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, Venmo
seems to be more popular. It has been mentioned
21 times
since March 2021.
social mentions
21 vs 0
Online Payments popularity
100% vs 0%
Base details
Website, pricing, platforms and company facts side by side.
User-Friendly Interface Venmo has a simple and intuitive design that makes it easy for users to send and receive money.
Social Features Venmo integrates social media features, letting users add notes and emojis to transactions and see friends' activities.
Instant Transfers Instant transfers allow users to quickly move funds from Venmo to their bank account, usually within 30 minutes for a small fee.
Free Transactions Sending money using a linked bank account or debit card is generally free of charge.
Wide Acceptance Venmo is accepted by a large number of merchants and individuals, making it convenient for everyday transactions.
Splitting Bills The app makes it easy to split bills among friends, whether it's for dining out, rent, or utility payments.
Integration with PayPal Owned by PayPal, Venmo offers seamless integration with PayPal accounts, extending its utility for online purchases.
Convenience Venmo allows users to quickly and easily make payments directly from their mobile devices without needing cash or credit cards.
Social Integration The app integrates social features, allowing users to share and comment on payments, enhancing the social experience of transactions.
Peer-to-Peer Payments Venmo excels at peer-to-peer transactions, making it an ideal choice for splitting bills and sharing expenses among friends.
Security Features The app includes encryption and security measures to protect users’ financial information and prevent unauthorized transactions.
No Monthly Fees There are no monthly fees associated with using the Venmo Card, making it a cost-effective option for accessing your Venmo balance.
ATM Access The card allows for cash withdrawals at ATMs, providing more flexible access to funds compared to some other digital wallet services.
Split Purchases You can easily split transactions made with the Venmo Card with friends or other Venmo users directly from the app.
Real-time Alerts Receive instant notifications for each transaction, helping you keep track of your spending and detect any unauthorized use quickly.
Possible disadvantages
Privacy Concerns Due to its social feed, there have been concerns about transaction privacy, although users can adjust settings for more anonymity.
Fees for Credit Card Usage Using a credit card to send money incurs a 3% fee, which can add up for frequent transactions.
Limited Availability Venmo is currently only available to users in the United States, limiting its usefulness for international transactions.
Fraud and Scams As with any digital payment service, there is a risk of fraud and scams, particularly for transactions with unknown parties.
Dependence on Internet Connectivity Users need to have an active internet connection to use the service, which can be a limitation in areas with poor connectivity.
Delayed Transfers Standard bank transfers from Venmo to a bank account can take 1-3 business days to complete.
Customer Service Some users report difficulties in reaching Venmo’s customer service and slow resolution times for issues.
Transaction Limits Venmo imposes limits on transaction amounts, which can be restrictive for users needing to make large payments.
Fees for Instant Transfers While standard bank transfers are free, Venmo charges a fee for instant transfers, which may not be ideal for users who frequently need quick access to their funds.
Not Universally Accepted Venmo is mainly used for peer-to-peer payments and may not be accepted at all merchants, limiting its utility for direct purchases in some cases.
Risk of Fraud As with any digital payment platform, Venmo users may be susceptible to fraud and scams, particularly if they are not vigilant about their account security.
ATM Fees While Venmo does not charge withdrawal fees, using an out-of-network ATM may incur surcharges from the ATM provider.
Daily Spending Limits The Venmo Card has a daily spending and withdrawal limit, which might be restrictive for users making large purchases or withdrawing significant amounts of cash.
Not a Credit Card As a debit card, it does not offer the same benefits associated with credit cards, such as rewards points, cashback, or credit score improvement.
Requires Venmo Balance The card relies on your Venmo balance; if insufficient, you need to manually transfer funds from a linked bank account.
Limited Global Use While the Venmo Card can be used domestically, its international acceptance may be limited compared to other debit or credit cards.
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.
Analysis
An editorial look at what each product does well and who it suits.
VenmoSplitwise
Overall verdict
Venmo is a good option for individuals looking for a convenient and socially engaging way to manage everyday financial transactions. Its user-friendly interface, quick transaction capabilities, and added social features make it a reliable choice for many.
Why this product is good
Venmo is a popular peer-to-peer payment platform that stands out for its ease of use, social features, and convenient mobile app. It allows users to send and receive money quickly with just a few taps, making it a preferred choice for splitting bills, sharing expenses, or sending gifts. The social aspect of Venmo, which allows users to share and comment on transactions, enhances the user experience and adds a unique dimension to financial interactions. Additionally, Venmo offers a secure system with encryption to protect user data and transactions.
Recommended for
Venmo is recommended for individuals who frequently need to split bills, share expenses with friends or family, or want a quick and easy method to transfer money. It is particularly suited for those who appreciate a social component in financial apps and are comfortable with using mobile technology for financial transactions.
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.
Venmo offers free services to a million of users globally. It is considered the best app to split bills because it primarily manages a virtual ledger that represents all the transactions of your funds through the...
Venmo has become extremely popular with its 60 million users in the almost 12 years of its operation. Users particularly like the ease of use, the non-existent fees for most transactions, and the ability to send money...
Setting it up and using Venmo couldn't be easier, with payments being made via a bank account or debit card linked to your account. Money can also be directly transferred if you’ve got enough funds stored in your...
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....
Recommendations tracked on public social media and blogs since March 2021.
Venmo21 mentionsSplitwise0 mentions
Google Play Store Bans Wallets That Don't Have Banking License
Venmo uses PayPal's MSB/MTLs, per https://venmo.com/ > Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457). All money transmission is provided by PayPal, Inc. Pursuant to PayPal, Inc.’s...
- Source: Hacker News
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over 1 year ago
Having trouble with proof of income
You present just one more reason to hate Venmo. They have a website: https://venmo.com/ Can you log in and get copies there of the transactions?
Source:
about 3 years ago
Why does Venmo.com have no Sign In link on the home page?
This url? https://venmo.com/ What are you seeing? I see one in the top right corner right beside the Get Venmo button. https://imgur.com/ov9t9oj.
- Source: Hacker News
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over 3 years ago
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.
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