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What is Venmo?
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What is Venmo?
Venmo is a mobile application that allows you to send money to family and friends.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking Accounts, Cash management accounts Chanelle Bessette works as a personal finance writer for NerdWallet covering banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She also acts as a spokesperson for the banking team. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Dec 2, 2022
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Venmo is a smartphone app that allows peer-to-peer (P2P), money transfers and payments. It’s known by its feed of timelines where users and their connections on the app can send payments to one another using Emoji messages. But don’t worry: The amount of money transferred will remain private.
>> See more transfer options:
How does Venmo work?
Purchases and transfers. Venmo lets you send money to and request funds from anyone who has an Venmo account. The app is able to help you with the awkward chore of reimbursing family or friends for dining out or other expenses shared However, it’s not meant for buying or selling goods between people who aren’t. Venmo is also a viable option to make online purchases through specific merchants, like Amazon and on other websites that have a Venmo payment button that is similar to PayPal’s.
Mobile only. Venmo transactions are processed on its highly appreciated Android and iOS smartphones as well as via iMessage or using Siri voice command. Sign in to Venmo’s site on a computer or mobile device to view the transactions but you are not able make or receive money.
U.S. customers only. Venmo is owned by PayPal and requires both the sender as well as the recipient to reside in the U.S.
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How can I pay for my Venmo account?
Pay with a debit card, a credit card or a bank account. To transfer money using Venmo it is necessary to link the app to a U.S. bank account, debit card or prepaid debit card credit card. If you receive money and want to transfer it to Venmo it is necessary to link a bank account.
Connect a checking, not a savings account. Savings accounts typically have the restriction of only six online withdrawals or transfers each monthly (see more ) However, some banks lifted such restrictions after federal regulations changed in 2020.
What are the Venmo’s charges?
Venmo is a credit card company that charges instant transfer and charges. There is a way to reduce charges when you use Venmo. But the service charges two fees for specific options:
3% per transaction for peer-to’peer transactions that are funded with credit cards. Peer-to peer payments that are funded with a debit card, bank account or prepaid debit card are free. And purchases from merchants with the Venmo payment option are completely free, even if you use credit cards.
1.75 percent per transaction with a minimum of 25 cents, for instant transfers. The fee is charged when you cash out the Venmo balance to debit cards. These transfers are typically delivered within minutes. There’s no charge when you make a traditional “cash-out” payment to your bank though delivery takes one to three days for business.
How do I pay for my purchases through Venmo?
The app will show your balance. Similar to PayPal, Venmo stores your cash in an app balance which will be used to fund future payments (if there’s enough funds) or be transferred into your account at a bank. In other cases, the funds sit there, which isn’t optimal. If you don’t use the Direct Deposit feature, in which the funds are held with an affiliated bank the Venmo account balance isn’t insured by the federal government like bank accounts are, and it could be lost in the case of Venmo being shut down. Funds that is in the Venmo account is also not earning interest.
What is the maximum amount you can send with Venmo?
A maximum of $60k per month. To get started on Venmo, you need to download the mobile application to sign up, then create a login and confirm your email address, phone number address, and bank account details. The first transfer limit for the week will be $299.99 until you verify further your identities. When you submit the required information, such as your Social Security number, ZIP code and birthdate, you are “verified” and are allowed to send as much as $60,000 per week through one or more transactions.
The maximum you can transfer through Venmo to the bank account begins at $999.99 per transaction. However, once you’ve been verified, the limit is $19,999 for a week.
Is Venmo secure?
App security features. Some of the security measures include PINand fingerprint-based login options and . If your phone gets stolen or lost and you do not have these security measures in place, you can disallow users to access your account logging on 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 customer access to their funds was delayed without notification, and that Venmo had misled users about how to manage privacy settings for their transactions.
A social feed option. Venmo provides social media-related features, including the ability to feed payments made by those you’re connected with on Venmo. However, you can adjust your privacy settings to ensure that transactions are “private” (visible only to the both the sender and recipients) or accessible for “friends” (sender recipients, senders as well as Venmo contacts). Audience settings for past transactions can be changed retroactively.
Does Venmo offer a debit card 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 alternative Venmo credit card allows customers to earn cashback in different categories of spending, and have the rewards being deposited into account Venmo account. Check out
The former NerdWallet author Caren Weiner Campbell wrote this piece.
About the author: 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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