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Personal Finance · head to head

Charles Schwab vs Venmo

Charles Schwab logo

Charles Schwab

Personal Finance

Investing made simple

From
On request
Rated
-
Full reviewWebsite
Venmo logo

Venmo

Personal Finance

Money transfer and social payments

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Venmo has a free tier, so it costs nothing to try first.
  • Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Venmo instant transfer costs 1.75 percent with a minimum fee of 0.25 USD and a maximum of 25 USD, while the free standard transfer takes 1 to 3 business days
  • They diverge on capability: Charles Schwab covers Commission-free trading, Venmo covers Money transfers.

Where they differ

Only the attributes on which Charles Schwab and Venmo actually diverge.

Attributes where Charles Schwab and Venmo differ
AttributeCharles SchwabVenmo
Starting priceOn requestFree
Pricing modeltransactionfree
Free tierNoYes
CategoryPersonal FinanceUnknown
Founded19712009

Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • Investment accounts

Only in Venmo

  • Money transfers
  • Bill splitting
  • Social feed
  • Transaction history
  • Debit cards

Both cover

  • Bank accounts
  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Charles Schwab

  • Budget Managementnot Venmo
  • Expense Trackingnot Venmo
  • Investment Trackingnot Venmo

Venmo

  • Splitting bills and reimbursing friends in the United Statesnot Charles Schwab
  • Accepting payments through a Venmo business profilenot Charles Schwab
  • Buying and holding cryptocurrency inside the payments appnot Charles Schwab

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

Venmo

  • Instant transfer costs 1.75 percent with a minimum fee of 0.25 USD and a maximum of 25 USD, while the free standard transfer takes 1 to 3 business days
  • Sending money funded by a credit card carries a 3.00 percent fee
  • Cryptocurrency fees are tiered by trade size, from 2.20 percent on purchases of 1.00 to 74.99 USD down to 1.50 percent above 1,000 USD
  • Business profile payments cost 1.9 percent plus 0.10 USD, and Tap to Pay costs 2.29 percent plus 0.09 USD

Pricing, plan by plan

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

Venmo

Free
  • FreeFree
    • P2P transfers
    • Bill splitting
    • Mobile app

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab review

Choose Venmo if

  • You need money transfers.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want bill splitting.
Venmo review

Questions people ask

Is Charles Schwab or Venmo better?
Neither clearly leads. Charles Schwab starts at On request and Venmo at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or Venmo?
Venmo has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for Venmo.
Does Charles Schwab or Venmo run on more platforms?
Both run on Web, IOS, Android, so platform support will not decide this one for you.
Can I use Venmo for free?
Yes. Venmo has a free tier, so you can try it without paying. Charles Schwab starts at On request.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Venmo is typically brought in for.
What can Charles Schwab do that Venmo cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Venmo covers Money transfers, Bill splitting, Social feed, Transaction history. Both handle Bank accounts, Web support, IOS support, Android support.
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