Competitors
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Venmo is a mobile payment service that allows users to send and receive money, split bills, and make purchases online and in-store. It offers a debit card, credit card, and the ability to buy and sell cryptocurrency, along with direct deposit options.
Feature Matches8/15
See all8/15
Must Have
3 of 5
Transparent Low Fees
Borderless Debit Card
Fast Transfer Execution
Mid-Market Exchange Rate Transfers
Multi-Currency Account
Other
5 of 10
API Integration
Business Account Features
Mobile App
Regulatory Compliance
Customer Support
Batch Payments
Real-Time Rate Alerts
Invoice Creation
Spending Analytics
Multi-User Access
PricingFreemium
See allFreemium
Personal Account - Fee-based Transactions
Custom
- Sending money using credit card
- Sending money using Visa+ to other eligible digital wallets
- Adding money using cash a check feature
- Receiving payments identified as for goods and services
- Instant Transfers
- Cryptocurrency buying/selling/external transfers
- Adding cash at stores
- Out-of-network ATM withdrawals
- Over-the-counter cash withdrawals
- Sending money using credit card: 3.00% fee
- Sending money using Visa+ (to other eligible digital wallets): 1.75% (min. $0.25/max $25)
- Adding money using cash a check (payroll/government): 1.00% (min $5.00)
- Adding money using cash a check (other): 5.00% (min $5.00)
- Receiving personal payments for goods and services: 2.99%
- Instant Transfer: 1.75% (min $0.25, max $25.00)
- Cryptocurrency purchase/sale: 2.20% for $1.00-$74.99, 2.00% for $75.00-$200.00, 1.80% for $200.01-$1000.00, 1.50% for >$1000.00
- Transferring crypto outside Venmo/PayPal: Variable cryptocurrency network fee
- Add cash at stores: $3.74
- ATM withdrawal (out-of-network): $2.50 (plus potential ATM owner fee)
- ATM international withdrawal: $2.50 (plus potential ATM owner fee)
- Over-the-counter cash withdrawal: $3.00 per signature withdrawal
Business Profile
Custom
- Accept Venmo payments from customers
- Accept contactless payments (Tap to Pay)
- Dedicated business profile
- Transaction tracking and reporting
- Receive payments (standard): 1.9% + $0.10 per transaction
- Receive payments (Tap to Pay): 2.29% + $0.09 per transaction
- Receive payments to charity profile: 1.9% + $0.10 per transaction
Venmo Credit Card
Custom
- Earn up to 3% cash back on eligible purchases
- No annual fee
- No limit to cash back earned
- Manage in app
- Add to mobile wallets (Apple Pay, Google Pay, Samsung Pay)
- Option to auto-purchase crypto with cash back (0% transaction fee for this specific feature)
- Visa Credit Card benefits
- Cash Advances: $10.00 or 5% of amount (whichever is greater)
- Foreign Transaction: None
- Late Payment: Up to $41.00
- Returned Payment: Up to $41.00
- Paper Statement Fee: $1.99 per month
- APR for Purchases: Prime rate + 11.99% to 23.99% (based on creditworthiness)
- APR for Cash Advances: Prime rate + 23.99%
- Penalty APR: Prime rate + 27.49%
- Minimum Interest Charge: $2.00
Rationale
Venmo is primarily a peer-to-peer payment app focused on domestic transfers within the US, which does not align with the core value proposition of Wise, which is international money transfers at mid-market rates. Venmo does not offer multi-currency accounts or mid-market exchange rate transfers. While it has a debit card and business features, its international capabilities are limited, and its fee structure is not based on mid-market rates for cross-border transactions. Therefore, it does not meet the 'must-have' features for a direct competitor to Wise.
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I've been using Alternative A for 6 months now and it's been fantastic. The pricing is much better and the features are actually more robust than what [Product] offers.
Show HN: We built a better [Product]
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After struggling with [Product]'s limitations, we decided to build our own solution.
It handles edge cases much better and the API is actually documented properly.
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Honestly, after trying both, Competitor B wins hands down. Better customer support, cleaner interface, and they don't nickel and dime you for every feature.
Why we migrated away from [Product]
Hacker News·cto_mike·Nov 27·+234
The breaking point was when they changed their API without notice. We lost 3 days of productivity. Solution C has been rock solid for us since we switched.