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Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2013. Venmo is aimed at friends and family who wish to split bills, e.g., for movies, dinner, rent, or event tickets, etc. Wikipedia
Developer(s)Venmo, LLC (a subsidiary of PayPal)
Initial release2009; 14 years ago
Operating systemAndroidiOS
Original author(s)Andrew Kortina; Iqram Magdon-Ismail.

Our Verdict

Venmo is an app for sending money electronically to friends, family, or businesses. You can use the app simply for sending and receiving money, or you may also choose to use Venmo’s banking features.

You can request a Venmo debit card or credit card and earn cash back with both. You’ll earn 1% to 3% cash back on purchases at retailers like Walgreens and Costco, but the exact deals vary depending on current promotions. You can see promotions in your Venmo app if you have a card. If you want to know more about which retailers will help you earn cashback before committing to a card, you can chat with a Venmo representative within the app about ongoing deals.

Venmo also now offers a debit card for teens ages 13 to 17 that doesn’t charge an application fee or monthly fee, or have a minimum balance. Parents or legal guardians will open the Venmo Teen Debit Card for their child. They can provide their teen access to the Venmo app, and monitor their spending through notifications or lock and unlock the Teen Debit Card.

You can withdraw money for free at MoneyPass ATMs. You’re also able to use your Venmo card at Mastercard, Cirrus, or PULSE ATMs, but you’ll pay a $2.50 fee. The ATM provider may also charge a fee.

Venmo doesn’t charge monthly fees, but you may have to pay some fees for the checking features. You’ll pay 1% for depositing a government or employer check and 5% for depositing another type of check, with a minimum charge of $5.

The money other people transfer to you within the app is not insured by the FDIC. But any money that goes into your Venmo balance via direct deposits or mobile check deposits is FDIC-insured, so it’s safe.

Venmo Review 2023



no monthly service fee

Annual Percentage Yield (APY)


Minimum Deposit Amount



  • Pay and receive money from family and friends
  • Set up direct deposits to your Venmo balance
  • Receive direct deposits up to 2 days early
  • Set up mobile check deposits into your Venmo balance
  • Money from direct deposits and check deposits is FDIFDIC-insured a Venmo debit card
  • Get a Venmo credit card
  • Earn cash back on certain purchases with your debit or credit card
  • Buy Bitcoin, Ethereum, Litecoin, or Bitcoin Cash through the app
  • No monthly service fees
  • No fee for transferring money from your Venmo balance to a bank account
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  • 1% fee (min. $5) for depositing government or payroll checks
  • 5% fee (min. $5) for depositing non-government and non-payroll checks
  • 1.9% plus $0.10 if you’re a seller and receive a payment
  • Cash back depends on the promotions available
  • $400 daily withdrawal limit from ATMs with your debit card
  • $2.50 out-of-network ATM fee
  • 3% fee for sending money to people using your credit card
  • 1.75% fee ($0.25 to $25) 1.5and % for transferring money from your Venmo balance to a bank account using the “instant” option
  • Fee for purchasing or selling cryptocurrency
  • No interest earned on your balance

Venmo Review 2023: Pros & Cons, Features and How it Works

Product Details

  • Send and receive money electronically
  • Money transferred to you within the app is not FDIC insured; money you deposit into your Venmo balance using direct or check deposits is FDIC insured
  • Earn cash back with your debit or credit card, depending on current promotions from companies
  • Use your debit card with the MoneyPass ATM network for free; pay $2.50 to withdraw funds from Mastercard, Cirrus, or PULSE ATMs
  • Cryptocurrency purchase/selling fee: $0.50 for amounts between $1.00 and $24.99; 2.3% of your purchase or sale amount if it’s between $25 and $100; 2.0% of your purchase or sale amount if it’s between $100 and $200; 1.8% of your purchase or sale amount if it’s between $200 and $1,000; 1.5% of your purchase or sale amount if it’s over $1,000

Venmo Features

Venmo is a mobile payment service that allows you to send and receive money from your friends and contacts. It also has some other features and capabilities that make it more than just a simple app for transferring money. Here are some of them:

  • You can use Venmo to pay for purchases at select online and in-store merchants that accept Venmo as a payment option. You can also use Venmo’s Mastercard debit card or credit card to pay anywhere in the U.S. where Mastercard is accepted.
  • You can cash certain checks with Venmo by applying for a Venmo debit card or setting up direct deposit. You can also receive your paycheck up to two days earlier than your usual payday by signing up for direct deposit with Venmo.
  • You can buy, sell, or hold four types of cryptocurrency (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash) with Venmo. You can also receive price alerts and learn more about crypto with Venmo.
  • You can share your payments and requests with your friends on the Venmo feed, which adds a social element to your transactions. You can also use emojis, stickers, and GIFs to make your payments more fun and expressive.
  • Venmo is a mobile payment service that allows you to send and receive money from your friends and contacts.
  • You can get a Venmo Debit Card, a Venmo Credit Card, or a Venmo Teen Debit Card, which are linked to your Venmo account and offer various benefits and rewards. For example, the Venmo Credit Card lets you earn up to 3% cash back on eligible purchases in eight spending categories.
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Venmo Review 2023: Pros & Cons, Features and How it Works

Venmo Customers and Support Services

If you need to contact Venmo customer support service, you have several options to choose from. Depending on your issue and preference, you can use one of the following methods:

  • Send a message through the contact form on their website. You can select the topic and subtopic of your inquiry and provide some details about your issue. You can also attach files if needed.
  • Chat with them in their mobile app. This is the fastest way to get assistance from Venmo. You can find the chat option in the app’s menu under “Get Help”. They are available from Monday to Saturday, 8:00  a.a.m. to 10:00 p. p.m. CT, seven days a week.
  • Call them at (855) 812-4430. This is another way to speak with a live agent from Venmo. They are also available from Monday to Saturday, 8:00  a.m. to 8:00  p.m. CT, seven days a week.
  • Email them at You can send an email to this address and expect a reply within 24 hours. You can also use this email address to report any suspicious or fraudulent activity on your account.
  • Reach out to them on social media. You can follow them on Twitter (@venmosupport) or Facebook ( and send them a direct message or comment on their posts. They usually respond within a few hours.

Venmo Supported Countries

Venmo is only supported in the United States and some of its territories, such as the US Virgin Islands, Puerto Rico, and Guam. This means that you need to reside and have a bank account in the US to create an account and use the platform to send and receive money. Venmo does not work internationally, as users must be physically located in the US to complete transactions on the app. If you want to use another app to make payments overseas, you can check out some of the alternatives suggested in the web search results, such as Wise, Chipper Cash, Revolut, Cash App, or PayPal.

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Venmo Comparison

Venmo vs. Bluebird by American Express

Both options allow you to receive your paycheck up to two days early. Choosing between Venmo and Bluebird by American Express Prepaid Debit Card might come down to differences in fees.

Venmo has fees for direct and mobile check deposits. Bluebird doesn’t charge these fees — unless you want to expedite your mobile check deposit, in which case you’ll pay 1% on a government or employer paycheck and 5% on other checks.  Bluebird does have a $3.95 cash reload fee, though.

Venmo vs. American Express Serve Cash Back Card

Both options allow you to receive your paycheck up to two days early. If you’re looking for a debit card with minimal fees, however, Venmo is a better choice.

The American Express® Cash Back Serve Prepaid Debit Card charges $9.95 per month (although there are no fees for residents of New York, Texas, or Vermont). American Express also charges you up to $3.95 each time you reload money onto your card

Venmo FAQs

Is Venmo legit? 

Venmo is a legitimate app. If you make a direct deposit that goes to your balance, that money is FDIC-insured. Up to $250,000 is secure per depositor. If you send money to someone else on the app, however, that money is not FDIC-insured.

How does Venmo work? 

Venmo is an app that lets you send or receive money. To use the app, you may connect Venmo to your bank account or set up mobile check deposits. Venmo has a debit card and a credit card. The app also lets you buy cryptocurrency.

Does Venmo charge a fee? 

You won’t be charged any fees if you transfer money from your Venmo balance to your linked bank account. There’s only a 1.75% fee if you want your money deposited into your account instantly. If you deposit checks, you’ll have to pay at least $5.

Does Venmo require a Social Security number?

Venmo requires a Social Security number (SSN) or taxpayer identification number (ITIN) to verify your identity. However, you may still use the app to receive and send money if your identity isn’t verified

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  1. Pingback: Cash App Review 2023: Is it a Safe Way to Send and Receive Money? - OptimistSky Global World

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