Banking Bank Reviews

Cash App vs. Venmo [2024]: Which Payments App Wears the Crown?

Cash App and Venmo both make it easy to transfer money. It’s all about the features they offer.

By Ben Walker, CEPF, CFEI®
and Lisa Dammeyer

Edited by Michael Kurko

Updated Dec. 17, 2024

Cash App and Venmo are peer-to-peer payment apps that make it easy to send and receive money — all through your mobile phone. Both also offer helpful features, including ATM withdrawals, instant transfers, and various payment methods.

Because their primary services are so similar, it’s difficult to say which app is better. I personally use Venmo for peer payments, and so do 90 million other users (as of 2022). I think there’s a lot to be said for the ubiquitousness of the app. After all, you don’t often hear someone asking, “Can I Cash App you for this?”

On the other hand, Cash App does have a couple of features that set it apart. When it comes to international transfers, investing options, and tax filing features, Cash App stands out. If those features appeal to you, Cash App may be the better choice.

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In this article

Cash App vs. Venmo
What both apps excel at
4 important differences between Cash App and Venmo
Which app should you choose?
FAQs

Cash App vs. Venmo

Cash App and Venmo have similar fee structures for their primary services, including sending and receiving money. But you might find a few differences in each app’s transfer limits and payment methods. This table gives a quick overview of how the two apps compare.

	Cash App	Venmo
Best for	Easy money transfers between anyone Buying Bitcoin Investing in stocks Filing taxes	Easy money transfers between friends and family Buying Bitcoin, Ethereum, Bitcoin Cash, and Litecoin Making purchases, including with the Venmo Credit Card
Fees	$0 for standard deposits and sending money with Cash App balance or linked bank account 0.5%-1.75% for instant transfers 3% to send money with a credit card $2.50 ATM withdrawal fee 0.75% to 3% for buying Bitcoin	$0 for standard bank deposits and sending money with Venmo balance, debit card, or linked bank account 1.75% for instant transfers 3% to send money with a credit card $0 in-network ATM withdrawal ($2.50 out-of-network) Variable network fees for cryptocurrency transfers
Transfer limits	Unverified accounts: Send up to $1,000 per 30-day period Receive up to $1,000 per 30-day period Verified accounts: Limits vary by user	Unverified accounts: Send up to $299.99 per 7-day period No receiving limit Verified accounts: Send up to $60,000 in person-to-person payments per 7-day period
Payment methods	Send money: Cash App balance Linked bank account Debit or credit card Spend on purchases: Cash App balance Cash Card debit card⁵ <p>Prepaid debit cards issued by Sutton Bank.</p> Mobile wallets (Apple Pay and Google Pay) with a Cash Card	Send money: Venmo balance Linked bank account Debit or credit card Amex Send account Spend on purchases: Venmo balance Venmo debit card Venmo credit card
Transfer speed	Standard: 1-3 business days Instant deposit for a 0.5%-1.75% fee	Standard: 1-3 business days Instant deposit for a 1.75% fee
International transfers?	Yes, between the U.S. and U.K.	No
	Visit Cash App	Visit Venmo

What both apps excel at

Money apps often overlap in many ways, and it’s no different with Cash App and Venmo. Both mobile payments apps offer the same primary service of sending and receiving money. Here are some of the features and benefits that Cash App and Venmo share:

Sending and receiving money: Both apps' main feature is sending and receiving money, including sending money with a credit card. So rather than carrying cash on you at all times, you can pull out your phone and pay someone with either app. This can be helpful if you split rent among roommates, want to pay your friend back for a nice meal they covered, or are divvying up vacation costs among a group.
No hidden fees: Both apps are free to download, and neither charges a monthly maintenance fee. You also won’t have to pay high fees to send and receive money unless you want a faster transfer.
Transfer limits: Both apps have sending and spending limits for new users that can be increased if you go through a verification process. This process typically includes sending documentation or additional personal information.
Transfer speed options: Cash App and Venmo have standard or instant transfer options. Standard transfers are typically free and take one to three business days. Instant transfers on Cash App have a transaction fee that ranges between 0.5% and 1.75%. For Venmo, that fee is 1.75% up to $25.
Supported devices: It’s simple to get started with either app on any iOS or Android device or through a web browser. The Cash App and Venmo apps are available on the App Store and Google Play.
Additional features: Both apps also offer debit cards and ways to invest your money. You don’t have to use these features, but some people might find them helpful.

4 important differences between Cash App and Venmo

Both Cash App and Venmo were designed for sending and receiving money, but they also have other uses.

Payment methods

You typically have to choose a payment method if you want to send money to someone else using a payment service. Both Cash App and Venmo accounts offer payment methods such as using a credit card, a debit card, a linked bank account, or your account balance. However, with Cash App, you can also use Apple Pay and Google Play by connecting them to your Cash Card.

Venmo offers an Amex Send feature that lets you use American Express credit cards without paying the standard cash advance credit card fee. Keep in mind that you likely won’t receive any rewards (if applicable) for credit cards used this way, but it’s still a unique feature that’s probably more useful than what Cash App offers.

Winner: Venmo

International transfers

Venmo requires you to be physically located in the U.S., which means users in other countries can’t use its services. I found this out the hard way at a flea market in London. However, you might still be able to send and receive money from other U.S.-based Venmo users, even if you’re traveling abroad. Just don’t expect to use it with any non-U.S.-based users. To be able to shop at that flea market, I had to go get cash from an ATM.

Cash App beats Venmo for international transfers. Cash App still isn’t available everywhere, but it is available in the U.K., which increases its functionality worldwide. That’s not a much wider reach, but it’s still more than what Venmo offers. (And it would’ve helped me during my shopping conundrum!)

Winner: Cash App

Investing

Investing is relatively new on Cash App and Venmo and not as comprehensive as the best investment apps. Cash App users can buy, sell, and trade Bitcoin through the app and invest in stocks. While Venmo doesn’t allow you to invest in stocks, you can purchase popular cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, I wouldn’t recommend keeping large sums of crypto on these platforms. You’re gonna want to transfer that over to your crypto wallet if you plan to hold it securely long term.

This category has no overall winner because it depends on your situation and investing preferences. For example, if you’re more interested in the cryptocurrencies offered by Venmo and don’t want to invest in stocks, Venmo may be a more suitable option. But if you want to invest in stocks and Bitcoin, Cash App might make more sense.

However, I would personally trust an established investing-specific app over either Cash App or Venmo. If you feel the same, this category may be a non-issue.

Winner: Tie

Filing taxes

In addition to letting you send, receive, and invest money, Cash App allows you to file taxes and receive tax refunds. The feature came out in 2022, and it’s definitely unique to this app. What stands out most to me about this feature is that it’s free if you have a Cash App account. No more expensive tax software!

Venmo doesn’t have anything like this, making Cash App the clear winner here.

Winner: Cash App

Which app should you choose?

The better app for you between Cash App and Venmo comes down to multiple factors, including your lifestyle and financial preferences. Both apps are easy to use for sending and receiving money, and there aren’t many fees to worry about. For example, I don’t pay any fees since I only use the apps for money transfers and stick to standard transfer times.

However, you might prefer to use one app over the other depending on which one your friends and family use. For me, it wouldn’t make sense for me to use Cash App for peer-to-peer payments, as most people in my life use Venmo.

If you’re interested in investing in stocks or cryptocurrency, you may want to consider what your priority is. Cash App users have more options to invest in stocks, while Venmo users have more cryptocurrency opportunities. Of course, you can always rely on a different app altogether to manage your investments, like I do.

Review each app’s differences and see how their features align with your financial goals. Keep in mind that these aren’t the only payment apps available. Many of the best banks offer different money transfer options.

FAQs

Is Cash App safer than Venmo?

Not necessarily. Cash App and Venmo are money transfer apps, which are inherently risky since their services involve sending money to other people. But if you stick to sending money to friends and family, you likely won’t run into any issues involving scams. Additionally, both apps use encryption and other protection methods to help ensure your account information is kept secure.

Are Cash App and Venmo FDIC-insured?

No, not entirely. If you have a Cash Card with Cash App, the money in your Cash App account balance is covered by the FDIC through partner banks (this is called “FDIC pass-through insurance”) in case of bank failure.⁶ Balance is FDIC-insured through Wells Fargo Bank, N.A., Member FDIC for up to $250,000 per person.

Similarly, funds held in your Venmo account are only eligible for FDIC pass-through insurance if you’ve added money to your account via mobile check deposit or direct deposit.

Is Venmo cheaper than Cash App?

Neither Venmo nor Cash App charges account or maintenance fees (more on Cash App fees). You also don’t have to worry about additional fees for sending money as long as you use your account balance or a linked bank account or debit card for the transfer. Overall, neither app is significantly cheaper than the other for sending and receiving money.

Which app is better for paying your friends?

Both Cash App and Venmo make it easy to pay your friends as long as you’re connected through the app or have certain items of the required information, such as an email address or phone number.

However, Venmo focuses on networking with friends and family members and functions similarly to a social media network, emojis and all. Cash App can be used to pay and receive money from anyone if you have their email address, phone number, or $Cashtag. This might make it a preferred way to send money to people you don’t know.

Safe and free way to send, spend, and save money

Cash App Benefits

No hidden transfer fees when sending money from your Cash App balance or bank account
Deposit advances as well as simplified reimbursements requests
Allows for the trading of stocks and Bitcoin directly on the app

Get Started With Cash App