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In a world where everything, including your money, is just a button away, you can send and receive money within minutes, thanks to Venmo. While the digital payment platform is free to sign up and use, are there any fees? In this guide, we'll teach you everything you need about Venmo's fees!
Steps
Types of Venmo Fees
- Instant Transfers If you need your money in a pinch, transfer your Venmo Balance to any eligible United States bank or Visa/Mastercard debit card within 30 minutes. Small 1.75% fees are deducted from the transfer amount, with a minimum fee of $0.25 and a maximum of $25.00.[3]
- This fee is taken out for each transfer you make.
- For example, if you're transferring $100 instantly, the fee is $1.75. You'll receive $98.25 in your bank account.
- Credit Cards Link eligible credit cards to make payments if you're low on cash. However, it's important to note that these funds have a 3% fee of the amount sent. So, if you're sending someone $100, you'll pay a $3 fee.
- Your bank may charge an additional fee on top of Venmo's.[4]
- You cannot transfer funds to a credit card.
- To determine if your credit card is eligible, link your credit card to your account on the mobile app or online at https://venmo.com/.
- Merchant Fees Want to use Venmo to run your business or side gig? You can with a business profile! For every payment you make of $1 or more, Venmo will automatically deduct it from the total payment sent. The buyer, on the other hand, does not pay a fee. Fees vary depending on the payment method.[5]
- For instance, fees for direct payments from Venmo are 1.9% + $0.10 of the payment total. Meanwhile, contactless payments (Tap to Pay) are 2.29% + $0.10 of the total payment.
- If there's a promo, the seller pays a fee of 1.9% + $0.10 + the promo redemption fee of 2.9%. So, that's a total of 4.8% + $0.10. For a $100 transaction, that's a $4.90 fee.
- Cryptocurrency Fees If you want to buy, sell, or invest in cryptocurrencies, you can do that on Venmo. Fees vary based on the purchase or sale amount. They range between $0.49 to $2.49 for purchases under $200, 1.80% for purchases under $1,000, and 1.50% for more than $1,000.[6]
- Fees don't apply to the selling or buying of PYUSD—PayPal's version of crypto or when you receive a cryptocurrency transfer or transfer to another Venmo or PayPal account.
- Venmo supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and PayPal USD (PYUSD) in the United States (except for Hawaii).
- Venmo Mastercard Fees Through Venmo, you can sign up for a debit or credit card. There are no fees when used at eligible ATMs within the MoneyPass network. However, out-of-network ATMs charge a $2.50 fee and a $3.00 fee for over-the-counter cash withdrawals. So, if you go to a bank teller to withdraw cash, you'll be charged if a signature is required.[7]
- To find out if there's a no-fee ATM near you, visit www.moneypass.com.
- Check Cashing Fees Venmo charges a 1% fee for payroll and government checks and 5% for all other accepted checks, with a minimum of $5 per check. These checks can arrive within 10 to 15 minutes into your bank account or up to 1.5 hours if there's an issue. However, there is no fee if you choose the "Get Money in 10 Days" option.[8]
- This option is only available for users in New York State.
Expert Q&A
Tips
References
- ↑ https://venmo.com/send-receive/start/
- ↑ https://businessmodelanalyst.com/who-owns-venmo/
- ↑ https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Bank-Transfer-FAQ
- ↑ https://help.venmo.com/hc/en-us/articles/210413677-Adding-a-Credit-or-Debit-Card
- ↑ https://help.venmo.com/hc/en-us/articles/1500003204302-Business-Profile-Transaction-Fees
- ↑ https://venmo.com/resources/our-fees/
- ↑ https://venmo.com/resources/our-fees/
- ↑ https://help.venmo.com/hc/en-us/articles/360061203533-Cash-a-Check-FAQ
- ↑ https://help.venmo.com/hc/en-us/articles/210413677-Adding-a-Credit-or-Debit-Card
- ↑ https://help.venmo.com/hc/en-us/articles/235399967-Standard-Bank-Transfers-FAQ
- ↑ https://help.venmo.com/hc/en-us/articles/360061203533-Cash-a-Check-FAQ
- ↑ https://help.venmo.com/hc/en-us/articles/360027356113-Identity-Verification
- ↑ https://help.venmo.com/hc/en-us/articles/210413477-Sending-Requesting-Money
- ↑ https://help.venmo.com/hc/en-us/articles/210413477-Sending-Requesting-Money
- ↑ https://help.venmo.com/hc/en-us/articles/360035844973-About-Venmo-Security
- ↑ https://venmo.com/legal/us-user-agreement/
- ↑ https://help.venmo.com/hc/en-us/articles/210413717-Payment-Activity-Privacy
- ↑ https://help.venmo.com/hc/en-us/articles/4407389460499-Venmo-Tax-FAQ
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