Venmo is a platform that started first as a social money transfer medium. But now, it has exceptionally grown as a financial organization helping businesses expand through it in many ways.
Transacting through the social feed of Venmo is definitely a captivating prospect. A virtual ledger, the money sits in your Venmo account till you transfer it out to your bank account and the debit/credit cards.
Venmo does not have any additional payment costs to cover and is free to use. Venmo transaction limits are based on account verifications. Verified accounts have a far greater transaction limit compared to unverified accounts. Venmo right now operates within the United States of America.
Venmo was founded by Iqram Magdon-Ismail and Andrew Cortina.
Venmo uses bank-grade security for transactions even though it’s a social money-transferring process. It complies with the Gramm-Leach-Bliley code of safeguard rules and regulations. Venmo helps transfer funds instantaneously. When funds are transferred before 07:00 pm EST the amount would typically be in your bank the next day. But if transferred after 07:00 pm EST it might show up the next day in your account.
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Venmo pros and cons
Here are the several pros and cons of using the Venmo app.
- It is very easy to use and is also very quick.
- Venmo allows you to travel cashless.
- Most of its services are free and allow users a credit card.
- Immediate setting up options make it extremely valuable.
- A 3% charge is levied on all Venmo credit card transfers.
- Instant transfer of your Venmo funds incurs a 1% fee.
- People often do not like the social aspect of the app wherein everybody comes to know you transferred money to whom.
- If the money is sent to the wrong email ID you’d have to depend on the person for repayment since Venmo does not have any provision of taking it back.
- Venmo receipt records are not quite a valid option for IRS division and they can be debatable in case of doubts.
Like every banking and P2P device, even Venmo has its pros and cons. However, most Venmo users have benefitted by focusing on the pros of the app instead of the cons (disadvantages).