It’s convenient and can be used for free with friends and family.
But, like any appespecially one tied to your bankit’s important to know how to use Venmo safely.
How Can You Use Venmo?
Venmo
you could also send payments and requests to non-users, who are then prompted to sign up.
Setting Up Venmo
When you first sign up, your weekly spending limit is $299.99.
Venmo is free if you send money from your bank account, debit card, orVenmo balance.
If you send money using a credit card, Venmo charges a three percent fee.
There are no Venmo fees to receive cash or make in-app purchases.
Be sure to only use Venmo with people you know and trust.
Venmo also has a social media side to it, which is optional.
It’s easy to add friends if you give Venmo access to your phone’s contacts.
Is Venmo Secure?
you might also create a PIN or enable biometric unlock for extra security.
We can’t stress enough how important it is to use Venmo only with people you know and trust.
Unlike some money-sending apps, Venmo doesn’t offer buyer or seller protection for every transaction.
Read theVenmo Purchase Protectionpage for all those details.
In essence, Venmo is temporarily lending you the balance until the bank clears the transaction.
Use a PIN and check your Venmo activity as carefully as you would a bank or credit card statement.
Report instances of fraud to Venmo and your connected bank or credit card account immediately.
Implementing all of these practices will keep your money safe.
Avoid storing substantial amounts of money in your Venmo balance, as well.
However, Venmo charges three percent for credit card transfers.
