- A Social Security Number to prove that you are an American resident
- An American bank account link to your credit or debit card
- An American phone number for transacting via phone
Why people like it
One of the features that have made Venmo be one of the best is its social feed. This allows users to interact and share when they get paid or send a payment using fun comments. The actual amount of money that is sent or received is not shown to avoid privacy invasion. That gets rid of all the boredom that is usually witnessed even in banks.
The application is available for both Android and iOS, and another incredible feature that has contributed to its popularity is the ability to synchronize it with your Facebook and phonebook. That way, you can also keep in touch with your loved ones and encourage them to sign up so that you can enjoy sending and receiving money for free.
Security is one of the crucial things to consider when sending money. With Venmo, the safety of your money is guaranteed thanks to their security transcription system that monitors and prevents hackers from robbing you. Hackers have been keen to steal the unsuspecting public, leading to the loss of millions of dollars annually, primarily through online money transfers.
Another great benefit that Venmo users get to enjoy is the supportive customer care service that is available round the clock seven days a week. Not everyone finds it easy to utilize this service, especially those who want to use it for the first time. There are many reasons you may want to access customer care support, including a problem with your transaction.
How much does it cost to send money to Venmo?
You can link your Venmo account to your bank, debit, and credit card. That means this App allows you to access all your money through a single point. The cost of a transaction through a bank, your debit card, or directly using your venom account is free of charge. If you use venom with your credit card, you should be ready for a 3% fee charged on the amount sent. However, if you are a merchant, there is a 2.9% fee and an additional $0.30 per transaction. Many businesses I the United States are comfortable with these high rates simply because the platform connects them to customers who are ready to spend.
Although Venmo does not allow you to make international money transfers, sending money in America through a phone has solved a significant problem. You can comfortably pay for cab fare or even split a lunch bill with Venmo in seconds with the freedom to make any size of the payment. Venmo is free of charge and should work correctly, provided that you have the requirements mentioned above.
Are Venmo tracking services dependable?
One of the most vital things when sending money is ensuring that your transaction is secure. That is why, when sending or receiving money with Venmo, you will always be updated on the process of your payment. When you have released cash from your account, you will receive a notification through text and on the App. Additionally, users get to receive their transaction history through the mail. That way, they can be able to keep track of their transaction and prevent the risk of someone using their accounts without consent.
How long does it take to send money with Venmo?
Sending money using Venmo can last anything between a couple of minutes up to two days. Many factors significantly influence this. If you are transferring money to a new Venmo account, for example, the transaction can take longer than the mentioned two days. Transferring money from one Venmo account to another will take a shorter time than moving money from the mobile App to a bank account.
Can you cancel a transaction with Venmo?
Venmo does not allow users to reverse transactions; therefore, if you have sent money to the wrong recipient, you will have to contact them and request them to reverse the payment. While it may sound like an inconvenience, it is good to know that it is not likely for someone to send money to the wrong address with Venmo since the sender is asked to confirm a couple of times before releasing the funds. You are advised to contact the Venmo team if the recipient refuses to comply with your request and you decide to press charges.
Are there limits for sending money with Venmo?
Yes, there are and are determined by the age of the Venmo account, among other things. A new Venmo account is restricted to transferring only up to$299.99 per week. After a new account gets fully approved, the weekly transfer limit is increased to $4,999.99 per week. Don’t forget that different kinds of transactions can be conducted using Venmo, and some have their limits. Therefore, it is essential to confirm if the type of transaction you want to make with Venmo has a maximum or minimum limit.
What if I don’t have enough money in my Venmo account?
There are instances when you want to transfer money to discover that you don’t have the needed amount of money to cover up what you need. If this happens and you have linked the App to your bank account of a smartcard, Venmo will automatically access cash from your account and top up automatically without any further complications. It is also easy to contribute for a cost using Venmo just in case you are short of cash, and a friend is willing to help you out.