Unlike cash app, venmo is more of a social media combined with a financial payment system. Its features make it unique and give it an edge over its competition. Yet it is an issue for people who don’t want to be exposed. However, you can adjust privacy settings to set your transactions anonymous. The app is operated by PayPal.
This is a peer to peer app, you can send and receive money easily utilizing the app. But you have to send at least $5. Nevertheless, the app is a great way to strengthen communities financially. You can link up your bank details for direct deposit. Also, you can opt to receive a debit card. The app is trending among millennials and unlike its major competitor, Venmo is widely used among urban youths.
- Receive and send money instantly.
- Receive a discount when you use the app to purchase some specific products.
- Can be used to split bills among friends or relatives.
How Venmo works?
- Transfers and purchases. Venmo lets you send and request money to and from anyone who has a Venmo account.
- Mobile only. Venmo payments are made on its highly rated Android and iOS smartphone apps as well as via iMessage or with Siri voice command.
- U.S. customers only. available only in the USA for now.
- 3% per transaction for payments funded by credit card.
- 1% per transaction, or a minimum of 25 cents, for instant transfers; this is when you cash out from a Venmo balance to your debit card. These transfers are delivered within half an hour.
How much you can send?
Under $3,000 per week. To get started on Venmo, you need to download the mobile app, create a login and confirm your phone number, email address and bank account. Your initial transfer maximum per week is $299.99 until you verify more of your identity. When you submit your Social Security number, ZIP code, and birthdate, you become “verified” and can send up to $2,999.99 per week in one or multiple transactions.
The maximum you can transfer from Venmo to a bank account starts at $999.99 per transaction, but once you’re verified, the limit goes up to $19,999 per week.
Venmo debit card
The company makes a limited release of a physical Mastercard that works for U.S. purchases anywhere that accept Mastercard. This card isn’t available to everyone, but you can add your name to the waitlist on Venmo’s app.