Venmo is a mobile payment service that allows you to pay and get paid from your friends and other businesses.
One of the problems about paying with cash or credit cards is that you have to carry them on yourself. And many of us have faced awkward situations at billing because we forgot our wallet. With Venmo, you can just pay for it with your mobile.
And another common limitation is online transactions. There is so much complication when you transact with other banks. And it can be a real headache to look up account numbers and codes, especially if you do it regularly. With Venmo, all you need is a mobile phone number.
Does it seem appealing? Then let’s check out this Venmo review. Let’s see about its features, pricing, etc.
What is Venmo?
Venmo is a digital wallet that helps you pay and get paid with just a click on your mobile. It’s owned by PayPal and Braintree. In order to sign up to Venmo, both the sender and the receiver must be US citizens.
Venmo has more than 60 million users. Venmo is one of the leading digital wallets out there.
All you have to do is add your credit card, debit card to your Venmo account. You can add as many cards as you want.
Once you have added all you have to do is scan a fellow Venmo user’s QR code or you can use their phone number to pay them or request payment from them. You can even move funds among your accounts.
Another interesting feature is the split payment feature where you can easily split the bills among your friends or peers without hassle.
With so much to offer, Venmo is clearly one of the best digital wallets out there.
Features of Venmo
The various features are:
- You can pay anyone on the Venmo app without the hassle of adding their account details to your bank account.
- You can get paid easily without any complications about account details.
- Transactions are easily made using phone numbers and QR codes.
- The initial week limit for a verified account is $7000 per week. For an unverified account, it is $299.
- You can add personal notes to every transaction. It can be text, emoji, etc.
- You can add as many accounts to your Venmo account.
- You can do self-transactions among your bank accounts. This way you can manage your bank account and personal accounts differently. Venmo is backed by PayPal’s heavy-duty security systems and encryptions.
- You can quickly lock the account if you supposedly lost the device on which you have the app.
- The Facebook integration has made it quick and easy to find friends who use Venmo.
- Venmo also offers a MasterCard debit card. You can withdraw cash from your Venmo wallet. And they also offer cashback for your transactions.
Benefits of Venmo
Some of the Benefits of Venmo are:
- Save time and embarrassment when you forget your wallet at home.
- Send money as a gift to your friends and family.
- Conduct hassle-free transactions between multiple bank accounts.
- Venmo is very popular, so it’s very likely that you will find almost anyone on the application.
- They have a strong security system, thus you can make transactions with peace of mind.
- You can split payment equally among the friends. All you have to do is add the number of people on Venmo and it will calculate the exact amount each person has to transfer.
- Venmo is almost free to use except for a small percentage of transaction fees they charge.
Why You Need Venmo?
- If you are a person who often hangs out with friends and family, then Venmo is for you.
- With Venmo, you can easily pay for your local businesses like dog walkers, garden keepers, cafe shops, etc.
- If you want to easily request payment from your customers or roommates, then Venmo is your friend.
- If you want to be rewarded for shopping, then the Venmo debit card has a great cashback feature.
Venmo Pricing Plans
One of the best features of Venmo is that it is free. You can open and hold you account for free. No annual charges or no monthly fees.
It will cost you nothing to do online purchases, sending money to people using debit cards, bank or balance.
However they charge a small 3% for transferring money to people from your credit cards.
You pay nothing for bank transfers, receiving refunds, receiving money from fellow Venmo user or receiving money from direct deposit.
However a small 1% charge for a minimum of $5 for adding money using cash a cheque feature for depositing payroll or government Cheques.
And 5% is charged for depositing non-payroll and non-governmental cheques using cash a cheque features.
They charge 1% for instant transfer of balance from your Venmo account to your debit card. However, this feature is free if you use standard transfer where the cash is available in 1-3 business days.
They also charge 2.5% for out-of-network ATM withdrawals from Venmo MasterCard and 3% for withdrawal using signature.
1. Google Pay
Google Pay is a digital wallet owned by Google. It allows you to sign up using your phone number and then you can make as many transactions as you want.
2. Amazon Pay
Amazon Pay allows users to check-in and checkout for various things using the information already stored in your Amazon account. We have all bought one thing or the other from Amazon. It can help you aid acquisition, conversion and reduce cart abandonment.
3. Stripe Payment
It’s a complete payment platform. You can integrate and manage it anywhere you want. It is easy to use and has a better dashboard.
Frequently Asked Questions (FAQ) on Venmo
What is Venmo?
Venmo is a mobile digital wallet. You can pay and get paid by linking your bank details to the Venmo app.
What is Venmo used for?
Venmo is used to pay and get paid from friends, families, local businesses, etc. You can also split payments like food bills, flat rents, etc among friends.
Is Venmo Free?
For the most part, Venmo is free, however, they do charge a small percentage of commission for certain transactions.
Can I cancel a payment in Venmo?
It is not possible to cancel a transaction after it is done. The money is immediately available to the receiver.
What is a Venmo Credit Card?
It is a Visa-branded credit card integrated into your Venmo account. You can apply for it using the Venmo App.
what is the advantage of Venmo Credit Card?
You can earn cash backs, rewards for your purchases. Also it has a QR code from which you can pay and get paid easily. And it is completely free for eligible users.
what is my payment limit?
Your payment limit is $299.99 if you haven’t done the identity verification. If you have done the identity verification, then it is $6999.99.
Can I setup automatic recurring payments?
No you can’t do that with Venmo.
Can I transfer money between my two bank accounts?
yes, you can self transfer money for a small 1% fee.
Is Venmo safe?
Venmo uses encryption to help protect your account information and monitor your account for identifying unauthorized transfers. So Yes, it is safe.
Venmo is one of the most popular digital wallets out there. It is backed by the trust and security of PayPal. Venmo has redefined the process of cash transactions. All you have to do is have the free mobile phone app. Venmo doesn’t cost you anything the banks won’t charge.
Try this efficient app for free. Once you have tried, I am sure you won’t go back to the old ways of paying and getting paid.
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Hi I’m the Founder of Software Tools (Software, FinTech, Technology and How-To blog). In this blog, you will find listicles, reviews and information about various software, tools and applications.