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What Is Venmo?
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What is Venmo?
Venmo is a smartphone app that lets you send money to family and friends.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking accounts, cash Management Accounts Chanelle Bessette is a personal finance writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also acts as an ambassador for the banking team, and her expertise has been featured on The New York Times, Vox and Apartment Therapy.
Updated Dec 2, 2022
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What is Venmo?
Venmo is a mobile app for peer-to-peer, or P2P payment and transfers. It is famous by its feed of timelines, where both you and your friends in the app can make payments to each other using emoji messages, but don't worry: The dollars of the transfers remain private.
>> Explore other transfer options:
How does Venmo work?
Transfers and purchases. Venmo lets you send money to and request funds from anyone who has an Venmo account. It can assist with the awkward chore of reimbursing family or friends for meals out or other shared expenses, but it's not intended for buying or selling items to people who aren't. Venmo is also a viable option to make online purchases through certain merchants, such as Amazon and on other websites with a Venmo payment button that is similar to PayPal's.
Mobile only. Venmo payment transactions can be made through its highly reviewed Android and iOS smartphone apps as well as via iMessage or using Siri voice commands. You can sign in at Venmo's website on a desktop or mobile device to view the transactions but you are not able to pay or request money.
U.S. customers only. Venmo, which is part of PayPal and has both the sender and recipient to be in the U.S.
>> Interested by other options?
How can I fund my Venmo account?
Pay using the debit card, credit card or bank account. For money transfers on Venmo you must link the app to a U.S. bank account, debit card or prepaid debit card credit card. If you've received cash and want to transfer it to Venmo it is necessary to link a bank account.
Connect a checking, not a savings account. Savings accounts traditionally have a limit of six online transfers or withdrawals per monthly (see more ) however, some banks have relaxed these limits when federal regulations were changed in 2020.
What are the fees charged by Venmo?
Venmo is a credit card company that charges instant transfer and fees. It's possible to avoid fees when using Venmo. But the service charges two costs for specific choices:
3percent per transaction for peer-to-peer transactions that are funded with credit cards. Peer-to-peer payments funded by bank account, debit card or prepaid debit cards are free. Purchases from merchants using the Venmo payment option 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 cash out your Venmo balance to your debit card. Transfers are usually made within minutes. There's no cost for using the normal "cash-out" transfer to an bank account, though delivery is usually between one and three business days.
How do I receive money using Venmo?
The app displays your balance. Like PayPal, Venmo stores your funds as an in-app balance, that can be used to pay for future payments (if you have enough money) or be cashed out directly to the bank account. In other cases, the funds sit there, and that's not optimal. Unless you use Venmo's Direct Deposit option, which means that your money is held by a partner bank, your Venmo app balance isn't insured federally just like bank accounts, so you could lose it in the case of Venmo being shut down. Funds stored in a Venmo account doesn't also earn interest.
How much can you send using Venmo?
A maximum of 60k per week. For you to begin using Venmo, you need to download the mobile application make a new login, and confirm your phone number, email address, and bank account information. The initial maximum transfer each week can be $299.99 until you verify more of your identity. Once you have submitted details such as your Social Security number, ZIP code, and birth date, you become "verified" and can send an amount of up to $60,000 per month in multiple transactions.
The maximum you can transfer from Venmo to an bank account starts at $999.99 per transaction, but once you've been verified, the limit is $19,999 per week.
Is Venmo secure?
App security features. Some of the security measures comprise PINand fingerprint-based logins and . If your phone is lost or stolen and you do not have these security measures in place you can block access to your account by connecting to Venmo's website and changing your settings for permissions.
the parent firm of Venmo, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customer access to their funds was delayed without notification and Venmo had misled users about how to keep the privacy settings of their transactions.
A social feed option. Venmo offers social media features, including the ability to feed payments made by those you're connected with on Venmo. However, you are able to alter the privacy settings so that transactions are "private" (visible to the sender and recipients) or accessible only to "friends" (sender recipients, senders as well as Venmo connections). The settings for audience settings for transactions from the past can be altered retroactively.
Does Venmo offer a debit or credit card?
Yes, it does offer both. Venmo provides a debit card that works to make U.S. purchases anywhere that accepts Mastercard.
The additional Venmo credit card allows you to earn cashback in various categories of spending, with those rewards deposited into your Venmo account. Look up
A former NerdWallet journalist Caren Weiner Campbell was a contributor to this piece.
About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She specializes in checking and cash management accounts.
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