Venmo: How It Works

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As described above, Venmo is a mobile payment app that lets you send and request money from anyone with a Venmo account. It’s great for times when you have to pay someone back after a night out or vice versa. All you have to do is sign up, then link your credit card, debit card, or checking account to your Venmo account.

The funds you receive can either go straight into your bank account or be saved on your Venmo balance to be used for later. However, Venmo is not FDIC-insured, so it’s best to transfer the money out into your bank account and simply pay using your connected account.

What’s So Special About Venmo?

Sure there are other mobile payment services out there, but Venmo is different because it makes the whole process social. Connect your Facebook profile to see who else uses the service!  Venmo will also analyze your phone contact list to find any other available Venmo users.

To make asking for money less awkward, you can brighten up the request using emojis. You have the ability of personalizing any payments or requests as well as liking and commenting on Venmo transactions. However, if this isn’t your cup of tea, you can always make it so the transaction can only be seen between the respective parties.

Venmo Fees

Whenever you fund your transaction with your Venmo balance, bank account or a debit card, there will be no fees. However, sending money with Venmo using a credit card comes with a standard 3% fee to pay off the credit card company.

Additionally, each Instant Transfer will cost you a 1% fee (minimum $0.25, maximum $10), which will be taken out of the transfer amount.

Venmo Debit Card

Introduced recently, in partnership with Mastercard, Venmo is now offering a debit card that is funded entirely from your Venmo balance and can be used by businesses that accept Mastercard.

This allows Venmo to be used by online and in-store retailers. However, merchants that accept a transaction through the Venmo debit card is charged a 2.9% + $0.30 per transaction fee.

About Venmo

Venmo is a mobile payment service owned by PayPal. Venmo is a digital wallet that lets you make and share payments with friends. You can easily split the bill, cab fare, or much more. It works similarly to a wire transfer because it would take between one to three business days to receive payments, but now offers instant transfers.

Current Venmo Promotions

Get $5 Sign-Up Bonus

If you want to send money to others easily without any problems the this is the promotion for you. Venmo is offering customers a chance to Get $5 Sign-Up Bonus. Tell your friends and family to sign up via your link!

  • Promotion: Get $5 Sign-Up Bonus
  • Expiration: Limited time only
  • Availability: New Venmo users
  • How to get it:
    • First, click the link below to fill out your info
    • Once sign up has been successfully completed, make a $5 minimum payment within 14 days
  • Terms: Referrers can earn up to 10 referral bonuses (for a maximum total of $50.00 in referral bonuses). Additional terms apply.