Do You Venmo? An easy way to send and receive money

Venmo is a payment app that makes sending and receiving money easy. And with over 80 million users and two million merchants, it’s super convenient too.  But, like all payment apps, Venmo has its downfalls. For example, there are fees for some transactions, and it… Do You Venmo? An easy way to send and receive money as published on Women Who Money Venmo is a payment app that makes sending and receiving money easy. And with over 80 million users and two million merchants, it’s super convenient too.  But, like all payment apps, Venmo has its downfalls. For example, there are fees for some transactions, and it can be difficult to cancel payments. And like other payment apps, users need to be aware of scams. Is Venmo right for you? With so many payment apps available, it’s tough to know what’s best.  In this article, we’ll look at what Venmo is, how it works, its fees, and more – so you can decide if it’s a good fit for you.  A Venmo Review Venmo is a peer-to-peer mobile payment app designed to send and receive money from family, friends, and authorized merchants. It’s a convenient way to split bills with friends or send money to family. As long as a person is a Venmo user, you can pay or request money from them. Plus, you can use it to buy items from approved retailers. Once your Venmo account is set up, you can make payments from your bank account, debit card, or credit card. And you can transfer the money you receive directly to your bank account. The good news is Venmo doesn’t charge recurring monthly or annual fees. But some transactions have costs, like credit card payments and instant bank transfers. The social component of Venmo sets it apart. Like social media platforms, users can add friends. And for each transaction, you can like, comment, and message each other. Payments can also appear on a public feed, though this feature is optional in privacy settings. How does Venmo work? Venmo is a mobile-only app that works on Android and iOS smartphones. Once you download the app, it’s easy to set up and user-friendly. To get started with Venmo, download the app and set up your account. Then, link Venmo to your checking account, debit card, or credit card. Once you’ve completed this step, you can immediately send or receive money. Using Venmo to send and receive money Sending and receiving money on the Venmo app is intuitive. Use the Pay/Request button at the bottom of the home page of the Venmo app. Next, search for or enter the other party’s email, Venmo username, or phone number – or scan their Venmo QR code. Finally, add the dollar amount and complete the payment or request. You can use your Venmo account balance, bank account, or credit card to send money. But if you pay with a credit card, there’s a fee. When you receive money, you can keep it in your Venmo balance or transfer it to your linked checking account. Regular transfers are free and usually take one to three days. But instant transfers carry a fee. It’s also important to understand your credit card company may treat these types of payments as cash advances. Venmo fees Opening a Venmo account is free, and there are no recurring fees. Many types of transactions are free as well. For example, making payments with your Venmo balance, debit card, or bank account is free. And there are no fees for transferring money from Venmo to your bank if you choose a standard bank transfer (1-3 days).  Yet, some transactions carry fees: Credit card fees. When you pay with a credit card, there is a 3% fee. Instant Transfer fees. If you instantly transfer your Venmo balance to your bank account, there is a 1.75% fee (minimum $0.25, maximum $25). (Venmo also charges approved merchants a 1.9% fee + $0.10 for each transaction.) Other Venmo features The app’s primary functions are sending and receiving money and paying approved merchants.  But other lesser-known and used features include: Direct deposits into your Venmo accountCash-a-check depositsBuying or selling cryptocurrency (you can’t use crypto to make purchases)