Venmo is one of the most popular mobile payment apps available, and its user base has grown by more than 23 million in the past year alone. New users will appreciate the variety of easy ways the app can manage their funds, but because Venmo’s fees vary, it’s important to understand what to expect.
Are there any Venmo fees?
Venmo only charges fees for certain types of transactions. For example, Venmo charges a 3% fee on transactions that involve sending money to other users using a credit card. Unlike other payment platforms like PayPal, Venmo doesn’t charge a fee when the sender links a transaction to their Venmo balance, debit card, or bank account.
Below are some of Venmo’s fees and the types of transactions that will incur them:
|Add money||Using the “Cash a Check” Deposit Feature for Government Checks and Payroll Checks||1% with a minimum of $5|
|Using the “Cash a Check” Deposit Feature for Non-Government and Non-Payroll Checks||5% with a minimum of $5|
|Money transfer||Electronic withdrawals from Venmo account with instant transfer (funds transferred in minutes)||1.5% with a minimum charge of $0.25, up to a maximum of $15|
|Buy/Sell cryptocurrencies||Purchases or sales whose total amount is between $1 and $4.99||$0.49|
|Purchases or sales whose total amount is between $5 and $24.99||$0.99|
|Purchases or sales whose total amount is between $25 and $74.99||$1.99|
|Purchases or sales whose total amount is between $75 and $200||$2.49|
|Purchases or sales whose total amount is between $200.01 and $1,000||1.80%|
|Purchases or sales totaling more than $1,000||1.50%|
|Use of Venmo Mastercard (optional)||ATM withdrawals (excluding MoneyPass)||$2.50 plus ATM owner surcharge|
Does Venmo charge a fee to receive money?
Whether or not Venmo charges a fee on receiving money depends on where the money is coming from.
If a user cashes a check through Venmo, a small fee will be charged to their account. If a user receives a payment through their business profile or a payment identified as funds provided in exchange for goods and services, they will receive a seller transaction fee of 1.90% plus 10 cents on that transaction.
On the other hand, there are no fees for receiving money from other Venmo users, direct deposit, or merchant refunds.
How to avoid fees on Venmo?
Most transactions on Venmo have no fees. However, to avoid paying fees on the platform, users can do so in several ways:
- Never use a credit card to send money through Venmo – use your Venmo balance, debit card, or bank account instead
- Use standard withdrawal option instead of instant transfer
- With the Venmo card, avoid withdrawing money from ATMs and banks
How much does Venmo cost to send $100?
There is only a 3% fee when sending money through Venmo by charging the amount to a credit card. So if a user were to send $100 through Venmo by loading it to a credit card, they would incur a $3 fee. However, if a user sends money from their Venmo balance, bank account, or debit card, they will not be charged any fees.
How much does Venmo cost for $1,000?
If a Venmo user were to send $1,000 through Venmo by loading it to their credit card, they would incur a 3% fee – $30 – and no fee at all when charged to their debit card, balance Venmo or their bank account.
Good to know
Venmo is an easy-to-use payment app that offers secure transactions with little to no hassle and low fees for a small number of transaction types on its platform. There are fees for sending and receiving money, as well as buying and selling crypto on the platform. However, for users who understand Venmo fees, there are ways to avoid paying anything extra for basic transactions.
Editorial Note: This content is not provided by Venmo. Any opinions, analyses, reviews, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Venmo.
Rates and fees are subject to change.