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Venmo is a popular mobile app with many millennials, with the average user transferring money to friends and family members several times per week. The Venmo is owned and operated by PayPal and has been operational since 2009. The company is growing rapidly and offers their users convenience as well as bank-level security of their financial information.
Receiving funds from another user is free, and money sent via Venmo can easily be transferred into a US Bank account with a few taps. Members may use funds from any linked and confirmed US bank account to send money as well as their debit or credit card.
Plans for the company include the addition of mobile payments at retailers by the end of 2016.
The Venmo app is free to download and to use. Venmo, being managed by PayPal has a significant advantages for users. PayPal offers their users a high level of security, equivalent of that which is used by major financial institutions.
Venmo offers their users the ability to easily send money to their family and friends in any amount up to $2,999.99. Users may use their confirmed and linked US bank accounts to send money to anyone free of charge.
Some debit cards are free to send funds. To determine if the account holder has a debit card which is free to use, users must visit the Settings > Banks and Cards in the Venmo app. If not listed as a free card, users are charged 3% of the amount which they are sending to use a debit card.
All money sent via a credit card incur a 3% fee.
Receiving money and transferring funds to a US bank account are free.
Users may send money to anyone, regardless if they are a current member of Venmo or not. To gain access to sent funds, users must register with the service.
Payments on Venmo are simple with only a few steps required?
Venmo is accessible via the free mobile app (available in iTunes or the Google Play Store) or as a stand-alone website. Newer mobile devices will run the Venmo app without difficulty.
At the writing of this review, Venmo is strictly a person-to-person app for sending money. As such, this service is not currently a true mobile wallet service. Indeed, it is against the company's terms and service to use Venmo for sending/receiving funds for purchases of physical goods and services.
In fact, there are several reports which surfaced in the latter part of 2015, detailing how savvy scammers are using Venmo to defraud users, most often when the service is misused by sending money to one who is unknown to the payor.
It is important to realize that while the app is secure, there are some problems which one may encounter in the sending of money functionality of Venmo. Should a user erroneously send funds to someone, they are dependent upon the other party to return the funds. Venmo does not provide much assistance in returning funds in the event of payor error.
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Five stars doesn't seem like a high enough rating for how I feel about Venmo. It has changed my life. I always used to worry about if I had forgotten to pay somone, or how to tell someone that they had forgotten to pay me. But with venmo I don't need to worry about that anymore. It is so easy to transfer funds to someone but just as ease to send a request as well without that awkward moment of asking for money. It is also so easy to initiate a transfer to your bank as well. I absolutely LOVE venmo!!
I recently got venmo to make sending money to friends easier. So many people have Venmo and it’s really easy to send money!
I love Venmo. Their app is so user friendly and I love that more people are jumping on board and I can easily pay family and friends with a click of a button. Genius idea!
Use Venmo almost every day. It is great for paying family and friends without having to bring cash, or figuring it out later. very convenient and I also like that it is very safe.
Venmo is great, really it does exactly what it says it does-- and does it well. Pay friends easily. It's also a fun way to do it.
I recently started using Venmo, and I love how simple and user friendly it is! I never have cash on hand, so it's really nice to have the option to pay people quickly with this app. Even my in-laws, who are new to smart phones and sometimes get frustrated with modern technology use this app.
A fairly simple way to exchange money! Takes a bit of time to get set up (linking your bank account) but once it is you are ready to go! I'm glad people can post pictures so that you know you are paying the correct person!
Venmo is extremely easy to use but I don't like how it takes an extra business day to transfer funds to your normal bank account. I would rather use a service that is quicker with no fees.
OBSESSED. Just the easiest thing in the world to use. So incredibly convenient and dependable.
Venmo has made my life so much easier. No more need to frantically look for cash when you need to pay friends back, split a bill, etc. And with it being a PayPal service, the security is definitely trustworthy. To me there are really no downsides.
Venmo has been such a game changer, making it so easy to pay friends exact amounts quickly. I love it because literally every person I know has the app and trusts it, making it easy to exchange money for any situations. I have even been able to use it at businesses such as salons! I really like the friend feed feature, its fun to see what my friends are up to through their payments. I also like that I have a "profile" where I can see every single payment and what it was for. Venmo in a way has become a new form of social media while being useful.
It was a little hard to set up for this old person, but what a great way to exchange money with family and co-workers. Well worth the time to get it going!
Quick, easy and straight-forward. I mostly use to repay friends for small items like gas money or dinner. Very convenient.
I love the convenience of Venmo in that most of my peers have it. It was easy to set up and it's extremely user friendly. I love how you can write a little memo for exactly what the money was for.
I love the convenience of Venmo. What I don't like is it takes way longer to transfer money from Venmo to your bank account than normal transactions.
THE best. I love being able to pay friends/roomies with Venmo. So much easier getting/giving cash or trying to cash a random check. Two thumbs up!!
I have been really impressed with Venmo. I have never had to pay anything and I have been able to send relatively large sums of money without issues. MY only complaint is that after a transaction I generally get several notifications but it is a small issue.
Easy to use. I don't like that it has a social media component to it that allows other users to see my transactions. I just have to remember to make all transactions private. Then it works great.
Venmo is a dream come true. I remember having to deal with so many other companies that had so many other fees attached to making payments. Venmo has made my life so much easier
I was hesitant at first, but it comes in so handy! All my friends have it and it makes going out to dinner, or dessert, a breeze to split the check!
Venmo is very user-friendly and always works extremely quickly. It is great to use for paying people quickly without having to write a check or making sure you have cash on hand. It's so convenient!
The number one app I use among my friends when it comes to splitting costs. I use this to collect rent from all my roommates. App is awesome. In the past when you're friend would need you to spot him cause he didnt bring his wallet..well now you dont have to worry about not remembering to pay you back.
Venmo has made splitting checks, utility bills, etc, such a breeze!
I use Venmo ALL THE TIME. I love it, I love the convenience of not having to use cash or having to pay someone back in the future, you do it right then and there. I don’t like the .25 cent fee, but it is pretty low for other money sharing apps and services! Highly recommend!
Venmo is great I use it all the time to pay people. It is quick and easy to use!
I love Venmo. What a genius app. Super convenient and easy for sending and receiving money. Make sure you have the right name though!
Super nice and easy to use and 100% FREE!!!! Perfect for my business to have people transfer money from their account to mine or to pay friends who do direct sales etc.
It’s awesome how fast you can send money
I used to love this app but now that it charges me for using a credit card, I’m a little disappointed and ready to switch to a new app
I loved Venmo ever since I found out about it. Such an easy way to pay people back, just in case you forgot your wallet. I would recommend this to anyone.
Venmo is a quick, safe option to transfer money. This is how my roommates and I all pay for utilities or split dinner costs. It is efficient and safe. If someone doesn't have Venmo, I always recommend they get it because of how often I use it.
This company does not realize they are dealing with people's money. They are full of miscommunication. do not use this unless you want to deal with either three hours of customer service conversations or just letting your money go down the drain. Use paypal instead, it's trusted.
Started using this app about 8 months ago and love how easy it is to use. I like the set up and how easy it is to get payed and pay others through it.
I use Venmo ALL the time and love it. It's so easy. One thing that is hard, but easy to overlook is trying to find people to pay. Sometimes you aren't sure you have the right person unless you have their exact username.
Venmo is my favorite way to send payment and get paid through online wallets. Their service is easy to use and I have never had a problem with the app or service. Payment is always sent quickly and easily. Their customer service was helpful the one time was money was sent the wrong person. It is easy to refund or return money as well. The only suggestions that I have are to allow multiple accounts to be linked to the same bank account. Since my husband and I switched to a joint account- we are both unable to have our own Venmo accounts using the same bank ID.
Venmo is really nice because I can easily pay my friends when I am out with friends getting pizza or sushi. It gets sent immediately and transfers to my or their bank quickly. Venmo really is great!
Customer Service for Venmo is HORRIBLE!! When you call the agents just take your information down to send to an account specialist that will email you at some point. Why have customer service agents if they are not able to actually service the customer? After calling, emailing and texting several times I finally had an account specialist email me to let me know that my account was now closed. In the email they let me know that if I responded to the email It would go unanswered because they consider the matter closed. They didn't help me in any way, they just closed my account. DO NOT USE VENMO!!!
Very nice that it is a free service, but I stopped using this because no one marks their transactions to be kept as private (meaning that everyone can see your transaction). And since I am a college student most people put something really stupid as the "reason for payment" which I just find annoying. Venmo is a great app, just not used in the way I personally would want to use it.