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Digital wallets have not only changed the way we pay for things on the Internet, but also how we send money to our friends and family. Specialized companies such as PayPal, Square Cash, Venmo or tech giants such as Google (with Google Wallet), Apple (with Apple Pay) and Facebook (through Messenger), have revolutionized peer-to-peer payments, from the way we pay back a friend for a loan to how. Venmo doesn't charge for basic services like: Sending money from a linked bank account, debit card or your Venmo balance. Receiving/withdrawing money into your Venmo account or using our standard transfer to your bank account. Venmo also has NO monthly or annual fees. There are some fees for premium features and other services.
The fun and easy way to send, spend, and receive money
Make payments using your debit card, credit card, bank account, and more
Track all your payments in one place, and split or share with Venmo friends
Apply for a Venmo Debit Card and take Venmo shopping everywhere Mastercard® is accepted in the U.S.
A quick look at our fees
Venmo doesn't charge for basic services like:
Sending money from a linked bank account, debit card or your Venmo balance.
Receiving/withdrawing money into your Venmo account or using our standard transfer to your bank account.
Venmo also has NO monthly or annual fees. There are some fees for premium features and other services. These are detailed below.
- Monthly fee
- Per purchase$0
- ATM withdrawal$2.50 out-of-network
- Cash reload
| ATM balance inquiry (in-network or out-of-network) | $0 |
|---|---|
| Customer service (automated or live agent) | $0 |
| Inactivity | $0 |
| Electronic withdrawal (standard or Instant) | $0 or 1%* (min. $0.25) |
|---|---|
| Sending money to people (balance/debit/bank or credit) | $0 or 3% |
* This fee can be lower depending on how this account is used.
You may be offered overdraft/credit after 30 days. Fees would apply.
Your funds are eligible for FDIC insurance if you added money to your Venmo balance using Direct Deposit or the cash a check feature.
For general information about prepaid accounts, visitcfpb.gov/prepaid.
Find details and conditions for all fees and services in the Venmo Account Long Form, which can be accessed atvenmo.com/about/fees.
A deeper look at all Venmo account fees
| Opening and holding an account | ||
|---|---|---|
| Account setup | $0.00 | No fee to setup an account. |
| Monthly fee | $0.00 | No monthly fees. |
| Spending or sending money | ||
|---|---|---|
| Online purchases | $0.00 | No fee for online purchases. |
| Sending money to people (using your credit card) | 3% | There's a fee for sending money to people using your credit card. |
| Sending money to people (using your balance/debit card/bank) | $0.00 | No fee to send money to people using your Venmo balance, debit card, or bank account. |
| Adding money to your account | ||
|---|---|---|
| Transfer from bank account | $0.00 | No fee when you link your bank and use it to add money to your Venmo account. |
| Receive money from Venmo users | $0.00 | No fee for you when Venmo users send you payments with Venmo. |
| Receive merchant refund | $0.00 | No fee for you when a merchant sends you a refund. |
| Receive money using Direct Deposit | $0.00 | No fee when money is added using Direct Deposit. |
| Adding money using cash a check feature (faster check deposits, payroll and government checks) | 1.00% (minimum $5 fee) | There's a 1.00% fee (with a minimum fee of $5.00) when you choose to deposit payroll or government checks (with pre-printed signature) in minutes using the Venmo app. No fee if your check can't be added. |
| Adding money using cash a check feature (faster check deposits, all other accepted check types) | 5.00% (minimum $5 fee) | There's a 5.00% fee (with a minimum fee of $5.00) when you choose to deposit non-payroll and non-government checks (with pre-printed signature) in minutes using the Venmo app. No fee if your check can't be added. |
| Transferring money from your account | ||
|---|---|---|
| Electronic withdrawal (standard) | $0.00 | No fee to transfer money from your Venmo account to your bank account with the standard option. The money is typically available in 1-3 business days. |
| Electronic withdrawal (Instant Transfer) | 1% (minimum $0.25 fee, maximum $10 fee) | There’s a fee to transfer money from your Venmo account to your eligible linked debit card or bank account with the Instant Transfer option. The money is typically available in minutes. |
| More information | ||
|---|---|---|
| Customer service (automated) | $0.00 | No fee to call our automated Customer Service line. |
| Customer service (live agent) | $0.00 | No fee to call a Customer Service agent. |
| Real-time alerts | $0.00 | No fee to receive real-time alerts on your phone. Standard text message & data rates may apply. |
| Account statements | $0.00 | No fees for CSV copies of your account statements. |
| Transaction declines due to insufficient funds | $0.00 | No fees for declines due to insufficient funds. |
| Using the Venmo Mastercard® (optional) | ||
|---|---|---|
| Venmo Debit Card acquisition | $0.00 | No fee to get a Venmo Debit Card. |
| ATM withdrawal (in-network) | $0.00 | No fees for ATM withdrawals in the MoneyPass network. Find no-fee ATMs near you at www.moneypass.com. |
| ATM withdrawal (out-of-network) | $2.50 | There's a fee for non-MoneyPass ATM withdrawals. You may be charged an additional amount by the ATM owner even if you don't complete a transaction. |
| ATM balance inquiry | $0.00 | No fee to check your balance at an ATM. You may be charged a fee by the ATM owner. |
| Over-the-counter cash withdrawal (bank and other financial institution) | $3.00 | $3.00 per signature withdrawal if a signature is required to obtain cash. You can withdraw cash at the counter inside participating bank branches or other financial institutions. The fee is charged per signature withdrawal if a signature is required to obtain cash. |
| Automatic reloads (using your bank account) | $0.00 | No fee for reloading your Venmo balance when your Venmo balance is insufficient to cover a purchase made with your Venmo Debit Card. |
| Card replacement | $0.00 | No fee to replace your lost or stolen Venmo Debit Card. |
Your funds are eligible for FDIC insurance if you added money to your Venmo balance using Direct Deposit or the cash a check feature.
You may be offered overdraft/credit after 30 days. Fees would apply.
Contact Venmo by calling 1-855-812-4430, by mail to Venmo, 117 Barrow Street, New York, NY 10014, or visitvenmo.com/contact-us.
For general information about prepaid accounts, visitcfpb.gov/prepaid. If you have a complaint about a prepaid account, call the Consumer Financial Protection Bureau at 1-855-411-2372 or visitcfpb.gov/complaint.
Venmo Visa® and Venmo Visa® Signature Credit Card RATES AND FEES TABLE
| INTEREST RATES AND INTEREST CHARGES | |
|---|---|
| Annual Percentage Rate (APR) for Purchases | The APR for purchases is the prime rate plus (i) 11.99% for Account Type 1, or (ii) 17.99% for Account Type 2, or (iii) 20.99% for Account Type 3. This APR will vary with the market based on the Prime Rate, as defined in the Venmo Visa Credit Card Account Agreement. |
| APR for Cash Advances | The APR for cash advances is the prime rate plus 20.99%. This APR will vary with the market based on the Prime Rate. |
| Paying Interest | Your due date is at least 23 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances on the transaction date. |
| Minimum Interest Charge | If you are charged interest, the charge will be no less than $2.00. |
| FEES | |
|---|---|
| Annual Fee | None |
| Transaction Fees | |
| Cash Advances | Either $10.00 or 5% of the amount of each cash advance, whichever is greater. |
| Foreign Transaction | None |
| Penalty Fees | |
| Late Payment | Up to $40.00 |
| Returned Payment | Up to $29.00 |
| How We Will Calculate Your Balance | We use a method called “daily balance.” See the Venmo Credit Card Agreement for more details. |
The Venmo Credit Card is issued by Synchrony Bank pursuant to a license from Visa USA, Inc. The information about the costs of the card described above is accurate as of August 1, 2020. This information may have changed after that date. To find out what may have changed, write to Synchrony Bank at P.O. Box 965013, Orlando, FL 32896-5013. The application and the credit card agreement will be governed by federal law, and to the extent state law applies, the laws of Utah. Subject to approval. Terms and conditions apply.
Venmo accounts are issued by PayPal, Inc.
Venmo is a subsidiary of PayPal and does much the same task: It's a finance app for exchanging cash between friends or for online shopping. Venmo can be downloaded for free and linked to your bank account or debit card for easy money transfer and management. The app shines when you're synced with friends and family, as it elegantly circumvents the age-old clumsiness of IOUs or split bills at a restaurant. While Venmo is handy and intuitive, a small mistake can lose you money. Customer support for the app is spotty at best, and that can be a real problem when beset by inevitable user errors.
A mobile wallet that remembers your contacts
It's easy to manage money with Venmo, but it's even easier to misplace it.If you're familiar with PayPal, Venmo's layout and purpose will be intuitive. You can use it to shop online anywhere Mastercard is accepted or in mobile apps without the hassle of reaching for your credit card. Since Venmo is not a credit card you won't even have to pay an annual fee, which is a nice added perk. You can use it to buy from your favorite online stores, checking out without needing to open your wallet or hunt through your purse. Millions of retailers on mobile allow for Venmo, making it an easy one-stop shop for all your cashless transactions.
Transactions you make over Venmo are all recorded in the app, which lets you keep close tabs on your finances and purchase history. Similarly, it takes note of unpaid transactions, such as people who owe you money, or vice versa. When everything's squared away you can then transfer money from Venmo directly into your bank account. Unless, that is, something goes wrong. Venmo does monitor account activity in the event that you need to identify an unauthorized transaction, and uses encryption to help protect your account information. Even so, safeguards feel flimsy and Venmo's connection to your account may well cause you issues:
Transferring funds from your Venmo app may freeze your bank account, and then you'll have to rely on the app's poor customer service. It's easy to manage money with Venmo, but it's even easier to misplace it. Venmo offers limited phone support, and should a problem arise with a transfer, you could be waiting 3-5 days for a response. All the while your money is sitting in a frozen account, inaccessible.
The silver lining on this glaring flaw is that, while you may run into problems accessing money in your account, the app's security is formidable and your funds are secure from third parties and hackers. Venmo uses security measures to protect your account information, and you always have the option to pull the plug via the app's security settings, toggling an option to prevent your phone from accessing your account. The app also recommends adding additional layers of security to your Venmo account, such as multifactor authentication or PIN codes.
Where can you run this program?
Venmo can be installed for free on iOS or Android devices. Alternatively, you can access your account online.
Is there a better alternative?
PayPal owns Venmo, so both products work very similarly: The money you transfer to someone is taken from your available balance or bank account, or your linked debit or credit card. The difference between the two apps is that PayPal is more ubiquitous, available internationally and on nearly every paysite with a couple of quick clicks. Venmo, on the other hand, is the better choice if you want to make a small one-time payment to another person. If you're trying to pay rent, purchase movie tickets, or split the bill for a quick pizza order, Venmo is painless, intuitive, and direct. The app also makes transfers faster than PayPal, and dodges the small sales fee.
If you're looking for an overall solid mobile wallet, however, PayPal is still your better alternative. It lets you file disputes when selling or buying products from independent sellers, and offers superior fraud protection. If you don't like PayPal but still harbor concerns about using Venmo, you can benefit from trying an app like Zelle, Circle Pay, or Square Cash App, all of which work in a similar fashion. You can even use the Facebook Messenger app. The UI for these apps is not as catered towards simple direct transactions, however, and is lacking in the more social aspect of splitting funds.
It's in this regard that Venmo stands out from the crowd: When you send or receive payments from other people, you can include a note saying what the payment is for. The note can be something simple like 'group lunch yesterday' or 'February rent,' or you can leave a longer message if you owe money for separate purchases. You can also use Venmo to like and comment on a friend's purchases, putting a particular brand front and center. It's a neat little feature for when you're trying to agree on something like a specific event, hotel room, restaurant, or birthday present.
Our take
Venmo is an excellent choice for small friend-to-friend transactions.
If you draw the line there, then it's a fine app. Initiate only transactions with people you trust, and you'll reduce the risk of being scammed. Once you make a connection to a seller you're committed, build a network of sources you trust. Be wary of buying products from unauthorized merchants. This extends to purchasing items such as concert tickets or clothing.
Should you download it?
Does Venmo For Ios Work For Macos Windows 10
Yes. While not the best catch-all mobile wallet, Venmo has a place in online transactions. The app is free, so you have nothing to lose in downloading it. It's intuitive to pick up, and will make your next collaborative purchase stress-free. Just triple-check that you trust the source!
Does Venmo For Ios Work For Macos Windows 10
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