Venmo is a mobile payment service that allows users to pay and request money from friends and family. It is owned by PayPal and was founded in 2009. Venmo is aimed at people who wish to split bills, such as for movies, dinner, rent, or event tickets. Users can transfer funds to others via a mobile phone app, and both the sender and receiver must live in the United States. Venmo also operates as a small social network, as users can observe other users’ public transactions with posts and emoticons.
Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit cards to their Venmo account, or order a Venmo MasterCard and pay through it. Paying with a bank account or debit card is free, but payments via credit card have a 3% fee for each transaction. Some credit card providers may charge cash advance fees for Venmo payments. In addition, the service offers a reload function, which, when enabled, takes money from a users linked checking account in $10 increments if their Venmo balance drops too low to cover a purchase.
Venmo is a safe and convenient option for sending money to people you know or paying for goods and services. However, some transactions in Venmo are subject to fees, so Venmo is not a completely free app. Your account will also be subject to dollar limits.
