bitcoin. You can invest in other stock options like Amazon on the platform if you are looking for more ways to grow your money.

Referral Program

Cash App and Venmo both offer referral programs. Of the two programs, Cash App offers the highest incentive of up to $30 per referral while Venmo offers a $10 bonus. Either option can be utilized by sharing your special referral code from either platform with friends and family. The person you refer will also receive a cash bonus when they sign up and make a transfer.

Related: How to Get Free Money With Cash App

Other Things to Consider Before Choosing Between Cash App and Venmo

Before you make your final decision on Cash App vs Venmo, there are a couple more things you should consider. It’s important to look at all of the benefits of apps like Venmo and Cash App as well as any restrictions.

Transaction Limits

With Cash App, there are transaction limitations that are placed on new accounts. This is something banks also do so it is not out of the ordinary to place limits on financial accounts. This limitation is typically reviewed again around 30 days after an account is opened. Any limitations can be changed as your relationship with Cash App continues to grow.

No International Transactions

Neither Cash App nor Venmo offers international transactions. You won’t be able to use your debit card out of the country. If this is something that is important for you to have, then knowing now could help save you trouble in the future.

Related: Cash App Rewards

Cash App Has More to Offer Than Venmo

After comparing Cash App vs. Venmo, it is clear that Cash App has more features than Venmo. There are more investment opportunities, and you can even file your taxes on the app. If that doesn’t scream versatility, I don’t know what does.

Cash App prides itself on being an all-in-one financial app. Finances can be challenging for many individuals. Having an app that is there to save you money plus grow it with investment opportunities makes money management a little less stressful.

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Related: More Apps Like Cash App

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