Venmo is a payment service based in New York since 2009 and it has more than 60 million users worldwide. Venmo money transfer has gained billions of dollars from transactions and payments done by its customers.
It’s supported by Paypal, and it enables you to buy things. You can also split checks via Venmo without a credit card.
If you wonder how does Venmo work, keep reading the next section below.
How Does It Work?
As an application, Venmo allows you to make transactions between friends, families, and consumers in the US. Some small businesses also use Venmo for receival of payments. What is more attractive about Venmo is that it’s easy and fast while you’re making transactions. Also, you don’t need checks or cash when you Venmo send money.
You can download the Venmo app on both Android and iPhone devices. Sending money is possible via bank balance and credit and debit cards.
The peer-to-peer feature makes your transactions quick, and without a need for another financial institution.
The privacy settings enable sharing payments with specific persons or hiding them from anyone.
Also, while signing up for Venmo, you’ll need to provide a local mobile phone number. For this reason, you need to be residing in the US. This is why you can’t make international payments via Venmo.
You can now pass on to read the advantages in this Venmo review below.
The Advantages of Venmo Money Transfer
The main benefits of using Venmo money transfer are as follows:
- The application doesn’t require any fee for sending money from your Venmo balance, debit card, or bank account.
- Applications such as Uber provide Venmo as a payment of choice. So, if you wonder how to use Venmo, you can definitely use it as a payment method as well.
- The application provides an onscreen calculator when you send or request money.
How To Use Venmo
Now that the basic info and the advantages of the Venmo review are covered, next is the section about how to use Venmo.
You can follow the below steps:
- Firstly, you can download the app from the Play Store or the App Store. You can use it with either through iOS or Android
- Next, open the application on your phone. Note that you cannot send or receive money on the website. So, you need to use the application on your smartphone for this
- Now, you’ll see the “Pay or Request” Button. Choose one of them
- Then, enter the information about the person you’ll request money or pay. You’ll enter the username, phone number, and email address
- Now, you can enter the amount you’ll pay or request, then you can leave a message if you want
- Privacy preferences can be readjusted at this step. There are three different options: Public, Friends, and Private. When you choose “Public”, everyone can see your transaction. Choosing “Friends” means that only the sender and receiver, and Venmo friends can see your transaction. When you choose “Private”, only you and the recipient can see the transaction
- You can now see a confirmation button at the end of the page
- Finally, you’ll receive a confirmation email from Venmo. Once that’s complete, you can send and receive money.
The question of how to use Venmo is clear, so you can move on to the section about the required fees.
Related Fees and Rates While Using Venmo
Sending money via Venmo money transfer is completely free. However, credit card transactions require a three percent fee. Instant Venmo transfers charge a flat fee of 1.5 percent.
How To Receive Money With Venmo
Your Venmo account is the first option for receiving money. To receive the money in your bank account, you’ll need to set up a bank transfer.
For the transfers to be completed between your Venmo account and debit/credit card, or bank account, it may take around 1-3 days.
Safety and Privacy
The encrypted service keeps your personal information on its servers safely. Also, it’s possible for you to log out of your phone if it’s stolen or lost. In addition, you can create PIN codes on this app.
In this Venmo review, you’ve been provided with a guide on how to use Venmo, and the advantages and necessary fees related to the app. Create your own Venmo account today, if these features meet your needs!