Originally published at: Venmo Review | GoVisaFree
Venmo is one of the most reputable and trusted names for digital remittance in the US. Based in New York, Venmo money transfer app has over 60 million happy customers using the platform. In this post, we will take a closer look at what Venmo is, how to use it, and what it might mean for you as a user.
What Is Venmo?
Venmo is a peer-to-peer (P2P) payment app that allows you to make quick and easy exchanges with friends. The cool thing about it? It’s available on both iPhones and Androids. With it, you can send money via:
- Credit and debit cards
- Bank balance
How Does Venmo Money Transfer Work?
With Venmo money transfer, you can send money to your friends and family quickly without having them contact a third-party financial institution. Just install the app on their phones along with linking it up against any accounts they might have—this way, instant peer-to-peer transaction swapping begins. You can add friends, create payment feeds with different types of notes or stickers for each transaction—even if you haven’t sent someone money yet.
Venmo has privacy settings that allow you to share your payments with only certain people or keep them hidden from everyone.
Is Venmo Good For Transferring Money Abroad?
International payments aren’t an option with Venmo. To open your account, you must be living in the United States with a local cell phone number. You can only transfer balances from America-based accounts into Venmo ones. However, if you want to send funds abroad, look elsewhere for better options such as PayPal.
In the next section, you can find answers to get started with your Venmo account.
How To Use Venmo
You can use the steps below to start using the Venmo app.
- Download Venmo app from the Play Store or the App Store. The mobile app is readily available only for iOS or Android.
- Open the app
- Select your sign-up method. Add your personal information and secure them with a unique password (8 to 32 characters strong)
- Confirm your email address and phone number
- Confirm your bank account.
Once done, you can start receiving and sending money.©Venmo
The Pros and Cons of Venmo Transfer
Venmo money transfer has its own set of advantages and disadvantages.
Pros of Venmo
- Download the app and start using it. It makes splitting expenses simpler. Also, there is an onscreen calculator whenever you request or send money.
- No fees for sending money from a bank account, debit card, or Venmo balance.
- Pay directly at some businesses: Venmo is the payment of choice at some apps and websites such as Uber.
Cons of Venmo
- Venmo has some privacy flaws. Your payment history is always public, including your username and the recipient of funds. No amount displayed, though.
- The recipient gets your money instantly, and there’s no way to cancel the transaction.
- The Venmo balances aren’t insured by the Federal Deposit Insurance Corp., unlike traditional banks.
The Fees and Rates Associated With Using Venmo
With Venmo app, you can send money to friends without any fees. There’s no charge if the cash comes from your bank account or Venmo balance, but 3% for credit card transactions makes it essential not to spend too much on one purchase.
Money Receiving Options With Venmo
The primary receiving option is Venmo account. You have to initiate a bank transfer to receive it in your bank account. After transfer, the money immediately appears in the recipient’s account.
When adding money to your Venmo account from a debit card, credit card, or bank account, it can take up to 1-3 days for the transfer and vice versa.
Who Is Venmo Right for as a Service?
Venmo is an app designed to make transactions between friends and consumers in the US. Also, a few selected small businesses may also use Venmo to receive payments.
What Do Reviews Say About Venmo?
On GetApp, a website that rates the trustworthiness of apps, it shows an impressive rating of 4.8/5 for Venmo. Add to it the 8,000 reviews, and you know you’re up for a good thing. The consensus drawn from the reviews is that the simple interface is the biggest perk one receives with using the app. The user-friendly features for both lenders and borrowers are the real game-changers for the app.©GetApp
Is Venmo Safe?
Vulnerabilities exist in all Internet-connected applications, and this can lead to security breaches. Venmo, like any other application linked to your bank account, should be held accountable for its security measures which may give hackers an attractive target if not improved quickly enough.
Indeed, Venmo has an encrypted service that stores all personal information on its secure servers. You can log out of your lost or stolen phone and set up PIN codes for applications on this app. However, scanners and hackers have found a loophole. After gaining access, they can transfer your Venmo balance over email by changing the user’s linked email address. Hence, the latter never receive any transaction notifications until the bank informs about the money deduction.
The Verdict: Is It Worth Opening an Account With Venmo?
Venmo provides an excellent model to send and receive money in the United States. Backed by PayPal with encrypted data, it can be an easy option for users who want quick transactions. Though it may be easy to get caught up in the hype of Venmoing and think that everything is going smoothly, before you start sending your cash around town, make sure to know what could happen. Understanding these limitations will be easier for both parties involved when asking or receiving payment through the Venmo app. We hope that you’ve found answers to “What is Venmo?” and “How to use Venmo” questions.