What Is Venmo App? Features, Pros And Cons

Venmo is a peer-to-peer app that allows you to transfer money to your friends and family instantly. This free p-t-p digital payments resource allows users to create their accounts. Parents and guardians can open accounts for teens including a teen debit card.

You can request money, split the payments, and transfer funds into your bank account. Venmo Card carries several perks including online purchases, ATM withdrawals, and cashback on participant retailers.

This Venmo App Review brings all the necessary information about this amazing digital app. Let’s explore it further below.

Take Away

Venmo App is the best way to send money to family, friends, and customers. It is the most convenient and quickest option for money transfer. Most of its features are free, However, there are certain fees for instant deposits, withdrawals, and using a credit card.

What Is Venmo App?

Vemo is a great alternative to a regular checking account. It also gives some of the key banking features through Venmo card. A debit card that lets you make purchases at retail stores, withdraw your cash at any ATM, and more.

It has recently released a teen debit card for teenagers of 13 to 17 years without any monthly fee or subscription charges. That can be only done by the legal guardians and parents through the Venmo app.

Here is a quick overview of this digital payments app:

Quick Overview Of Venmo App

Quick Overview

Venmo app is available on iOS and Android App Stores
Free to send and receive money from the user’s balance and linked bank account.
Allows to buy popular Cryptocurrencies
Offers Venmo card, teen debit card, and credit card
Can pay with Venmo on participating businesses and stores
Can be used as a payment gateway on apps and websites that accept PayPal

Get Started

Significant Details About Venmo App

iOS Rating	4.9/Stars
Android Rating	4.2/Stars
Price	Free
Debit Card	Venmo Card
Customer Support	Email/Chat/Phone
Availability	United States Only
Launch Year	2009

How Does Venmo App Work?

Venmo is a digital payments app that works as a virtual ledger for funds transfer and usage. Downloading the Android and iOS apps is all you need to get started.

How To Sign Up For Venmo App?

1. Download The App

2. Create Your Venmo App Account

3. Link Your Bank Account

4. Start Sending And Receiving Money

Exploring Venmo App Features

Sending Money With Venmo App

The cash available in your Venmo account shows in balance. That can be sent to someone with a Venmo username, email address, bank account, or phone number.

If the sending amount exceeds your Venmo balance, the remaining will be transferred from the linked bank account. So check all the transactions carefully before making.

Sending money from your Venmo App balance, linked account or debit card is completely free. However, there is a 3% fee for using the credit card for making Venmo payments.

All the transactions are processed between the standard period of 3 to 5 business days. However, you may pay some extra fee for instant transfers that is between 0.25% to 1.75%.

Receiving Money With Venmo App

The received money instantly goes to your Venmo app balance, which later can be withdrawn into your bank account, and debit card. It takes three to five days to show the deposited money in your bank account.

Venmo debit card is another good thing about the Venmo App. That can be used to purchase online or in retail stores. The fee for using this Visa debit card is $2.5 at ATMs for cash withdrawals. This doesn’t include the charges taken by the ATM service provider.

How Long Does It Take To Send And Receive Money?

The money sent from a Venmo app to another user account shows in their balance instantly. However, the payments made into or from linked bank accounts take three to five business days to show up in your Venmo balance.

In case you want instant funds, there is an option with an extra fee. That depends upon the funds you want to send or receive.

Does Venmo App Work Outside USA?

No, Venmo doesn’t work outside the United States. It is a limited-reach digital payment app that works only in the US.

Is It Safe To Send Money With Venmo App?

Anything that connects to the internet is subject to be comprised and vulnerable. Venmo App uses robust data and user security protocols. All the data goes through secure servers and nothing to worry about. However, scammers may break into your Venmo account by guessing or hacking your login credentials.

Secure your phone through password protection. Set a PIN or Fingerprint ID for each transaction. Using an in-app security lock is another good practice. In case, you lose your phone, Venmo gives you the option to logout your account from such devices.

Payments made through the Venmo App can’t be canceled later on. You need to make sure for each transaction to avoid any mess. Scammers pretend to be Venmo App representatives and try to steal your account login. Never store your sensitive information or share it with unauthorized people.

Pros And Cons Of Cash App

Pros Of Venmo App

Free To Use

The basic features and sign-up is free for all users. This means you can deposit, send, and receive money without any fees and taxes. Both iOS and Android apps are available.

Easy To Use Payment App

Its beginner-friendly interface makes it more manageable and swifter to send money. Whether completing online payments, paying a utility bill, or sending a friend rent share with convenience.

The Venmo App interface is not saturated with too many buttons, which makes it more easy to navigate on your phone screen. You can readily find another Venmo App user by searching their username, name, email address, or phone number.

You can make retail payments to partner retailers like Costco, Walgreens and get cashback of up to 3% in your account. This way you can save a lot of money each month.

Buy Cryptocurrencies

You can buy BTC and other Cryptocurrencies from your Venmo App. There is no fee to buy digital currencies from your account. It includes all the popular Cryptocurrencies including Bitcoin, Litecoin, and Ethereum.

Check Deposits

This is the most convenient and cost-effective solution for check deposits. You don’t need a bank account for this purpose. Just read the guidelines of Venmo before proceeding.

Customer Support Options

Venmo App gives multiple customer support options including email, chat, phone number(8 AM To 8 PM Everyday CT), and ticket. Everything is available on its website including FAQs for general queries.

Multiple customer support alternatives are the reflection of the extended vision of the business. Determine the right choice for yourself and settle your issues in no time.

Teen Debit Card

It allows teens of age 13 to 17 to open their account and get an individual debit card on behalf of their legal guardians and parents. They can use it for all their respective needs and parents can monitor their activity as well.

Cons Of the Venmo App

Narrow Areas Of Operation

As discussed earlier, the Venmo App is only available in the United States. So you must come from this region to use this app. If you are looking to receive money or pay global clients, Venmo may not be an ideal option. The company needs to expand its operation areas for its users’ ease.

Credit Card Fees

Unlike other payment options, Venmo App charges a 3% standard fee for adding funds to your account with a credit card. That doesn’t offer anything distinctive to other digital payment app users.

No FDIC Insurance

FDIC bank accounts are insured up to $250,000 as compared to the Venmo App account. That means you won’t be able to claim any money if Venmo App files bankruptcy.

Always withdraw your funds into your connected and FDIC-insured bank account instead of keeping them in your Venmo balance.

Frequently Asked Questions

Is Venmo App Legit?

Yes, Veno App is a legit app that allows people to send, receive, and deposit money in one place. There are chances of scammers exploiting the platform for their malicious acts.
Be very careful before making payments, and clicking on suspicious links. They get your account information through social engineering and phishing attacks.

Is Venmo App Free?

Yes, the Venmo App is a free digital payment source. That doesn’t charge anything for basic services to the users in the USA. However, there is a fee to use its exclusive services like instant deposit, payments with credit card, and ATM withdrawal.

Does Venmo App Charge To Send Money?

It is free to send money through the Venmo App. However, it charges 3% for transactions made with credit cards instead of linked bank accounts or personal balances.

How To Withdraw Money From Venmo App?

It is so easy to withdraw money from your Venmo App account. Just go to your app dashboard, find the cashout option, and follow the steps.
Put the exact amount you want and the time you want your money into your bank account. Normally it takes 3 to 5 days to deposit money from the Venmo App to a bank account. This can be reduced by agreeing the instant withdrawal fee ranging from 0.5% to 1.75%.

Do You Need A Bank Account For Venmo App?

No, a bank account is not necessary for using Cash App. However, you can attach an external bank account to your Venmo App account.

Can You Deposit Checks With Cash App?

Yes, the Venmo App allows check deposits in the account.

Conclusion

Venmo App is a one-stop solution for all your money management needs. From receiving rent to sharing pocket money with your family, it allows everything with ease.

It is a widely adopted digital app in the US for sending and receiving money. Most importantly, most of its features are free. No taxes or subscription charges for most of the services.

You can also consider other Venmo alternatives like Zelle, Cash App, and Xoom for your needs.