Remitly vs Venmo

Remitly is a mobile app for sending money internationally, available on Android and iOS. It serves more than 175 countries and offers several ways for recipients to receive funds: bank account, mobile wallet, cash pickup, mobile money, home delivery, or debit card deposit. Senders can pay by bank transfer, debit or credit card, Apple Pay, or Google Pay. Before sending, the app displays the exchange rate, fees, and total cost; exchange rates are variable, and transfer speed is listed as instant. Transfers can be tracked, and recipients do not need to install the app or sign up. The app is free to download, and a free plan is listed. For transfers from the United States to France, bank deposit is free and cash pickup is $2.99, paid once. A new-customer promotional rate applies to the first 1,500.00 USD sent. Sending limits vary by sender and recipient location and apply over 24 hours, 30 days, and 180 days. Remitly says it refunds fees if a transfer is not delivered on time.

Venmo lets users send money to friends, pay businesses, and check out when shopping. It runs on Android, iOS, and the web, with instant transfers, tracking, and scheduled payments. Users can split group expenses, send gift cards, and add Venmojis or GIFs to payments. Business profiles separate business from personal transactions; businesses can also offer Venmo checkout in apps or mobile websites. With a compatible mobile device, a business profile can accept cards, Apple Pay, Google Pay, and other digital wallets through Tap to Pay.

Venmo says it encrypts transactions and account information, monitors activity for unauthorized transactions, and supports multifactor authentication and app PINs. Eligible purchases may qualify for Purchase Protection when marked as purchases in the app, but payments to people users do not know lack buyer and seller protection. Personal accounts cost nothing for transfers from a balance, debit card, or bank account; credit card payments cost 3.00%, and Instant Transfer costs 1.75% (minimum $0.25 fee, maximum $25 fee). Business profiles have no monthly or setup fees, but transaction fees apply. Venmo use requires being in the United States and having a U.S. bank account.