Venmo vs Wise: Which Prioritizes Your Data Privacy?
Discover how Venmo (US) and Wise (GB) compare in securing your financial data. Stay informed and choose a safer payment option today.
Should You Switch to Wise?
Gain low fees, real exchange rates, and multi-currency accounts.
Lose social features and instant transfers; fewer P2P options.
Switch if you prioritize privacy and low fees over social features.
At a Glance
US data laws
GDPR protected
Venmo
free
Wise
freemium
Privacy & Compliance Comparison
Critical data sovereignty factors at a glance
| Criteria | Venmo | Wise |
|---|---|---|
Server Location | US (AWS), EU (optional) | EU |
GDPR Compliance | Partial (SCCs) | Full |
Open Source | ||
E2E Encryption | ||
Data Portability | Partial | Full export |
CLOUD Act Notice
Venmo is a US company and must comply with CLOUD Act data requests, even for data stored in EU data centers. Wise is not subject to US jurisdiction.
Venmo
🇺🇸PayPal Holdings Inc.
Wise
🌍Wise PLC
US Data Storage
Data subject to US CLOUD Act and may be accessed by US authorities
EU Data Protection
Data protected under GDPR with EU-only data residency
Certifications & Compliance
No certifications listed
Reasons to Switch
- ✓Wise offers low transfer fees, often under 1% for international transfers.
- ✓Wise uses the real exchange rate, avoiding hidden markups on currency conversion.
- ✓Multi-currency accounts let you hold 50+ currencies for easy global transactions.
- ✓Wise provides a debit card for spending in multiple currencies without extra fees.
Things to Consider
- !Venmo's social feed for payments is missing in Wise, reducing user engagement.
- !Migrating funds from Venmo to Wise can be cumbersome and time-consuming.
- !Wise lacks P2P payment features like bill splitting and instant transfers.
Migration Overview
Quick Steps
Create Wise account and configure settings
Export and prepare data from Venmo
Import data, test integrations, and migrate users
Ready to make the switch?
Start using Wise today and take control of your data privacy.