

In all, Venmo is one of the easier payment apps to set up. This cap is lower than Google Pay $10,000 weekly limit, but more generous than Square Cash's $250 initial weekly limit. Verifying your identity raises the amount of money you can send or receive at once from a $299.99 initial weekly cap to $6,999.99. You then connect with friends already on the platform, usually via Facebook. Adding a credit card as a payment source is an option, but you still need a bank account connected, since the credit card won't receive payments. You can either enter your online bank login info or have Venmo send a test charge after telling it your routing and account numbers. You then designate and verify a bank account for your profile by entering debit card or bank account details. Next, you confirm the account via SMS text. You can sign up with your Facebook account or by providing a name, email address, mobile phone number, and password. You also pay 1 percent if you want to move money from your Venmo account to your bank account faster than the standard wait time of one to three days. The biggest fee is the 3 percent transaction charge when using a credit card (required by the credit card companies). There are very few of these, and no monthly or annual fee is charged, though that's par for the course for mobile payment apps. The signup page clearly shows all the service's fees.
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I've been using it on an iPhone X running iOS 13 and on a Windows 10 PC with no difficulties. Venmo works on iOS, Android, and the web. Despite some caveats, Venmo is a mobile payment app worth considering. The biggest news for Venmo since our last look is the Venmo card, a debit card that lets you access your account funds at ATMs and stores. Splitting payments, requesting money, and moving funds into your bank account are all part of Venmo's strong execution. There are some downsides to this visibility, but the app also offers real benefits. It smoothes the flow of money between friends, turning it into a social entertainment. Though the same could be said of the app from its parent company, PayPal, Venmo remains the highest-profile peer-to-peer mobile payment app around. One of the best reasons to use Venmo is that there's a good chance anyone you want to pay-or get money from-is also using it.
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