Venmo vs Wise
Venmo
venmo.com
Wise
wise.comSide by side
| Figure | Venmo | Wise |
|---|---|---|
| Price from | Free | Free |
| Free plan | Yes | Yes |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| Plans published | 2 | 1 |
| Spec score · Money Transfer Apps | 8.3 (#26) | 8.9 (#5) |
| Spec score · Peer-to-Peer Payment Apps | 7.9 (#15) | 8.1 (#13) |
| Spec score · Digital Wallet Apps | 7.8 (#30) | 8.0 (#24) |
| Exchange-rate model | markup | mid_market |
| Upfront fee display | Yes | Yes |
| Founded | 2009 | 2011 |
| Free plan | Yes | Yes |
| Headquarters | San Jose, California, United States | London, United Kingdom |
| Mobile platforms | both | The Wise app is available for iOS through the Apple App Store and for Android through Google Play. |
| Scheduled transfers | Yes | Yes |
| Security | Venmo says it encrypts transactions and account information, monitors account activity for unauthorized transactions, and supports multifactor authentication and app PINs. | Wise says it safeguards customer money separately from its own and uses two-step authentication to protect accounts and transactions. |
| Support | Venmo directs users to its Help Center for customer support and lists automated and live-agent customer service as having no fee. | Wise says its customer support is available by email, live chat, and phone, 24/7 in English and in 14 other languages. |
| Transfer speed | instant | On many popular routes, transfers can arrive within one day, the same day, or instantly. |
| Transfer tracking | Yes | The app shows the list and current status of transfers users have set up. |
Plans
In their own words
Venmo
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.
Wise
Wise is a money app for sending money, receiving payments from abroad, checking exchange rates, paying bills, and sending money to loved ones. It sends to bank accounts in over 140 countries; delivery on many popular routes is within a day, the same day, or instant. Wise says it uses the mid-market exchange rate and displays fees before payment. Signing up is free, with no subscription; sending and conversion fees vary by currency and start from 0.33%. Sending to another Wise account has no sending fee, though conversion fees may still apply. Transfers can be funded with Apple Pay, Google Pay, cards, or bank transfer. Users can track and schedule transfers, repeat previous transfers, and receive live exchange-rate notifications. Wise says it safeguards customer money separately from its own and uses two-factor authentication to protect accounts and transactions. Photo ID may be required for some currencies or large transfers. The app is available on Android, iOS, and web.