Zelle Vs Venmo – Which is better? – Izzyaccess

As you may have known before now, both Zelle and Venmo services serve the same purpose but there are quite a number of differences between the two.

Zelle Vs Venmo Speed

Zelle can be a much faster option only when the transaction is from one Zelle account to another Zelle account. You enjoy instant transfer regardless of the amount you want to send. However, if the receiver doesn't have Zelle, the funds transfer may be a bit longer than usual.

Zelle is free to use, several major US consumer banks came together to start the free initiative.

Venmo transfers on the other hand usually take between 1 to 3 business days to complete unless you are willing to pay an extra fee for an instant transfer.

You can only experience a longer time of up to 4 days if you want to transfer money to someone on a Friday, Monday might also be a bank holiday.

Zelle Vs Venmo Fees

One of the major things I like about Zelle that Zelle is free. You pay no additional fee for your transfer on Zelle, and does not delay transfers. As it's been said, Zelle is owned by a group of banks, these banks came to an agreement to make it a free service for money transfer among local businesses, friends and family, and trusted people.

If you doubt this, you can check with your bank card or credit union to see if you're being charged any transfer fee.

Venmo on the other hand, transfers are also free but not as fast as Zelle. The operate like old online check deposit which makes their transfers longer. However, just like the old instant ACH transfers done in our online bay, Venmo also charges fee for instant transfers. As of the time of writing this article, they charge 1%.

Safety - Zeller Vs Venmo Security

Zelle or Venmo which is safer? Venmo app secures your data using encryption, they allows you to add a PIN. They notify and monitor your account as a standard of their services. Zelle, owned by banks also has comes with safety features including authorization and fraud monitoring.

Don't forget that it is not a credit card, so no chargeback protection whatsoever for your purchases. Use as an alternative for the payment of goods and services.

Zelle vs Venmo, which is better?

It can be difficult to to choose which is better, Zelle or Venmo. However, it is sure that most people prefer on to the other, you can as well use both. Paying transfer fees is not really necessary only if you use Venmo instant transfers.