Finance

Venmo: Transfer Money With Ease

An app to make transferring money effortless and trouble-free.

Updated on February 19, 2020
Venmo: Transfer Money With Ease

In the past few years, we have witnessed the need for digital currency taking over the physical ones. And today, we have numerous innovative ways to transfer money to each other like Internet banking, online transactions and so on.

Every little transaction can be easily tracked with proper information on where that amount was transferred. If paid online then splitting your transactions amongst your group is very easy because you can always visit your transaction history and never forget where you paid your money.

Let’s be honest here, with mobile apps used for financing, transferring money through online mediums is reliable, confidential, safe, secure, and well-tracked further making it one of the easiest options.

We are here with one such convenient money transferring app, Venmo which allows you to send and request money from the people you know. This application puts a slight twist to your money transferring experience with a unique feed interface.

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What Is the Venmo App?

Venmo is a peer-to-peer (P2P) money transferring application, that allows you to transfer money to each other’s Venmo account by just a tap. 

Owned by PayPal which is a well-known online financial service for paying items through a secure Internet account. Venmo now is a widely accepted payment option which means that your PayPal MasterCard can be added to Venmo and used for payments as well as funds.

Designed in a different style, Venmo has a social media-like feed where you can see your friends transferring you the amount and comment or send emojis on it. However, you can always choose who can see your feed.

This innovative feed structure is what makes it interesting for its users who are highly active on popular social media platforms like Instagram and Facebook.

Distinctive Features Of Venmo App

As said earlier, Venmo is curated in a unique style which makes it different from other payment transferring applications and these features are:

  • Venmo balance: Money sent to you on the app is automatically added to Venmo balance, payments can be made from that balance or amount can be transferred to your bank account within a day if requested.
  • Transactions with cards: Any transaction made with banks, debit cards or Venmo balance is free while a 3 percent charge is levied on credit card transactions.
  • A feed of transactions: Like a social media, Venmo has its own feed where transactions made by you or any of your added Venmo contact can be seen. Although you choose who can see your feed through settings.
  • Venmo debit card: Apply for the MasterCard by Venmo and when you receive it, pay everywhere while the amount is deducted from your Venmo balance.
  • Venmo Rewards: After paying through Venmo card, you will receive an instant cashback in your account and you can track or use your won rewards any time.
  • Emojis and comments: On transactions made by you or any of your friends you or they can comment, like or send any emojis.
  •  Animated Sticker: This feature will be updated by Venmo very soon and will allow people to send animated stickers in the comment of your feeds.
  • QR code: There are various ways to add contacts, one such way is scanning QR code given to every individual which increases Venmo security.

Features like these make Venmo a step ahead of all the money transfer applications with an innovative approach.

How to Use the Venmo App?

Venmo app is a user-friendly application and highly interactive to use, below are the mentioned steps of how to work with Venmo:

  • Install Venmo from Google Play Store or Apple App Store.
  • Once you open the app, sign up with email or Facebook.
  • Enter your phone number to receive a code from Venmo for security.
  • Accept or decline the “remember this device” option as per your requirement.
  • The main portal of Venmo will appear to which you can click on “friends” and add contacts through your phone or Facebook.
  • Go to the profile bar in the left section of your phone and add your account and card details.

You can start by sending or requesting money from your friends, while these updates are posted on the feed of Venmo where you can like or comment on made transactions.

Note: Settings can be changed to who can see your made transactions.

Is Venmo App Worth Trying?

In the present scenario, an app like Venmo can prove to be extremely beneficial because of the power-packed features this application has to offer to its users. Using Venmo is easy and it helps you a lot in sending and receiving money through your account with an instant touch. With other loaded features like:

  • Link Facebook: The app gives you an option to link all your Facebook contacts, which can be considered an easy payment option.
  • Share and split: While making payments outside with your group of friends, share and split every expense made by you or your friends with ease when you come back home and let them pay you back.
  • Add pin:  Venmo asks for a pin or a fingerprint to enter the app for more security.

Venmo becomes a highly well functioning transferring money application. Venmo now is a widely accepted payment option for everyone after being bought by PayPal.

Is Venmo App Free?

Setting up an account on Venmo is absolutely free and receiving the money too. But the money that you receive in Venmo is not credited into your account directly and is added to your Venmo balance. The amount is only credited once you apply.

Venmo only waives a fee of 3 percent if any transaction is made with a credit card.

how to delete venmo account

MAD Verdict: Venmo App Review

When it comes to money, we are not always up for taking risks. We often try to find the most secure way of sending our payment to someone is a hassle-free way. And in this era, we are looking for something more when we try to send a payment to someone.

The process of sending, requesting money and splitting bills with the app is very convenient and quick. Apart from that, the social media interface designed by the Venmo money splitting app is a very different step in the money transferring sector where people can see and even comment on transactions made by you.

Additions like Venmo balance and Venmo card are the standout features and make money management easy and fun to use. Special QR code identification given to everyone who is using Venmo to add each other can be seen as a great effort to increase the security and accountability of the application.

To further read our descriptive app reviews featuring the latest Android and iOS apps, subscribe to MobileAppDaily. Also, let us know your thoughts regarding this app review in the comment section down below. 

Meenal  <span> Creative Lead </span>
Written By Meenal Creative Lead

She is a writer and content marketer at MobileAppDaily. She can mold the most annoying app into a gleaming stone. Her knack around the mobile apps is merely splendid. Her experience in the tech industry has assisted her in churning out the best and more importantly, unbiased mobile app reviews.

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