The primary goal of any money transfer app is to make it convenient to send and receive funds between friends and family with minimal charges, quick speed, and least networking issues. Now there are a number of apps providing such features in which names like Zelle and Venmo stand out. But, what if you and your friend do not use the same app? Then I will help you figure out can Zelle send money to Venmo or not.
Can You Use Zelle to Send Money to Venmo?
Zelle supports transfers to many peer-to-peer payment apps. A common example is that of Zelle to Cash App transfer. But, unfortunately, you can not send money from Zelle to Venmo.
It is not that Zelle only supports in-network transfers i.e. Zelle to Zelle but, as per the current features and policy, you can not send money to Venmo directly.
So how does Zelle to Venmo transfer works then?
Well, you are aware that Zelle is linked to a bank account and you can always transfer funds from your Zelle to the linked bank. Afterwards, you can either transfer money from the bank to your friend’s Venmo account or send them to their bank account instead. Bank can be used to Venmo yourself so they can have the funds sent to their Venmo later on.
While we are at it, I would like to share the information that you can also send money to other Zelle accounts even if you don’t have one of your own.
Zelle is supported by almost all the leading banks in the US. You can send money to someone else’s Zelle account using your bank account although I would suggest you download the app and sign-up to make the process more hassle-free.
In case the bank that you are using does not support Zelle, an alternative is to link your VISA card or Mastercard instead. This will limit the amount of money that you can transfer to $500 per week but is a great way to use Zelle if you do not have an account in any of the qualifying banks.
What Should You Choose: Zelle Or Venmo?
So you have just figured out that Zelle to Venmo transfer is not a piece of cake. This might make you consider one of the two apps to use in the future but which one? Before I dive in to explaining all the features, pros and cons, here’s a quick summary for both the apps.
|Serves As Online Bank Account||Yes||No|
|Offers Mobile App||Yes||Yes|
|Allows In-Store/Online Shopping||Yes||No|
|Works With Credit Cards||Yes||No|
|Offers International Transfers||No||No|
|Linked With Social Networks||Yes||No|
|Offers Security Features||Data Encryption only||Authentication, |
|Fees For Sending Money||Standard: Free|
Instant: 1.5% charges
|Fees For Credit Card Transfers||3% charges||N/A|
|Fees For Debit Card Transfers||Free||N/A|
|Transfer Limits||Unverified Users: $299.99 per week|
Verified Users: $4,999.99 per person
|Depends on limit of|
linked bank account
|Transfer Time||Standard: 1-3 business days |
Instant: a few minutes
|Takes few minutes only|
|ATM Withdrawal Charges||$2.50 for out-of-network withdrawal||N/A|
When it comes down to choosing one of the two services, Zelle is the answer for quick transfers without fees. It almost always gets the money through in matter of minutes.
In contrast, Venmo offers more flexibility to the users. It is a better choice if you are interested in range of services and you are okay with paying minimal fees to use them.
However, as the summary above would already be showing to you, there are things that the two or one the two apps are missing. So, there can’t be a perfect choice, just the one that is right for you!
I have summed up Zelle and Venmo features, pros, and cons below for your convenience. Although the content on the website is thoroughly updated, check the official sites for both the apps if you are require further confirmation for fees, limits, etc.
With more than 1000 banks and credit unions working with Zelle, it is the simplest money transfer app to use. You can sign up just with your email ID or mobile number and start sending/receiving money right away.
Zelle is considered to be faster when it comes to money transfers. All transactions are instant and there are no additional charges as well. In fact, Zelle is a completely fee-free service designed to help small businesses, friends, and local users.
As compared to Venmo, Zelle has more security features set in place. It offers transaction authorization, fraud monitoring, data encryption, and much more.
The only thing that Zelle is lacking is the chargeback protection for purchases. As its use to continue to grow, I am hopeful that such features would be introduced in the future.
Pros and Cons For Zelle
Some pros of Zelle you might be interested in include:
- There are no excessive fees.
- Zelle has partnered with over 1,000 banks and credit unions.
- It allows for quick money transfers that complete within couple of minutes.
- You can earn some interest on the amount kept in bank account linked with Zelle.
On the other hand, some cons you must know about are:
- You can not link Zelle account to a credit card.
- Moreover, you can not keep cash in Zelle account as you would do in Venmo or Cash App.
- Zelle does not offer any debit card to use for purchases or ATM withdrawals.
- You can not cancel a payment with Zelle.
- Zelle also does not support international transfers.
Venmo offers services much like Zelle but it seems to be more flexible in many aspects. For example, you can use debit/credit cards with Venmo which Zelle does not allow.
To sign up with Venmo, you must be of 18 years of age or more. You also need to be located in the US as Venmo does not cater to international transfers.
Venmo offers two types of transfers: Standard and Instant. With standard transfers, you may need to wait up to 3 days. Instant transfers, on the contrary, complete within a couple of minutes. The difference is that standard transfers are free but Venmo charges 1.5% of amount as fee for instant transactions.
As for the safety of the app, Venmo uses data encryption to keep your information safe. You can protect transactions as well as app login with a PIN.
It is also free to sign up with additional services like account monitoring and alerts.
Pros and Cons For Venmo
Some pros of Venmo you will be glad to hear about are:
- There are no annual/monthly charges for the subscription.
- You can keep cash in your Venmo account as you would do in a bank account.
- Venmo works like social media app where you can add friends, block someone, or delete history if need be.
- You can also use Venmo to make payments in-store or online.
- Venmo offers debit card and credit card for easier use.
Just like Zelle, Venmo has its drawbacks as well. These include:
- Venmo charges for services like instant transfers and credit card transfers.
- It is a social media app so privacy settings are not strict.
- There are transfer limits on how much you can send and receive with Venmo.
- You do not earn any interest on the amount that you keep in the Venmo account.
Are Money Transfer Through Zelle and Venmo Safe?
Both the apps have certain security features installed that make them safe for daily use and peer to peer transactions.
However, the authorities still strongly recommend users to only exchange funds with accounts that they trust as cancelling a payment or retrieving money can be time-consuming.
Scamming and frauds on online money apps have also become quite common. Therefore, it is always suggest to be careful with monetary transactions. Do not completely rely on the security features of the app. Instead, choose a strong password, set up OTP for transaction confirmation, and enable fingerprint verification for added layer of security.
Before You Go!
Neither Zelle nor Venmo is a wrong choice when it comes to choosing a money transfer app but the decision right for you would be the one that serves the purpose that you are looking for.
Zelle typically has less fees but it lacks some outstanding features as well such as it does not work with credit cards and you can not use to make payments to retailers as well. On the other hand, Venmo has these perks in stock but charges certain fee as well, such as 3% for credit card transfers, 1.5% for instant transfer of money, etc. On top of that, Venmo lets you borrow money and shop at stores like eBay with Venmo.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.