What is Venmo?

Updated: May 16, 2019

Venmo is mobile payment service that allows users to send money and make purchases at approved retailers. Instead of waiting for an incoming wire transfer, you can now easily receive and send payment via the Venmo app or site.


Splitting dinner with a friend? Going half on a birthday present? Sharing the cost of vacation? Venmo enables users to easily handle these financial transactions, all within seconds. In short, Venmo is a handy alternative for those that prefer cashless transactions. Working similarly, Venmo is owned an operated by PayPal.


Venmo can be used from the site or from the app – this is their most convenient and most-commonly used version. The Venmo app is available for Apple and Android.


How to Use Venmo:

Venmo users can send money to one another and even request payment. After you receive your payment, you can keep it in your Venmo account or decide to transfer the funds out. Venmo allows users to connect their Venmo account to their bank account or debit card. Also, Venmo now offers a debit card to allow for even faster access to your funds. Venmo users can also pay for purchases, using their Venmo account, at approved retailers.


Venmo to Receive Money

Venmo users can request and receive payments from friends. This is ideal for friends that prefer to handle transactions without the worry of cash.


Users can connect their bank account with their Venmo account. Using the transfer option will allow users to transfer Venmo funds directly into their bank account. For instant transfer, there is a small percentage taken out as a fee.


If users wish to avoid this fee, users can wait 24 hours and the money will transfer without a fee. 24 hours is the typical time it takes for wire a transfer to complete. But, if you’re in a rush, as we often are in this fast-paced world, instant transfer access is invaluable.


Venmo as Form of Payment

There are millions of online retailers that accept Venmo as a form of payment. Next time you are shopping online, look for the PayPal option at checkout. You can even shop from apps, using Venmo at checkout.


Venmo as a Social App

Venmo allows for users to share information with one another. Users can include quirky or comical messages when sending payment. Of course, users can include useful notes or reminders, as well!

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