![]() Don't click on links from people you don’t know on Venmo.įees Free for debit Limitations iOS only in U.S. Some common Venmo scams include notifications you’ve won a prize or cash reward. Scammers may also try to impersonate people in your contacts to ask you for money, so always double-check with friends and family when you receive any such request and consider updating your privacy settings. Venmo scams are also quite common, so never give away your account information or verification codes. To get your money back, you'd have to ask the recipient to initiate a return. One downside of using Venmo is that you can't cancel payments once you've sent them. Similarly, if you wanted to transfer funds from your Venmo account to your bank account within 30 minutes, you'd also have to pay a pretty steep 1.75% fee per transfer (this could cost you anywhere from $0.25 to $25). With Venmo, you can use debit or credit cards, but there is a credit card transaction fee. Venmo also has some interesting social features, allowing you to send emoji with your payments and view, like and comment on your friends' transactions (unless they're set to private). Many people use it to split bills, pay for goods and services, and more. ![]() Why we chose it: Venmo makes it easy to send money to friends and family. Minutes to several days, depending on the destinationįees Free for debit Limitations Can't undo payments Customer Support Phone and Email Transaction Time Minutes for card transfers 1-3 business days for bank transfers Instant card transfers 1-3 business days for bank transfers Minutes to hours for card transfers 3-5 business days for bank transfers Minutes for card transfers 1-3 business days for bank transfers $1.99 and up depending on type of transaction
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