Venmo Fee Calculator
Venmo, a popular mobile payment service owned by PayPal, has become a staple for personal transactions among friends and family in the U.S. Whether you're splitting a dinner bill, paying your share of rent, or buying a coffee, Venmo makes transferring money simple and quick. However, like many financial services, Venmo charges fees for certain types of transactions. In this article, we will explore Venmo's fee structure in detail and provide a clear understanding of when and why you might incur these charges.
Overview of Venmo Fees
While Venmo is free for most transactions, certain activities will result in fees. These fees can be associated with instant transfers, credit card payments, and transactions involving businesses. To help you better understand, we’ve broken down the fees into a table format for easy reference.
Venmo Fees Structure
| Type of Transaction | Fee | Details |
|---|---|---|
| Sending Money | Free | When using your Venmo balance, bank account, debit card, or prepaid card linked to your account. |
| Receiving Money | Free | No fee for receiving money and transferring it to your Venmo balance or bank account. |
| Instant Transfer to Bank Account | 1.75% (Minimum $0.25, Maximum $25.00) | Fee applies for transferring funds from Venmo to your bank account instantly. |
| Standard Transfer to Bank Account | Free | Takes 1-3 business days to transfer funds to your bank account. |
| Payments Using Credit Card | 3% | When sending money using a credit card linked to your Venmo account. |
| Venmo Purchase Protection (Optional) | Free | When the sender pays with Venmo balance, bank account, or debit card; 3% if using a credit card. |
| Business Transactions | 1.9% + $0.10 per transaction | Charged to the business account for each transaction received. |
| Crypto Transactions (Buying or Selling Crypto) | Fees vary based on the transaction amount | Example: $0.49 fee for transactions under $5.00; $1.99 fee for transactions between $25.01-$74.99; 1.8% for $200-$999.99 |
| ATM Withdrawal (Out-of-Network) | $2.50 | Fee for using a Venmo debit card at out-of-network ATMs in the U.S. |
| ATM Withdrawal (In-Network) | Free | Fee waived when using a Venmo debit card at in-network MoneyPass ATMs. |
Understanding Each Fee
Sending and Receiving Money: The majority of personal transactions on Venmo are free, including sending money from your Venmo balance, bank account, debit card, or prepaid card. Likewise, receiving money and transferring it to your Venmo balance or linked bank account is also free.
Instant Transfer Fees: If you need your money transferred to your bank account immediately, Venmo charges a 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25.00). This is ideal for those who want immediate access to their funds.
Credit Card Payments: Using a credit card to send money incurs a 3% fee. This fee helps cover the cost of credit card processing, which Venmo passes on to the user.
Business Transactions: If you’re a business using Venmo for payments, there is a fee of 1.9% plus $0.10 per transaction. This fee is common in payment processing and helps cover Venmo’s operational costs.
Crypto Transactions: Fees for buying or selling cryptocurrencies on Venmo vary depending on the transaction amount. Smaller transactions have a flat fee, while larger amounts incur a percentage-based fee.
ATM Withdrawals: Withdrawing cash using a Venmo debit card is free at in-network MoneyPass ATMs. However, out-of-network withdrawals will incur a $2.50 fee.
How to Avoid Venmo Fees
While some fees are unavoidable, there are several strategies to minimize or avoid Venmo fees:
- Use Bank Transfers or Venmo Balance: Sending money using your Venmo balance or a linked bank account or debit card avoids the 3% fee charged on credit card payments.
- Opt for Standard Bank Transfers: If you don’t need funds immediately, use the standard transfer option to avoid the 1.75% instant transfer fee.
- Withdraw Cash from In-Network ATMs: To avoid ATM fees, use your Venmo debit card at MoneyPass ATMs.
Conclusion
Venmo offers a range of services that can suit different financial needs. While most personal transactions are fee-free, understanding the conditions under which fees apply can help you make informed choices and minimize costs. Always consider your options and choose the best method for your specific situation.
By understanding Venmo's fee structure, you can better manage your transactions and make the most out of this convenient payment platform.
Feel free to consult the table above as a quick reference guide whenever you’re about to make a transaction through Venmo.