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What Is Venmo?
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What Is Venmo?
Venmo is a mobile app that allows you to send money to friends and family.
By Chanelle Bessette Banking, checking and Cash Manager Accounts Chanelle Bessette works as a personal financial writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also acts as a spokesperson for the banking team, and her expertise has appeared throughout The New York Times, Vox and Apartment Therapy.
Updated Dec. 2 2022
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What's Venmo?
Venmo is a mobile application for peer-to-peer, or P2P as well as payments and money transfers. It's famous because of its time-line feed in which you and your connections in the app can send payments to each other with emoji messages, but do not worry about it: the dollars of the transfers remain private.
>> Check out other transfer options:
How does Venmo function?
Purchases and transfers. Venmo lets you send money to and receive money from anyone who has a Venmo account. The app can help with the awkward chore of reimbursing family or friends for dining out, or any other shared expense however it's not designed for selling or buying goods among people who aren't. Venmo can also be used for web purchases with certain merchants, like Amazon and on other websites that have the Venmo payment button similar to PayPal's.
Mobile only. Venmo payment transactions can be made through its highly appreciated Android and iOS smartphones as well as through iMessage or via Siri voice command. You can sign in at Venmo's website on a desktop or mobile device to see transactions, but not make payments or request funds.
U.S. customers only. Venmo, which is owned by PayPal and requires both the sender as well as the recipient to be located in the U.S.
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How can I fund my Venmo account?
Pay with the debit card, credit card or a bank account. For money transfers on Venmo, you need to connect the app with a U.S. bank account, debit card, prepaid debit card or credit card. If you receive money and want to transfer it from Venmo then you'll need to link to a bank account.
Connect a checking, not a savings account. Savings accounts have traditionally had an limit of six online withdrawals or transfers each monthly (see more ), although some banks have relaxed these limits after federal regulations changed in 2020.
What are the Venmo's charges?
Venmo charges credit card and instant transfer fees. You can avoid these costs when using Venmo. However, the service will charge two charges for certain options:
3.3% per transaction for payments made through peer-to peer funded by credit card. Peer-to-peer transactions funded with a bank account, debit card or prepaid debit cards are free. And purchases from merchants with the Venmo payment option also are completely free, even if you use credit card.
1.75 percent per transaction, with a minimum of 25 cents for immediate transfers. The charge is incurred when you transfer the Venmo balance to the debit card. Transfers are usually made within minutes. There's no cost for using the traditional "cash-out" payment to a bank account, though delivery is usually between one and three days for business.
How do I pay for my purchases with Venmo?
The app displays your balance. As with PayPal, Venmo stores your money as an in-app balance, which will be used to fund future payments (if you have enough money) or be transferred to the bank account. In other cases, the funds sit there, and that's not ideal. Unless you use Venmo's Direct Deposit option, which means that your money is held by an affiliated bank the Venmo app balance isn't insured federally as bank accounts are and you may lose it in the case of Venmo going out of business. Money that is in the Venmo account is also not earning interest.
How much can you send with Venmo?
The maximum amount is $60,000 per week. For you to begin using Venmo, you need to download the mobile application, create a login and confirm your email address, phone number address, and bank account information. The initial maximum transfer for the week will be $299.99 until you have verified more of your identity. When you submit the required information, such as your Social Security number, ZIP code, and birth date you are "verified" and can send as much as $60,000 per week in one or multiple transactions.
The maximum amount you can transfer from Venmo to an bank account starts at $999.99 per transaction. Once you've been verified, the limit is $19,999 for a week.
Is Venmo secure?
Security features for apps. Some of the security features comprise PINand fingerprint-based login options and . If your phone is lost or stolen and you don't have these safeguards set up you can block the access of your account connecting to the Venmo site and changing the permissions settings.
Venmo's parent company, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customers' access to their funds was delayed without notification and Venmo was misleading customers on how to manage the privacy settings for their transactions.
Social feed feature. Venmo provides social media-related features, including an account of transactions that involve people you're connected to on Venmo. You can however alter the privacy settings so that your transactions will be "private" (visible only to the both the sender and recipient) or are visible only to "friends" (sender and recipients as well as Venmo contacts). Audience settings for past transactions can be altered retroactively.
Does Venmo offer a debit card or credit card?
Yes, it does offer both. Venmo offers a debit card that works with U.S. purchases anywhere that accepts Mastercard.
The optional Venmo credit card allows you to earn cashback in various categories of spending, with the rewards being deposited into account Venmo account. Check out
The former NerdWallet author Caren Weiner Campbell wrote this article.
About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She specializes in checking and managing cash accounts.
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