Finance

Can Zelle Send Money To Venmo | How Does It Work?

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Money transfer apps that allow you to share funds with friends and family have become quite famous over the past few years.

In this regard, many users have been looking into how to send money from Zelle to Venmo and we are here to solve the mysteries.

Did You Know? Cash Trying to figure out what our readers wanted to go through next time, we realized that many of you had been having problem with sharing money when one person is using Zelle and the other has created Venmo account.

Can Zelle Send Money To Venmo – Is It Possible?

Although these two services are competitors, you can easily send money from Zelle to Venmo and vice versa. In this article we will show you how!

Hold up!

There are a few more things to look into yet.

The truth is that Zelle accountholders can not share money to Venmo directly since the app does not support exchange of funds with other payment services.

However, don’t dishearten, because just like we talked about indirect transfer of funds from Cash App to PayPal, we have figured out some alternatives here as well.

How Transfer of Money From Zelle To Venmo Works?

When you are sending money from Zelle to Venmo, it does not require to next person to have any Zelle account.

This is because Zelle supports transfer to any bank account within US and we can use this to our advantage when we have to send money to a Venmo account.

You can make a deposit to Venmo account by first sending money to your US bank account using Zelle and then transferring them to Venmo.

Obviously, the first thing you would need to do is to download the Zelle app and create an account there. Luckily, the service is completely free!

We will talk more about transfer fees and charges in the next section.

The next issue arises when we come across people who are using different type of banking service in the US. For example, those who own an account that does not support Zelle money transfers.

Here’s the solution: You can install the app and link it your Visa or Mastercard instead. After that, the money transfer would work in somewhat the same manner but you won’t be able to send funds greater than $500 in a week. Also keep in mind that this does not work with credit cards.

Take-Away Message

  • Zelle users who own a bank account that supports Zelle transfers can send money to any other account in the US
  • Users users who own a bank account or credit union that does not support Zelle transfers can only exchange funds with other Zelle users

Zelle vs Venmo – In a Nutshell

There are some basic differences between Zelle app and Venmo that many users are not quite aware of. To make things easier for you, we have summed some of these below. Take a look!

Zelle Offers Speed Better Than Venmo

One of the most evident difference is that Zelle allows for quicker transactions of funds. Therefore, you might come across many articles highlighting that Zelle to Zelle money exchange is the fastest option out there.

Zelle to Venmo transfer can take longer unless you choose to send funds instantly that incurs extra charges.

In regions where weekends and Mondays are bank holidays, a recipient may need to wait for several days if the transfer request was initiated on Friday.

Zelle Has Lower Fees As Compared To Venmo

Zelle’s majority of the services are free of cost. You can send the amount to your friends, relatives, business partners, and others without paying any extra charges unless the bank acting as a mediator has some fee on their terms of service.

Only standard transfers are free with Venmo.

Moreover, these can take ages as they are processed similar to check deposit or ACH transfers. They also have 1% transfer fee.

Both Apps Have Security Features But They Are Different

Venmo has introduced encryption along with installation of a PIN to keep your account safe from hackers and scammers. The app is also backed with by alerts and monitoring services.

In contrast, Zelle works with authorization of transaction prior to sending and fraud monitoring. It also lets you send money to small business accounts which is not possible with Venmo.

Drawbacks of Creating Zelle or Venmo Accounts

Regardless of how perfect these apps may seem, there are still some perks and features missing that you have to watch out for.

For example, Zelle is not a good option when you have to transfer funds to international bank account. You will have to find some other way of doing this. Moreover, Zelle also does not accept payments made from credit cards.

This would leave you only with the option of US-based bank accounts to make transfers and purchases.

Lastly, you can not cancel a payment once it has been initiated using a Zelle account. You can only thank the stars if it gets rejected because of some technical issues.

On the other hand, Venmo is meant only for users residing in the US and owning a US-based cellphone number. Similarly to Zelle, Venmo transactions can also not be cancelled.

This is quite worrisome as there are always chances that you send money to wrong recipient. The only option is that you can request them to pay you back but that does not guarantee easy retrieval of money.

Are These Mobile Apps Safe & Legit To Use?

Whether Zelle and Venmo are safe to use have a lot to do with how you employ these service.

Mobile apps and online money transfers are never completely risk free so you have to be careful even if they promise multiple security layers and features.

Zelle hosts an elaborate authentication and monitoring control that ensures your payments are safe at all times. It is also associated with bank/banks most of which are FDIC-insured.

Nonetheless, keep in mind that you are not supposed to share any personal or sensitive information while sending funds. This is not part of Zelle’s protocol. Moreover, only make transfers to account who you personally know and trust.

All of this applies to Venmo use as well. It should always be preferred to exchange funds with trustworthy people only. Additionally, keep your account details to yourself and if possible, add PIN to your account access as extra feature for security.

Attention! Unlike Zelle, the funds in Venmo accounts are not FDIC-insured. This means if you lose them the government will not take responsibility of restoring even a penny to your online account.

Venmo does not host purchase support. Any transaction made through the account would be irreversible. Therefore, be very careful about who you are sending money to.

Final Words

There is no doubt that both, Zelle and Venmo, are currently being widely used for money transfer purposes. They are trustworthy services with only minor differences and make it quite easy for accountholders to send money online.

The best part is that most transactions via these apps carry no extra charges. However, in case of Zelle, you have to consider some fees applied by particular banks and credit unions.

We understand how important it is to consider every feature and limitation before you sign-up for any service. Give this review a thorough read again and don’t forget to leave queries in the comment section if you are left with any. Best of Luck!