![]() They can also prevent you from getting the notifications that might alert you to the situation faster.īuilt-in safety features and steps you can takeįirst, you should know the precautions Venmo takes to protect your money. They can link your Venmo account to their bank and funnel money away from you long before you realize it. Once a scammer or hacker has your account information, they’ll change your password so they have more time to steal from you before you can fix the problem. It’s also possible for a scammer to get your Venmo information by posing as a legitimate source to get your login information. There are different ways hackers can do this. The primary risk of using Venmo is the possibility that someone will hack into your account and use it to steal money from you. Any time you conduct financial transactions over the internet, you’re taking on a certain amount of risk. Venmo can come with some risk if you aren’t attentive to your financial safety. As long as you don’t pay using a credit card for your Venmo transactions, and avoid instant transfers, you can use Venmo free. And they’re easy to avoid, unless you’re a merchant. The fees for using Venmo are fairly small. This applies to both merchants who accept Venmo debit cards and merchants who accept Venmo payments through a smart payment button. ![]() They’ll pay a transaction fee of 30 cents, added to a 2.9% fee on the transaction total. Merchants who accept payment using Venmo pay fees for those transactions. And Venmo makes users pay it rather than covering the cost as part of the service. It’s not actually a Venmo fee - it comes from the credit card company. However, if you send money from a credit card, you’ll need to pay a 3% processing fee. Many people make Venmo transfers using a linked bank account, debit card or their own Venmo account. You can also use a Venmo debit card if you want to access the money right away without paying a fee. However, you can still do a free transfer if you can wait a day or two for the money to go through. You can do an instant transfer from Venmo to your linked debit card in a matter of minutes if you’re willing to pay 25 cents or 1% of the total transfer, whichever number is higher. But if you want that money in a hurry, you’ll pay for it. You can transfer money from your Venmo account to your online bank account free. So you’re in the know, here are some Venmo fees you might encounter for certain transactions. The owners do that by charging transaction fees - just like most financial institutions and credit card issuers. However, the platform still has to make money for its owners. Venmo doesn’t cost anything to download and use, which is part of why it’s become so popular. This makes it seem like Venmo doesn’t cost anything.įor most users, that’s true. When you sign up for Venmo, you aren’t asked to make any payments to use the app. You can see who’s sending or receiving money from whom, and the notes they include about what the payments are for.Ĭreating a Venmo account is as easy as entering your email and selecting a username and password or using your FacebookĮase of account setup aside, Venmo users can probably learn a thing or two by reading the fine print and chatting with more suspicious types. Unless you change the settings, your transactions are visible to the public, as well as your friends on the platform. Venmo is somewhat unique in that it’s also a social platform. Some businesses even choose to use Venmo to make payments to freelance employees. You can also use Venmo to pay for goods and services from some online retailers as well as to make in-app purchases in some online apps. Instead of finding the exact change to pay your friend back for dinner or stiffing him/her, for example, you can simply Venmo him/her the exact amount. You can use Venmo to send and accept payments to or from other people online. Just link the app to a debit card and spend away. No credit card, no wallet, no fees and no nagging for unpaid drinks required. It’s a mobile app that enables sending money easily among friends. Venmo is a type of peer-to-peer payment platform. What is Venmo?Įven if you’re not familiar with this platform, you’re likely familiar with platforms like it including Square Cash If you’re a Venmo user, here’s what you need to know about Venmo and Venmo charges. See: Venmo takes losses after payments fraud This lets you protect yourself and can save you money. And while Venmo might seem free at first glance, there are many little Venmo charges you could be paying without even realizing it.Īnytime you use a financial platform, it’s important to know what the possible charges and risks involved are. But users - and you, whether you’re a user or not - may not thoroughly understand the platform.
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