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CurrencyFair VS Venmo

Compare CurrencyFair VS Venmo and see what are their differences

Bill.com
Your financial operations platform. The intelligent way to create and pay bills, send invoices, manage expenses, control budgets, and access the credit your business needs to grow—all on one platform. featured
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CurrencyFair logo CurrencyFair

No bank rip-offs transferring money internationally

Venmo logo Venmo

Venmo is the best way to pay your friends. It's simple, fun and free to use.
  • CurrencyFair Landing page
    Landing page //
    2021-09-22
  • Venmo Landing page
    Landing page //
    2023-06-13

CurrencyFair features and specs

  • Competitive Exchange Rates
    CurrencyFair offers exchange rates that are often more favorable than those provided by traditional banks, helping users save money on international transfers.
  • Low Fees
    The platform typically charges lower fees compared to conventional banking methods, making it a cost-effective option for transferring money internationally.
  • Peer-to-Peer Marketplace
    CurrencyFair offers a unique peer-to-peer currency exchange marketplace, allowing users to set their own rates and potentially achieve better deals.
  • Regulated and Secure
    CurrencyFair is regulated by financial authorities in multiple jurisdictions and implements strong security measures to protect user funds and data.
  • Fast Transfers
    The service aims to complete transfers quickly, often within one to two business days, depending on the countries and currencies involved.

Possible disadvantages of CurrencyFair

  • Limited Currency Availability
    CurrencyFair may not support all currencies, which can be a limitation if you need to transact in less common denominations.
  • No Cash Payouts
    CurrencyFair does not offer cash payout options for recipients, meaning they must have a bank account to receive funds.
  • Exchange Rate Re-Quotation
    While CurrencyFair offers competitive rates, there may be instances where the rate initially provided is adjusted, depending on market fluctuations before the transaction completes.
  • Geographical Limitations
    CurrencyFair services may not be available in all countries, limiting access for potential users in restricted regions.
  • User Interface
    Some users might find CurrencyFair's user interface less intuitive compared to other modern financial service platforms.

Venmo features and specs

  • User-Friendly Interface
    Venmo has a simple and intuitive design that makes it easy for users to send and receive money.
  • Social Features
    Venmo integrates social media features, letting users add notes and emojis to transactions and see friends' activities.
  • Instant Transfers
    Instant transfers allow users to quickly move funds from Venmo to their bank account, usually within 30 minutes for a small fee.
  • Free Transactions
    Sending money using a linked bank account or debit card is generally free of charge.
  • Wide Acceptance
    Venmo is accepted by a large number of merchants and individuals, making it convenient for everyday transactions.
  • Splitting Bills
    The app makes it easy to split bills among friends, whether it's for dining out, rent, or utility payments.
  • Integration with PayPal
    Owned by PayPal, Venmo offers seamless integration with PayPal accounts, extending its utility for online purchases.

Possible disadvantages of Venmo

  • Privacy Concerns
    Due to its social feed, there have been concerns about transaction privacy, although users can adjust settings for more anonymity.
  • Fees for Credit Card Usage
    Using a credit card to send money incurs a 3% fee, which can add up for frequent transactions.
  • Limited Availability
    Venmo is currently only available to users in the United States, limiting its usefulness for international transactions.
  • Fraud and Scams
    As with any digital payment service, there is a risk of fraud and scams, particularly for transactions with unknown parties.
  • Dependence on Internet Connectivity
    Users need to have an active internet connection to use the service, which can be a limitation in areas with poor connectivity.
  • Delayed Transfers
    Standard bank transfers from Venmo to a bank account can take 1-3 business days to complete.
  • Customer Service
    Some users report difficulties in reaching Venmo’s customer service and slow resolution times for issues.

Analysis of Venmo

Overall verdict

  • Venmo is a good option for individuals looking for a convenient and socially engaging way to manage everyday financial transactions. Its user-friendly interface, quick transaction capabilities, and added social features make it a reliable choice for many.

Why this product is good

  • Venmo is a popular peer-to-peer payment platform that stands out for its ease of use, social features, and convenient mobile app. It allows users to send and receive money quickly with just a few taps, making it a preferred choice for splitting bills, sharing expenses, or sending gifts. The social aspect of Venmo, which allows users to share and comment on transactions, enhances the user experience and adds a unique dimension to financial interactions. Additionally, Venmo offers a secure system with encryption to protect user data and transactions.

Recommended for

    Venmo is recommended for individuals who frequently need to split bills, share expenses with friends or family, or want a quick and easy method to transfer money. It is particularly suited for those who appreciate a social component in financial apps and are comfortable with using mobile technology for financial transactions.

CurrencyFair videos

+ Add

Transferwise vs CurrencyFair - Which One Is Better

More videos:

  • Review - Foreign Currency Exchange Easier, and CHEAPER?! [CurrencyFair] (2020) | Expats Everywhere
  • Review - CurrencyFair Review

Venmo videos

+ Add

Venmo Review and Tutorial [FAST]

More videos:

  • Review - Venmo | App Review
  • Review - Is Venmo the Best Cash App?

Category Popularity

0-100% (relative to CurrencyFair and Venmo)

CurrencyFair

Venmo

Online Payments
9 9%
Online Payments
91% 91
Money Transfer
100 100%
Money Transfer
0% 0
Payment Platform
8 8%
Payment Platform
92% 92
Fintech
0 0%
Fintech
100% 100

User comments

Share your experience with using CurrencyFair and Venmo. For example, how are they different and which one is better?
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Reviews

These are some of the external sources and on-site user reviews we've used to compare CurrencyFair and Venmo

CurrencyFair Reviews

Top 7 Wise Alternatives
Another cost you should be aware of is the receiving bank charges in countries where CurrencyFair doesn’t have a local bank account (they don’t have local bank accounts in Canada and New Zealand yet, so receiving CAD and NZD can be relatively expensive for smaller amounts as the receiving banks charge a fee usually $15 – $30).
Source: transumo.com

Venmo Reviews

12 Best Bill Splitting Apps in 2023
Venmo offers free services to a million of users globally. It is considered the best app to split bills because it primarily manages a virtual ledger that represents all the transactions of your funds through the Venmo account. This makes it easier for users to manage all their expenses and transactions in one place. So, if you are looking for an app to split bills and...
Source: www.mobileappdaily.com
Does Venmo work internationally? Worldwide Alternatives for 2022
Venmo has become extremely popular with its 60 million users in the almost 12 years of its operation. Users particularly like the ease of use, the non-existent fees for most transactions, and the ability to send money to non-Venmo users (though they still need to sign up to accept the money). Users also like the ability to make payments even if their Venmo account balance is...
Source: investingintheweb.com
Best money transfer apps of 2021
Setting it up and using Venmo couldn't be easier, with payments being made via a bank account or debit card linked to your account. Money can also be directly transferred if you’ve got enough funds stored in your Venmo wallet. There’s a 1% charge if you move money out of your Venmo account and into a bank account if you can’t wait for its one to three-day payment schedule.
Source: www.techradar.com

Social recommendations and mentions

Based on our record, Venmo should be more popular than CurrencyFair. It has been mentiond 20 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

CurrencyFair mentions (7)

  • How to buy US based ETFs from outside of the US (SCHD, JEPI etc)
    They only support bank wire transfers or transfers via currencyfair which is cheaper and quicker than a bank transfer. Their conversion rate is really nice (at least for EUR/ USD) but you will be charged an extra 20$ per transaction because of a 3rd party bank that comes into play. Source: over 2 years ago
  • Foreign conversion rates
    Use either Currencyfair https://currencyfair.com/ or Wise https://wise.com/. I have used both and I have a slight preference for Currencyfair for one-off transfer. Source: over 2 years ago
  • $$$ TOP AFFILIATE PROGRAMS 2022 $$$
    CurrencyFair -- Earn €20-200 Per Transfer -- https://currencyfair.com -- Finance. Source: almost 3 years ago
  • Multi currency account ING
    I should be much cheaper for you if you use sites like wise.com or currencyfair.com or other similar. Also change rate in ING might be different for others. Source: over 3 years ago
  • Soon to be US-expat for the first time. Looking for any and all advice.
    In the Netherlands, many places do not accept credit cards. They accept Dutch debit cards, or cash. Cash is not commonly accepted either. It's weird, it's annoying, but I recommend applying for a debit card ASAP upon arrival. ING or ABNAMRO are the primary options, both suck, but it is what it is. The best rate for transferring money has been https://currencyfair.com/ imo. Source: over 3 years ago
View more

Venmo mentions (20)

  • Having trouble with proof of income
    You present just one more reason to hate Venmo. They have a website: https://venmo.com/ Can you log in and get copies there of the transactions? Source: over 1 year ago
  • Why does Venmo.com have no Sign In link on the home page?
    This url? https://venmo.com/ What are you seeing? I see one in the top right corner right beside the Get Venmo button. https://imgur.com/ov9t9oj. - Source: Hacker News / almost 2 years ago
  • What is Venmo and why would you use it?
    I'm looking at all the services Venmo offers: https://venmo.com/. Source: about 2 years ago
  • $100 March Madness Pool - Almost Filled
    Venmo - nickscarrella is my username https://venmo.com/ - site to sign up. Source: about 2 years ago
  • Plaid Settlement Email from venmo@venmo.com. Is this legit?
    I had the same issue and chatted them. it's because your email isn't verified. Go to https://venmo.com/ identity/verify_email_addresses, as soon as I did that the payment came in automatically. Source: over 2 years ago
View more

What are some alternatives?

When comparing CurrencyFair and Venmo, you can also consider the following products

Wise - Currency exchange Banks and other providers could charge you up to 5% in hidden costs when sending ...

PayPal - PayPal is the faster, safer way to pay online without sharing financial details, send and receive money or accept credit and debit cards as a seller

Valora - Send money like a text message to anyone worldwide

PayPal Braintree - An all-in-one solution to accept, process, and split payments in your mobile app or online - from small business to large enterprise.

CurrencyTransfer - Expedia for business money transfers

ProPay - ProPay is a multiple payment making service provider that lets its users to make payment to anyone in any part of the world.

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