'Does Venmo charge a fee?': A guide to Venmo fees, and how to avoid them (2024)

FAQs

'Does Venmo charge a fee?': A guide to Venmo fees, and how to avoid them? ›

You can avoid the three percent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you're not using a credit card directly, Venmo does not charge a fee to send money.

While Venmo does charge some fees, it's fairly easy to avoid them. If you use your Venmo account to pay friends or businesses, you can avoid fees by only paying with your Venmo balance or connecting a bank account or debit card instead of a credit card.

Does Venmo have a transaction fee for instant transfers? Yes, the app charges 1.75% of the total amount for instant transaction services. In addition, standard electronic transfers of funds to your account are processed without fees. Use this method if you have the time to wait for your transaction to be processed.

No fee when you link your bank and use it to add money to your Venmo account. Receive personal payments in your Venmo account from Venmo users. No fee for you when Venmo users send you personal payments with Venmo. You will be assessed a fee if the sender identifies the transaction as for goods and services.

Potential scams and hackers.

The biggest downside to using Venmo is the potential for your money to be stolen. If a hacker gains access to your Venmo, it's pretty easy to change the associated bank account – so the hacker could change the account to their own and transfer the money in your Venmo to their bank.

It's free to send and receive money using what's in your Venmo account or bank account. *Venmo does not charge for sending money from a linked bank account, debit card, or your Venmo account. There is a 3% fee for sending money using a linked credit card.

Venmo is free to use if you decide to stick with standard transfer times and make payments through your bank account or debit card. Otherwise, there are some fees you may have to pay, depending on which services you use.

Use the Venmo Debit Card to make cash withdrawals from a nationwide network of MoneyPass® ATMs, and you won't have to pay a transaction fee.

Conclusion. Venmo imposes certain limits on the amount of money that can be transferred per day for both verified and unverified accounts. Unverified accounts have a lower daily limit of $299.99, while verified accounts have a higher daily limit of $4,999.99.

Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .

How do I waive a fee on Venmo? ›

You can avoid the three percent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you're not using a credit card directly, Venmo does not charge a fee to send money.

Payments are automatically deducted from your balance, or if your balance doesn't cover the amount, they're deducted from your linked bank account. If a retailer doesn't accept payments through the Venmo app, they likely accept the Venmo Mastercard debit or Visa credit card. Identity Theft Protection Software can help.

To send money on Venmo, you need to link the app to a U.S. bank account, debit card, prepaid debit card or credit card. If you receive money and want to transfer it from Venmo, you'll need to link a bank account. Link a checking, not a savings, account.

Venmo should only be used to transact with people you know. Do not use Venmo to pay or receive payments from people you don't know, especially if the payment involves the purchase or sale of a good or service. Such payments are potentially high risk and you could lose your money without getting what you paid for.

Venmo has been criticized for its security, slow customer service responses to breaches, and failure to protect users' privacy.

Privacy Concerns: Venmo's social network aspect means that transactions are visible to users' networks unless privacy settings are configured. In the past, researchers have found that Venmo reveals a significant amount of private details about users' lives, putting them at risk for cyberattacks.

To turn off Goods & Services, set the slider to the left, where it will turn grey. Tap it again to turn the feature back on. Turning off Goods & Services ensures the recipient won't be charged for the payment, but it won't be covered if you're making a purchase.