Venmo Review

Millions of people use the Venmo app to transfer money, split bills and more. But is Venmo really worth the hype?

  • Good for sending fee-free money transfers within the US.
  • Look elsewhere if you want to send an international money transfer.

1%

Instant withdrawal fee

No fees

Fees to send

$4,999.99

Maximum transfer amount (verified)

Details

Product NameVenmo
Fees to sendNo fees
Instant withdrawal fee1%
Free withdrawal speedUp to 3 business days
Payment methodBank account, Credit card, Debit card
Ways to receiveBank account, Debit card, Mobile wallet, ATM
Maximum transfer amount (unverified)$299.99
Maximum transfer amount (verified)$4,999.99
Supported devicesiOS app, Android app
Customer supportEmail, Live chat
Supports international transfers?No

What is Venmo?

Venmo is a money transfer and payment app that lets you split bills, make payments, receive direct deposits and transfer money. Users can buy, sell and hold cryptocurrency and make in-store payments with the Venmo Debit Card or Venmo Credit Card. The company also offers business payment solutions.

Users can customize transfers with Bitmojis, animated stickers, custom emojis and messages. Users’ payments and friends lists used to be shown in a public global social feed by default, but this feature was dropped in July 2021 in response to criticism over privacy.

Venmo has been owned by PayPal since 2013, when PayPal bought Venmo’s parent company, BrainTree, for $800 million. The year before, BrainTree had purchased the Venmo app for $26.2 million.

Venmo was founded in 2009 and is headquartered in New York City. It’s currently only available to US residents. You can use it to send money across the US, but you can’t use it to send international money transfers.

How do I request and send money through the Venmo app?

It’s easy to request and send money through Venmo. Here’s how it works:

  1. Login to your Venmo account.
  2. Select the button that says Pay or Request at the bottom of the screen.
  3. Select the recipient. There are 4 ways to do this: (1) Login with Facebook to access your Facebook contacts, (2) give the app permission to access your phone contacts, (3) scan your recipient’s unique Venmo QR code on their phone or (4) look up people’s names or usernames using the app’s search function, which can be located by tapping the hamburger icon at the top of the screen.
  4. Add a custom message (optional).
  5. Adjust the visibility settings of your transaction using the Privacy button, which appears above the Request/Pay buttons towards the bottom of the screen. You can allow the transaction to be visible to everyone, your friends or just yourself and the recipient (default).
  6. Select either Request or Pay.
  7. View your Venmo account balance. Funds will be taken from this first. If the balance is insufficient, the full amount will be taken from the bank account or card linked to your account. You cannot use multiple payment methods to fund a single payment.
  8. Press Send to submit the transaction.

How do I add funds to my Venmo account?

To transfer funds directly into your Venmo account, you have to have a Venmo Debit Card. Transfers take 3-5 business days; there is no option to transfer funds instantly.

If you don’t have a Venmo Debit Card, your account balance is any funds you’re received through Venmo transfers from friends, assuming those funds haven’t been moved out of your account to a linked bank account or card.

Venmo limits

There is no Venmo limit per day. But there are weekly limits to the amount of money you can transfer and withdraw from your account.

By default, the Venmo transfer limit for person-to-person transfers is $299.99 per week. When you verify your identity, the Venmo limit raises to $4,999.99 per week for person-to-person transfers and $6,999.99 for all types of Venmo transactions (both purchases and person-to-person transfers).

You can verify your identity in the app, but you must have a Social Security number (SSN) or Individual Tax Payer Identification Number (ITIN). Usually, the process only takes a few minutes.

Withdrawals from Venmo to a bank account are limited to $999.99. If you’ve verified your identity, the Venmo weekly limit raises to $19,999 ($2,999.99 per transfer).

What happens when someone sends me money through Venmo

Funds sent to your account via Venmo will appear in your account balance. Payments that appear in green show money that has entered your Venmo account, while payments in red show money that has left your Venmo account.

You can withdraw funds from Venmo to a bank account, credit card, debit card or prepaid card. Prepaid cards must be branded by a network like American Express, Discover, MasterCard or Visa. You cannot link a PayPal account to Venmo.

Follow these steps to withdraw funds from your Venmo account:

  1. Login to Venmo.
  2. Select the menu (hamburger icon) on the top, right of the screen. You’ll be able to view your account balance.
  3. Select the type of transfer you want. Instant transfers take up to 30 minutes but cost a fee. Standard transfers are free but take 1-3 business days to arrive.
  4. Tap the green transfer button at the bottom of the screen. If successful, a green checkmark will appear.
  5. Verify that funds have left your Venmo account by tapping the menu (hamburger icon) once again and viewing your account balance.

Venmo fees

The following fees apply to personal (non-business) Venmo money transfers:

Fee typeFee amount (USD)
Money transfer funded by Venmo balance, bank account or debit cardFree
Money transfer funded by credit card3% of transfer amount
Standard electronic withdrawal (1-3 business days)Free
Instant electronic withdrawal (up to 30 minutes)1.5% (minimum $0.25, maximum $15.00)
Transaction declined (insufficient funds)$0.00

Venmo pros and cons

Pros

  • User-friendly app
  • Free domestic money transfers
  • Group features make it easy to split bills among friends
  • Funds can be drawn from Venmo account balances, bank accounts, debit cards, credit cards and prepaid cards
  • Free standard withdrawals

Cons

  • No international money transfers
  • Percentage fee for faster withdrawals
  • Cannot use multiple payment methods for a single transfer
  • Can only add funds directly to an account with a Venmo Debit Card

Compare Venmo to other money transfer services

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

View details
Use code HAPPY22 to get USD 22 off your first transfer. Valid for transfers over USD 250 and till 31 January 2022. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
Use code Take10USD to get $10 off when you spend $20. Valid till 31 January 2022. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
loading

Compare up to 4 providers

Name Product Fees Fastest available transfer speed Maximum transfer amount (verified)
Zelle
To send:

No fees


To receive:

No fees

Instant
Varies
Supported banks enjoy direct bank-to-bank transfers with the tap of a button.
Cash App
To send:

No fees


To receive:

1.5% for instant withdrawal

Instant
$2,500
Split the bill, pay your friends, buy and sell cryptocurrency and even spend money through a connected debit card.
Google Pay
To send:

No fees


To receive:

No fees

Instant
$10,000
Google’s take on money transfers — use this free service to quickly send and receive funds in a variety of ways.
PayPal
To send:

By bank account: No fee
By credit/debit card: 2.9% + fixed fee


To receive:

1% for instant withdrawal

Instant
$10,000
Friends and Family is a free way to send and request money in the US, with fee-based options for international transfers.
Venmo
To send:

No fees


To receive:

1% for instant withdrawal

Instant
$4,999.99
Pay and request money to both friends and businesses through this peer-to-peer, socially driven payment app.
Walmart
Walmart
To send:

Starting from $4


To receive:

No fees

Instant
$2,500
Send and receive money at any Walmart in the US and Puerto Rico. Transactions can also be sent from the Walmart app.
Apple Pay
To send:

No fees


To receive:

1% for instant withdrawal

Instant
$10,000
Pay and get paid directly through iMessage, but you’ll need an iOS device to use this payment service.
Facebook Messenger
To send:

No fees


To receive:

No fees

Instant
$9,999
Connect a debit card or PayPal account to send money directly to friends through Facebook’s messaging service.
loading

Compare up to 4 providers

Is Venmo safe?

Venmo has a number of industry-standard security measures in place to protect your personal data and financial information. These include:

  • Data encryption. Venmo uses encryption to block unauthorized access to your account info and prevent fraud.
  • Multifactor authentication. When logging in, Venmo may ask users to submit a one-time code to access their accounts. This code is sent to the phone number associated with the account.
  • Optional PIN and touch ID. Users can make it harder for unauthorized users to access their accounts by adding a personal identification number (PIN) and/or touch ID to the login process.
  • Ability to block phone access to your account. If you lose your phone, you can login to Venmo on any web browser and block your phone from accessing your Venmo account. Finding a lost phone is hard enough—you don’t need to worry about thieves accessing your money too.
  • Reporting system for fraud. Venmo has dedicated resources to handling user reports of phishing and fraudulent activity (real or suspected). Users can email Venmo support for help. (If you’re the victim of fraud, you should also contact the Federal Trade Commission (FTC), which collects scam reports across the nation.)

Is Venmo international?

No. Currently, Venmo is only available to users who reside in the US, so you can only use it to send domestic money transfers. You can’t use Venmo to send an international money transfer.

Can I use Venmo for business?

Yes. Create a business profile with Venmo, so you can begin accepting payments from clients and customers online, in person or via Venmo’s app. Payments work the same for both personal and business transactions, so customers can continue using the app as they normally would.

How do I contact Venmo?

Venmo has a lot of articles online to help you find answers to the most commonly asked questions and issues. But if that isn’t enough, you can get in touch with Venmo customer service directly by filling out an online form on the company’s website.

Bottom line

There’s a reason why millions of Americans use Venmo to send money transfers to friends and family across the US. With free transfers, seamless bill-splitting features and a user-friendly app, Venmo should be a go-to for domestic money transfers.

Need to send money outside the US? Check out our guide to international money transfers to compare your options.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

3 Comments

    Avatarfinder Customer Care
    Val
    December 22, 2018

    Hi Abe,

    Thanks for leaving a question on finder.

    Unfortunately, you can not send money from Venmo to Western Union. You can only send Venmo to Venmo like how Western Union will not send money to Venmo as well. You can check out our guide above for more info about Venmo.

    Please don’t hesitate to contact us if there is anything else we can help you with

    Regards,
    Val

    Default Gravatar
    Robert
    October 29, 2018

    Can I transfer money from Venmo to Western Union?

      Default Gravatar
      joelmarcelo
      October 29, 2018

      Hi Robert,

      Thanks for leaving a question on finder.

      Unfortunately, you can not send money from Venmo to Western Union. You can only send Venmo to Venmo like how Western Union will not send money to Venmo as well. You can check out our guide above for more info about Venmo.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

Go to site