How Does Venmo Work?

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Life is flowing at great speed and so we all need to execute all our activities very fast. Whether it is paying bills, or transferring money and even sharing restaurant bills, you need something handy and accurate. Venmo is such a free digital wallet that helps you even when you are on the go.

Fact 1 What Is Venmo?

Venmo is a free digital app that helps one to receive and also send money without any charges. This system was available to public in 2012 March and now it can be used in iPhone as well as Android. Venom has effectively reduced the tension and embarrassing situations like paying utility bills or splitting restaurant bills among friends.

Fact 2 How To Open A Venmo Account

Just like opening other accounts, one can sign up with his/her name, email address and number or connect to Facebook. Once this is done you will have a Venmo balance, a debit/credit card but you must also have a U.S. bank account.

Fact 3 How To Operate The Account

It is not quite difficult to use Venmo account. Once the account is created you have to decide the methods that you wish to use to pay people. You can send money to and also receive cash for services or any payments due to you from friends and people who have Venmo accounts. However, unless you approve of the transaction that occurs either way, Venmo will not carry out any orders. It will not debit money or credit money to your account without your permission.

Fact 4 How Does Venmo Work

Venmo is a free account and anybody can avail of its services without any charges. Venmo has made money transfers and making payments for various purposes and also to friends very simple. However, you must have a credit/debit card or checking account to avail of this unique facility. Apart from making payments, one can receive payments for services rendered or payments from friends too that is stored in your Venmo Balance. This amount can be used at any time or transferred to your bank account instantly. Venmo transactions are not charged if it is carried out among Venmo account holders. In case of payments to other users through a credit card, a minimum of 3% is charged. In case you pay from your Venmo Balance, or your bank account and debit card, you will not be charged. Most people use this app successfully to pay utility bills, share the cab fare with friends, split the lunch or dinner bill, send half the rent to your roommate and also help a friend who needs cash suddenly. Your Venmo friends can also send you money in emergency cases.

Fact 5 Other Benefits Of Using Venmo

Venmo helps in creating social contacts with friends and acquaintances. It is a kind of social network where you get to meet friends and help them also. Getting together with the help of Venmo is really interesting and easy. It is important to stay in touch with people to whom you owe anything or vice versa. You stay connected to each other and also know about the different updates regarding transactions regularly. Having a Venmo account means your wallet is never empty. Even if are low in funds, your friends can transfer according to your requirements and you can do the same too.

The other great advantage of using Venmo is that you can leave your balance in your account or transfer it to your bank account for which you need to establish a link between the two accounts. Fund transfer from Venmo account to bank account is simple and it takes only a business day to complete the process.

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