Venmo is a mobile app that lets you send and receive money to friends and family. This app is only used in the United States with an international bank account. This app launched in 2009, has quickly become one of the most popular money transfer apps on the market. Although Venmo was originally designed as a peer-to-peer money transfer app, people now use Venmo for everything from splitting the check to paying for an Uber ride.
What is Venmo
Venmo is a peer-to-peer money transfer app that is compatible with highly-rated Android and iOS and most importantly, it’s free. The app is mobile-only, meaning you can’t send or receive money on a desktop computer. You can, however, transfer money using the app via iMessage and special emoji.
With Venmo, no one has to carry cash around, nor does anyone have an excuse to avoid paying their share.
How does Venmo Make Money?
Venmo makes money in different ways. According to CNBC, Venmo makes money when people request instant bank transfers (which charge a small fee) and when people use Venmo to make mobile purchases. The company also makes money each time you use the Venmo card, should you own it.
How to Create Venmo Account Free
First of all you have to download the app from the App Store but bear in mind that it’s only for US customers and it compatible with high-rated Android and iOS. Make sure about this and f you are satisfied with yourself then follow the instructions below to sign up. You can use sign up on the mobile app and window as well.
- Download one of our mobile apps: iOS & Android (Venmo does not have a Window app).
- Open the App and choose your sign-up method and create a secure password (between 8 and 32 characters long).
- Verify your phone number and email address and once your account has verified, go ahead.
- Add and verify your bank account and it’s done!
You can also sign up for Venmo from your computer https://venmo.com/
How to Send Money on Venmo using the App
Download the App on your phone and open the app.
In the top-right hand corner of the screen, tap the payment icon, which looks like a pen and pad with a money symbol. This is where you can send and request money.
Go in the textbox; enter the username of the person you want to pay. You can also find in your list of a friend by scrolling down. If you enter in the name of someone to who you’ve never sent the money before, you’ll be asked to confirm that you’re choosing the right person.
Enter the amount you want to send. Here. Write the purpose of the payment. You can also alter who can see the payment by clicking the icon near the bottom of the page that reads “Friends”, “Public”, or “Private”. Once you’ve done with the information and memo, click “Pay”
Choose how to want to pay, through credit and debit cards or bank accounts linked to your Venmo. Check once all things and if it is “OK”, click “Pay” at the bottom of the page. You’ll get a confirmation mail and the transaction will appear on your Venmo profile page, and in your feed.
How to Receive Money in Venmo
Open the App on your phone by entering your username and password.
Click on the “New Payment/Request” button (pencil icon) appearing next to a “$”. It is in the lower right (Android) or upper right corner (iPhone or iPad) of the screen.
Click the name of a contact, or type the name, email address, or mobile number of the person (s) from whom you’d like to request money. You can request money from more than one person at a time.
Enter the amount you want to request, including the decimal point. The amount will appear to the right of the payer’s name at the top of the screen.
Enter the reason for the money you’re requesting in the “What’s it for”? field below the payer’s contact information. Click on the request appearing on the left side of the screen.
Click Request $ amount from Payer, it’s a green button that appears just above the keyboard. The request will be sent to the recipient (s) you entered. Once the request is accepted, the requested amount will be added to your Venmo balance.
How much Venmo Charge?
It’s possible to avoid fees altogether when using Venmo, but if you prefer certain services, there are two charges.
If you do payment by credit card then the transaction fee will be 3%per transaction.
If you do payment like instant transfers or a minimum of 25 cents the transaction cost will be 1% per transaction. This is when you cash out from a Venmo balance to your debit card. These transfers are delivered within half an hour.