If up until now, you found yourself paying for most things in cash, you might be asking, “What is Venmo?”
Don’t worry; you aren’t alone.
With COVID changing the way people exchange money and making us all a little more cautious when using cash, now is the perfect time to learn about ways to quickly and transfer money online.
Read on to learn all you need to know about Venmo.
What Is Venmo?
Venmo is sometimes referred to as a peer-to-peer payment platform.
What that means is that, simply put, you can send and receive money through it.
It works through an online application, mobile app, or even via email or phone number.
It operates with most of its transactions between users being fee-free, so it is convenient and cost-effective.
To get a feel for how versatile Venmo is, check out this article on Transferly, https://www.transferly.com/venmo-money-transfers-can-you-send-money-internationally/.
What Is Venmo App?
For absolute convenience, Venmo is available to use in a super handy app on any smart device.
In the App, you can quickly send and manage money. Whether you just shared a meal with friends and need to split the bill, or you need to get paid for freelance work, Venmo is a convenient solution to take care of your money.
What Bank Is Venmo?
Venmo is actually not a part of a standard bank. But that doesn’t mean it’s not secure.
Venmo was started back in 2009 in New York and quickly gained the attention of PayPal. This resulted in the money giant acquiring Venmo in 2013 and integrating it into their company as another branch.
What Is a Venmo Account?
A Venmo account is simple to set up in a couple of clicks.
In fact, if you don’t have Venmo and a friend sends you money through the app via your phone number or email, you will also get a link to set up an account and access the money immediately.
What Is The Venmo Limit?
Because of the variety of ways Venmo can be used, there are a few different payment limits.
You can send up to a maximum of $4,999.99 per week.
If you use Venmo as an authorized merchant, you can spend up to $2,000 per purchase with a total of 30 transactions per day.
If you are a Venmo Mastercard holder, that limit increases to $3,000 per purchase. This also allows you to make ATM withdrawals of up to $400 per day.
Ready to Join Venmo?
Here we are, now you can answer that question, “What is Venmo?” and you may even be considering joining.
Remember that Venmo is not a bank but a more convenient way to make peer-to-peer transactions with fewer clicks. It can come in really useful, especially in our post-pandemic cashless society, so give it a try yourself.
For more of the latest financial news and advice, head over to the homepage.