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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 Banking, checking Accounts, Cash Manager Accounts Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also acts as a spokesperson for the bank team. Her expertise has been published throughout The New York Times, Vox and Apartment Therapy.
Dec 2, 2022
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What exactly is Venmo?
Venmo is a smartphone app for peer-to-peer, or P2P payment and transfers. It’s known because of its time-line feed where users and their connections on the app can make payments to one another via emoji messages, but do not worry about it: the dollar amounts of transfers always remain private.
>> Explore more transfer options:
How does Venmo function?
Purchases and transfers. Venmo lets you send money to and request money from anyone with an Venmo account. It can assist in the awkward process of paying family members or friends for meals out or other shared expenses however it’s not designed to buy or sell items among strangers. Venmo is also a viable option to purchase online from specific merchants, like Amazon and on other websites with a Venmo payment button that is similar to PayPal’s.
Mobile only. Venmo payments are made on its highly rated Android and iOS smartphone apps and also via iMessage or using Siri voice command. You can sign in at Venmo’s website on a desktop or mobile device for a view of transaction history, however you cannot use it to make or receive money.
U.S. customers only. Venmo is controlled by PayPal and requires both the sender and recipient to reside in the U.S.
>> Interested in other services?
How do I fund my Venmo account?
Pay using a debit card, a credit card or a bank account. For money transfers on Venmo, you need to connect the app to an U.S. bank account, debit card or prepaid debit card credit card. If you have received money and want to transfer it from Venmo it is necessary to connect your bank account.
Link a checkingaccount, not a savings, account. Savings accounts have traditionally had the restriction of only six online transfers or withdrawals each monthly (see more ) however, some banks lifted such restrictions after federal regulations changed in the year 2020.
What are the Venmo’s charges?
Venmo charges credit card and instant transfer fees. There is a way to reduce fees when using Venmo. But the service charges two fees for specific options:
3.3% per transaction for peer-to-peer payments made with credit card. Peer-to peer payments that are funded with a the bank account, debit card or prepaid debit cards are free. Purchases from merchants using the Venmo payment option also are free, even with credit card.
1.75 percent per transaction with a minimum of 25 cents for transfers that are instant. The charge is incurred when you transfer a Venmo balance to a debit card. Transfers are usually made within minutes. There’s no charge for using the standard “cash-out” transfer to a bank account, although delivery may take one to three days for business.
How do I receive money using Venmo?
The app will show your balance. Like PayPal, Venmo stores your cash as an in-app balance which will be used to fund future payments (if there’s enough money) or be transferred directly to your banking account. If not, the money is left there, which isn’t optimal. If you do not use Venmo’s Direct Deposit feature, where the funds are held with a partner bank and your Venmo app balance is not federally insured like 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 doesn’t also earn interest.
How much money can you send with Venmo?
A maximum of $60,000 per week. For you to begin using Venmo the first step is to download the mobile application to sign up, then create a login and verify your phone number, email address, and bank account details. The first transfer limit per week is $299.99 until you verify additional details about your personal identity. When you submit your Social Security number, ZIP code and birthdate, you are “verified” and are able to transfer up to $60,000 per week through one or several transactions.
The maximum you can transfer via Venmo to the bank account begins with $999.99 per transaction. However, once you’re verified the limit increases to $19,999 per week.
Is Venmo secure?
Security features for apps. Certain security measures comprise PIN- and fingerprint-based login options , as well as . If your phone gets lost or stolen and you don’t have these safeguards set up, you can disallow access to your account by 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 had misled users about how to maintain the privacy settings of their transactions.
A social feed option. Venmo provides social media-related features which include the ability to feed payments made by people you’re connected to on Venmo. You can however alter the privacy settings so that transactions are “private” (visible for both the sender and the recipient) or accessible for “friends” (sender, recipients along with Venmo connection). The settings for audience settings for transactions from the past are able to be modified retroactively.
Does Venmo provide a debit or credit card?
Yes, it does offer both. Venmo provides an debit card that can be used with U.S. purchases anywhere that accepts Mastercard.
The optional Venmo credit card lets users to earn cash back on various categories of spending, with those rewards deposited into account Venmo account. Check out
The former NerdWallet author Caren Weiner Campbell was a contributor to this article.
About the writer: Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She is a specialist in cash management and checking accounts.
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