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Venmo International Money Transfers Review

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.

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About Venmo

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 Exchange rates and fees

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.

Transfer fees

Venmo offers an exceptionally simple fee structure.

  • Transfers funded by credit cards: 3% flat fee.
  • Instant Venmo transfers: 1% flat fee, minimum $0.25

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.

Additional costs

There are no additional costs for using Venmo.


How do Venmo transfer fees compare to using a money transfer provider?

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.


Venmo pros and cons

Pros
Free money transfers are always better than money transfers that you need to pay for.
Instant transfers will have your funds delivered to an eligible US bank account or any Visa or MasterCard debit card within 30 minutes.
Easy online purchases are a great addition for users who use Venmo regularly.
Cons
A lack of federal banking insurance means that if Venmo were to go bankrupt, you would lose all the money in your account. Venmo isn’t insured like a bank account is. So, leaving too much money in your Venmo account would not be ideal.
In some cases, there are simpler options for money transfers in the US. However, Venmo is the largest US P2P transfer service.
You cannot pay people from the Venmo website. You must use one of the mobile apps.


Answers to key questions about Venmo

Can I open a Venmo account in any country?

No. Venmo is a domestic P2P wallet and transfer service available to US customers with US bank accounts or any Visa or MasterCard cards.

Does Venmo have an app?

Yes. You can download Venmo on Google Play or the App Store.

Are there transfer limits?

Yes. There are several separate limits.

  • $1,500 per week can be transferred from your bank to your Venmo account.
  • $999.99 weekly withdrawal limit for transfers from Venmo to your bank if your identity has not been confirmed.
  • $19,999.99 weekly withdrawal limit for transfers from Venmo to your bank if your identity has been confirmed.
  • $2,999.99 one-time withdrawal limit.
  • $0.26 minimum transfer.

How long do transfers take with Venmo?

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.

What customer support options are available?

  • Email
  • Mobile app chat (fastest option)
  • Phone

Can I use a Venmo debit card when travelling abroad?

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.


How to open an account and transfer money with Venmo

Opening an account

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.


Transferring money

Once your account is created and verified and your bank account is attached, you can start transferring money.

  1. Tap the “Payment” icon in the top right corner of the screen
  2. Provide the recipient’s Venmo username
  3. Create a customized memo if you want to say something to the recipient (you can send emojis and memes as well) 
  4. Select how much you want to send and how you want to fund the transfer
  5. Review the transaction and applicable fees, if any
  6. Confirm the transaction and wait for the recipient to receive the funds


Additional Information

After you’ve gone through all the above steps, you can start using Venmo for online merchant payments as well.


Customer service details for users of Venmo

Phone: (855) 812-4430 (Monday–Friday, 10:00am–6:00pm EST)

Email: You must fill out a support ticket. Venmo customer service reps will then contact you by email. You can fill out a support ticket here.


Can I use Venmo for international bank transfers?

No, Venmo is only compatible with US bank accounts.


Summary

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.

Mark
Written by
Mark

Mark is a journalist with more than 20 years experience in news, features, entertainment, lifestyle and sport. Away from work, he’s a devoted husband and father.

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