1%
Instant withdrawal fee
No fees
Fees to send
$4,999.99
Maximum transfer amount (verified)
| Product Name | Venmo |
|---|---|
| Fees to send | No fees |
| Instant withdrawal fee | 1% |
| Free withdrawal speed | Up to 3 business days |
| Payment method | Bank account,Credit card,Debit card |
| Ways to receive | Bank account,Debit card,Mobile wallet,ATM |
| Maximum transfer amount (unverified) | $299.99 |
| Maximum transfer amount (verified) | $4,999.99 |
| Supported devices | iOS app,Android app |
| Customer support | Email,Live chat |
| Supports international transfers? | No |
1. Create a Venmo account. Sign up with your email address and credit or debit card information. Add your bank account info if you want to deposit the money you receive. Note that you may pay a transaction fee when using your credit card.
2. Request a transfer. Once you’ve created your account, request or send money by choosing the pen and paper icon at upper right.
3. Enter your Venmo recipient or sender. Use the person’s Venmo username to send or request money, adding the transfer amount. Name your transaction with as fun or serious a memo as you’d like — or use Venmo’s bitmoji shorthand for your transaction.
4. Tap Pay or Request to complete your transaction.
You’ll receive notification from Venmo each time a user sends you money. Unlike other payment apps, the money you’re sent doesn’t go directly into your bank account. Rather, it stays linked to your Venmo account until you choose to transfer it. You can transfer all of your balance or only a portion of it.
A feature that sets Venmo apart from other peer-to-peer payment systems is the social media aspect. Once you’re sent money, it shows up on your friends’ feeds, where they can see your transactions, but not the amounts.
I don’t particularly like this feature – I prefer to keep my transactions private. Thankfully, you can choose if you’d like to share your activity with just the participants, friends, or the Venmo community at large.
Venmo encrypts your personal information and transactions details. However, whereas Payment Card Industry Security Standards Council gives Square Cash, Google Wallet and other money transfer apps high ratings for standards security, Venmo is considered only “PCI compliant.”
The Payment Card Industry Security Standards Council keeps track of companies that meet its strenuous security standards for development, enhancement, storage, dissemination and implementation for data protection. It determines the overall security of businesses that process payments online.
Like most companies, Venmo keeps the magnitude of its user base private, so its lack of a standards rating could mean that it processes fewer than 6 million credit card transactions per year. It’s possible: Venmo’s additional fee for credit card payments all but encourages users to pay through a debit account instead. But it’s worth considering safety, given the security breaches faced by Venmo over the years.
