Venmo is a free mobile wallet that you can use to send and receive money from friends. Many people immediately wonder how the app compares to Paypal. Deciding between Venmo vs Paypal is probably not that important because Paypal owns the app. In short, Venmo is more interactive and fun to use. You can sign up either through an email account or your Facebook account, but you’ll need to provide your phone number.
The Venmo app is available for iOS, Android, and web browsers. Continue reading to learn more about the app, its features, OS requirements, and common complaints to be aware of before downloading.
Venmo – About the App
To send money through Venmo, you can use the ones you have on the mobile wallet or link your bank account. Unless someone has sent you money on it, you’ll have to link your bank account in order to use the app. You can transfer money from Venmo to your bank account as well. It only takes approximately one business day to make a transfer to your bank. The app also allows you to pay in other apps by taking fewer steps. Splitting purchases with friends is also easier with Venmo because you can set up reminders or have the app send your payment the next time it’s opened.
Another defining factor of this service, making it different from Paypal, is it allows you to share your finds and check out what great deals or purchases your friends have found. The app never posts this information without your permission. Sharing information about a purchase is up to you.
Paying with the Venmo app is secure. They never give away your bank account details to businesses. You can view your purchase history on the digital wallet to keep track of your spending. The app also offers cute emojis that you can use to make your posts more engaging.
A few of the many companies that accept Venmo payments include White Castle, Delivery.com, Foodler, Parking Panda, Munchery, and GameTime. This mobile wallet is mostly free to use but fees apply when you use a credit card to pay. Venmo charges a standard 3% fee for each credit card payment.
Top Features of Venmo
- Split costs with multiple people. One of the top features of the app is it provides a cost split feature. When you’re out for dinner with friends and agree to split the tab, you can easily do so through Venmo. The app will send your share of the payment you the next time you open it or a reminder. This makes it easy to remember to pay back your friends and family. There is a recorded history of payments, which decreases disputes as well.
- Social sharing on purchases. A fun feature of the app is it offers the ability to share your purchases on your feed. For example, if you ordered Chinese food, you can post an update mentioning how delicious the takeaway was. Your friends and family then have the option to like or comment on your shared experience. This can open the door to an interesting conversation and helps you stay connected with loved ones.
- Send messages with your payments. Venmo also allows you to write a short message when you send payments. You could thank your music teacher for a fun lesson or let a friend know you’d love to visit that restaurant again.
Common Complaints About Venmo
Transactions are sometimes slow
One of the most common complaints about the service is their transactions sometimes take a long time to go through. One user from Colorado said a transfer his father sent to his wife took almost two weeks. He specified that they were both verified users of the app.
Other customers have also complained about transfer times taking over a week. Although the website doesn’t promise transfers within one business day, they fail to mention it could take up to two weeks for a transfer to go through.
Another common complaint that users have about Venmo is unauthorized transactions. Several customers have stated that a person listed as “Steven **” withdrew around $2,000 from their accounts. They were able to get their money back by contacting their bank, but it was still a huge hassle. The banks had to put a freeze on their accounts to solve the problem. Nonetheless, Venmo customer service is usually responsive when users complain to them about unauthorized charges.
Getting locked out of your account
Some users complain about having gotten locked out of their account for no security reason. The issue was caused by a technical bug. It prevented the users from sending a verification code to their email and regaining access to their account. One user reported that it took the Customer support team 4 days to fix the problem.
Venmo is compatible with iOS, Android, and web browsers. App requirements include:
- To run on Android, your smartphone needs Android 4.1 and up.
- iOS devices can operate the app as long as they have iOS 9.3 or later.
- Venmo is compatible with iPod touch and iPad in addition to the iPhone.
- Official Website: Venmo.com
- Google Play link: Version 6.38.0
- iTunes link: Version 7.0.1
- Venmo Promo Video: YouTube
If you become passionate enough about the app, you can also browse Venmo careers for a possible opening. You can view their current open positions on their Job Openings page.
Venmo is a fun mobile wallet to use for sending and receiving payments. It adds a social aspect to your transactions, providing the ability to share purchases and interact with others. You can find new restaurants to try, cool products, and great deals just by glancing at your social feed. The app helps you stay connected with loved ones and makes it easier to keep track of paying people back. It takes the awkwardness and confusion out of borrowing, lending, and dividing costs.
Have you tried Venmo before? Feel free to share your own reviews of this app in the comments section below.