Sign-up for a Venmo account and pay or get paid fast.
Venmo is America’s top peer-to-peer (P2P) payment app used by millions to instantly send and request money. Users can split bills, buy concert tickets or send tips with just a tap using Venmo, while viewing payments through its social feed.
Popularity of the app has been driven by its ease of use, mobile functionality and range of social features. Young professionals and students in particular have taken to using it for its ease-of-use; many utilize its convenience when splitting expenses or tracking spending habits.
Launching Venmo is simple; all a user needs is a valid cellphone number to get started with it. After verifying their phone number, they’ll receive a four-digit verification code via text message which they must enter before being able to make and receive payments within the app – unlike some P2P apps which require users to link their bank account or credit card for this service.
To make payments on their smartphone, users simply need to touch the “V” icon, enter their username or name or email address, an amount and note before selecting either “Pay” or “Request.” If they would like to request payment from another user instead of paying directly themselves, tap “Request.” When payment has been approved by another person they will receive an alert letting them know and they can then choose between bank transfer or credit card transfer of funds as appropriate.
One of the primary advantages of Venmo is that most transactions can be completed free of fees, since its service acts as an intermediary and transfers funds between user balances and those receiving money from them. If they don’t have enough in their Venmo balance to cover all transaction costs, however, they can transfer those funds for a small fee from Venmo into their bank accounts instead.
Users may add either their debit card or bank account to fund their Venmo balance, though doing so will incur a small 3% transaction fee each time they make a payment. Furthermore, there is an additional one percent (maximum $10) transfer fee when moving money between Venmo and bank accounts that may take three business days to process.