A smartphone is a convenient and universal real-time tool for receiving and sending money. Seeing the enormous demand for money transfers, application manufacturers are constantly replenishing the market with new P2P applications, thereby complicating the choice of the end consumer. Today, we’ll discuss Venmo, a popular US fast digital money exchange application. How much can you send through Venmo? Is Venmo international? What are Venmo international fees?
What Is Venmo and How Does It Work?
Let’s address the questions: What is Venmo, and how does it work? before exploring the global potential of Venmo banking. Venmo is a popular application for money transfers in the United States. Developed in 2009 by PayPal, the application resonated with consumers. It has proven convenient to request and receive money online using a smartphone.
The main functions of the Venmo service are the following:
| Pros | Cons |
| Social network — you can chat with friends and stay up to date with the latest news using the news feed of the Venmo app. | Anybody with a Venmo account can request, send, and receive money from you. |
| It displays the history of transactions between you and your pals. | Is Venmo international? No, there isn’t a Venmo international transfer option. Only citizens of the US are eligible for the service. |
| Sending or receiving money from other Venmo users is simple when you search for them using their username and phone number. | You cannot request, make or receive payments through the site, only through the application. |
| With Venmo, users can add some flair to their transactions by describing the reason for the transfer or matching emojis to the situation. | |
| The function of splitting payments between several users is available. |
So, next time you pay for dinner in the restaurant, make a Venmo request using the hot dinner emoji. This playful gesture will smooth out the awkwardness of the situation when you need to ask for money.
How Much Can You Send Through Venmo?
So, how much money can you send on Venmo? When you sign up for Venmo, your sending limit per person is $299.99. As of 2023, the limits for personal and bank accounts are equal and amount to up to $4,999.99 sent weekly, unlike Zelle, which limits its users to sending approximately $1,000 weekly. If you require sending more than $4,999.99 per week, use Venmo to request a higher send-money limit.
How to Transfer Money Using Venmo
Venmo is a powerful intermediary between two bank accounts that ensures successful cash transactions, including withdrawals. You can request an amount or start an exchange at any time without any effort. But first, there are a few things you must do:
- Download and install the Venmo app to create a Venmo account on your smartphone.
- Connect your bank card to your account.
- You can now use your Venmo account to send money to people or request money from them.
If you’re sending money, you should add the recipient and balance, create a note, and add an emoji (optional), and you’re done!
What Are Venmo International Fees?
Although the service does not operate internationally, many users appreciate that there are no transaction fees for most of its functions. However, this does not mean that sending and receiving funds is free.
Transferring funds between Venmo accounts or linking a bank account is free. However, Venmo will charge a 3% fee if you want to send funds with a credit card. If you’re going to send $100 to a friend but pay with a credit card, you’ll have to pay $103.
Many people love the service precisely because it allows instant transfers. Fast transfers through Venmo have a 1% fee, a minimum of $0.25 and a maximum of $10, but the money will be in your bank account within 30 minutes. Standard payouts are free of charge and take three days to show up in your bank account.
Lastly, you might be charged a fee if you take out a cash withdrawal from an ATM that isn’t connected to the MoneyPass Network. In this case, Venmo will charge an additional $2.50, and withdrawing cash from your account will cost another $3. If you use a MoneyPass ATM, you can avoid paying these costs.
Is Venmo Safe to Use Internationally?
Answering the question “Is Venmo safe?” — YES, it’s safe to use.
“Can you use Venmo internationally?” — NO, the service is available for US users only.
Let’s explain!
Applications for peer-to-peer payments, such as Venmo, are generally safe to use if you know the sender or recipient. All Internet applications, however, need to meet the strictest security requirements because they are susceptible to security missteps.
To shield users from unauthorised transactions, Venmo employs data encryption technology. To lower the possibility of fraudulent transactions, you can log out of the Venmo app from the desktop website if you unintentionally misplace your phone. You can also set a PIN code to access the mobile application and hide your contacts list like on any other social network.
What Are the Popular International Venmo Alternatives?
Does Venmo work internationally? Regretfully, no. To help you get the best value for your money, we’ll review some of the top Venmo alternatives for online and in-person money transfers. We’ll also give you a rundown of the top money transfer services.
1. PayPal
This is one of the most popular ways to send money online to friends and family and pay for purchases and subscriptions. PayPal is one of the most famous payment services on the Internet. The bonus is that most people already have a PayPal account, which eliminates the need to create a new account when transferring money to someone. PayPal typically offers free domestic money transfers.
2. Xoom
Xoom is a cheap and reliable service from the creators of PayPal. Sending money to more than 130 countries is possible with it. Here are the primary service functions that everyone likes:
- Low commissions.
- Delivery is speedy. Some payments arrive in minutes.
- PayPal support.
You can use a linked bank account, card, or PayPal balance to send funds with Xoom. The commission amount is disclosed only before the transaction begins. Xoom sometimes applies a premium to the average exchange rate. This factor depends on the country you are transferring money to. Receiving funds is possible without registration.
3. TransferGo
Since Venmo international transfer is unavailable outside of America, we present another worthy application. It is functional, concise, and intuitive due to highlighting essential information. What we especially liked about the TransferGo mobile money transfer app is its convenient feature of updating the status of an international money transfer from start to finish.
Your recipient does not need to register an account with TransferGo; the money will be sent directly to their bank card.
4. Wise (TransferWise)
Transfers with Wise are cheap, fair and accessible. You can send money to more than 50 countries using this application.
All tariffs are transparent and super low, and the exchange rate is, without exaggeration, the most favourable among competitors. Transfers to yourself are available; to do this, indicate your bank details in the recipient’s column.
Your recipients don’t need to open a Wise account to receive money; the transfer can be sent directly to their local bank account. No problem if you don’t know the recipient’s bank details. You can send money using just your email address.
5. Paysend
The application interface is very concise and functional. With the app’s help, you can send money overseas to a phone number, Paysend wallet, bank account, or debit or credit card. Quick account setup is possible, especially for transfers, and using the on-screen live chat feature makes it simple to contact customer service.
6. Azimo
Сan you use venmo internationally? Don’t worry if you can’t! There is an alternative money transfer service that is secure and easy to use. Sending money is available to more than 195 countries. Here are the service advantages:
- Low fees.
- Money is transferred quickly.
- 0% commission on the first two payments.
Amazingly, this service has more than 1 million users. When sending money, Azimo provides information about the exchange rate in advance. The stated rate may be lower than the market average. The recipient does not need to register with Azimo to receive funds.
7. WorldRemit
Meet, one of the oldest names in the international money transfer industry, is valued at approximately $6 billion today. The company’s vision is always one of growth, so it wouldn’t be surprising if it further increased its value and reputation.
Regarding customer satisfaction, WorldRemit receives many complaints online about customer service and how customer issues are resolved. However, they compensate for this with cheap prices, simple online tools, and excellent coverage.
Summing Up
Venmo is a unique payment app focusing on social interaction — each payment comes with a message indicating the amount. Is Venmo international? Venmo generally works like other social networks, such as Twitter or Facebook. But for now, Venmo services can only be used in the United States. This is no reason to be upset because many attractive Venmo alternatives provide stable international funds transfers.