Personal Finance · head to head
Venmo vs Charles Schwab
The short version
- Only Venmo has a free tier, so it costs nothing to try first.
- Each has a real cost: 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; 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
- They diverge on capability: Venmo covers Money transfers, Charles Schwab covers Commission-free trading.
Where they differ
Only the attributes on which Venmo and Charles Schwab actually diverge.
| Attribute | Venmo | Charles Schwab |
|---|---|---|
| Starting price | Free | On request |
| Pricing model | free | transaction |
| Free tier | Yes | No |
| Founded | 2009 | 1971 |
Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Personal Finance).
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 Venmo
- Money transfers
- Bill splitting
- Social feed
- Transaction history
- Debit cards
Only in Charles Schwab
- Commission-free trading
- Retirement planning
- Wealth management
- Research tools
- Investment accounts
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.
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
Charles Schwab
- Budget Managementnot Venmo
- Expense Trackingnot Venmo
- Investment Trackingnot Venmo
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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
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 $0 online commission, per the App Store listing for Schwab Mobile
Pricing, plan by plan
Venmo
Free- FreeFree
- P2P transfers
- Bill splitting
- Mobile app
Charles Schwab
On request- Individual BrokerageFree
- Commission-free trading
- Research tools
- Schwab Advisor Services$undefined/month
- All Brokerage features
- Wealth management
- Personal advisors
Which should you pick?
Choose Venmo if
- You need money transfers.
- You want to start without paying.
- You work on Web, IOS, Android.
- You also want bill splitting.
Choose Charles Schwab if
- You need commission-free trading.
- You work on Web, IOS, Android.
- You also want retirement planning.
Questions people ask
- Is Venmo or Charles Schwab better?
- Neither clearly leads. Venmo starts at Free and Charles Schwab at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Venmo or Charles Schwab?
- Venmo has a free tier; the other does not. Paid plans start at Free for Venmo and On request for Charles Schwab.
- Does Venmo or Charles Schwab 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 Venmo best used for?
- Venmo is most often used for splitting bills and reimbursing friends in the united states, accepting payments through a venmo business profile, buying and holding cryptocurrency inside the payments app. Of those, splitting bills and reimbursing friends in the united states and accepting payments through a venmo business profile are not what Charles Schwab is typically brought in for.
- What can Venmo do that Charles Schwab cannot?
- Venmo covers Money transfers, Bill splitting, Social feed, Transaction history. Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Both handle Bank accounts, Web support, IOS support, Android support.