Money

Venmo vs. Zelle

The Platform

Venmo: Operates through the Venmo app you download to your mobile device.

Zelle: Operates through apps of participating banks and credit unions.

How it Works

Venmo: Transferring is easiest if both parties are
on the app. You can “request” or “pay” other users and add
 a note or emoji as the transaction description. You can also send money to family and friends in the U.S. using their cellphone number or email.

Zelle: Users who have accounts at a participating bank can send money to anyone for whom they have a cellphone number or email address. Recipients who don’t bank with Zelle partners can claim their money by signing up at clearxchange.com.

Speed

Venmo: When you “cash
out” the money that friends have paid into your Venmo account, it typically takes 1 to 3 business days to receive your dough.

Zelle: You get your money in minutes (except for the first time; it can take 1 to 3 business days after registration to receive your first payment).

Cost

Venmo: Bank transfers and debit card payments: free. Credit card transactions: 3 percent.

Zelle: Partner banks have the right to charge 
a fee for the service, but so far none have done so.

Source: AARP Money

Venmo vs. Zelle: Which is Better?