What is Venmo?

Venmo is one of the most popular “cash apps” at the moment.

Venmo is a mobile application that allows you to pay, receive and request money from your friends or contacts. This app is a very convenient way to pay your friends when you owe them money and you don’t want or can’t use cash. Since you only have to indicate the amount you want to send to your friend in the application and it will take care of transferring the money electronically to the account.

What can I use Venmo for?
You can use Venmo to split a lunch bill, pay a friend half a taxi fare, send his roommate his half of the rent, and more. Also, if you are in a bar with your friends, sharing a round of drinks has never been easier thanks to this application. All you have to do is transfer the money to one person and let them head to the bar while you keep chatting. The list of ways to use Venmo is almost endless. Remember, the goal of the app is to make these payments as easy and fast as possible.

How does Venmo work?
In order to use Venmo, you can sign up for a free Venmo account through the official website or the app. You can create an account using your Facebook username or your email. From there, you can start receiving money or making requests.

After setting up your Venmo account, you have to decide how you want to pay your contacts. Since in Venmo you can pay in different ways: using your Venmo balance, with a credit or debit card and with a bank account in the United States. After you decide how you are going to pay, you can send money to one of your contacts, entering the amount you want to send and selecting the person.

Receiving the money
Standard transfers to your bank account are a free service; it typically takes 1-3 business days to see the money in your account. Instant transfers are available for both bank account and debit card transfers. As the name implies, these transfers are made immediately, giving you access to your money in a matter of seconds. For this, Venmo charges 1 percent or a minimum of $ 0.25.

If the person does not use the application, they will receive a text message or an email and will be asked to enter their bank account or debit card information in order to deposit the money. On the other hand, if you have the application you can withdraw and deposit the money in your linked bank account or keep the money in the application for future transactions.