(4.3 / 5)12+ Ratings

Venmo Reviews

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Overall Rating

4.3
12 Reviews
  • 539%
  • 461%
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  • 10%

About Venmo

Venmo is a mobile payment service that allows users to send and receive money quickly and easily. It is known for its social component, where users can add notes, emojis, and share transactions with friends. Venmo is owned by PayPal and is available only in the United States. Users can make purchases through the app, use the Venmo Mastercard Debit Card, and even buy, sell, and hold cryptocurrencies. Venmo also supports direct deposit and in-store QR code payments. It is a popular choice for splitting bills, paying rent, and sending gifts.

Venmo Pros & Cons

Pros of Venmo:

  1. Quick and Easy Payments: Venmo allows users to send and receive money quickly and easily, making it ideal for splitting bills and reimbursing individuals.
  2. Social Aspect: The app includes a social feature where users can send messages and emojis with their payments, making transactions more personalized and fun.
  3. Free Service: The basic service is free for users, with no fees for sending or receiving money from other users or transferring funds to a bank account.
  4. User-Friendly Interface: Venmo is highly user-friendly, with intuitive features like QR code scanning and simple options to request or send payments.
  5. Direct Deposits: Users can set up direct deposits to their Venmo balance, which can be up to 2 days early, and the money is FDIC insured.
  6. Credit and Debit Cards: Venmo offers debit and credit cards, which can be used for purchases and earn cash back on certain transactions.
  7. Parental Monitoring: The Venmo Teen Debit Card allows parents to monitor their teen's spending, promoting responsible financial behavior.

Cons of Venmo:

  1. International Payments: Venmo is limited to users in the U.S. and requires a U.S. phone number, making it impossible to send or receive funds internationally.
  2. Public Transactions: By default, all transactions are public, which can be a concern for users who prefer to keep their financial activities private.
  3. Security Risks: There is a risk of scams and hackers, as well as the potential for account freezing without clear reasons.
  4. Fees for Certain Transactions: There are fees associated with certain transactions, such as depositing government or payroll checks, and purchasing or selling cryptocurrency.
  5. Limited Business Accounts: Venmo does not allow users to open more than one business account, which can be problematic for those running multiple businesses.

Customer ratings by feature

  • Price & Quality
    4.1
  • Return Policy
    4.5
  • Good Value
    4.7
  • Shipping & Delivery
    4.5
  • Customer Service
    4.2

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Venmo Coupon & Discount Codes

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Venmo Customer Reviews (12)

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Laufey Baldursdóttir
Laufey Baldursdóttir
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Jul 30, 2024
Melanie Jaeger
Melanie Jaeger
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Jul 30, 2024
Madison Bentley
Madison Bentley
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Jul 30, 2024
Leo Spencer
Leo Spencer
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Jul 29, 2024
Charlotte McGreevy
Charlotte McGreevy
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Jul 28, 2024
Irenke Pálfi
Irenke Pálfi
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Jul 27, 2024
Matheus Pinto
Matheus Pinto
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Jul 26, 2024
Owen Lucas
Owen Lucas
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Jul 25, 2024
Susan Matthews
Susan Matthews
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Jul 25, 2024
Goossen Haenen
Goossen Haenen
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Jul 25, 2024

Venmo Customer’s Q&A

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Venmo Features and Benefits

Venmo offers several key features and benefits:

  1. Peer-to-Peer Payments: Easily send and receive money from friends and family.
  2. Social Component: Add friends, share payments with notes, emojis, or stickers, and view a social feed of transactions.
  3. Venmo Mastercard Debit Card: Make purchases anywhere Mastercard is accepted in the U.S.
  4. In-Store QR Codes: Use QR codes to make purchases at participating merchants.
  5. Direct Deposit: Receive paychecks directly into the Venmo account up to two days early.
  6. Cryptocurrency Transactions: Buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
  7. Payment Methods: Use Venmo balance, credit/debit card, or bank account for transactions.
  8. Security: Offers privacy settings and secure transactions.
  9. Business Profiles: Allows businesses to accept payments and interact with customers.
  10. Cash Back Rewards: Earn cash back on purchases with the Venmo Credit Card.

For more detailed information, visit Venmo's official website.

Venmo Pricing

Venmo offers a free account with no monthly fees. Sending money using a balance, debit card, or bank account is also free. However, using a credit card incurs a 3% fee. Instant transfers to a bank account cost 1.75% of the amount, with a minimum fee of $0.25 and a maximum of $25. ATM withdrawals are free at in-network ATMs, but out-of-network withdrawals cost $2.50. Adding cash at stores costs $3.74. Cryptocurrency transactions may have additional fees. Venmo Mastercard usage is optional and may have its own fees. For detailed information, visit Venmo's official website.

Venmo FAQs

FAQ

Venmo Alternatives

Here are the top Venmo alternatives based on various sources:

  1. PayPal

    • Pros: Secure transfers, buyer and seller protection, supports buying and selling of crypto.
    • Cons: Currency conversion fees for international payments, fees for instant transfers.

  2. Zelle

    • Pros: Instant payments, no third parties involved, no fees for transfers.
    • Cons: Both parties need to be using US banks.

  3. Cash App

    • Pros: Versatile for personal and business transactions, easy to use, instant transfers.
    • Cons: Fewer features designed for businesses compared to others.

  4. Google Pay

    • Pros: Seamless integration with other Google services, strong security, cashback rewards.
    • Cons: Not available in all countries, low customer support rating.

  5. Meta Pay

    • Pros: Integration with Instagram and certain apps, streamlined social media purchases, real-time customer support.
    • Cons: Debit card required to send and receive payments, domestic transfers only.

  6. Chime Pay Anyone

    • Pros: 24/7 customer support, no fees for members or non-members, instant transfers for members.
    • Cons: No social media integration.

  7. Payoneer

    • Pros: Supports transactions in over 70 currencies, prepaid debit card for easy access to funds, API for automating payment processes.
    • Cons: Specific limits on daily and monthly transactions.

  8. Stripe

    • Pros: Integrates well with business software, frictionless payments, scalable and productive.
    • Cons: Specific fees for certain payment methods.

  9. Razorpay

    • Pros: Highly scalable and productive, multiple payment options including credit card, debit card, and UPI.
    • Cons: Specific fees and requirements for certain transactions.

  10. Instamojo

    • Pros: Trusted and intuitive online store builder, easy-to-use features, various plans and pricing.
    • Cons: Specific limitations on card details and transaction volumes.

These alternatives offer a range of features and benefits, making them suitable for different needs and preferences.

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