(This page may contain affiliate links and we may earn fees from qualifying purchases at no additional cost to you. See our Disclosure<\/a> for more info.)<\/span><\/em><\/p>\n \u00a0<\/p><\/div>\n Venmo is a payment app that makes sending and receiving money easy. And with over 80 million users<\/a> and two million merchants<\/a>, it\u2019s super convenient too.\u00a0<\/p>\n But, like all payment apps, Venmo has its downfalls.<\/p>\n For example, there are fees for some transactions, and it can be difficult to cancel payments. And like other payment apps, users need to be aware of scams<\/a>.<\/p>\n Is Venmo right for you? With so many payment apps available, it\u2019s tough to know what\u2019s best.\u00a0<\/p>\n In this article, we\u2019ll look at what Venmo is, how it works, its fees, and more \u2013 so you can decide if it\u2019s a good fit for you.\u00a0<\/p>\n Venmo is a peer-to-peer mobile payment app designed to send and receive money from family, friends, and authorized merchants.<\/p>\n It\u2019s a convenient way to split bills with friends or send money to family. As long as a person is a Venmo user, you can pay or request money from them. Plus, you can use it to buy items from approved retailers.<\/p>\n Once your Venmo account is set up, you can make payments from your bank account, debit card, or credit card. And you can transfer the money you receive directly to your bank account<\/a>.<\/p>\n The good news is Venmo doesn\u2019t charge recurring monthly or annual fees. But some transactions have costs, like credit card payments and instant bank transfers.<\/p>\n The social component of Venmo sets it apart. Like social media platforms, users can add friends. And for each transaction, you can like, comment, and message each other.<\/p>\n Payments can also appear on a public feed, though this feature is optional in privacy settings.<\/p>\n Venmo is a mobile-only app that works on Android and iOS smartphones. Once you download the app, it\u2019s easy to set up and user-friendly.<\/p>\n To get started with Venmo, download the app and set up your account. Then, link Venmo to your checking account, debit card, or credit card<\/a>.<\/p>\n Once you\u2019ve completed this step, you can immediately send or receive money.<\/p>\n Sending and receiving money on the Venmo app is intuitive.<\/p>\n Use the Pay\/Request button at the bottom of the home page of the Venmo app. Next, search for or enter the other party\u2019s email, Venmo username, or phone number \u2013 or scan their Venmo QR code.<\/p>\n Finally, add the dollar amount and complete the payment or request.<\/p>\n You can use your Venmo account balance, bank account, or credit card to send money. But if you pay with a credit card, there\u2019s a fee.<\/p>\n When you receive money, you can keep it in your Venmo balance or transfer it to your linked checking account.<\/p>\n Regular transfers are free and usually take one to three days. But instant transfers carry a fee. It\u2019s also important to understand your credit card company may treat these types of payments as cash advances<\/a>.<\/p>\n Opening a Venmo account is free, and there are no recurring fees.\u00a0Many types of transactions are free as well.<\/p>\n For example, making payments with your Venmo balance, debit card, or bank account is free. And there are no fees for transferring money from Venmo to your bank if you choose a standard bank transfer<\/a> (1-3 days).\u00a0<\/p>\n Yet, some transactions carry fees:<\/p>\n (Venmo also charges approved merchants a 1.9% fee + $0.10 for each transaction.)<\/p>\n The app\u2019s primary functions are sending and receiving money and paying approved merchants.\u00a0<\/p>\n But other lesser-known and used features include:<\/p>\n Direct deposits to your Venmo account don\u2019t cost anything, but fees apply to check deposits and crypto transactions.<\/p>\n Any online money app can be vulnerable to security issues and scams. Venmo is no exception, but they have security features in place to prevent problems.*\u00a0<\/p>\n Venmo uses encryption to keep users\u2019 information and accounts safe. And the app has built-in security features, like multi-factor authentication.<\/p>\n Also, privacy settings allow users to make their transactions private rather than public.<\/p>\n Yet, like any online platform, Venmo users should take extra security precautions. Here are some suggestions:<\/p>\n *In 2016 and 2018, the Federal Trade Commission (FTC) settled on security and privacy issues with Venmo and its parent company, Paypal. As a result, Venmo is currently audited by a third party for security and privacy issues.<\/em><\/p>\n Using Venmo for payments has its advantages and disadvantages. Check out the pros and cons below to help decide if it\u2019s right for you.\u00a0<\/p>\n I enjoy using Venmo to send and receive money with friends and family. And I use it to pay vendors at small, local businesses.<\/p>\n I like it most for its convenience\u2014it\u2019s super easy to send and receive money, and the funds are typically received instantly.\u00a0<\/p>\n Plus, I love that Venmo is free. I never pay fees since I don\u2019t use them for business purposes, and I don\u2019t pay with a credit card. Also, I only use standard (1-3 day) bank transfers.<\/p>\n Venmo is super handy for paying someone back or for things like splitting a restaurant bill.<\/p>\n And, since I rarely have cash, I also like being able to pay with Venmo at small businesses. In this regard, I often use it at the farmer\u2019s market, coffee shops, and even roadside stands.<\/p>\n I keep my transactions in the \u201cprivate\u201d setting for security purposes. And when I send money, I double-check it\u2019s going to the correct party since there\u2019s no recourse for mistakes.<\/p>\n To guard against getting my account hacked, I use a pin and face ID and keep my Venmo account balance at $0 most of the time.<\/p>\n And if something seems weird or different, I Google it to see if it\u2019s legit or a phishing scam.<\/p>\n Unfortunately, if you make a mistake or get scammed on Venmo, they offer little user protection. And this is the area where it could use the most improvement.<\/p>\n Since I only use Venmo\u2019s basic pay and request option, I can\u2019t review the check and direct deposit features. Also, I don\u2019t have a Venmo credit or debit card and don\u2019t use it to buy or sell cryptocurrency.<\/p>\n In my experience, Venmo is a great app for sending and receiving payments with people you know. It\u2019s also handy for transactions with trusted businesses.\u00a0<\/p>\n I appreciate that it\u2019s simple, fast, and free \u2013 and ideal for those times when I don\u2019t have cash.<\/p>\n Of all the payment apps out there, Venmo is a top choice for many people. Its convenience, ease of use, and free services stand out among the other options.<\/p>\n So, if you\u2019re aware of and guard against Venmo\u2019s pitfalls, it\u2019s worth considering.<\/p>\n Next: Credit Card Rewards Program Mistakes [+ how to avoid]<\/a><\/p>\n Article written by Amanda<\/a><\/em><\/p>\nA Venmo Review <\/h2>\n
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<\/figure>\n<\/div>\nHow does Venmo work?<\/h2>\n
Using Venmo to send and receive money<\/h3>\n
Venmo fees<\/h3>\n
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Other Venmo features<\/h4>\n
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Is Venmo safe?<\/h3>\n
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Is Venmo right for you? The pros and cons<\/h2>\n
Pros<\/h3>\n
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Cons<\/h3>\n
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My Experience with Venmo<\/h3>\n
Closing thoughts<\/h3>\n
![\"Amanda](\"https:\/\/womenwhomoney.com\/wp-content\/uploads\/2018\/04\/Amanda-Headshot.jpg\"\/)
![\"Amanda](\"https:\/\/womenwhomoney.com\/wp-content\/uploads\/2018\/04\/Amanda-Headshot.jpg\")
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