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Venmo vs YNAB

Venmo logo

Venmo

Software

Money transfer and social payments

From
Free
Rated
-
Full reviewWebsite
YNAB logo

YNAB

Software

You Need A Budget

From
$14.99/month
Rated
-
Full reviewWebsite

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; YNAB subscription priced exclusively in US dollars; international customers face unfavourable exchange rates
  • They diverge on capability: Venmo covers Money transfers, YNAB covers Zero-based budgeting.

Where they differ

Only the attributes on which Venmo and YNAB actually diverge.

Attributes where Venmo and YNAB differ
AttributeVenmoYNAB
Starting priceFree$14.99/month
Pricing modelfreesubscription
Free tierYesNo
Founded20092004

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

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
  • Bank accounts
  • Debit cards
  • IOS support

Only in YNAB

  • Zero-based budgeting
  • Bank sync
  • Goal tracking
  • Reports
  • Multi-device sync
  • Bank connections
  • Plaid
  • Bank-level encryption

Both cover

  • Web 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 YNAB
  • Accepting payments through a Venmo business profilenot YNAB
  • Buying and holding cryptocurrency inside the payments appnot YNAB

YNAB

  • Individual budget tracking with 34-day free trial before subscription commitmentnot Venmo
  • Household budget management with wife-on-plan sharing for up to 6 household membersnot Venmo
  • Manual transaction entry for banks outside the supported import listnot 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

YNAB

  • Subscription priced exclusively in US dollars; international customers face unfavourable exchange rates
  • Multi-currency support restricted to one currency per spending plan
  • Bank import limited to select institutions in US, Canada, UK, and EU only
  • Household plan can only be shared with up to 6 people; additional members cannot access shared plan

Pricing, plan by plan

Venmo

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

YNAB

$14.99/month

No published plan breakdown. See the YNAB review.

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.
Venmo review

Choose YNAB if

  • You need zero-based budgeting.
  • You work on Web, iOS, Android.
  • You also want bank sync.
YNAB review

Questions people ask

Is Venmo or YNAB better?
Neither clearly leads. Venmo starts at Free and YNAB at $14.99/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Venmo or YNAB?
Venmo has a free tier; the other does not. Paid plans start at Free for Venmo and $14.99/month for YNAB.
Does Venmo or YNAB run on more platforms?
Venmo runs on Web, IOS, Android. YNAB runs on Web, iOS, Android.
Can I use Venmo for free?
Yes. Venmo has a free tier, so you can try it without paying. YNAB starts at $14.99/month.
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 YNAB is typically brought in for.
What can Venmo do that YNAB cannot?
Venmo covers Money transfers, Bill splitting, Social feed, Transaction history. YNAB covers Zero-based budgeting, Bank sync, Goal tracking, Reports. Both handle Web support, Android support.
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