Venmo is a digital payment service that allows users to transfer money to one another using a mobile app or website. It is owned by PayPal and is available in the United States.
To use Venmo, you must first create an account and link a bank account or credit card. Once your account is set up, you can send or request money from other Venmo users by entering their usernames or phone number. You can also use Venmo to pay for purchases at certain merchants that accept it as a payment method.
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One of the main benefits of using Venmo is that it allows users to easily send and receive money without having to exchange cash or checks. It is especially useful for splitting expenses with friends or family, such as paying your share of a dinner bill or covering the cost of tickets to an event.
In addition to its payment features, Venmo also has a social aspect, as users can post comments and emojis on their payment transactions and follow their friends’ activities.
The fee percentage depends on the payment method you choose:
- If you use a debit card or your Venmo balance, there is no fee.
- If you use a credit card, the fee is 3% of the transaction amount.
- If you use an instant bank transfer, the fee is 1% of the transaction amount, with a minimum fee of $0.25 and a maximum fee of $10.
For example, if you want to send $100 using a credit card, the fee would be $3. If you want to send $100 using an instant bank transfer, the fee would be $1.
It’s important to note that these fees may change from time to time, so it’s a good idea to check Venmo’s website or app for the most up-to-date information.