Unlike most international money transfer providers, Venmo can be used to send money between any two people with an account. At a glance, it’s a simple and more casual option. You can quickly send money or request it from any other Venmo user.
Venmo is a peer-to-peer (P2P) money transfer service. It’s a more modern money transfer method that is mobile and interactive.
In addition to its P2P money transfer service, Venmo is an increasingly accepted online payment method. Like PayPal, you can use Venmo for many online purchases by clicking on the Venmo logo where accepted. That could be due in part to Venmo being operated by PayPal.
Unfortunately, you can not use Venmo for international money transfers. The service is only available to US customers.
Venmo can only be used to send or receive US Dollars. Exchange rates are not applicable. But you will be charged a percentage-based fee for every applicable Venmo transaction.
Venmo offers an exceptionally simple fee structure.
You will not pay any fees for transfers using funds deposited into your Venmo account. It’s also free for transfers funded by bank transfers, debit cards, or most prepaid cards. Furthermore, merchant payments are completely free with Venmo, even if funded by a credit card.
IMPORTANT NOTICE: Venmo has announced that the instant transfer fee will rise to 1.5% on August 2nd, 2021.
There are no additional costs for using Venmo.
Venmo is a relatively inexpensive service. If you can avoid using credit cards to fund Venmo transfers, you will never spend more than 1% of transaction balances for Venmo’s services.
One great way to send money with Venmo is to simply deposit money into your Venmo account. Venmo can store your money in an in-app wallet, which you can then use to transfer money and make purchases or withdrawals. The only drawback is that you will have to wait a few days if you want to withdraw your funds without the 1% fee. If you don’t mind waiting, Venmo is free.
When it comes to the 3% credit card payment fee, Venmo is average. Most similar merchant services charge around 3% for credit card transactions.
No. Venmo is a domestic P2P wallet and transfer service available to US customers with US bank accounts or any Visa or MasterCard cards.
Yes. You can download Venmo on Google Play or the App Store.
Yes. There are several separate limits.
Transfers between Venmo users’ accounts are almost instantaneous. Instant transfers take about 30 minutes to reach the recipient’s bank account. Normal bank transfers made through Venmo will take 1 to 3 business days to be completed.
Venmo offers a Venmo MasterCard Debit Card. Unfortunately, it cannot be used when travelling abroad. You can use it anywhere in the US or US overseas territories where MasterCard is accepted.
To open an account, you need to download one of Venmo’s mobile apps. You need a mobile Apple or Android device, as Venmo doesn’t have a Windows app.
Once you open the Venmo app, you will be prompted to either sign in or create a new account.
When you choose to create a new account, you will be prompted to provide all the necessary information. You will need to provide a phone number and email address. Lastly, you will need to attach and verify your bank account.
Once your account is created and verified and your bank account is attached, you can start transferring money.
After you’ve gone through all the above steps, you can start using Venmo for online merchant payments as well.
Phone: (855) 812-4430 (Monday–Friday, 10:00am–6:00pm EST)
No, Venmo is only compatible with US bank accounts.
Venmo is an increasingly popular payment method for a reason. With PayPal’s expertise, Venmo has become a secure and fast method for domestic money transfers. The app is easy to use and is most appropriate for sending money between family members. Just keep in mind that the fee for credit card payments is quite high.
If you’re looking for a US domestic money transfer provider that is fast while not being too expensive, Venmo is definitely worth a look.