What is Venmo and How Do I Use it?

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Venmo is a mobile payment service that allows two or more users to transfer funds to each other through a mobile application. Created by two students at the University of Pennsylvania in 2009, Venmo has been owned by PayPal since 2013. The service is ideal for sending small amounts of cash to split dinner or a trip in Uber, receive independent work payments, send A birthday present or similar occupations. Because Venmo does not charge a fee for most transactions, it is also an excellent way to transfer funds for other reasons.

Here is everything you need to know about Venmo, how to register and how to use it. [19659008] What is Venmo?

In its current form, Venmo allows users to send money using a phone or email number through the official Venmo app for iOS and Android. If you are sent money through Venmo and you don't have an account yet, you can create one in seconds for free. From there, you can find other friends and associates who use the service by synchronizing your Facebook account or your telephone contacts.

Since its launch, Venmo has grown considerably both in the number of users and in the change of hands. For the first quarter of 2019, for example, Venmo announced that it had 40 million users with a payment volume of $ 21 billion. This year's revenue is expected to exceed $ 300 million.

 Venmo

How to use Venmo

You can sign up for a free Venmo account through the official website or application. You can create an account with your Facebook username or email. From there, you can start receiving money or making requests.

Receive money

Standard transfers to your bank account are a free service; It usually takes 1 to 3 business days before you see your money in your account. Instant transfers are available for bank account transfers and debit cards. As the name implies, these transfers are competed immediately, which gives you access to your cash in a matter of seconds. For this, Venmo charges 1 percent or a minimum of $ 0.25.

Sending money

To send money to someone through Venmo, you will need to know your email or phone number. By default, Venmo will withdraw money from your Venmo account. If there is no money in that account or it is short, you will download the list of accounts or cards that you have attached to your Venmo account.

When you send money from a linked bank account, debit card, or your Venmo balance, the service is free. When you use a credit card, the company charges 3 percent.

Venmo Card

In 2018, Venmo began offering a physical MasterCard debit card to users. The card provides access to ATMs and overdraft protection and can be used anywhere that accepts MasterCard in the United States. Venmo allows up to $ 400 in daily ATM withdrawals and charges $ 2.50 per transaction at non-Money-Pass ATMs. Otherwise, the debit card is free.

The Venmo card includes a recharge function, when enabled, that brings money from your checking account linked to the card in increments of $ 10. The function is activated each time a purchase is made, and there is no Enough money available. Card purchases are noted in your Venmo transaction history, and the card is easy to disable from inside the application if you lose it.

 Venmo Card

Aspects of social networks

Venmo has proven popular among millennials, which is probably one of the reasons why the service is packed with networking tools social. In addition to its integration with Facebook, Venmo allows you to send bitmoji and select emoji every time you send or request money. You can also choose to make your transactions public, either for all Venmo users or just for your friends. From there, Venmo expects him to comment on a shared purchase to start an argument.

I am from the old school and prefer to keep private financial transactions between the sender and the recipient. However, the tools for sharing are here, however.

 Venmo Security

PayPal Link

It is not surprising that PayPal has slowly added new features since it bought Venmo. In addition to adding instant transfers in 2018, the company also implemented an almost complete PayPal Checkout checkout with Venmo for businesses. There is also the Venmo payment integration that companies can use for a website or mobile application. In other words, Venmo is no longer restricted to exchanges of money from person to person.

Let's do this

To send / request money through Venmo:

  1. Touch the icon Venmo in the upper right of the application.
  2. Select a friend (s) from your list or add a Venmo name, username, phone or email.
  3. Enter the amount ] to send.
  4. Add a note bitmoji, or emoji.
  5. Touch Application or Pay . [19659035] Select your bank information when applicable.
  6. Touch Pay to send money or Request to send a request.

  Send or request money [19659042] Send or request money

Payment limits

Venmo's current payment limits are as follows:

  • Shipping limit, $ 2,999.99 weekly
  • Merchant payments authorized, $ 2,000 per purchase, 30 transactions per day [19659035] Venmo Mastercard, $ 3,000 per purchase; ATM, daily withdrawal limit of $ 400
  • Weekly limit, total $ 4,999.99.

Alternatives

Depending on your location, there are similar services to Venmo. These include Payoneer, Square Cash and SuperPay. Each offers its own set of tools and rates; Check each one to see which one is best for your situation.

I have been using Venmo from time to time for many years and enjoy the convenience it provides for money transactions. Thanks to instant transfers, receiving cash from others has never been easier with the rates I consider acceptable. For more information about the service, visit the Venmo website.

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