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PayPal VS Splitwise

Compare PayPal VS Splitwise and see what are their differences

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Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

PayPal logo 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

Splitwise logo Splitwise

Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!
  • PayPal Landing page
    Landing page //
    2023-10-20
  • Splitwise Landing page
    Landing page //
    2023-01-23

PayPal features and specs

  • Widely Accepted
    PayPal is accepted by millions of merchants around the globe, making it easy to make transactions almost anywhere.
  • User-Friendly
    The platform has an intuitive and easy-to-navigate interface, simplifying the process of sending and receiving money.
  • Security Features
    PayPal offers robust security features such as encryption, fraud prevention, and two-factor authentication to protect users' financial information.
  • Buyer Protection
    PayPal offers buyer protection for eligible purchases, providing a safety net in case items are not as described or not received.
  • Global Transactions
    PayPal supports multiple currencies and allows for international transactions, which is beneficial for global business.
  • Integration with eBay
    PayPal integrates seamlessly with eBay, making it convenient for users who frequently buy and sell on the platform.

Possible disadvantages of PayPal

  • Fees
    PayPal charges fees for certain transactions, including receiving payments for goods and services, which can add up for frequent users.
  • Account Freezing
    PayPal has been known to freeze accounts if there is suspicious activity, which can be inconvenient and problematic for users.
  • Customer Service
    Some users report issues with PayPal's customer service, citing long response times and difficulty resolving disputes.
  • Exchange Rates
    PayPal's currency conversion rates are often less favorable compared to what you might get at a bank or through a dedicated currency exchange service.
  • Transaction Limits
    PayPal imposes limits on transaction amounts for unverified accounts, which can restrict the ability to send or receive large sums of money.
  • Privacy Concerns
    Some users have raised concerns about PayPal's data privacy practices and how their information is shared with third parties.

Splitwise features and specs

  • User-Friendly Interface
    Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
  • Multi-Platform Availability
    Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
  • Expense Tracking
    The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
  • Flexible Split Options
    Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
  • Currency Conversion
    Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
  • Bill Reminders
    The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
  • Integration with Payment Platforms
    Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.

Possible disadvantages of Splitwise

  • Privacy Concerns
    Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
  • Subscription-Based Features
    Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
  • Manual Entry Requirement
    Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
  • Limited Automatic Reconciliation
    While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
  • Dependency on Group Honesty
    The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
  • Potential for Confusion
    The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.

Analysis of PayPal

Overall verdict

  • PayPal is generally considered a good option for online transactions due to its established reputation, security features, and ease of use. However, some users may experience issues related to customer service, account freezes, or fees, which can impact their experience.

Why this product is good

  • PayPal is a widely recognized and used online payment platform, offering a secure and convenient way to send and receive money. It provides numerous features such as buyer protection, fraud detection, and ease of integration for businesses. Its wide acceptance by online merchants and compatibility with numerous currencies enhance its appeal.

Recommended for

  • Individuals looking for a secure way to make online purchases.
  • Freelancers or small businesses needing a simple payment solution.
  • Online merchants who wish to offer their customers a popular and trusted payment method.
  • International users who need to transact in multiple currencies.

Analysis of Splitwise

Overall verdict

  • Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.

Why this product is good

  • Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
  • It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
  • Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
  • Supports multiple currencies, which is great for international travel groups.
  • Integration with payment platforms like PayPal and Venmo for easy settlement of debts.

Recommended for

  • Roommates who need to regularly split household bills and expenses.
  • Groups of friends or families who often travel together and need to manage shared travel costs.
  • Colleagues or classmates working on projects or events that require shared funding.
  • Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.

PayPal videos

+ Add

STOP Using PayPal - 5 Reasons You Should Stop Using PayPal in Your Business or On Your Website!

More videos:

  • Review - Why I No Longer Use PayPal ยท Selling AND Buying
  • Review - is PayPal Credit a Scam | 6 Month Interest Free

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

More videos:

  • Review - Tricount vs Splitwise - App comparison
  • Demo - Splitwise Demo

Category Popularity

0-100% (relative to PayPal and Splitwise)

PayPal

Splitwise

Online Payments
100 100%
Online Payments
0% 0
Personal Finance
0 0%
Personal Finance
100% 100
Payment Platform
100 100%
Payment Platform
0% 0
Expense Tracking
0 0%
Expense Tracking
100% 100

User comments

Share your experience with using PayPal and Splitwise. 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 PayPal and Splitwise

PayPal Reviews

  1. AnnaBenjamin
    PayPal: More Frustrating Than Useful These Days

    I used PayPal for years, but lately itโ€™s been one of the most frustrating payment services Iโ€™ve dealt with. Their customer support feels almost nonexistent โ€” long wait times, scripted replies that donโ€™t solve anything, and nobody seems empowered to actually help you.

    One of the worst things is how easily they freeze or limit accounts, sometimes without clear explanation, leaving you unable to access your money for weeks. And when you try to dispute a charge or problem with an order, it often feels like you get brushed off rather than any real help.

    Overall, PayPal used to be convenient, but recent experiences on safety holds, opaque policies, and unhelpful support make it feel more like a headache than a reliable way to pay or get paid

    ๐Ÿ Competitors: Google Pay
    ๐Ÿ‘ Pros:    Widely accepted online payment method that can be convenient for basic transfers.
    ๐Ÿ‘Ž Cons:    Poor customer service, confusing policies, and frequent account holds/freezes make it unreliable
  2. Sandra-G
    PayPal is cool

    I like PayPal, it has a high security standard. Except when I am the one suffering a chargeback for some flimsy reasons.

The 8 Best Payment Processing Systems
Youโ€™re probably already familiar with PayPal, but this popular service deserves to be on the list of the best payment processing companies for its ease of use and ubiquity. Itโ€™s a good choice for small businesses dealing with low transaction volumes, but you pay higher fees as a premium for the familiar name. That said, itโ€™s also widely accepted abroad with easy website...
Source: gocardless.com
Top 5 Payoneer Alternatives [2024]
The best payment method for freelancers varies based on individual needs. Wise and Revolut are excellent for their multi-currency account features and using the mid-market exchange rate, while PayPal is globally accepted and offers instant transfers to other PayPal accounts. Freelancers should consider factors such as transfer speed, fees and currency support when choosing a...
Source: www.exiap.com
Top 5 Payoneer Alternatives for Seamless Online Transactions
PayPal excels in user familiarity and widespread acceptance, making it convenient for both businesses and customers. It offers buyer and seller protection, but comes with potentially higher fees and account limitations compared to Payoneer. Choose PayPal for convenience and buyer trust, Payoneer for potentially lower fees and specialized features.
Source: www.doola.com
What to Use Instead of PayPal? 10 Best PayPal Alternatives
Braintree is a PayPal service, but it is still one of the PayPal alternative payment methods worth considering. There is no monthly fee for using this payment service. Accepting payments from credit or debit cards or digital wallets costs 2.59% + $0.49 per transaction. You can also use Braintree to accept Venmo payments in the United States, but this costs 3.49% + $0.49....
Source: www.podium.com.au
9 Best Cryptocurrency Payment Gateways Reviewed [January 2023]
PayPal provides 24/7 secure transactions of both fiat and cryptocurrencies to its users. Even though it was initially an online payment platform, PayPal added a crypto payment feature in 2020. Its crypto wallet also allows users to directly buy and store cryptocurrencies. PayPal doesnโ€™t charge extra fees for making crypto payments.
Source: coingape.com

Splitwise Reviews

12 Best Bill Splitting Apps in 2023
Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With this expense sharing app, users can either create groups or split the bill privately among friends. Splitwise also registers and saves all the expenses and...
Source: www.mobileappdaily.com
6 Best Bill Splitting Apps for Hassle-Free Expense Sharing
Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the application also keeps everyone updated about their balances and recent transactions.
Source: www.how2shout.com
Best Bill-Splitting Apps
For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group. Once youโ€™ve divided up the food among all the plates you can add in tax and tip. The app is made by the same company as Splitwise and is completely free. The only...
Source: www.thebalancemoney.com
7 Best Budgeting Tools and Apps for Personal Finance
This oneโ€™s not a complete budgeting app but itโ€™s still a handy one. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc easy to track by logging in each transaction. It basically keeps a total over time, so that you can pay back the money in a large payment,...
Source: www.softwaresuggest.com

Social recommendations and mentions

Based on our record, PayPal seems to be more popular. It has been mentiond 1 time 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.

PayPal mentions (1)

  • Trying to activate PayPal just brings me to PayPal's website.
    (I live in USA) When I go to payments under my shopify account to add paypal as a payment method I am having trouble doing so. I first click activate paypal > activate paypal express checkout which directs me to a "security challenge" (confirm I am not a robot). Then it just brings me to paypals website (paypal.com/us/home). When I sign in nothing happens, I am just on my paypal homescreen. Source: over 3 years ago

Splitwise mentions (0)

We have not tracked any mentions of Splitwise yet. Tracking of Splitwise recommendations started around Mar 2021.

What are some alternatives?

When comparing PayPal and Splitwise, you can also consider the following products

Stripe - Online payment processing for internet businesses. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes. Use Stripeโ€™s payment platform to accept and process payments online for easy-to-use commerce solutions.

Tricount - Manage and share expenses with friends

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.

Settle Up - SETTLE UP is an indispensable app for friends and flatmates who need to keep track of shared bills...

Payoneer - Whether making international payments, receiving funds, managing your digital business, or accessing capital, Payoneer opens your business up to the world.

Splid - Splid helps friends manage their money.

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