A complete guide to Venmo fees

There are many money transfer services out there and each comes with its own unique features. Venmo is one of those which managed to stand out, partly because of its blend of social network and money transfer. But how much does it really cost to use Venmo?

We’re going to answer this and other related questions throughout this article.

What are the fees for using Venmo?

Venmo doesn’t charge anything for setting up your account or monthly caps for purchases, transfers and card usage¹.

However there are a few scenarios where fees are applicable, these being:

• Sending money to someone else using a credit card
• Adding money using cash-a-check
• Receiving money from Venmo users into a business profile
• Transferring money through electronic instant withdrawals
• Withdrawing money with the Venmo card

Below you’ll find a more detailed explanation of how much each of these operations cost.

Venmo doesn’t offer the possibility of making international payments. So, if you need to send money abroad, it might be worth checking a company which offers this service, such as Wise!

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Fees for adding money into your Venmo account

Venmo charges varying fees depending on the method you’re using to add money into your account¹.

Fees for sending and receiving money

There are many ways to send and receive money into your Venmo account and they come with different fees.

Venmo credit card fees

Venmo offers a physical credit card and it comes with varying fees according to what you use it for. It has a regular APR of 15.24-24.24%².

However, it’s worth noting that you can earn rewards when you use this credit card to shop. Venmo gives back 3% on groceries, 2% on bills and utilities, and 1% on other products or services you pay for using the credit card³.

Venmo business fees

Venmo charges a standard fee of 1.9% plus 0.10 USD on every seller transaction and this fee is non-refundable. Keep in mind that Venmo users paying a business using a credit card are not charged the usual 3% on that particular payment⁴.

If you’re looking for an affordable alternative account through which you can run your business, send and receive foreign currencies with extra management features, try signing up for Wise Business.

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Venmo makes a decent choice for a money transfer app, especially since it barely has any fees for setup and maintenance of accounts.

However, there are still fees on some of the operations and the service is only available throughout the US, so it’s always good to have a backup that can handle different currencies over various regions, such as the Wise money transfer app.