Personal Finance

A complete guide to Venmo fees

Gabriela Peratello

08.06.21 (updated more than 1 year ago)

Read time 2 minutes

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.

Learn more

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.

Start saving now

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

💡 More on Venmo
What is Venmo and how does it work? Wondering if Venmo’s safe? Here’s what you should know How to add money to Venmo How to send money on Venmo in 7 easy steps? Venmo transfer limits Does Venmo international transfer work? Best alternatives How long does Venmo take? Venmo transfer limits Sending money from Venmo to PayPal: what you should know Cash App vs Venmo: your comparative guide Can you use Venmo for business? A complete guide

💡 More on Venmo

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.