Venmo is a money transfer and mobile wallet app. It was initially designed as a way of easily paying and requesting owed money amongst friends, without the need to deal with cash. For example, splitting a lunch bill or paying for rent. Note. Both the sender and receiver have to live in the U.S.
What is it?
Venmo has established itself as one of the most popular apps for peer-to-peer payment
. It allows users to transfer cash instantly
from any U.S bank account. The app also gives you the opportunity to apply for fee-less Venmo Mastercard, which makes any money transfers and online shopping easier. Thanks to its interface, you can also keep track on all of your expenses.
How does it work?
Venmo works by linking a credit or debit card to the account. From here you can start using your account and exchanging funds. Your funds can be stored in your Venmo account and that balance can be used later. The balance is essentially virtual money, and is only taken out of your bank account once it is transferred to another bank. These transfers typically take several days to process.
What does it cost?
For the most part, Venmo is a free-to-use platform. Sending money with Venmo comes with a 3% fee, but the company waives that expense if the transaction is funded with your Venmo balance, bank account or debit card. However the 3% fee for credit card payments is not waived.
Is it safe?
Venmo is owned by PayPal
, and with that comes a high level of security
that is well encrypted. It is also easy to lock your account if you lose the phone or device that you installed Venmo on to prevent misuse.
Venmo is also available to download for iOS