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The Venmo app is a money transfer and mobile wallet. Venmo was initially designed to quickly pay and request owed money amongst friends, without the need to deal with cash. For example, splitting a lunch bill or paying for rent.
What is Venmo?
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 allows you to apply for a feeless 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. 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.
Note: Both the sender and receiver have to live in the U.S.
How does Venmo 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 virtual money and is only taken from your bank account once it is transferred to another bank. These transfers typically take several days to process.
Is Venmo free?
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.
Is Venmo 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. Like any online bank or money transfer service, you must be aware of common Venmo scams.
What's better: Cash app or Venmo?
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.
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