What are Venmo fees? If you are looking for an answer to this question then this is the right page for you to be on, and there are people who do not believe that the Venmo company placed a charge on specific transaction. Contrary to that idea, there is a charge on some transactions, and this is what we will be taking a look at. The Venmo company is a popular peer to peer application for making payments, and it works on Android and Apple devices.
You might not be able to see any charge which is the reason why so many people believe the Venmo company placed no charged on any of its transactions, but the truth is there are charges you pay. Founded back in 2009, everything you know back then about the Venmo app isn’t the same as now. The Venmo company made receiving and sending money very easy, and this is why it is considered as one of the most popular payment service today.
In order for anyone to make use of the Venmo service, installing the Venmo application on your device is the first thing you must do where you will have to create an account. Linking the account to a bank account or adding your credit or debit card is the next step you have to take, and this is what permits you to send or receive money from other users. What this means is Venmo acts as an intermediary between two accounts.
The balance in your Venmo account is what we call a virtual ledger, and it is a representation of money sent back and forth. The Venmo makes use of an encryption technology that makes sure it is safe and far from being hacked. Its serves are situated at very safe locations, making your physical data impossible to be hacked. In addition to the safety measures, every user has his own unique PIN that permits the app to send money across. Without this PIN, you can’t make use of the app in sending money.
What Are Venmo Fees
Using the Venmo app, sending money across to another users means a three percent charge fee. However, this fee ends up getting waved if you send the money using your bank balance, debit card, or Venmo app. Making a payment using your credit card means triggering the three percent charge, and this fee is charged by the credit card company. This means you will have to pay a three percent charge when making a payment with your credit card.
Below are some of the steps you have to take to protect your Venmo account, and these steps will come in very handy when they are obeyed.
- Do not send large amount of money to your Venmo account and not use them
- If money is sent to your Venmo account, send it back to the account linked to your Venmo account very soon
- Do not send money to strangers, so ensure you make transactions with people you know
- Do not stay on the Venmo social network, and this can be done by changing to privacy settings. This ensures only you have access to your transaction history.
In conclusion, you will not have to pay the three percent charge if you do not use a credit card to make a payment. Using other forms or means to transact on the Venmo app means enjoying a convenient way to receive and send money, but you should not forget that staying safe while making use of the Venmo app is very important. Make sure you follow all the steps we have talked about above to ensure the safety of your money and your account.