Venmo is a peer-to-peer payment app owned by PayPal. Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don’t want to deal with cash. For example:Splitting a lunch bill, Paying your friend half of a cab fare, Sending your roommate your half of the rent, Using Venmo as a payment method in authorized partner apps.
How does Venmo work
To start using Venmo:
- Download the Venmo app for iPhone or Android, or go to Venmo.com.
- Create a Venmo account.
- Link your account to a funding source: a bank account, debit card or credit card.
- To receive money:
- Give the sender your Venmo user name or the email or phone number associated with your Venmo account.
- Alternatively, you can also share your Venmo scan code from the app – or text or email the scan code to the sender.
- The money will land in your Venmo account.
To send money
- Money you send will be pulled from your Venmo account.
- If the account is empty or doesn’t hold enough to cover your purchase, Venmo will draw the total purchase amount from the
- funding source you’ve linked to your Venmo account.
NB: Both the sender and the recipient have to have a Venmo account.
You can also use Venmo for some in-app purchases, such as for food, clothes or tickets, according to the Venmo site.
If the recipient’s details are not correct, your transaction could be flagged. “The system will automatically flag the sender [by showing an additional screen], when we have reason to believe they might be transacting with the wrong user,” says Erin Mackey, a Venmo representative. “The flag is based on information Venmo has that indicates the sender and recipient, both of whom must hold Venmo accounts, don’t know each other.”
How To Sign Up Venmo Account
- Download one of our mobile apps: iOS & Android (Venmo does not have a Windows app)
- Open the Venmo app
- Choose your sign up method and create a secure password (between 8 and 32 characters long).
- Verify your phone number and email address
- Add and verify your bank account
How Much Does Venmo Cost
- Setting up a Venmo account and receiving money is free.
- Sending money is also free if you link your Venmo account to a bank account or debit card.
- If you link your Venmo account to a credit card, purchases are free, but there’s a 3 percent fee every time you send money or fund your account.
- Standard transfers from a Venmo account to a bank account are free, but might take a few days.
- You can transfer your Venmo balance to a bank account within up to 30 minutes using “an eligible Mastercard or Visa debit card.” That service has a $0.25 flat fee for each transfer.
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