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What is Venmo?
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What is Venmo?
Venmo is a mobile app which lets you transfer money to your family and friends.
By Chanelle Bessette Banking, checking Accounts, cash Manager Accounts Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She has previously worked for Fortune, Forbes and the Reno Gazette-Journal. She also serves as an official spokesperson for the bank 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 smartphone app for peer-to-peer, or P2P, money transfers and payments. It's known because of its time-line feed in which you and your connections in the app can send payments to each other using emoji messages, but don't worry: The dollars of the transfers remain private.
>> Check out other transfer options:
What is the process behind Venmo function?
Purchases and transfers. Venmo allows you to transfer money to and request funds from anyone who has a Venmo account. The app can help with the awkward task of reimbursing friends or family for dining out or other shared expenses however it's not designed to purchase or sell products to people who aren't. Venmo is also a viable option for web purchases with certain merchants, such as Amazon or on sites that have one with a Venmo payment button similar to PayPal's.
Mobile only. Venmo payments are made on its highly reviewed Android and iOS smartphone apps as well as via iMessage or via Siri voice commands. Sign in to Venmo's website from a desktop or mobile device to view transaction history, however you cannot use it to make payments or request funds.
U.S. customers only. Venmo, which is owned by PayPal, requires both the sender as well as the recipient to reside in the U.S.
Are you interested to learn more about other offerings?
How do I pay for my Venmo account?
Pay using a debit card, a credit card, or a bank account. To transfer money using Venmo, you need to link the app to a U.S. bank account, debit card or prepaid debit card, or credit card. If you have received money and wish to transfer it into Venmo, you'll need to connect a bank account.
Link a checkingaccount, not a savings account. Savings accounts traditionally have the restriction of only six online withdrawals or transfers each calendar month (see more ), although some banks lifted such restrictions after federal regulations changed in 2020.
What are the fees charged by Venmo?
Venmo charges credit card and instant transfer charges. There is a way to reduce charges when you use Venmo. But the service charges two costs for specific choices:
3.3% per transaction for payments made through peer-to peer made with credit card. Peer-to peer payments that are funded through a bank account, debit card or a prepaid debit card are completely free. Also, purchases made from merchants that have Venmo payment options are also free. Venmo payment option are free, even when using credit card.
1.75 percent per transaction, with a minimum of 25 cents, for transfers that are instant. The fee is charged when you transfer a Venmo balance to a debit card. Transfers are usually made in a matter of minutes. There's no charge when you make a normal "cash-out" payment to the bank account, though delivery can take anywhere from one to three days for business.
How can I get money with Venmo?
The app displays your balance. Similar to PayPal, Venmo stores your cash in an app balance which can fund your future payments (if you have enough money) or be cashed out directly to the bank account. If not, the money is left there, and that's not ideal. Unless you use Venmo's Direct Deposit feature, in which the funds are held with a partner bank the Venmo account balance isn't federally insured as bank accounts are, so you could lose it in the event of Venmo going out of business. The money that is in a Venmo account is also not earning 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 app, create a login and verify your phone number, email address, and bank account information. The first transfer limit for the week will be $299.99 until you have verified your identity. If you provide details such as your Social Security number, ZIP code, birthdate and ZIP code you are "verified" and are able to transfer as much as $60,000 per week through multiple transactions.
The maximum amount you can transfer through Venmo to a bank account starts at $999.99 per transaction, but once you're verified, the limit is $19,999 per week.
Is Venmo secure?
App security features. Certain security measures comprise PINand fingerprint-based logins and . If your device is lost or stolen, and you don't have these security measures in place you can disable users to access your account logging on to the Venmo website and altering your settings for permissions.
The parent of Venmo's company, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customers' access to funds was delayed without notice and Venmo had misled customers about how to keep the privacy settings for their transactions.
A social feed option. Venmo provides social media-related features which include an account of transactions that involve people you're connected to on Venmo. You can however alter your privacy settings so your transactions will be "private" (visible only to the both the sender and recipient) or are visible only to "friends" (sender and recipients and Venmo contacts). Audience settings for past transactions are able to be modified retroactively.
Does Venmo offer a debit card or credit card?
Yes, it has both. Venmo offers a debit card that works with U.S. purchases anywhere that accepts Mastercard.
The additional Venmo credit card allows users to earn cashback in different categories of spending, and have these rewards deposited to the Venmo account. See
Former NerdWallet writer Caren Weiner Campbell contributed to this article.
About the author: Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She specializes in checking and managing cash accounts.
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