Venmo was launched in 2009 as a peer-to-peer payment app that lets users exchange funds with other accounts within minutes. Currently, Venmo is owned by PayPal and it is one of the payment delivery systems that is growing rapidly in the US.
You might be wondering, what does Venmo offer? Before we get into the depth of Venmo use and if it works internationally or not, let’s check out some of the tasks that the app can perform.
- Make online payments on platforms like Amazon.
- Allows for ATM withdrawals when you require cash.
- Make purchases using the Venmo Mastercard debit card/credit card.
- Borrow money from Venmo that you can pay back without interest.
- Avail of direct deposit for your paycheck that goes straight into your Venmo account up to 2 days before your usual payday.
Furthermore, users can also buy and sell crypto on the Venmo app which feature is available only with selective money transfer apps like Cash App.
How Do Venmo Transfers Work and What Are The Charges?
Venmo offers two types of transfers.
You can choose a standard transfer that may take up to 3 business days to complete. This is a great option if you wish to avoid additional charges.
Instant transfers, on the other hand, finish within minutes. There is a fee of 1.5% for instant transfer. Moreover, Venmo also charges a 3% fee for payments using a credit card.
How much you can transfer to your Venmo account depends on whether you are a verified user or not. Those with an unverified account can send $299.99 per week. This is also inclusive of the amount that they can use for withdrawals and purchases. In contrast, Users with verified accounts have a rolling limit of $4999.99.
Can You Use Venmo Internationally?
Since the use of the Venmo app is picking up pace, it is common for account holders to wonder if they can use the app to make transfers when they are not in the US.
Unfortunately, you can not use Venmo when on an international trip. The app requires you to be a legal resident in the US and be within US boundaries to send and receive funds. Venmo works with US banks only so you must explore other options if you wish to transfer money abroad.
The regional limitation also applies to other Venmo features. For example, you can not use the app for ATM withdrawals, request money through the Venmo app, or buy/sell bitcoins unless you are in the United States.
What Are Good Alternatives To Venmo International Money Transfer?
There are multiple other options on the table if you are looking for a platform that can help you with international transactions.
Wise happens to be one of the best choices. It covers more than 80 countries and the official website will give you a clear idea of fees for the transfer so you don’t have to worry about hidden charges. Transfer fees with Wise depend on the total money that is sent because it is calculated as a proportion to the full amount. This means, the larger the funds you transfer, the more will be the associated costs of the transaction.
Skrill is another online money transfer app that can help you send funds internationally. It supports direct transfers to bank accounts. Moreover, you can send money in more than 40 currencies and Skrill is available in almost all countries around the globe. You can sign up by just using your email IS and phone number.
You can also use Remitly to transfer funds to over 100 countries. It is one of the most cost-efficient, convenient, and quick money transfer services that you can sign up with. You can visit the official website to explore the variety of payment alternatives that Remitly provides including cash collections, home delivery, bank deposits, and mobile money.
Before You Go!
Venmo is not an international money transfer app so you can use it within the US only. Fortunately, there are alternatives available that can help you transfer money overseas. Since you have many options on the table, I would recommend that you compare the services and thoroughly check their exchange rates and fees before finalizing which one you want to use.
