Venmo

What Venmo is

Venmo is a payments app for sending money to friends, paying businesses, and checking out when shopping. It runs on Android, iOS, and the web, and supports instant transfers, tracking, and scheduled payments. Users can split group expenses, send gift cards, and add Venmojis or GIFs to payments. Business profiles separate business activity from personal transactions; businesses can also offer Venmo checkout in apps or mobile websites. With a compatible mobile device, a business profile can accept cards, Apple Pay, Google Pay, and other digital wallets through Tap to Pay.

Venmo says it encrypts transactions and account information, monitors account activity, and supports multifactor authentication and app PINs. Eligible purchases may receive Purchase Protection when marked as purchases in the app, but payments between users who do not know each other lack buyer and seller protection. Personal accounts have no monthly fee: listed transfers from a balance, debit card, or bank account cost $0.00; credit card payments cost 3.00%, and Instant Transfer costs 1.75% (minimum $0.25 fee, maximum $25 fee). Use requires being in the United States and having a U.S. bank account.

Who it suits

Venmo suits people in the United States with a U.S. bank account who want to send money, split group expenses, or pay participating businesses. Its business profiles are designed for sole proprietors, casual sellers, and small businesses.

Limits

Personal accounts have no monthly fee, but credit card payments cost 3.00% and Instant Transfer costs 1.75%, with a $0.25 minimum and $25 maximum fee. Business profiles have no monthly or setup fee; transaction fees apply, and the listed fees are non-refundable.

Getting started

1. Visit https://venmo.com/ or get the app for Android or iOS.
2. Create a personal Venmo account or a business profile.
3. For personal transfers, use a Venmo balance, debit card, or bank account; these listed transfers cost $0.00.
4. For business payments, review the transaction fees: direct and QR code payments are 1.9% + $0.10, and Tap to Pay transactions are 2.9% + $0.09.

Verdict

Venmo combines personal payments and business payment options, with group expense splitting and scheduled transfers. Check the U.S. eligibility requirement and transaction fees, and note that eligible purchase protection does not cover payments to people you do not know.