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Understanding Venmo: How it works, fees involved, safety features

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Understanding Venmo: How it works, fees involved, safety features
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Christine Gallipeau Senior editor | The Points Guy

Venmo, a popular money transfer app, facilitates easy and quick transactions among users. Owned by PayPal since 2013, Venmo is recognized for its mobile-first design and social media-like news feed that publicly displays transactions unless set to private.

The app operates by linking bank accounts or cards to a Venmo account. Users can send money without maintaining a balance, debiting linked cards as needed. Sending money from a bank account or debit card is free, while credit card transactions incur a 3% fee.

Venmo allows up to two accounts per person under certain conditions, such as having a joint bank account with another user or owning a business. Users can add money to their Venmo account via debit card, check, or direct deposit.

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Regarding fees, credit card usage incurs costs, and some issuers may treat Venmo payments as cash advances with associated fees and higher interest rates. It's advisable to test small transactions first to check how they are coded by the issuer.

Venmo offers rewards through its debit and credit cards. The debit card provides cash back at select retailers like Target and Sam's Club. The credit card earns rewards across various categories with no annual fee.

Security measures include transaction encryption and options for password protection or biometric/PIN-based security for the app. Privacy settings allow control over transaction visibility.

Though both owned by PayPal, Venmo and PayPal differ in operation and fees. Venmo charges no fees for bank account or debit card transfers but imposes a 3% fee on credit cards. PayPal's fees vary based on payment methods and international transfers.

In conclusion, Venmo offers an accessible service for mobile users with free transactions in most cases but includes fees for credit card use. It also provides rewards opportunities while ensuring data security.

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