Fees for the Venmo Debit Card (2024)

FAQs

Fees for the Venmo Debit Card? ›

A $2.50 ATM Domestic Withdrawal Fee applies. You may also complete a withdrawal at a bank or financial institution. A $3.00 Over the Counter Withdrawal fee applies when a signature is required at the bank or financial institution. Additional ATM owner or bank fees may apply.

A $2.50 ATM Domestic Withdrawal Fee applies. You may also complete a withdrawal at a bank or financial institution. A $3.00 Over the Counter Withdrawal fee applies when a signature is required at the bank or financial institution. Additional ATM owner or bank fees may apply.

Is the Venmo Debit Card worth it? It can be if you're already a regular Venmo user, yet you may want to consider other options if you want to earn rewards on more purchases or be able to make purchases with your card outside the U.S.

Tell the clerk you are looking to add money to your Venmo Debit Card. A couple of things to keep in mind: The processor charges a $3.74 fee for adding cash via this method. You will need to be able to swipe your Venmo Debit Card physically.

How to avoid Venmo fees. To avoid Venmo fees, ensure your payments come from your Venmo balance, bank account, or linked debit card. Avoid using credit cards for Venmo transactions unless necessary.

Safety Concerns with Venmo

Like other payment or banking apps that connect to users' bank accounts, using Venmo comes with the risk of security breaches, hacking, or data loss.

You can use Venmo's services and open your own account on the platform for free. There is also no mandatory monthly maintenance fee for the app. However, you will have to pay for transactions using your credit card or for instant transfers.

The Venmo card does not charge an application fee or annual fee to use the card. And since you can only spend what's available in your Venmo account, you won't incur overdraft or late payment fees. There may, however, be transaction fees associated with your card.

Yes! You can use your Venmo Debit Card to make cash withdrawals at ATMs or, as cash back when completing a purchase, nationwide. You'll need your Venmo Debit Card PIN to obtain cash (if you have forgotten the PIN that you set during card activation, you can reset it in the Venmo app under Settings > Venmo Debit Card).

Both platforms are also free to use when you are sending money using a balance in your account. However, both platforms charge money when you use credit cards to send payments to friends and family. As mentioned above, Venmo charges a 3 percent fee every time you use a credit card to transfer money to another person.

Why is Venmo charging me a fee to receive money? ›

Receive personal payments in your Venmo account from Venmo users. No fee for you when Venmo users send you personal payments with Venmo. You will be assessed a fee if the sender identifies the transaction as for goods and services. No fee for you when a merchant sends you a refund.

Venmo's IRS 1099-K tax reporting requirements only pertain to payments received for sales of goods and services and DO NOT apply to friends and family payments. For the tax year 2023, the IRS will require reporting of payment transactions for goods and services sold that exceed $20,000 and 200 transactions.

Venmo Mastercard Debit Card transactions are subject to additional limits: $2,999.99 per purchase limit. $3000.00 daily purchase limit (resets at 12am CT) $7000.00 weekly purchase limit.

There will be a fee if you transfer money to your bank account with an Instant Transfer. If you choose an Instant Transfer, Venmo charges one percent (with a minimum fee of 25 cents and a maximum of $10). Standard bank withdrawals, which take 1-3 business days, are always free.

It's free to send and receive money using what's in your Venmo account or bank account. *Venmo does not charge for sending money from a linked bank account, debit card, or your Venmo account. There is a 3% fee for sending money using a linked credit card.

Use the Venmo Debit Card to make cash withdrawals from a nationwide network of MoneyPass® ATMs, and you won't have to pay a transaction fee.

Receiving Money on a Personal Account

You might be wondering: Does Venmo charge a fee to receive money? You won't incur a fee to receive money on Venmo unless the sender flags the transaction as payment for purchasing a product or service.

Introducing the Venmo Credit Card

Issued in partnership with Synchrony Bank, the no annual fee card runs on the Visa network and earns rewards on every purchase you make.

Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .