![]() You cannot use Venmo for personal tax reporting. Filing Taxesīoth apps will issue a Form 1099-K for businesses that use their platforms to get paid for goods and services. While it does not offer an actual line of credit, and only uses your Venmo balance, you can earn points and pay no annual credit card fee: Earn 3% on your top spend category , earn 2% on your second top spend category , and earn 1% on all other eligible purchases. Venmo stands out with its Visa credit card by Synchrony Bank. Venmo and Cash App both offer Visa debit cards that give discounts at select brands. Investing and cryptocurrency both involve the risk of you losing money. However, you can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on Venmo. Venmo does not offer an investment platform. InvestingĬash App's brokerage service lets you buy publicly-traded stocks without charging commission fees. Venmo does not support international transfers. This is honestly an astounding and incredible feature when compared to other international money transfer services. Not only do they charge zero fees, but Cash App also uses the real mid-market exchange rate (as opposed to pocketing an exchange rate margin). International PaymentsĬash App supports free international money transfers between Cash App users in the United States and those in the United Kingdom. If you have an American Express credit card, then you can use Venmo's Amex Send feature to send money with it, and not have to pay the standard credit card fee. Venmo's debit card works with Google Pay too but does not support Apple Pay. You can connect the Cash App Cash Card with either Google Pay or Apple Pay. We walk through these differences in this section: 1. What is the Difference Between Venmo and Cash App?Ĭash App and Venmo do differ in a few financial service categories, including international transfers, investing, and filing taxes. The verification processes will require documentation and identity verification. Transfer limits: New and unverified users will have sending and spending restrictions. ![]() If you need to send money immediately to your linked bank, which usually takes a standard 1 to 3 days, then both offer instant transfers for a service fee.
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