To send money, all you need is the recipient’s email address, phone number or $cashtag.The app will let you choose a $cashtag, which is a unique identifier you can share with your family and friends when you want to send or receive money. Set up Cash App using your phone number or email address.You can raise your limit by proving your identity using your name, date of birth and the last four digits of your Social Security number. When it comes to spending limits, Cash App lets you send and receive up to $1,000 per month. You can also purchase bitcoin and invest in stocks with as little as $1 using Cash App. ("Scripps").įollow John on Twitter more consumer news and money saving advice, go to sending and receiving payments, you can receive your paycheck and tax refunds via a direct deposit to receive the funds up to two days early. ![]() Of course, old fashioned cash always works, though if everyone you are with is Venmo-ing it, you might feel out of place.ĭon't Waste Your Money" is a registered trademark of Scripps Media, Inc. ![]() Zelle was originally considered the safer option, since it is owned by major banks, but it is now becoming a popular target for scammers, so there is probably little difference when it comes to safety. So it's essential to confirm your friend's phone number.Īnd these apps don't provide the same fraud protection a credit card does. The good news: You can now turn off the sharing feature, so at least you don't have to watch everyone else having fun.īut if you really value your privacy, you may want to choose Zelle or the Cash app.įinally, what about security? Venmo and Zelle both have a similar drawback: if you accidentally enter a wrong phone number you can end up wiring cash to a stranger. If you are home by yourself binge watching "Stranger Things" on Netflix, you may say, "Doesn't that stink?" It's like watching everyone else posting about their great evening on Facebook or Instagram. If they are all having a great time out at dinner on a Saturday, and you weren't invited, you may see all your friends transferring money to each other. Venmo is like a social network in that you can see what your friends are doing, and who is sending money to whom. It's easy to use in coffee shops and restaurants or any business that uses Square (that white gizmo next to the cash register).īut from the doesn't that stink file: One upside and downside of Venmo, which makes if very different from the other two apps. It's big advantage is that you can use it to shop or dine, which you can't always do with the other two. ![]() The Cashapp, owned by Square, is the upstart and is growing the fastest right now. There is no delay in transferring money, not even for five minutes. Zelle, owned by a consortium of banks, draws an older crowd because it is now built in to many banking apps.Īs a result, for many people it's easier to use than Venmo and is more likely to be used when Mom wants to send Aunt Donna some cash for Grandma's birthday party.Īnother advantage of Zelle: It puts money in your account instantly, since it is part of your banking app. It's so popular that Venmo-ing is now a verb, as in, "Hey, Venmo me that $20 you promised me two weeks ago." Venmo,owned by PayPal, was the first, and is the number one choice among younger people. Now tens of millions of people pay with Venmo If you're splitting the bill in a bar or restaurant, paying with hard cash is so yesterday. It turns out it depends who your friends are. But if you are deciding which app to download - which service is best, and which is safer? When it comes time to pitch in on a restaurant tab or send $20 to a friend, cash is no longer king, at least with millennials.
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