Apps like Zelle and Venmo have become quite popular for digital fund transfers nowadays. These services allow users to send or receive domestic payments easily, with just an email or phone number as a requirement. Sometimes you’re looking for a bill split but having different digital payment apps can be a problem.
Hence we’ve come up with some solutions to make it easy for you.
Zelle can transfer money between banks in no time for free. The money transfers get withdrawn directly from your bank account. Most banks participate with Zelle, but even if a bank doesn’t, you can use it still to make smaller transfers. You might just be able to send $500 a week.
Venmo is more like a digital wallet. Your money gets collected into Venmo linked from a U.S bank account, credit, debit, or prepaid card. You can then make money transfers to people using Venmo. Many Venmo transfers are free however some of the transactions come with minimal fees.
Can I send money from Zelle to Venmo?
The simple answer to this question is no, you cannot transfer funds from Zelle to Venmo since Zelle does not support the exchange of funds with other payment services.
The two services work very differently. Venmo funds are held in the Venmo account as Venmo balance which you can spend or transfer but Venmo is not considered a bank. Zelle, on the other hand, can be used to transfer money between two bank accounts. Since Venmo is not a bank account, you won’t be able to transfer funds from Zelle to Venmo.
However, we’ve come up with an alternative that can prove helpful to you.
Since Zelle supports transfer to any bank account within the U.S, this can be taken to our advantage. You can send money from Zelle to the bank account of the person you want to transfer the money and then they can transfer the fund from their linked bank account directly to their Venmo balance.
What if I don’t have a Zelle account?
If you don’t have a Zelle account, in this case, you might not be able to send money directly to someone’s bank account. You can easily deal with this issue by downloading the Zelle app and linking it with your bank account. Almost all the banks in the U.S are either joint owners of Zelle or support it. On top of it, the service is free of cost.
Even if your bank does not support Zelle, you can enroll in the app by linking it with your Visa or Master Card Debit card. The only issue here is only an amount of $500 can be sent in a week.
Users whose banks support Zelle tend to have higher weekly limits when transactions go through the bank.
Although Zelle to Zelle transfers can take place within minutes, Zelle to Venmo transfers can take longer unless you want to send money instantly by choosing to pay extra charges.
Zelle payments happen within moments and are free whereas Venmo transfers usually neither take longer (at least 3 business days) and instant transactions need a 1% fee. The only problem can be if you want to transfer funds on a Friday, then the recipient may have to wait for at least 4 days as Monday is a bank holiday.
Hence, if both users have a Zelle account, money transfers happen at a faster rate and much more conveniently than Venmo. Transfers are instant, no matter the amount of money you may be sending.
The best thing about using Zelle is that it is free of cost. As it is a free service designed by the banks that own Zelle, you don’t need to pay any extra charges to transfer money between your friends and family. However, you may want to check with your bank or credit union if any fee is charged on their end.
Venmo transfers are free but take time for transactions. Although if you want an instant service by the app, you need to pay a 1% fee.
- Safety and Security
The Venmo app uses encryption to keep your data safe and allows you to add a PIN too. Account monitoring and notifications also come with these services.
On the other hand, is owned by major banks, Zelle also has safety features like transaction authorization and monitoring for fraud. However, you cannot get a chargeback option on Zelle.
Unlike Venmo, Zelle can be used to transfer money to a small business account. It is recommended though to not send money to random online businesses. It is safer to use it for sending funds to family friends or trusted people.
Are Venmo and Zelle safe and legit to be used?
All online apps come with certain drawbacks and aren’t completely risk-free; hence it’s totally upon the carefulness of the use to how they use it.
It should be kept in mind to not send any sensitive or personal information while sending funds using these apps. Only make transfers to accounts that you trust and trust.
These apply to Venmo as well. Try and exchange funds with only trustworthy people. You must keep your account details to yourself and add a PIN to your account as an extra feature for security in the app.
Both Zelle and Venmo are widely used nowadays for money transfer purposes. These are both trustworthy services with only minor differences. Both these app makes it easier for you to send and receive money. Henceforth it’s totally upon you to whether opt for either of these apps.