You’ll need to set up an account using an email address, which will serve as your login ID. PayPal is primarily a payment-processing platform, and it also lets you send money to and receive money from family and friends. You can then request money from friends or send funds by transferring cash from your choice of linked accounts or your Venmo balance. Once your account is set up, you’ll link a bank account, credit card or debit card as your funding source. You start by setting up an account using a phone number that receives texts. Venmo is first and foremost a social peer-to-peer payment app that lets you send money to and receive money from friends, although it also supports in-app purchases and payments to businesses. PayPal, you’ll find they are both ways to send money. $2.50 for international and out-of-network withdrawals $3 for over the counter withdrawalsĭata encryption, secure servers and PIN codeĭata encryption, security key, key pinning and email confirmation $2.50 for out-of-network withdrawals $3 for over the counter withdrawals $4,000 limit on one-time payment for those with no PayPal account no limit on total sent for verified accounts, though single transactions might be capped at $10,000 to $60,000ġ-3 business days instant transfer available for a feeģ-5 days instant transfer available for a fee $999.99 weekly transaction limit until identity is confirmed, then up to $19,999.99 transfers greater than $5,000 must be done through multiple transfers – Linked debit card, credit card or bank accountīuy, hold, sell bitcoin, ethereum, litecoin, bitcoin cash Linked debit card, credit card or bank account PayPal funds, credit, debit card, bank transfers and rewards balanceīank transfer, direct deposit, check cashingĬheck cashing, direct deposit, cash deposit at participating locations and bank transferįees for sending money using bank transfer or your account balance Venmo funds, credit, debit card and bank transfers GOBankingRates weighed their features to find how they differ: Feature Venmo and PayPal are both great tools when you need to send and receive money.
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