Venmo Fees Explained – All You Know

Venmo, a popular mobile payment service, is known for its convenience and social features. However, like any financial service, it has a fee structure that users need to understand to make the most out of it. This detailed guide will break down Venmo fees in a personalized and easy-to-understand way, so you can use the app efficiently and avoid unexpected charges.

1. Free Transactions

1.1 Sending Money to Friends and Family:

• No Fees for Bank Accounts or Debit Cards: When you send money to friends or family using your Venmo balance, linked bank account, or debit card, Venmo does not charge any fees.
• Note on Credit Cards: While sending money via credit card is convenient, it incurs a 3% fee. To avoid this, use your bank account or debit card.

1.2 Receiving Money:

• No Fees for Receiving Payments: Whether it’s a repayment for dinner or a birthday gift, receiving money from others on Venmo is completely free.

1.3 Venmo Balance:

• Using Venmo Balance for Purchases: If you have money in your Venmo balance, you can use it for free to make payments without any additional charges.

2. Standard Transfer Fees in Venmo

2.1 Standard Bank Transfer:

• No Fees for Standard Transfers: Transferring your Venmo balance to your bank account via the standard transfer option is free. However, it takes 1-3 business days for the transfer to complete.

3. Instant Transfer Fees

3.1 Instant Bank Transfer:

• 1.75% Fee (Minimum $0.25, Maximum $25): If you need to transfer your Venmo balance to your bank account instantly, you can do so for a 1.75% fee. The transfer happens within minutes, but remember this convenience comes at a cost.

4. Buying with Venmo

4.1 Online Purchases:

• No Fees for Authorized Merchants: When you use Venmo to make purchases with authorized merchants, there are no additional fees.

4.2 In-Store Purchases:

• No Fees with Venmo QR Code: If the store accepts Venmo QR codes for payments, you can pay without any extra charges.

5. Business and Premium Accounts

5.1 Receiving Payments for Goods and Services:

• 1.9% + $0.10 Fee: If you have a business profile or use your personal account to receive payments for goods and services, Venmo charges a fee of 1.9% plus $0.10 per transaction.

6. Cryptocurrency Fees

6.1 Buying and Selling Cryptocurrencies:

• Variable Fee Structure: Venmo allows users to buy, sell, and hold cryptocurrencies. The fees for these transactions vary:
  • Transactions under $5: Fee of $0.49
  • Transactions between $5 and $25: Fee of $0.99
  • Transactions between $25 and $75: Fee of $1.99
  • Transactions between $75 and $200: Fee of $2.49
  • Transactions over $200: 1.5% of the transaction amount

1. ATM Withdrawals

7.1 Venmo Debit Card:

• Free at MoneyPass ATMs: If you have a Venmo Debit Card, you can withdraw cash for free at MoneyPass ATMs within the U.S.
• $2.50 Fee at Non-MoneyPass ATMs: For withdrawals at ATMs outside the MoneyPass network, a $2.50 fee applies.

8. Foreign Transaction Fees

8.1 Using Venmo Abroad:

• 3% Fee for International Payments: If you use your Venmo card or account to make payments abroad, there is a 3% foreign transaction fee.

9. Pro Tips for Avoiding Fees in Venmo

9.1 Link Bank Accounts and Debit Cards:

• To avoid the 3% fee on credit card transactions, always link your bank account or debit card to your Venmo account.

9.2 Plan Your Transfers:

• Use standard transfers whenever possible to avoid the 1.75% instant transfer fee. Plan ahead to ensure you don’t need to transfer money urgently.

9.3 Utilize MoneyPass ATMs:

• Find and use MoneyPass ATMs for free cash withdrawals with your Venmo Debit Card.

9.4 Monitor Business Payments:

• If you use Venmo for business, keep track of the 1.9% + $0.10 fee per transaction and consider including these fees in your pricing.

Understanding Venmo’s fee structure can help you use the app more effectively and avoid unnecessary charges.