- Venmo does charge a fee in certain cases, though it’s pretty easy to avoid these fees depending on how you use the service.
- Venmo charges a three per cent fee to send money from your credit card, though if you only use your Venmo balance or bank account to send money, there are no fees.
- Instant transfers to your bank account come with a one per cent fee, though standard transfers are free.
- If you have a Venmo Card, there may also be additional fees for cash withdrawal.
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Like any financial service, Venmo does charge fees in certain cases.
Though, depending on how you use Venmo, it’s entirely possible to use the app for free without ever paying fees.
Venmo does charge a fee if you use a credit card to send money
The most common fee you are likely to encounter with Venmo is when you make a purchase or send money to another person.
If you send money using a credit card, Venmo adds a three per cent fee (which is the fee from the credit card company being passed on to you).
You can avoid the three per cent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you’re not using a credit card directly, Venmo does not charge a fee to send money.
Venmo may also charge a fee if you use Instant Transfer, or have a Venmo Card
There will be a fee if you transfer money to your bank account with an Instant Transfer. If you choose an Instant Transfer, Venmo charges one per cent (with a minimum fee of 25 cents and a maximum of $US10).
Standard bank withdrawals, which take 1-3 business days, are always free.
If you get the optional Venmo Card, there are additional fees associated with it, including an ATM cash withdrawal fee ($US2.50) and an over-the-counter cash withdrawal fee at the bank ($US3).
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