If you’d rather not download a new app, both Facebook and Google offer ways to send and receive money through services you may already use, like Gmail and Messenger. Square Cash also allows you to discover users nearby using Bluetooth, lowering the possibility of sending beer money to the wrong John Smith. That higher fee can be a pain if you need to move a large amount of money quickly, but neither app charges anything for non-rush bank transfers, which typically occur the next business day. One downside to Square Cash is that it charges a 1.5 percent fee to instantly transfer a payment to your bank account, while Venmo only charges 25 cents. The app was downloaded more times than Venmo in July and, as of earlier this week, it ranked higher than Venmo in the Apple App Store in the free finance apps category.įor the most part, Square Cash and Venmo share many of the same features. Sure, all your friends may be on Venmo, but maybe not for long: Square Cash is quickly growing more popular. The app's interface is sleek and easy to use, and there's no weird newsfeed. If you have an Android device, or simply want a payment app that’s hardware neutral, Square’s Cash app works great. One downside: You can only use it to transfer money between Apple devices.
It was also rated the best peer-to-peer payment app by Consumer Reports earlier this month, largely for its robust security protections.
Apple Pay Cash, the iPhone maker’s Venmo-equivalent, requires two-factor authentication on your Apple ID to start making payments. But there are plenty of better options out there. If Venmo were the only cash-transfer app of its kind, then fine.
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