International Peer-to-Peer (P2P) Payment Platforms for Businesses: Venmo, Zelle, Cash App and Alternatives

Understanding which peer-to-peer (P2P) payment platforms can be used across borders is critical for international businesses. Venmo, Zelle, and Cash App are popular in the United States, but they have distinct geographic and operational limits.

Each platform’s international capabilities, supported currencies, account requirements, fees, and features differ significantly. This comprehensive guide examines each platform in detail and compares them to more globally oriented alternatives such as Wise, PayPal, Revolut, and others. It emphasizes business use cases and highlights regulatory and operational considerations for cross-border transactions.

Venmo: Limitations and Features for International Businesses

Venmo is a mobile wallet and P2P payments app owned by PayPal, widely used for quick person-to-person transfers and small business transactions within the U.S.. It offers social feeds and business profiles, but its international capabilities are extremely limited.

Geographic Availability: Venmo is strictly a U.S.-based service. As the official Venmo Help Center states, users cannot sign in or access Venmo when they are outside the United States. In other words, Venmo accounts are tied to a U.S. geographic location.

A Venmo user traveling abroad cannot initiate or receive Venmo transactions, and recipients in other countries cannot receive payments on Venmo. Venmo itself advises that if you “need to send and receive payments while abroad” you should use PayPal instead. This means Venmo is effectively useless for international transfers; it only works domestically.
Account Requirements: To open a Venmo account, you must be physically located in the U.S. and have a Social Security number (SSN), U.S. mobile phone number, and U.S. bank account or debit card. During signup, Venmo collects U.S. personal identification and bank account details. Users must verify their identity if they wish to unlock higher transaction limits.

For business use, Venmo offers Business Profiles that are linked to a personal profile but allow a merchant to receive payments. Even business profiles, however, are subject to the same U.S.-only restrictions. Both personal and business Venmo accounts operate in U.S. dollars (USD) only; Venmo does not support any foreign currency. All Venmo balances, transfers, and payments are denominated in USD.
Features: Venmo’s core features include instant transfers between Venmo users, social payment feeds, and (for business users) the ability to accept payments via a $Cashtag or QR code. Businesses can create a free Venmo Business Profile after registering their account. The business profile enables merchants to accept payments from other Venmo users or via contactless Tap-to-Pay. Businesses can also generate invoices and share payment links.

However, aside from these domestic-friendly features, Venmo has no built-in international wiring or currency exchange capability. It is purely for domestic P2P transactions within the PayPal (Venmo) ecosystem in the U.S.
Fees: For personal Venmo accounts, transactions sent via bank account or Venmo balance are free. Venmo charges a 3% fee if you pay using a linked credit card (standard for card-funded transfers. Instant transfers to a bank/debit card incur a 1% fee (with a minimum of $0.25). Most other P2P transfers between users (using bank or balance) are free.

For Venmo Business profiles, the platform charges a small transaction fee on payments received. According to Venmo’s fee schedule, a business profile incurs 1.9% + $0.10 per transaction when a customer pays directly from their Venmo balance. If a customer pays via Venmo’s Tap-to-Pay on a smartphone, the fee is slightly higher at 2.29% + $0.10.

These fees are deducted from the payment before the funds arrive in the business account. Importantly, Venmo business users are exempt from Venmo’s standard 3% credit card fee on payments received (the business rather than the buyer covers the fee).
Limits: Venmo imposes transaction and transfer limits. For personal accounts, the standard weekly sending limit (after identity verification) is $60,000, and instant transfer limits up to $2,999 per transaction. Business profiles have separate limits; for example, after verification they can send up to $25,000 per week and transfer up to $50,000 per week out to bank accounts.

Note that there is no limit on how much money you can receive to a Venmo business profile. In practice, however, Venmo reserves the right to decline transactions or lower limits if it detects risk. Because Venmo lacks international remittance capability, all these limits effectively apply within the U.S. domestic context only.
Cross-Border Limitations: Venmo simply cannot send or receive to non-U.S. recipients. Even if an overseas individual had a U.S.-linked phone number or email, they would need a U.S. bank to receive Venmo funds. For international business use cases, this is a critical limitation. In practice, if a U.S. business needs to pay or get paid from overseas partners or clients, Venmo offers no solution. PayPal (Venmo’s parent company) is recommended in such cases.
Security and Regulation: Venmo transactions are encrypted, and the service is subject to U.S. money transmitter regulations (it is operated under PayPal’s licenses). Like PayPal, Venmo implements Know-Your-Customer (KYC) checks and monitors for fraud. Business accounts must verify identity under U.S. regulations.

Venmo is not a bank and is not FDIC-insured, but funds held as a balance are covered by a contingent indemnification from PayPal. For U.S. businesses, Venmo provides 1099-K tax reporting for eligible accounts (businesses receiving over $20,000 in payments and with 200+ transactions in a year must get a 1099-K). However, none of this compliance framework helps with cross-border compliance – Venmo simply does not operate internationally.

Venmo’s ecosystem is built for U.S. domestic transfers only. Its social and convenience features (like $Cashtags and business profiles) only work within U.S. borders. If an international partner or subsidiary needs to engage in P2P payments, Venmo cannot be used for sending or receiving funds across countries. For example, a company in Germany cannot pay a U.S. business via Venmo; neither can a U.S. business send money to a French colleague using Venmo. The only workaround is for all parties to use a globally-focused service.

Zelle: Domestic Bank Transfers Only

Zelle is a network that enables near-instant bank-to-bank transfers between participating U.S. financial institutions. It is built directly into many U.S. banks’ mobile apps and also available as a standalone app. For domestic U.S. P2P transfers, Zelle is fast and free, but it has no international capability.

U.S.-Only Scope: Both sender and recipient must have U.S. bank accounts. The Zelle FAQ clearly states that to use Zelle, “the sender and recipient must have U.S. bank accounts”. In other words, even if a U.S. business uses Zelle, they can only send money to another U.S. account. Zelle does not support any foreign currencies or cross-border rails.

It is available only to U.S. bank account holders with U.S. debit cards. If either party is outside the U.S. (or does not have a U.S. bank), Zelle cannot be used. The sender and receiver also both need either the Zelle app or access via their bank’s app.
Account Setup: To use Zelle personally, an individual typically registers with a U.S. bank account or linking a Visa/Mastercard debit card from a U.S. bank. Zelle automatically integrates with the bank’s online or mobile system. For businesses, some U.S. banks offer “Zelle for Business” as an add-on to their commercial accounts. Not all banks support business enrollment. A small business can often accept Zelle payments if the business’s bank offers the service, in which case customers can pay using their Zelle-enabled bank app or the Zelle app.

Both personal and small-business use require American identity verification and a U.S. address, SSN/EIN, etc. Thus, an international entity cannot independently open a Zelle account – the business must have a U.S. bank account and possibly register for Zelle via that bank.
Features: Zelle transactions are typically completed in minutes. To send, you only need the recipient’s email or U.S. mobile number (tied to their account). There is no need to exchange bank details. Zelle for Business works similarly; if a business is registered, customers can send money to the business with just an email/phone.

Zelle has no social feed or payment linking features beyond this. It is strictly a clearing network. There are no currency conversion or multi-currency features – all transfers are denominated in USD. Unlike Venmo, Zelle does not have a standalone wallet balance; transfers go directly between bank accounts.
Fees: Zelle itself does not charge fees for sending or receiving money; it is offered as a free service by participating banks. According to surveys, about 99.44% of consumer accounts linked to Zelle have no transfer fees. Banks may choose to impose fees for businesses or for certain transactions (for example, a bank might charge a flat fee for using Zelle as a merchant service).

Wise’s analysis notes that Zelle personal accounts are free (no setup or monthly fees). For business accounts, there is no standard Zelle fee, but banks may charge per transaction. For example, one review noted that some banks charge up to $2.00 per inbound or outbound business transfer (while others, like Wells Fargo or Chase, were free). Overall, any fees depend on the business’s bank policy rather than on Zelle itself.
Business Use: Zelle for Business (often called “Zelle Business”) allows small businesses to receive payments directly to their checking accounts. It is useful for on-the-spot sales or invoicing clients who also have Zelle. Transactions are instant and go straight into the business bank account. However, there is no automated invoice system or payment link generation beyond what the bank provides.

Notably, Zelle does not provide any buyer/seller protection or refund mechanism – once money is sent, it cannot easily be reversed. For international business, this means Zelle can only facilitate domestic transactions even if a business sells internationally; e.g., a U.S. exporter could invoice a U.S. distributor via Zelle, but could not use it to pay a foreign supplier.
Currency and Limits: Zelle transactions are exclusively in U.S. dollars. Because it moves funds between U.S. bank accounts, there is no multi-currency support. Transaction limits (per day/week) are set by each bank. For personal accounts, common limits are a few thousand dollars per day, but these vary widely.

Businesses often have higher limits. Each financial institution publishes its own Zelle limits. For example, some banks allow business clients to send and receive tens of thousands per day via Zelle. But again, these only apply within the U.S. context.
Cross-Border Limitations: Zelle’s architecture makes international transfers impossible. Even if a U.S. user tried to send money to an overseas affiliate, Zelle would require the recipient to have a U.S. bank account.

As Wise explains, since Zelle is “exclusive to U.S. senders and recipients,” one cannot use it to send money abroad. Any attempt to pay non-U.S. accounts must instead use other rails (SWIFT wires, international ACH, or services like Wise or PayPal). In short, Zelle is effectively a domestic-only system.
Security and Compliance: Zelle transactions occur bank-to-bank, so they benefit from the AML/KYC controls and insurance of the banks involved. Banks offering Zelle require identity verification per banking regulations. There is no direct central license for Zelle itself, but Early Warning Services (which operates Zelle) and the banks follow U.S. money-transmitter and banking laws.

From a regulatory standpoint, Zelle transactions are straightforward domestic banking transfers; no special cross-border compliance (like currency controls or foreign exchange monitoring) is involved. However, businesses should treat Zelle payments as cash and keep records for tax purposes.

Since Zelle is essentially an instantaneous ACH, it is subject to standard IRS reporting: businesses receiving payments via Zelle from other business accounts may still need to issue 1099-Ks if thresholds are met (especially if integrated in a merchant service).

Cash App: P2P Payments in the US and UK

Cash App, operated by Square (Block, Inc.), is a mobile wallet app that allows peer-to-peer transfers, along with debit card services and investment options. Cash App has launched in the U.S. and the U.K., but these operate almost as separate systems. Importantly, Cash App transactions generally do not cross borders except between the U.S. and UK in limited cases.

Geographic Availability: Cash App is officially supported in the United States and in the United Kingdom only. Users in the U.S. can send and receive USD within the U.S. app, and users in the UK can do so in GBP within the UK app. Cash App accounts cannot send money to users in other countries. However, Cash App introduced cross-border transfers between U.S. and U.K. accounts only.

In practice, a user with a U.S. Cash App account can send money to a recipient in the UK who also has a Cash App account (and vice versa). The app handles the currency conversion at the mid-market rate and deposits GBP into the UK account. Outside of this U.S.-UK corridor, Cash App offers no international payment routes. The Wise blog clearly notes: “Cash App can only support international payments between the United States and the UK… Other destination countries and currencies are not supported”.
Account Requirements: Cash App requires users to be U.S. or U.K. residents at least 18 years old with appropriate local identity verification. For U.S. users, you must have a U.S. mobile number and link a U.S. bank account or debit card. For UK users, similar KYC (proof of address, etc.) is required under British regulations.

In the U.S., Cash App also allows creation of a business account (Cash for Business). Any personal Cash App account can be upgraded to a business account by changing settings in the app. Verification steps for high limits or business accounts include providing Social Security number (SSN) and personal information.

Note that Cash App’s services are not available to non-U.S./non-UK residents; for example, trying to register from an Indian or German phone number would not work. Also, Cash App accounts are segregated by country: a U.S. Cash App accounts cannot hold GBP or have UK bank details, and a UK Cash App account cannot hold USD.
Features: Cash App offers P2P transfers (by email, phone, or $Cashtag), a VISA debit card (“Cash Card”), direct deposit of paychecks, and options to invest in stocks or Bitcoin. The cross-border feature (US ↔ UK) simply appears as a transfer with automatic currency conversion at the current exchange rate.

Receiving a cross-border transfer requires both parties to have Cash App balances; you cannot send directly from a bank outside of Cash App’s network. Cash App also offers “Cash for Business” profiles in the U.S., allowing small merchants to accept payments from customers. In the UK, Cash App offers “Cash for Business” as well, which operates similarly. Business accounts can issue QR codes or share $Cashtags for customers to pay.
Fees: Many Cash App transactions are free, but there are fees for certain services. Key fees include: 3% fee for sending payments funded by a credit card; 3% foreign transaction fee on purchases with the Cash Card when used overseas; 0.5 – 1.75% for instant transfers (speeding up a bank withdrawal); and $2.50 ATM withdrawal fee. Using a debit card or bank link for normal P2P transfers is free.

In the UK, sending from a UK Cash App to a UK Cash App is free, but Cross-border transfers incur built-in currency conversion (no explicit fee beyond the exchange rate). The Wise guide notes that instant transfers cost 1.5% (within those limits). For business accounts, Cash App charges a 2.75% fee on payments received (this is standard for Square’s payment processing), plus 1.25% for instant deposits.

These fees are generally higher than Venmo’s business fees. Cash App often waives certain fees if users have $300+ in direct deposits monthly (for example, waiving foreign transaction or ATM fees).
Currency Support: In the U.S., Cash App balances are in USD. In the U.K., balances are in GBP. The only foreign currency service is the built-in US↔UK transfer, which converts USD ↔ GBP. Cash App does not support any currencies beyond USD and GBP. A U.S. user cannot receive or hold euros via Cash App, nor can they send money to a French Cash App account (there is none).

For expenses abroad, the Cash Card (debit card) can be used in countries that accept Visa, but an international transaction fee (3%) applies. So even though one can spend with the Cash Card overseas, it’s costly and there is no true multi-currency wallet functionality.
Business Use: Cash for Business is available but only within the platform’s supported country. A U.S. Cash App Business account cannot accept payments from a UK Cash App user (nor vice versa) unless the payment goes through the cross-border USD/GBP mechanism. Wise notes that Cash App business accounts “cannot support payments from countries outside the UK”, highlighting that business acceptance is strictly domestic.

(This comment refers to the UK service specifically.) U.S. business accounts likewise only get USD. Businesses using Cash App can accept credit/debit card payments via Square integration, but again, only in USD. Cash App provides receipts and 1099-K reporting for qualifying U.S. businesses. Notably, the Cash App Terms require business users to verify identity and SSN (for the business owner) and to comply with all applicable laws.

In summary, Cash App can facilitate easy P2P payments within its supported countries, and even offers U.S.–U.K. transfers, but it lacks broad international functionality. A U.S. company could theoretically pay a U.K. Cash App user, but only through the Cash App mechanism – this is not a general international payment solution. All cross-border conversions are done at Cash App’s exchange rate with the associated fees.

Moreover, because Cash App is not a bank but a money transmission service, it is subject to regulatory oversight under U.S. and U.K. money transmitter laws. Both U.S. and U.K. Cash App operations require AML/KYC checks. Any payment that leaves the Cash App ecosystem (for example, SWIFT wires) is outside Cash App’s network. In practice, an international business relying solely on Cash App will find it severely limited beyond the U.S.–U.K. corridor.

International-Friendly Alternatives

Given the constraints of Venmo, Zelle, and Cash App, international businesses often turn to alternatives expressly designed for cross-border transactions. These platforms support multiple currencies, global transfers, and business accounts. Key examples include Wise (formerly TransferWise), PayPal, Revolut, and others like Airwallex and Payoneer. We compare their features, currencies, business support, and cross-border fees below.

Wise (TransferWise)

Overview: Wise provides multi-currency “borderless” accounts that businesses can use to hold and convert dozens of currencies at the mid-market exchange rate. Wise has global infrastructure and operates in over 160 countries. As Wise’s official site highlights, users can open an account covering “160 countries, 40 currencies”. Businesses can send, receive, and hold funds in over 40 currencies with transparent fees.

Wise offers local bank account details in major currencies: e.g., you can get a U.S. bank account number, a Euro IBAN, a British GBP account, and local accounts in AUD, CAD, and JPY. This allows businesses to receive payments like a local (e.g. customers in Europe can pay into the business’s Euro account). Wise does not hide currency conversion costs; it always uses the real mid-market rate and then charges a small fee (typically 0.4%–1% depending on the currency).

Cross-Border Transfers: Wise excels at international transfers. A business can fund a transfer in one currency (even via ACH or bank transfer) and pay a recipient in another currency, to 80+ countries, often in minutes or hours. Because Wise is regulated as a money transmitter and e-money institution in many jurisdictions, it complies with AML and is licensed globally. Businesses can also transfer large sums abroad (up to millions) with low fees. In short, Wise is built for cross-border business payments of all sizes.
Business Account Features: Wise offers dedicated business accounts with extra features: multi-user access, batch payments, and accounting integrations (QuickBooks, Xero). Business customers can generate payment links or invoices and receive payments via bank transfers, credit/debit card (Wise uses a card processor).

Wise Business also now offers an interest-earning feature on USD balances (about 3.9% APY) and integrated tools like BatchTransfer for payroll or mass payouts. There are no setup or monthly fees for a Wise account; you only pay per transfer or currency conversion. For example, converting money costs ~0.43% on the low end. Importantly, Wise’s pricing is transparent – all fees are shown upfront and there are no hidden markups.
Supported Currencies: Wise supports ~50+ currencies. A business can hold balances in over 40 different currencies at once. It provides local account details in 9 major currencies (USD, GBP, EUR, AUD, CAD, NZD, JPY, SGD, HUF, etc.). When you spend or transfer, Wise converts at the real exchange rate (no markup), charging only its small transfer fee.

For example, a U.S. company receiving EUR payments will get true-market conversion. Wise’s debit card lets you spend in any currency worldwide with no foreign transaction fee.
Fees: Wise’s fees are based on percentage of transfer amount plus a small flat fee (for some corridors). Typical fees are 0.4%–0.6% for major currency pairs, which is much lower than traditional bank wire fees or credit card surcharges. There are no monthly or hidden fees.

For businesses, account opening is free. The company’s strict compliance (it is registered as an MSB in the US and is FCA-regulated in the UK/EU) means it can serve international clients reliably. Wise’s transparent structure makes budgeting easy: the fee is always shown when you initiate a transfer.
Use Cases: Wise is ideal for any international transactions: paying overseas suppliers, receiving customer payments in foreign currencies, cross-border payroll, or moving funds between global business entities. A company can use Wise in lieu of cross-border wires. Compared to Venmo/Zelle/Cash App, Wise supports all the major currencies and countries those platforms cannot reach.

For instance, a business can collect EUR, GBP, AUD, etc., and pay out in CAD, INR, etc., all from one account. The main drawback is that Wise is less social and not built for small domestic person-to-person transfers; it is optimized for business needs.

PayPal (and PayPal Business)

Overview: PayPal is one of the oldest online payment platforms and has a truly global footprint. It operates in 200+ countries and supports 25 currencies. PayPal’s personal wallet allows users worldwide to send money internationally (with fees), and its business accounts support multi-currency invoicing and merchant services. Unlike Venmo, PayPal is explicitly designed for cross-border commerce.

Business Accounts: A PayPal Business account (formerly PayPal Premier/Business) lets companies invoice customers, accept payments on websites, and receive funds in multiple currencies. Businesses can set up PayPal checkout buttons, mobile payment codes, or integrate with e-commerce platforms.

PayPal provides multi-currency balances: you can receive USD, EUR, GBP, and others in your account and hold them there. When you want to withdraw or pay out, PayPal does currency conversion (with a markup) or you can send funds to an external account in local currency. PayPal also has PayPal Payouts (mass payments) for paying many recipients globally, and Xoom (a PayPal service) for remittance-like transfers.
Cross-Border Transfers: For international payment, PayPal allows you to send money to any email address or mobile number that is linked to a PayPal account in another country. The sender chooses their currency, and PayPal converts into the recipient’s currency using its conversion rate (usually midmarket + ~3–4% markup).

The transfer is relatively quick (a few minutes to a few hours) depending on the funding source. Importantly, PayPal is universally accepted: even businesses without a bank account can receive PayPal payments. Customers with PayPal balances or linked cards can pay businesses around the world.
Supported Currencies: PayPal supports 25 currencies including all major ones (USD, EUR, GBP, CAD, AUD, JPY, HKD, etc.). A business can hold balances in these currencies. For example, if a European customer pays a U.S. vendor, the vendor can keep the amount in USD or convert it. However, PayPal’s conversion rates include a margin (about 3–4%) plus a fixed currency fee.

For receiving payments, PayPal’s standard domestic fees (around 2.3 – 3.4% + fixed cents) apply, and for international receipts there is an additional 1.5% fee plus the currency conversion markup. Thus, PayPal is convenient but often more expensive than specialized FX services.
Fees: Aside from currency markup, PayPal charges transaction fees. Typical business rates are ~2.9% + $0.30 (USD) per domestic sale (varies by volume), plus 4.4% + fixed fee for international sales (which includes the extra 1.5% cross-border fee).

There are no monthly fees for basic accounts, but businesses can pay for advanced features (e.g. a Virtual Terminal service). PayPal also charges withdrawal fees for some countries and refunds fees partially. One advantage is that PayPal’s seller protection and customer dispute resolution can reduce chargeback risk.
Business Support: PayPal has strong business support: dedicated merchant services, invoicing, payment links, and integration with most e-commerce systems. It issues 1099-Ks for U.S. businesses.

A PayPal Business account is relatively easy to set up with minimal verification for small sellers, but can handle high volumes too. One limitation: transferring funds from PayPal to a U.S. bank is slower (1–3 business days) unless you pay for an instant transfer.
Use Cases: PayPal is a go-to for international B2C payments (online sales), freelance/contractor payments, and small cross-border bills. It’s widely known by consumers and easy to use. However, from the sender’s perspective, they need a PayPal account or credit card. For businesses paying suppliers abroad, PayPal can be convenient but expensive. In comparison to Venmo/Zelle, PayPal does work internationally across its supported markets, making it an international-friendly P2P alternative.

Revolut Business and Multi-Currency Accounts

Overview: Revolut is a fintech company that offers digital banking and multi-currency accounts (often called neo-banking). Originally UK/EU-focused, it now has a significant user base in many countries, including a dedicated Revolut Business product. Revolut Business accounts can hold, send, and exchange money in 25+ currencies. It provides local account details (IBANs and routing numbers) for GBP, EUR, and USD by default, and supports local transfers in dozens more.

Features: With Revolut Business, companies get a consolidated account with sub-accounts (“pots”) per currency. They can pay suppliers in their local currency, or accept payments from clients using IBANs in UK/Euro.

Revolut offers physical and virtual debit cards (Mastercard or Visa) for businesses, which can be spent globally. The platform has budgeting and analytics tools, and integrates with accounting software. It also supports expense management, bulk payments (batch payments to many recipients), and open banking integrations in supported regions.
Supported Currencies: Revolut supports international transfers in 25+ currencies including USD, EUR, GBP, ZAR, SGD, MXN, etc. (The full list includes ~30 currencies.) Customers can hold balances in all these currencies. It uses the interbank exchange rate during market hours.

Standard accounts have monthly free conversion limits (e.g. $1,000/month on the free tier); paid plans increase these allowances. For amounts beyond allowances or outside market hours, a small markup (0.5%–1%) applies. Revolut also recently introduced FX Futures for locking in rates.
Fees: Revolut Business has tiered pricing. The free plan offers basic multi-currency support with limited free currency exchange. Paid plans (starting ~$25/month and up) increase free allowances and unlock more features (like expense cards and priority support).

International transfers to supported currencies are often free or low-cost (e.g. 0.4% fee outside the free FX allowance on the lower-tier plans). Revolut also charges a flat ATM withdrawal fee above thresholds, and a small card fee if outside free limits. In general, Revolut is more cost-effective than banks but can be more expensive than Wise for FX-heavy needs, especially on lower-tier plans.
Business Accounts: Revolut Business accounts require registration in a supported country (e.g. UK, US, EU). They request company documents for verification. Once approved, the account can be in the business’s name (corporate entity) or for freelancers/sole-proprietors.

A business can have multiple administrators. For businesses with global operations, Revolut allows opening local business accounts in other jurisdictions (e.g. a US company could open a separate UK EUR account) which provides local bank details for customers in that region.
Use Cases: Revolut excels for companies that want to manage multiple currencies under one roof, pay international vendors, and give employees multi-currency cards. A company doing frequent travel or with offices worldwide can use Revolut as a corporate wallet.

It is generally faster and cheaper than using local banks for multicurrency, but the business must comply with Revolut’s vetting. As an “e-money institution,” Revolut is regulated in the UK/EU (FCA) and has to follow AML/KYC rules.

Regulatory and Operational Considerations

When dealing with cross-border P2P payments, businesses must be aware of complex regulatory requirements and operational risks:

Anti-Money Laundering (AML) and KYC: Any platform moving funds across borders is subject to AML laws. Major services (Wise, PayPal, Revolut, etc.) perform identity verification on both senders and recipients (collecting documents like passports, company registration, and proof of address). They also screen against sanctions and politically exposed persons (PEP) lists.

Transactions may be flagged and frozen if suspicious. As Convera notes, cross-border payments are governed by a “web of international regulations” including AML/CFT (counter-terrorist financing) rules. Businesses using these platforms must supply the necessary documentation and ensure their transactions comply (e.g., not dealing with sanctioned countries).
Licensing and Oversight: Traditional banks and licensed money transmitters are overseen by regulators in each country. Fintech platforms operate under e-money or MSB licenses. Inconsistent regulation across countries can create friction.

The Financial Stability Board highlights that “inconsistencies in the legal, regulatory, or supervisory regimes” for cross-border payments increase costs and delays. A business should verify that its chosen platform is properly licensed in the relevant jurisdictions and meets local requirements for business use (some platforms restrict certain industries as “high-risk”).
Consumer Protection and Dispute Resolution: P2P apps may have limited buyer/seller protection. For example, Zelle offers no transaction reversal mechanism, which can be risky if funds are sent in error. PayPal provides some dispute processes, while Wise and banks typically do not cover fraud losses.

Businesses must ensure they trust counterparties or have other safeguards (like escrow or insurance). Regulatory frameworks often focus on protecting consumers; for business-to-business payments, there may be fewer protections. It’s crucial to document payment authorizations and maintain contracts.
Foreign Exchange Controls and Taxes: Some countries impose exchange controls or taxes on international transfers. Businesses should ensure their payments comply with all local currency regulations.

Moreover, cross-border P2P platforms may require tax documentation (1099-Ks in the U.S., HMRC reporting in the UK) depending on transaction volume and type. This can affect how businesses track international payments for accounting and tax purposes.
Data Privacy: Sending payments internationally involves cross-border data flows. Platforms typically protect data under privacy regulations (e.g., GDPR in Europe). Businesses should check that chosen services have robust data security and comply with international data protection laws, especially when customer payment information is processed.
Operational Risks: Some P2P platforms may be subject to downtime or network issues. Unlike traditional banking, fintech apps may have shorter recovery procedures for outages. Also, currency volatility can impact payments if there is a delay in processing. Businesses handling large or urgent transfers might prefer multiple fallback methods (e.g., having both a Wise account and access to SWIFT wires) to ensure continuity.

In summary, while many fintech P2P services simplify payments, they also introduce new compliance and operational complexities when used internationally. Businesses should partner with platforms that are transparent about their regulatory status and have robust compliance programs.

As one industry report notes, as fintech adoption grows, so does regulatory scrutiny – firms without “regulatory expertise and infrastructure” may pose risks. Wise, PayPal, Revolut and others have invested heavily in compliance teams and anti-fraud measures, which benefits business users by reducing their own compliance burden.

Frequently Asked Questions

Q: Can I use Venmo, Zelle, or Cash App to pay or receive money internationally?

A: No. Venmo is only for U.S. domestic payments – it does not function outside the U.S. (if you travel abroad, you cannot log in). Zelle requires both sender and recipient to have U.S. bank accounts; it cannot send funds to foreign accounts. Cash App is available in the U.S. and U.K., and only supports direct transfers between users in these two countries. Outside these markets, none of these apps can handle international transfers.

Q: What currencies do these P2P platforms support?

A: Venmo and Zelle operate only in U.S. dollars. Cash App U.S. accounts use USD; Cash App U.K. accounts use GBP, and U.S.↔U.K. transfers convert between those two currencies. None of these services support other foreign currencies. By contrast, alternatives like Wise (40+ currencies) and Revolut (25+ currencies) allow holding and sending many currencies. PayPal supports 25 currencies globally.

Q: Do these apps offer business accounts or business profiles?

A: Yes, but only for domestic use. Venmo and Cash App allow a business profile/account, enabling merchants to accept payments. Venmo Business Profiles incur a 1.9%–2.29% fee on each received payment.

Cash App Business accounts accept card and P2P payments but only domestically (in USD or GBP) and charge ~2.75% on receipt. Zelle does not have a standalone app business account, but some banks offer Zelle for Small Business on their platforms. In all cases, these business accounts cannot be used for international transactions.

Q: What fees should international businesses expect on cross-border payments?

A: Domestic P2P apps have limited fee structures (e.g. Venmo’s 3% credit card fee, Zelle’s usual $0 fee). For true international transfers, fees vary by provider. Wise charges ~0.5% on big transfers with no hidden costs. PayPal charges an extra 1.5% for cross-border receipts plus a 3–4% currency markup.

Revolut uses interbank rates up to certain limits then ~0.5%–1%. Airwallex and Payoneer have low markups (often under 1%). Always compare the full cost (transfer fee + FX margin) when sending money abroad.

Q: Are these P2P platforms safe and compliant for international transactions?

A: Safe usage depends on the platform. Venmo, Zelle, and Cash App are regulated as U.S. money transmitters and follow domestic AML rules, but they lack international AML infrastructure. Global platforms like Wise, PayPal, Revolut, and traditional banks are heavily regulated in each operating country, enforcing KYC/AML and often offering fraud protections.

Cross-border payments attract more regulatory scrutiny, so using a licensed and compliant provider is essential. Businesses should always verify that the platform adheres to relevant financial regulations in the sender’s and recipient’s countries.

Q: What alternatives exist for sending money internationally outside the U.S.–U.K. corridor?

A: Besides the ones above, businesses commonly use traditional bank wires (SWIFT), global ACH networks, and other fintech services like OFX, TransferGo, or Remitly. Each has its own strengths: for example, OFX is good for very large sums, Remitly for cash-based transfers, and TransferGo for low-cost remittances.

However, fintech firms (Wise, Revolut, etc.) often provide the most competitive rates and ease of use. Many businesses keep both a multi-currency fintech account and access to banking (for large transactions or backup).

Q: How do I choose the right solution for my business?

A: Consider the countries and currencies you need, volume of payments, speed requirements, and fee tolerance. If you primarily do domestic U.S. payments between accounts, Venmo/Zelle/Cash App may suffice. For any cross-border use, evaluate services like Wise, PayPal, or Revolut.

Check if they offer local receiving accounts in your key markets, whether they support your payment corridors, and how much they charge. Also review their integration options (APIs, invoicing, etc.) and regulatory coverage. It is often wise to use at least two different providers for redundancy (e.g., Wise for transfers and PayPal for e-commerce).

Conclusion

International P2P payments present both opportunities and challenges. Venmo, Zelle, and Cash App are excellent for domestic U.S. (and limited U.K.) transactions, but each is strictly confined to its home market. Venmo and Zelle operate only within the U.S., and Cash App only spans the U.S. and U.K. in USD/GBP. None of these apps natively support sending or receiving money to arbitrary foreign accounts. They lack multi-currency wallets and are designed for convenience among domestic users.

For international business purposes, enterprises need platforms built for cross-border money movement. Wise, Revolut, PayPal, and the like offer multi-currency accounts, local banking details in key currencies, and transparent foreign exchange. They enable companies to receive and pay abroad at competitive rates. When selecting a solution, businesses must weigh factors such as supported countries, fees, regulatory compliance, integration capabilities, and customer support.

Finally, regulatory and operational considerations cannot be overlooked. Cross-border payments must comply with AML/CFT rules in all jurisdictions, and businesses should partner with providers that have robust global compliance programs. Using well-established international payment services reduces the risk of costly errors or delays. By choosing the right tools and understanding each platform’s limits, businesses can manage international transactions securely and efficiently.