One of the most functional online payment apps. Quick to set up and easy to use.
The Venmo app is a money transfer and mobile wallet. Venmo 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. This is the Venmo app download for Android.
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 a fee-less Venmo Mastercard, which makes any money transfers and online shopping easier. Thanks to its interface, you can also keep track of all of your expenses.
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.
There is also the Venmo Credit Card that lets users earn custom cash back rewards, and it is available for eligible users of the Venmo app.
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% Venmo fees for credit card payments are not waived.
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. Like with any online bank or money transfer service, you need to be aware of common Venmo scams.
The principal difference between Venmo and Cash App is that Cash App allows you to purchase and sell stocks. Whilst Venmo has recently added the option to buy and sell cryptocurrency, Venmo’s main strength lies in sending and receiving money transfers.
You can also download Venmo for iOS devices.