Certain transactions with Venmo will incur a fee, just like with any other financial service. However, the app can still be used for free.
Venmo fees can be avoided, but if you can’t, how much will they cost?
My goal in this guide is to answer some common questions about Venmo fees.
Does Venmo Charge a Fee?
Using Venmo minimizes possible fees, which is one of the many benefits. Users can use many essential functions of the app for free, such as making online purchases and withdrawing money electronically.
It is important to keep in mind that some transactions are subject to fees in order to be processed and completed. When users make transactions through Venmo, their fees are clear and small.
How Much Does Venmo Charge Per Transaction
Venmo has various fees, depending on the transaction type.
You will be charged fees if you:
- Money can be received in a business profile from a Venmo user.
- Use a credit card to send money.
- Use a Venmo card to withdraw money.
- Instantly withdraw money through electronic transfers.
What Venmo Fees Should I Know About?
There are a number of transactions that Venmo charges fees. The following information will help users avoid or anticipate Venmo fees.
When sending money with Venmo, users with credit cards pay a 3% fee.
Money can be added to an account through Venmo by paying several fees:
- Using Venmo to deposit payroll or government checks will incur a 1% fee and a $5 minimum
- If you use Venmo to deposit checks other than payroll or government checks, there is a 5% fee or $5 minimum charge
- In addition to Venmo’s 1.9% fee, users will be charged another 10 cents when receiving payments for goods and services with their business or charity profiles.
Venmo’s Instant Transfer withdrawal option will add 1.75% fee, which can be as little as 25 cents and as much as $25 per transaction.
In order to purchase or sell cryptocurrencies, Venmo charges a number of fees. In this case, a user is charged fees based on the value of the crypto he or she is buying or selling.
When you sell or buy cryptocurrencies through Venmo, you will be charged the following fees:
- For purchases and sales of $1 to $4.99, a 49-cent fee will be charged.
- For purchases and sales of $5 to $24.99, there is a 99-cent fee.
- When purchasing and selling between $25 and $79.99 there is a $1.99 fee.
- For purchases and sales of $75 to $200, there is a $2.49 fee.
- $200.01 to $1,000 purchases and sales have a 1.8% fee.
- Over $1,000 purchases and sales are charged 1.5%.
How Much Does Venmo Charge For Sending Money?
Money can be sent and received using Venmo in a variety of ways, each with its own fee.
How Much Does Venmo Charge to Send $100?
If you use your bank account, Venmo account balance, or debit card to transfer money, Venmo doesn’t charge you anything.
How Much Does Venmo Charge to Send $1,000?
Using a Venmo balance, a debit card, or an account linked to a bank account, Venmo doesn’t charge fees for sending over $1,000.
Frequently Asked Questions
Can You Avoid Venmo Fees?
By making small adjustments to their in-app transactions, users can avoid some Venmo fees. Users can avoid the 3% credit card fee by using Venmo balances, bank accounts, or debit cards instead of credit cards. By opting for a standard electronic withdrawal instead of an Instant Transfer, users can avoid paying 1.75%. It is a free option, but it usually takes one to three business days for the money to be available.
Can You Avoid Venmo Business Fees?
Venmo business fees cannot be avoided. In the past, Venmo offered a trial period without seller transaction fees for new business profiles. Within 30 days of signing up, business owners would be charged a fee.
How Much Does Venmo Charge For Instant Transfer?
Venmo charges a fee for each transfer is 1.5%, with a minimum fee of $0.25 and a maximum fee of $15.
For transfers under $0.25, Venmo offers its free Standard Bank Transfer option.
From Venmo, you can instantly transfer money to Mastercard and Visa debit cards. It is also possible to transfer money within 30 minutes to a U.S. bank account.
Does Venmo Have ATM Fees?
Yes, the ATM withdrawal fee for Venmo is $2.50, while the over-the-counter withdrawal fee is $3.
Within the U.S. and some specified territories, MoneyPass ATMs allow you to withdraw cash using a Venmo debit card free of charge.
Does Venmo Charge International Fees?
Payments made through Venmo are not supported internationally. In that case, you’ll need to use another financial transfer service if you need to send money overseas.