Venmo vs Wise
A comprehensive comparison to help you decide if Wise is the right EU alternative to Venmo for your needs.
Venmo
Venmo is a mobile payment service that allows users to transfer money to friends and family instantly. Users can send and receive funds using their bank accounts, debit cards, or Venmo balance. The app also features a social feed that displays payment activity, offering a way to share transactions with contacts.
Wise
Wise by Wise PLC is an online money transfer service that allows users to send and receive money internationally at low fees. It uses real exchange rates to provide transparent pricing and enables users to hold multiple currencies in their accounts. Ideal for individuals and businesses looking to manage cross-border transactions efficiently.
Our Verdict
Why choose Wise
- +Wise offers low transfer fees, often under 1% for international transfers.
- +Wise uses the real exchange rate, avoiding hidden markups on currency conversion.
- +Multi-currency accounts let you hold 50+ currencies for easy global transactions.
- +Wise provides a debit card for spending in multiple currencies without extra fees.
Things to consider
- -Venmo's social feed for payments is missing in Wise, reducing user engagement.
- -Migrating funds from Venmo to Wise can be cumbersome and time-consuming.
- -Wise lacks P2P payment features like bill splitting and instant transfers.
Privacy Winner: Wise
Your data stays in the EU and is protected under GDPR, free from US CLOUD Act access.
Feature Comparison
Venmo
🇺🇸PayPal Holdings Inc.
Wise
🌍Wise PLC
US Data Storage
Data subject to US CLOUD Act and may be accessed by US authorities
EU Data Protection
Data protected under GDPR with EU-only data residency
Certifications & Compliance
No certifications listed
Reasons to Switch
- ✓Wise offers low transfer fees, often under 1% for international transfers.
- ✓Wise uses the real exchange rate, avoiding hidden markups on currency conversion.
- ✓Multi-currency accounts let you hold 50+ currencies for easy global transactions.
- ✓Wise provides a debit card for spending in multiple currencies without extra fees.
Things to Consider
- !Venmo's social feed for payments is missing in Wise, reducing user engagement.
- !Migrating funds from Venmo to Wise can be cumbersome and time-consuming.
- !Wise lacks P2P payment features like bill splitting and instant transfers.
Frequently Asked Questions
Is Wise a good replacement for Venmo?
Yes, Wise is a GDPR-compliant European alternative to Venmo. It offers similar functionality while ensuring your data stays within EU jurisdiction and is protected under strict European privacy laws.
Is Wise GDPR compliant?
Yes, Wise is a European company that fully complies with GDPR regulations. Your data is stored in EU data centers and is not subject to US surveillance laws like the CLOUD Act.
How much does Wise cost?
Wise offers freemium pricing. Visit their website for current pricing details and to compare plans based on your specific needs.
Where is my data stored with Wise?
Wise stores data in EU data centers, ensuring compliance with European data protection regulations and keeping your information within EU jurisdiction.
Ready to make the switch to Wise?
Take control of your data privacy by switching to an EU-based alternative.