This Venmo fee calculator is a valuable tool that helps you figure out the fees you may incur when using Venmo services. You can use this tool before doing any significant transaction to get an idea of the exact fee or amount that Venmo will charge.
Before using this tool, there are two crucial things to understand:
- Payable Fee - It shows the amount that you have to pay as a Venmo Fee for your transaction.
- Amount Left - It shows the overall amount you will have after paying the fees for your transaction.
This Venmo Fee Calculator is an independent tool. It is not affiliated with PayPal or Venmo and is meant for educational purposes. The data used is based on information available as of 2023. Users should exercise their own discretion when using this tool for financial decisions.
What is Venmo?
Venmo is a popular mobile payment app in the United States that allows users to send and receive money from friends and family. It is commonly used for splitting bills, making payments, and sharing expenses. Venmo is owned by PayPal and provides a social element to payments by allowing users to add comments and emojis to their transactions.
Venmo has gained popularity for its user-friendly interface and ease of splitting costs, such as restaurant bills, rent, or group purchases.
How to Calculate Venmo Fees
This tool is very simple to use. Follow these steps to calculate Venmo Fee -
Step 1: Enter the amount you wish to transact
Step 2: Select the transaction type from the available options
No further steps required |^^| The calculator will instantly calculate and display the applicable Venmo fee, as well as the final amount after the deduction of the fee.
Venmo Fee Structure
Venmo charges fees for certain types of transactions, including transactions for goods and services, sending money using a credit card, and merchant/business transactions. The table below provides a detailed breakdown of these fees, helping you understand what you might be charged for various types of transactions on Venmo.
Account Opening and Holding
| Transaction Type | Fee |
| Account Setup | FREE |
| Monthly Fee | FREE |
Spending or Sending Money
| Transaction Type | Fee |
| Online Purchases | FREE |
| Sending Money using Credit Card | 3.00% |
| Sending Money using Other Methods | FREE |
Adding Money
| Transaction Type | Fee |
| Adding Money using cash a check feature (faster check deposits, payroll and government checks) | 1.00% (minimum $5 fee) |
| Adding money using cash a check feature (faster check deposits, all other accepted check types) | 5.00% (minimum $5 fee) |
| Receive payments in your business profile, in your charity profile, or in your personal Venmo account that are identified by the sender as for goods and services | 1.9% + $0.10 or 2.29% + $0.09 (whichever is higher) |
Money Transfer
| Transaction Type | Fee |
| Electronic Withdrawal (Standard ) | FREE |
| Electronic Withdrawal (Instant Transfer) | 1.75% (minimum $0.25 fee, maximum $25 fee) |
Buying or Selling Cryptocurrencies
| Purchase or Sale Amount | Fee |
|---|
| $1.00 - $4.99 | $0.49 |
| $5.00 - $24.99 | $0.99 |
| $25.00 - $74.99 | $1.99 |
| $75.00 - $200.00 | $2.49 |
| $200.01 - $1000.00 | 1.80% |
| >$1000 | 1.50% |
Transferring Cryptocurrencies
| Transaction Type | Fee |
| Receiving a Cryptocurrency Transfer | FREE |
| Transferring Cryptocurrency to Another Venmo or PayPal account | FREE |
| Transferring cryptocurrency to an address outside of Venmo or PayPal | Amount varies |
Using Venmo Mastercard
| Transaction Type | Fee |
| Venmo Debit Card acquisition | FREE |
| ATM withdrawal in the MoneyPass network | FREE |
| ATM withdrawal in non-MoneyPass ATM | $2.50 |
| ATM balance inquiry | FREE |
| Over-the-counter cash withdrawal | $3.00 |
| Automatic reloads using your bank account | FREE |
| Venmo Debit Card replacement | FREE |
Venmo Visa® & Venmo Visa® Signature Credit Card
| Transaction Type | Fee |
| Annual Fee | None |
| Foreign Transaction | None |
| Cash Advances | Either $10.00 or 5% (whichever is greater) |
| Late Payment | Up to $41.00 |
| Returned Payment | Up to $29.00 |
6 Reasons To Use This Tool
- Clean UI
- Fast & Secure
- Works Offline
- No Limitations
- No Annoying Ads
- Device & User-Friendly
Important FAQ's
How much is Venmo Instant Transfer Fee?
The Venmo instant transfer fee is 1.75% with a minimum of $0.25 and a maximum of $25 per transfer.
Why is Venmo charging me a fee to receive money?
Venmo charges a fee to receive money when it involves a business transaction or if you choose an instant transfer to your bank account. Personal transfers between friends or family are typically fee-free.
Why was I charged a seller transaction fee on Venmo?
You were charged a seller transaction fee on Venmo because it's a standard fee applied when you receive payments for business transactions or for selling goods or services through the platform. The standard fee is 1.9% + $0.10 per payment, but for contactless payments or Tap to Pay on iPhone/Android, it's 2.29% + $0.10.
How much is the Venmo goods and services fee?
The Venmo goods and services fee is 1.9% of the transaction amount, along with a fixed fee of $0.10 per transaction.
How can I report a bug in this tool?
If you find a bug, please send us an email immediately using this form or at our address -
FAQs
How Venmo Transfer Fees Work
| Buy/sell sum | Venmo service fee |
|---|
| $25 – $74.99 | $1.99 |
| $75 – $200 | $2.49 |
| $200.01 – $1,000 | 1.80% of the total amount |
| $1,000 and more | 1.50% of the total amount |
2 more rowsJul 18, 2024
Venmo's instant transfer fee is a percentage of your transfer amount, with a minimum and maximum fee in place. Here's how to calculate it: Multiply the transfer amount by 1.75%: This will give you the base fee amount. Apply the minimum fee: If the calculated fee is less than $0.25, the fee will be set to $0.25.
Who pays the 3% fee on Venmo? ›
Venmo is free to use for its original function, which was to send and receive money to and from friends and associates. It's also free to use to pay participating merchants. However, if you use a linked credit card to pay anyone, you will be charged a 3% fee.
How do I avoid fees on Venmo? ›
To avoid Venmo fees, ensure your payments come from your Venmo balance, bank account, or linked debit card. Avoid using credit cards for Venmo transactions unless necessary.
Does Venmo charge a fee to send money to a friend? ›
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.
How much does Venmo charge for instant transfer of $5000? ›
Understanding Venmo Instant Transfer: Fees and Limits
| Transfer Type | Fees | Limits |
|---|
| Instant Bank Transfers | 0%-1.75% (min $0.25 to max $25) | Up to $5,000/transfer |
| Credit Card Payments | 3% | – |
| Merchant Transactions | 1.9% + $0.10 | – |
| ATM Withdrawals | $2.50 out-of-network, $3.00 over-the-counter | – |
1 more rowMay 14, 2024
The Venmo daily limit for sending or receiving funds on Venmo varies based on a number of factors, including your account history, identity verification status, and other security measures. The default daily limit is $3,000 per user but this can be increased by going through an identity verification process.
Why is Venmo charging me a fee to receive money? ›
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. No fee for you when a merchant sends you a refund.
What is the downside to Venmo? ›
Its ease of use and lack of service fees make the app a profitable alternative to usual bank transfers. However, Venmo is not without its drawbacks, including security concerns, fees for certain transactions, and privacy issues. As such, it's somewhat inefficient for instant money transfers.
What is the limit on Venmo without fees? ›
PERSONAL PROFILE LIMITS
| Weekly Limit | Non-Verified Personal Profile | Verified Personal Profile |
|---|
| Sending money | $299.99 | $60,000 |
| Purchases | $299.99 | $7,000 (combined) |
| Bank Transfer | $999.99 | $19,999.99 |
| Adding money to your Venmo personal account | $10,000 using a bank $2,000 using a debit card | $10,000 using a bank $2,000 using a debit card |
Aug 8, 2024
The fees for using a business profile are charged to the merchant rather than the customer, in line with industry standards. It's worth noting that Venmo users who make a payment to a business profile using a credit card will be exempt from the standard 3% Venmo fee on payments funded by credit cards.
Does Venmo charge a fee to cash out? ›
There may be fees associated with obtaining cash with your Venmo Debit Card if you use an ATM or Over the Counter Withdrawal. You may withdraw funds from your Venmo balance at an ATM that displays the Mastercard®, PULSE® or Cirrus® acceptance marks. A $2.50 ATM Domestic Withdrawal Fee applies.
Can I send $1000 to someone on Venmo? ›
PERSONAL PROFILE LIMITS
If you sign up with Venmo without verifying your identity, your weekly threshold for sending money and purchases is $299.99, while your weekly bank transfers are capped at $999.99.
Why won t Venmo let me pay $1000? ›
Venmo payment limits exceeded
There are limits to how much money an individual or business can send during a Venmo transaction. A user has a maximum weekly limit of $299.99 for peer-to-peer payments. However, if a person completes their identity verification, they are eligible to send up to $60,000 a week via Venmo.
Why can't I send $5000 on Venmo? ›
Unverified Accounts: If you haven't confirmed your identity on Venmo, you'll have a weekly spending limit of $299.99. This encompasses both payments to individuals and authorized merchants. Verified Accounts: Once you verify your identity, your weekly sending limit increases significantly to $60,000.
Does Venmo report to the IRS? ›
Venmo's IRS 1099-K tax reporting requirements only pertain to payments received for sales of goods and services and DO NOT apply to friends and family payments. For the tax year 2023, the IRS will require reporting of payment transactions for goods and services sold that exceed $20,000 and 200 transactions.
