Mostly Free: Core Features

Mostly Free: Core Features

Sending Money From Your Venmo Balance, Bank Account, or Debit Card: Venmo doesn’t charge fees for most standard transactions funded by these sources. Receiving Money: Friends sending you money won’t incur fees, and neither will you when the money lands in your Venmo account. Transferring to a Standard Bank Account: Standard transfers to your bank account (1-3 business days) are free....

Fees to Watch Out For

Credit Card Payments: Sending money using a credit card incurs a 3% fee. Instant Transfers: If you need money in your bank account quickly, Venmo’s “Instant Transfer” feature has a fee of 1.75% (with a minimum of $0.25 and a maximum of $25). Cashing Checks: There is a fee associated with using Venmo to cash checks. Business Transactions: Venmo charges fees for goods and services payments made to Business Profiles....

Why the Fees?

Credit Cards: Venmo is charged a fee by credit card companies, which they pass on to users choosing this funding method. Instant Transfers: These require Venmo to expedite the process, justifying the fee for the faster service....

Tips to Minimize Fees

Plan Ahead: If possible, use your Venmo balance, bank account, or debit card to avoid fees. Schedule standard transfers in advance to avoid needing instant transfers. Pay Attention to Funding Sources: Always double-check how you’re funding a transaction to avoid unintended fees....