What is Venmo?

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What Is Venmo?
Venmo is a smartphone app which lets you transfer money to family and friends.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking and Cash Management Accounts Chanelle Bessette is a personal finance writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the banking team, and her expertise has been published on The New York Times, Vox and Apartment Therapy.





Dec 2, 2022







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What exactly is Venmo?
Venmo is a mobile app for peer-to-peer, or P2P, money transfers and payments. It's famous for its timeline feed, where you and your connections in the app can make payments to one another via emoji messages, but don't worry: The amount of money transferred will remain private.
>> Explore more transfer options:
What is the process behind Venmo function?
Purchases and transfers. Venmo lets you transfer funds to and receive money from anyone who has an Venmo account. The app can help with the awkward task of paying family members or friends for dinner out or other shared expenses, but it's not intended to purchase or sell goods among people who aren't. Venmo can also be used to make online purchases through certain merchantslike Amazon and on other websites that have a Venmo payment button that is similar to PayPal's.
Mobile only. Venmo payment transactions can be made through its highly reviewed Android and iOS smartphones and also via iMessage or using Siri voice commands. Sign in to Venmo's site on a computer or mobile device for a view of transaction history, however you cannot use it to make payments or request funds.
U.S. customers only. Venmo, which is controlled by PayPal, requires both the sender and recipient to be located in the U.S.
>> Interested in other services?
How can I pay for my Venmo account?
Pay with a debit card, a credit card, or bank account. To send money on Venmo, you need to connect the app to an U.S. bank account, debit card or prepaid debit card credit card. If you've received cash and want to transfer it from Venmo it is necessary to connect your bank account.
Link a checking, not a savings account. Savings accounts traditionally have a limit of six online withdrawals or transfers per monthly (see more ), although some banks lifted the 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 costs when using Venmo. However, the service will charge two costs for certain options:
3% per transaction for peer-to'peer transactions made with credit card. Peer-to peer payments that are funded with a bank account, debit card or a prepaid debit card are free. And purchases from merchants with Venmo payment options are also free. Venmo payment option are completely free, even if you use credit card.
1.75 percent per transaction, with a minimum of 25 cents, for instant transfers. The charge is incurred when you cash out your Venmo balance to debit cards. The transfers typically are made in a matter of minutes. There's no fee if you use the traditional "cash-out" transfer to a bank account, however delivery can take up to three business days.

How can I get money with Venmo?
The app displays your balance. Similar to PayPal, Venmo stores your funds as an in-app balance, which can fund your future payments (if you have enough money) or be transferred to your bank account. If not, the money is left there, which isn't ideal. Unless you use Venmo's Direct Deposit option, where the funds are held with the partner bank and your Venmo account balance isn't federally insured , as bank accounts are, and you could lose it in the scenario of Venmo closing its doors. Money that is in a Venmo account also doesn't earn interest.
What is the maximum amount you can send with Venmo?
A maximum of 60k per week. For you to begin using Venmo, you need to download the app for mobile make a new login, and verify your email address, phone number address and bank account information. Your initial transfer maximum per week is $299.99 until you have verified further your identities. When you submit details such as your Social Security number, ZIP code and birthdate, you become "verified" and are allowed to send up to $60,000 per week through one or several transactions.
The maximum you can transfer through Venmo to the bank account begins from $999.99 per transaction, but once you've been verified you can transfer $19,999 per week.
Is Venmo secure?
App security features. Some of the security measures comprise PINand fingerprint-based login options , as well as . If your phone is stolen or lost and you do not have these security features in place, you can disallow users to access your account connecting to the Venmo site and changing your permission settings.
The parent of Venmo's company, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customer access to their funds were delayed without notice and Venmo had misled users about how to keep the privacy settings of their transactions.
The social feed function. Venmo offers social media functions, including a feed of payments involving people you're connected to on Venmo. However, you are able to alter your privacy settings to ensure that your transactions will be "private" (visible to both the sender and the recipient) or accessible to "friends" (sender and recipients along with Venmo contacts). Audience settings for past transactions can be altered retroactively.
Does Venmo provide a debit or credit card?
Yes, it does offer both. Venmo offers an debit card that can be used to make U.S. purchases anywhere that accepts Mastercard.
The alternative Venmo credit card allows customers to earn cashback in different spending categories, with these rewards deposited to the Venmo account. Check out
Former NerdWallet writer Caren Weiner Campbell contributed to this piece.


About the author: Chanelle Bessette is a personal finance writer for NerdWallet covering banking. She specializes in checking and cash management accounts.







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