Essential Venmo Fees for 2024: Key Information You Should Be Aware Of

Essential Venmo Fees for 2024: Key Information You Should Be Aware Of

Venmo is a popular app for sending and receiving money digitally. If you’re new to Venmo, you might be curious about its fees and whether you can avoid them. This guide will help you understand the costs associated with using Venmo.

**Does Venmo Charge a Fee?**
Yes, Venmo charges fees for certain transactions, while others are free. Knowing these fees can help you minimize costs.

**How Much Does Venmo Charge?**
Here are some of the fees you might encounter:
– 3% fee for sending money using a credit card.
– 1% to 5% fee (minimum $5) for immediate access to funds from deposited or cashed checks.
– 2.99% fee for receiving payments for goods or services after July 1, 2024.
– 2.29% fee for receiving payments via contactless payment.
– 1.75% fee (minimum 25 cents, maximum $25) for instant transfers to a bank account or debit card.
– Variable fees for cryptocurrency transactions, starting at 49 cents.

Venmo does not charge a fee for setting up an account or maintaining a monthly balance.

**Sending Money**
When sending money, using a credit card incurs a 3% fee. However, it’s free if you use your Venmo balance, debit card, or bank account. Using Visa+ to send money is free if the recipient has a PayPal digital wallet. Otherwise, a 1.75% fee applies, with a minimum of 25 cents and a maximum of $25.

**Receiving Money on a Personal Account**
Receiving money on Venmo is free unless the sender marks the transaction as a payment for goods or services.

**Depositing Money**
Fees for depositing money include:
– 1% fee (minimum $5) for immediate access to payroll or government checks.
– 5% fee (minimum $5) for immediate access to non-payroll and non-government checks.

To avoid these fees, wait ten days to access your funds from cashed checks. If Venmo rejects your check for security reasons, you won’t be charged a fee.

Instant transfers to a bank account or debit card have a 1.75% fee, with a minimum of 25 cents and a maximum of $25. Opt for standard transfers to avoid this fee, though it may take a few business days for the funds to reach your account.

**Buying or Selling Cryptocurrencies**
Fees for buying or selling cryptocurrencies vary based on the transaction amount:
– $1 – $4.99: 49 cents
– $5 – $24.99: 99 cents
– $25 – $74.99: $1.99
– $75 – $200: $2.49
– $200.01 – $1,000: 1.80%
– $1,000.01 and up: 1.50%

Receiving or transferring cryptocurrency within Venmo or to a PayPal account is fee-free.

**Venmo Mastercard Fees**
Getting a Venmo debit card is free. In-network ATM withdrawals are free, but out-of-network ATM withdrawals cost $2.50 per transaction. Over-the-counter withdrawals have a $3 fee.

**Venmo Business Transactions**
Starting July 1, 2024, a 2.99% fee applies to payments received for goods and services. For business accounts, this fee includes an additional 9 cents if the payment is made via the Tap To Pay feature.

**How Do I Avoid Fees on Venmo?**
To minimize Venmo fees:
– Read the fine print to understand potential fees.
– Avoid using your credit card; use your Venmo balance, bank account, or debit card instead.
– Choose standard transfers over instant transfers.
– Be patient with check deposits to avoid fees.

By following these tips, you can reduce the costs associated with using Venmo.