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Venmo, like any financial service, charges a fee for certain transactions. However, it’s still possible to use the app without incurring any cost.
But how can you avoid fees or if you can’t, how much will it cost to use Venmo?
In this guide, I’ll answer some of the common Venmo fee questions.
In This Post:
- 1) How Much Does Venmo Charge Per Transaction
- 2) How Much Does Venmo Charge For Sending Money?
- 3) How Much Does Venmo Charge For Receiving Money?
- 4) Can You Avoid Venmo Fees?
- 5) How Much are Venmo Business Fees?
- 6) Can You Avoid Venmo Business Fees?
- 7) How Much Does Venmo Charge For Instant Transfer?
- 8) How Much Does Venmo Charge for Credit Card?
- 9) How Much Does Venmo Charge for Transfers?
- 10) How Much Does Venmo Charge to Add Money to Your Account?
- 11) Does Venmo Charge Overdraft Fees?
- 12) Does Venmo Charge International Fees?
- 13) Does Venmo Have ATM Fees?
- Wrapping Up
1) How Much Does Venmo Charge Per Transaction
Venmo has various fees, depending on the transaction type.
Fees are applied when you:
- Receive money from a Venmo user into a business profile.
- Send money to someone using a credit card.
- Withdraw money with a Venmo card.
- Transfer money through electronic instant withdrawals.
Read on to learn how much you’ll get charged for the above transactions.
2) How Much Does Venmo Charge For Sending Money?
Venmo has different ways to send and receive money, all charged at varying fees.
Here’s what you need to know.
How Much Does Venmo Charge to Send $100?
Venmo doesn’t charge you anything when sending money to people using your Venmo account balance, bank account, or debit card.
How Much Does Venmo Charge to Send $1,000?
According to Venmo’s site, there’s no fee for sending $1,000 over the platform if the money is funded with a Venmo balance, a debit card, or a bank account.
3) How Much Does Venmo Charge For Receiving Money?
Venmo doesn’t charge a fee for receiving funds.
You can receive money from another Venmo user into your Venmo account at no fee.
Receiving money using direct deposit also doesn’t incur any fee. You can also receive a refund from a seller at no cost.
4) Can You Avoid Venmo Fees?
You can avoid incurring the fee Venmo charges when you send money using a credit card.
It’s possible to avoid the 3% fee Venmo changes when you send money using a credit card by opting to send money from your Venmo balance, debit card, or bank account. In addition, Venmo doesn’t charge a fee when you’re not using your credit card directly.
You can avoid the fee charged when making an instant transfer by making a standard bank transfer. It takes one to three business days for a regular bank transfer, and it’s free.
5) How Much are Venmo Business Fees?
Venmo charges a non-refundable fee of 1.9% plus $0.10 on every seller transaction.
That means if a business profile receives a $150 payment, $2.95 of the payment is charged as a seller transaction fee, and the business owner receives $147.05.
Note that Venmo users paying a business using a credit card don’t incur the regular 3% n a particular payment.
6) Can You Avoid Venmo Business Fees?
Unfortunately, it’s not possible to avoid Venmo business fees.
Previously, Venmo allowed new business profiles to enjoy a trial period without seller transaction fees. Business owners would incur the fee 30 days after signing up.
However, as of 7/01/2021, Venmo requires all business profiles to incur the fees at sign-up. You’ll begin to see the fee once you get a payment of $1 or more.
7) How Much Does Venmo Charge For Instant Transfer?
Instant transfers make it easy to send money from Venmo to a Mastercard/ Visa debit card. You can also send to a bank account in the U.S. within 30 minutes.
Venmo charges a 1.5% fee from the transfer amount for each transfer, with a minimum fee of $0.25 and a maximum fee of $15.
Venmo states that users who need to transfer less than $0.25 can use the Standard Bank Transfer option that is free to use.
8) How Much Does Venmo Charge for Credit Card?
Venmo charges a fee if you use your credit card to send money.
Venmo adds a 3% fee if you send money using a credit card. However, this is the fee from the credit card company, which is passed on to you.
Venmo also provides a credit card that comes with its fees, depending on how it’s used. The credit card has an annual percentage rate of 15.24-24.24%.
The P2P app doesn’t charge an annual fee if you decide to use your credit card. However, there’s a 5% or 10% fee on any cash advance. One of the advantages of using Venmo’s credit card is that you get to get rewards when shopping using the card.
9) How Much Does Venmo Charge for Transfers?
Venmo has an instant transfer option that allows you to send money to an eligible U.S. bak account or Mastercard/Visa debit card within 30 minutes.
Instant transfers attract a 1.5% fee, with a minimum fee of $0.25 and a maximum fee of $15.
10) How Much Does Venmo Charge to Add Money to Your Account?
When you add money using the cash-a-check feature ( faster check deposits and other accepted check types), Venmo charges a 5% fee with a minimum of $5. There’s no fee if you can’t add a check.
Venmo also charges 1% with the minimum being $5 if you add money to your Venmo account through the cash-a-check feature (faster check deposits, payroll, and government checks)
11) Does Venmo Charge Overdraft Fees?
Venmo states on their User Agreement that if you use your Venmo account to make a purchase that exceeds the balance in your linked bank account, you can incur overdraft fees.
The fees apply even if you decide not to allow overdrafts with your bank.
12) Does Venmo Charge International Fees?
Venmo does not support international payments. That means if you need to send money abroad, you’ll need to use another financial transfer service.
13) Does Venmo Have ATM Fees?
Venmo charges a $2.50 ATM domestic withdrawal fee and over-the-counter cash withdrawal fee of $3.
However, you can withdraw cash using a Venmo debit card at no cost by using a MoneyPass ATM within the U.S and some specified territories.
Venmo is a convenient app that allows you to send money to others and in some cases without incurring fees. In some situations, however, there are fees that you need to be aware of though in most cases the fee incurred is relatively minor.