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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!
| 💰 Wise is a cheap and quick way of sending money across borders. They don’t charge any mark-ups on the exchange rate and show you upfront how much it’ll cost you. |
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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.
| Method | Fees |
|---|---|
| Adding money to your Venmo account via cash-a-check feature (faster check deposits, payroll and government checks) | 1.00% (with the minimum being 5 USD, and no fee if your check can’t be added) |
| Adding money to your Venmo account via cash-a-check feature (faster check deposits, all other accepted check types) | 5.00% (with the minimum being 5 USD, and no fee if your check can’t be added) |
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.
| Type | Fee |
|---|---|
| Sending money to people using the Venmo account balance, debit card or bank account | $0.00 |
| Sending money to people using your credit card | 3% |
| Receiving money from Venmo users into your Venmo account | $0.00 |
| Receiving a refund from a seller | $0.00 |
| Receiving money using Direct Deposit | $0.00 |
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.
| Type | Fee |
|---|---|
| Annual fee | $0.00 |
| Foreign transaction fee | $0.00 |
| Cash advance | $10 or 5% of each cash advance depending on which amount is greater |
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.
| 💡 Wise Business offers you an international account through which you can send and receive payments almost anywhere in the world! All that in just a few clicks and without mark-ups on the exchange rate. |
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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.
Sources:
- Venmo - Fees
- Venmo - Credit card
- Investopedia - Venmo credit card review
- Venmo - Business profile fees
Sources checked on 06.30.2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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