Venmo Money Transfer – Venmo is a subsidiary of Paypal, a mobile payment system that allows users to transfer funds to others in the U.S. it does not work internationally as you must reside in the U.S and have a U.S bank account to set up a Venmo account. Launched in 2009, it works like an e-wallet app that allows you to send money to another Venmo account, credit or debit cards, or to a U.S bank account.
Its standard transfer is free and takes 1-3 business days for the transaction to be completed. There are different kinds of transfers that can be done using Venmo services and there are listed below;
- Venmo Standard Transfer: it’s free but takes much longer. Usually 1-3 business days and goes through the ACH (Automated Clearing House) network to your verified bank account. This kind of transaction can be easily reversed or canceled if any issue is perceived.
- Instant Transfer: Paypal launched this Venmo feature in 2018. Prior to this, it only allowed the traditional wire transfer (standard transfer). Allows you to send money from your Venmo account to an eligible U.S bank account or Visa/MasterCard debit card. As its name suggests it takes not more than 30 minutes and it requires a 1% (maximum of $10) fee from the amount of money being transferred. This kind of transfer can be made anywhere and anytime as long as there are no disruptions to Venmo services.
Why Sign Up for Venmo
Venmo offers a lot of unique services that enable users to easily pay for services rendered. Venmo was originally created as an e-wallet app. A way of sending money through mobile phones and a way of paying bills.
- Make Payments. Also, purchase items using Venmo.
- Link bank accounts and debit cards. And you could apply for Venmo personal MasterCard.
- Split Bills or share payments.
- Venmo can be Integrated with Facebook and your contact list.
- Request Money and Track Payments using Venmo special services.
- It also has a social media network where you could socialize with friends based on Venmo transactions.
- Social Currency.
- You could also store data and encrypt them if you desire.
- Third-party app integration.
- The Venmo app also keeps track of your activities using the app.
These are just some of its features, download the Venmo app, and start paying bills without stress.
How to Sign-Up for Venmo
Note that Venmo works only in the U.S, this implicates that you must reside in the U.S to use Venmo services.
- Install Venmo’s app from your device mobile store. Venmo’s app is only available to IOS & Android devices.
- Once the app finishes installing, click on it to open it.
- Specify your preferred Sign Up process.
- Create a secure and easy to remember password.
- Verify your mobile number and email address.
- Add and Verify your bank account. This will inform you of your bank account’s or card’s eligibility. If it is listed means it is eligible and you can start using Venmo’s services.
- Sometimes your account or card might get enlisted and not work when you try an instant transfer. This means that your bank does not currently participate in the instant transfer services.
- Now you can proceed to apply for a Venmo MasterCard which offers access to ATM services. It allows up to $400 a day withdrawal and warrants fees of $2.50 and works anywhere a MasterCard is accepted.