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!
Proposals, estimates, invoicing and accounting in one workspace for freelancers, agencies and small businesses.
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Which is more popular?
Based on our record, PayPal
seems to be more popular. It has been mentioned
1 time
since March 2021.
social mentions
0 vs 1
Personal Finance popularity
100% vs 0%
Base details
Website, pricing, platforms and company facts side by side.
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
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.
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
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.
Analysis
An editorial look at what each product does well and who it suits.
SplitwisePayPal
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.
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.
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...
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...
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....
I used PayPal for years, but lately it’s been one of the most frustrating payment services I’ve dealt with. Their customer support feels almost nonexistent — long wait times, scripted replies that don’t solve...
You’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. It’s a good choice for small businesses...
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...
Recommendations tracked on public social media and blogs since March 2021.
Splitwise0 mentionsPayPal1 mention
Tracking Splitwise since Mar 2021.
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"...
Source:
almost 4 years ago
Alternatives to Splitwise and PayPal
When comparing Splitwise and PayPal, you can also consider the following products.
Online payment processing for internet businesses. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes. Use Stripe’s payment platform to accept and process payments online for easy-to-use commerce solutions.
Whether making international payments, receiving funds, managing your digital business, or accessing capital, Payoneer opens your business up to the world.
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