Venmo is an application which enables one to pay and request money from friends and as such friends can split their lunch bills, they can send money to their roommate for the half of his|her rent, you can also pay half of your friends cab fare. So if you have a payment to make to your friendor you are owing your friend and you do not want to deal with cash, then use Venmo to settle your bills. Venmo is a peer-to-peer payment app owned by PayPal. Venmo allows you to pay and request money from your friends. You can also use Venmo for some in-app purchases, such as for food, clothes or tickets, according to the Venmo site.
So How does Venmo work?
To start using Venmo:
- Visit Venmo.com or you can download Vnmo app for Android and iPhone device
- Next, create a Venmo account.
- If you have any funding source such as credit card or debit card or bank account, then you can link your Venmo account to it.
How to receive money:
- The sender should be given your Venmo user name or the email or phone number associated with your Venmo account.
- Or you can also share your Venmo scan code from the app, you can also text or email the scan code to the sender.
- You will finally receive the money in your Venmo account.
How to send money
- If you send money know that the money will be deducted from your Venmo account.
- Incase you don’t have enough money in your account to cover your expenses, then
- Venmo will draw the total purchase amount from then funding source you’ve linked to your Venmo account.
- You should know that the sender and the recipient should have a Venmo account.
Things you should know if you are sending money:
- If the recipient’s details are not correct, your transaction could be flagged. “The system will automatically flag the sender [by showing an additional screen], when we have reason to believe they might be transacting with the wrong user,” says Erin Mackey, a Venmo representative. “The flag is based on information Venmo has that indicates the sender and recipient, both of whom must hold Venmo accounts, don’t know each other.”
How To Sign Up Venmo Account
- First, you need to download Venmo mobile apps on Android and iOS(Venmo does not have a Windows app)
- Then open the Venmo app
- Select the method you want to sign up.
- Create a strong password which have have about 8 to 32 characters long.
- Next is to verify your phone number and email address
- You also need to add and verify your bank account
How Much Does Venmo Cost
- If you want set up a Venmo account and receive money, it is totally free.
- If you link your Venmo account to a bank account or debit card sending money is free.
- If you link your Venmo account to a credit card, purchases are free, but there’s a 3 percent fee every time you send money or fund your account.
- Standard transfers from a Venmo account to a bank account are free, but might take a few days.
- You can transfer your Venmo balance to a bank account within up to 30 minutes using “an eligible Mastercard or Visa debit card.” That service has a $0.25 flat fee for each transfer.
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