![]() Wise business members pay a fixed fee of $1.40 to send money. That alone makes this perhaps the best PayPal alternative around. Compare that to $5 per transaction fee for a personal international bank transfer with PayPal payments. To send $100 USD to Europe using Wise’s personal account, I’d pay $0.16 in bank/debit card fees, plus a $0.96 Wise fee. There are bank fees and Wise fees, but they are minimal. Right there, it shows how much I’ll pay for a monthly fee. I just have to enter how much I want to send in USD, then choose the currency of the receiving party. Wise is custom-built for any international payment or money transfer you want to make. You can send money to consumers in 51 countries, with new currencies added on an ongoing basis. There are plenty of apps to help you split the cost of a pizza with your buddies, but what about your international friends? Wise, formerly TransferWise, helps with that. Fees for business use: Same as personal, plus a $31 account setup fee.Fees for personal use: Sending rates from 0.41% conversion rates from 0.41%.Luckily, once you succumb to peer pressure, you have a rock-solid PayPal alternative waiting for you. Pros and cons aside, Venmo is so popular that someone’s bound to ask you to use it. Unless you really want your entire friends list to see who you’re paying and for what, I see no reason to broadcast this sensitive data. Set a 4-digit PIN so that if someone borrows or steals your phone, they can’t Venmo themselves the maximum $3,000 (happens more often than you’d think). Settings > PIN code and biometric lock.There are also a few default settings I’d strongly recommend you change if you download Venmo. Plus, if you use it to invoice clients, there’s no “tip” option on their end - they have to manually initiate a separate payment. It takes between one and three days to withdraw your Venmo funds to your bank account, or you can pay a 1% instant transfer fee. There was even a time when Venmo showed you the precise amounts they were paying for rent, food, and more, but naturally that TMI feature was retired. Transfers are free, payments to friends and family are free, and the app even has a built-in “newsfeed” showing who among your friends is paying whom for what. PayPal handled a total of $330 billion in transactions in 2021, while Venmo handled $230 billion - up a staggering 44% from the previous year.Īnd there’s a reason why so many people use Venmo as their go-to payment app: it’s simple, safe, and reliable. Venmo is so widespread these days that “Do you have Venmo?” has become the new “Cash is king.”Įven though Venmo is technically a subsidiary of PayPal, the numbers show that the former is now nearly as popular as its big brother. Fees for business use: 9% merchant fee plus 10 cents per transaction Venmo tax applies to all transactions marked “goods and services”.Fees for personal use: 3% credit card processing fee.Apple Pay: Best for sending, receiving, and paying at the register for iPhones and Apple Watches. ![]() Cash App: Best for converting received payments into hard cash.Zelle: Best for sending money to people who don’t use payment apps.ProPay: Best for receiving offline payments as a freelancer/small business owner.Stripe: Best for receiving online payments as a small business owner.Square: Best for receiving in-person payments as a freelancer/small business owner.Payoneer: Best for receiving online payments as a freelancer.Google Pay: Best for sending money through Gmail.Wise: Best for international transfers and currency conversions.
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