Comparing peer-to-peer payment apps

Thinking of using a peer-to-peer payment app? To help you find the right one for you, here are the details for several major P2P services.

PAYPAL

Fees: 2.9% plus 30 cents for transfers made in U.S. dollars with a credit or debit card; no fee for transfers from your bank account or PayPal balance.

Dollar limit: Up to $60,000 per transfer (limits are sometimes lower for security reasons); no overall limit for users who have verified their identities.

Speed: One to three business days for funds to transfer from your PayPal balance to your bank account (or pay 1.5% for an instant transfer).

Best for: Large transactions

VENMO

Fees: 3% for transfers with a credit card; no fee for transfers from your Venmo balance, debit card or bank account.

Dollar limit: $5,000 per transaction and per seven days for account holders who have verified their identities.

Speed: One to three business days for funds to transfer from your Venmo balance to your bank account (or pay 1.5% for an instant transfer).

Best for: Easy payments with fun features

ZELLE

Fees: Typically there is no fee to transfer money from your checking account; you can’t use a credit card.

Dollar limit: Varies by institution and sometimes by account and banking history, but $1,000 to $3,000 per day is typical. If your bank doesn’t participate, the limit is $500 per week.

Speed: Instant

Best for: Free, instant transfers between checking accounts

CASH APP

Fees: 3% for credit card transfers; no fee for transfers from your Cash App balance, debit card or bank account.

Dollar limit: Send up to $7,500 per month if you have verified your identity.

Speed: One to three business days to transfer funds from your Cash App balance to your bank account (or pay 1.5% for an instant transfer to your debit card).

Best for: Simple payments; users may also be interested in Cash App’s investing platform.

APPLE PAY CASH

Fees: No fees for transfers from your Apple Cash account or debit card; you can’t use a credit card to send peer transfers.

Dollar limit: $10,000 per transfer and per seven days

Speed: One to three business days to transfer money from your Apple Cash balance to your bank account (or pay 1.5% for an instant transfer to your debit card)

Best for: Fans of Apple devices

GOOGLE PAY

Fees: No fee to transfer from your Google Pay balance, debit card or bank account; you can’t use a credit card to send peer transfers

Dollar limit: Send up to $5,000 per seven days if you verify your identity

Speed: Three to five business days to send money to your Google Pay balance or to another user from your bank account (transfers to another user from your Google Pay balance or debit card are typically quick); one to three business days to transfer funds from Google Pay to your bank account; transfers from Google Pay to debit cards are typically instant but incur a 1.5% fee.

Best for: Frequent users of Google’s services and products, especially Android devices

DREAMSTIME