Money transfer applications greatly facilitate the task of sharing funds with family and friends. That’s when the question arises whether I can send money from Zelle to Venmo because they are two of the most popular apps used by users in the activity.
There can be inconveniences when sending money to a person if both have a different platform.
Is it possible to send money from Zelle to Venmo?
These are two competing services, and the truth is that we cannot share funds from Zelle directly to Venmo. The app will not support the exchange of funds with other payment services.
However, we can use some alternatives to overcome this limitation to achieve the transfer of funds between the two services.
How can we manage to transfer funds between the platforms?
We must consider that if we make a Zelle transfer, it will not be necessary for the person also to have a Zelle account. The transfer will be made to any bank account within the U.S., and this money can be used directly to send to a Venmo account.
Therefore, sharing money between the two platforms will involve sending the money first to a bank account and then transferring it. For this, it will be essential to have the Zelle app and create an account for everything to work correctly.
However, inconveniences could arise if we have a bank account that does not support Zelle money transfers. For which we will have to link a Visa or MasterCard debit card so that we get to make such transfers.
Users with a bank account that does not support Zelle transfers will only be able to exchange funds with other Zelle users.
Which of the two applications is better for sending money?
There are some differences between the two applications, and they should be considered before using one or the other. In this order of ideas, we must know them:
Speed
It is one of the most obvious differences since Zelle will allow faster funds transactions. We will not find a faster option if the transfer is made between users of the same platform.
However, if the funds are sent to Venmo, the transfer may take longer unless we send the funds instantly, which has extra fees and commissions. On the other hand, if a transfer is initiated on a Friday or before a national holiday, it may take several days to process.
Fees
In these cases, Zelle offers us the possibility to send money completely free of charge to our family, friends, or business partners. The only fees that will be applied are those that the bank acting as a service mediator may have.
However, in Venmo, only standard transfers are free and processed the same way as ACH transfers, so that it could take up to 3 business days. On the other hand, we will also be charged a 1% fee for the transfers.
Security
Both applications have security features to protect users, and in Venmo, we find a PIN. In addition, the application has an alert and monitoring service to keep money safe at all times.
On the other hand, Zelle works with transaction authorization before sending and fraud monitoring. We will also be able to send money to small business accounts, which is impossible on the other platform.
Problems we may have with each of the platforms
Both platforms can have different drawbacks that make neither of them perfect. On the one hand, if we are going to send funds to an international bank account Zelle will not allow us to make this type of transfer because it is only compatible with local bank accounts in the U.S. In addition, we will not be able to use our credit card to make transfers and once the payment is sent it cannot be stopped.
On the other hand, Venmo is an application intended for U.S. users with a cell phone number. Transactions cannot be canceled either, which means that if the money is sent to the wrong recipient, there is no way to recover it. The only option in these cases would be to ask the recipient to return the money, but this will not always be easy.
Are these applications reliable?
These applications have strict security controls, so we can get our transfers done quickly and securely. However, they are not risk-free because much depends on the use we make of them.
Sharing personal or confidential information while sending funds is not recommended, and we should only make transfers to people we know. Also, we should not share our account details with anyone else to avoid inconvenience.
Is there any other way to send money from Zelle to Venmo?
The reality is that we will need a bank account associated with both platforms to carry out this type of transaction between both platforms. At the moment, there is no other way to make this type of transfer.
For this reason, it is essential that if we send money from Zelle to Venmo, we have a bank account compatible with both platforms. It will allow us to make all our transfers much simpler and faster.