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Splitwise VS Open Collective

Compare Splitwise VS Open Collective and see what are their differences

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incident management, error monitoring, alerting, on-call, devops, developer tools, webhooks, mobile featured
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Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

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!

Open Collective logo Open Collective

Recurring funding for groups.
  • Splitwise Landing page
    Landing page //
    2023-01-23
  • Open Collective Landing page
    Landing page //
    2023-04-25

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.

Open Collective features and specs

  • Transparency
    Open Collective offers transparent accounting and financial reporting, allowing everyone to see how funds are being used.
  • Community Engagement
    It allows communities to come together and support projects they care about with funding, facilitating strong community involvement.
  • Easy Fundraising
    The platform simplifies the process of raising funds for open source projects, non-profits, and other community-driven initiatives.
  • Global Reach
    Open Collective supports contributions from around the world, which can significantly expand the pool of potential donors and supporters.
  • Managed Fiscal Hosting
    It provides fiscal hosting services that handle various financial and administrative tasks, reducing the workload for project maintainers.

Possible disadvantages of Open Collective

  • Fees
    Open Collective charges fees for its services, which can be a downside for projects with limited budgets.
  • Complexity for Small Projects
    For very small projects or initiatives, the platform might be overly complex and offer more features than needed.
  • Dependence on Platform
    Relying solely on Open Collective for funding and financial management might create dependency, limiting flexibility to switch strategies.
  • Geographical Limitations
    While it has global reach, there may be certain countries where donors or users face restrictions or limitations in using the platform.
  • Learning Curve
    New users might find the platform's features and options overwhelming at the start, requiring time to learn and navigate effectively.

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.

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

More videos:

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

Open Collective videos

+ Add

What is Open Collective?

Category Popularity

0-100% (relative to Splitwise and Open Collective)

Splitwise

Open Collective

Personal Finance
100 100%
Personal Finance
0% 0
Crowdfunding
0 0%
Crowdfunding
100% 100
Expense Tracking
100 100%
Expense Tracking
0% 0
Fundraising And Donation Management
0 0%
Fundraising And Donation Management
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Splitwise and Open Collective

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

Open Collective Reviews

We have no reviews of Open Collective yet.
Be the first one to post

Social recommendations and mentions

Based on our record, Open Collective seems to be more popular. It has been mentiond 162 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.

Splitwise mentions (0)

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

Open Collective mentions (162)

  • Meta deletes popular 1M follower account after Kuwaiti request
    This bears repeating: It has been clear for a while that certain providers and services need to be regulated as utilities - Microsoft, Google, Apple, Visa, Mastercard, and soon Openai and Anthropic. Social media companies, as de-facto public squares, should be clubbed into that category once they gain a certain reach. It should be illegal for these companies, just like utilities, to deny service to anyone or any... - Source: Hacker News / 3 months ago
  • Open Source Endowment โ€“ new funding source for open source maintainers
    How is this different than something like https://opencollective.com (which, for example, Actual Budget uses: https://opencollective.com/actual ). - Source: Hacker News / 5 months ago
  • The Peaceful Transfer of Power in Open Source Projects
    * Finances are handled by https://opencollective.com/. - Source: Hacker News / 9 months ago
  • Funding in Open Source: A Conversation with Chad Whitacre
    Chad has been leading the Open Source Pledge, a simple framework to get companies to fund the projects they rely on. The idea is straightforward: for every developer your company employs, allocate $2,000 per year to open source. Distribute those funds however you wantโ€”GitHub Sponsors, Open Collective, Thanks.dev, direct payments, etc. The only other ask is to publish a blog post showing what you did. - Source: dev.to / about 1 year ago
  • None of the top 10 projects in GitHub is actually a software project ๐Ÿคฏ
    We see some projects that can financially survive (via sponsor or external infrastructure such as open collective or patreon), favoring the long-term sustainability. Thus, we keep our stand on promoting a transparent governance model to state where the investment will be managed and who can benefit from it, especially when knowing that non-technical users have an increasing key role in these communities. - Source: dev.to / about 1 year ago
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What are some alternatives?

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

Tricount - Manage and share expenses with friends

GitHub Sponsors - Get paid to build what you love on GitHub

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

Liberapay - Liberapay is a recurrent donations platform.

Splid - Splid helps friends manage their money.

Patreon - Patreon enables fans to give ongoing support to their favorite creators.

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