Learn how to apply for the Venmo account
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Opening a Venmo Account: A Step-by-Step Guide
If you’re looking for a convenient and popular payment app to send money to friends and family, Venmo is the way to go. With its widespread popularity and instant transfer of funds, Venmo aims to bring people together through transactions and interactions.
However, using a Venmo account comes with potential fees that can add up quickly if you’re not careful. To avoid unnecessary charges, consider the following tips:
How To Avoid Venmo Fees
Venmo provides a convenient and secure method for making payments, but to bypass fees, it’s advisable to use alternative funding sources instead of credit cards when sending money. Additionally, be prepared to wait for funds to become available when withdrawing money or depositing and cashing checks.
For example, if you use a credit card to send $100 on Venmo, you will be charged a 3% fee, amounting to $3. However, if you use your Venmo balance, bank account, or debit card, there are no fees.
Who Can Apply for a Venmo Account?
To open a Venmo account, you must meet the following requirements:
- Have a U.S. cell phone that can send/receive text messages from short codes. This phone number cannot be associated with another Venmo account.
- Be at least 18 years old (or the age of majority in your state of residence).
- Ensure that your Venmo app is updated to version 7.38.
Creating a Venmo account is free, and there are no monthly fees associated with it. Basic Venmo transactions made through your bank account, Venmo debit card, or Venmo cash balance do not incur any charges. However, using a credit card for payment will result in a 3% fee on the sender’s end.
How to Get Started with Venmo
Follow these steps to sign up for Venmo:
- Download the Venmo mobile app on either iOS or Android (no Windows app available).
- Open the Venmo app.
- Choose your preferred sign-up method and create a secure password (8-20 characters long with at least one number or symbol).
- Verify your phone number and email address.
- Add and verify your bank account.
You can also sign up for Venmo on your computer. If you plan to transfer money from your Venmo account to your bank account, make sure to add a U.S. bank account or eligible debit card for instant transfers.
Contacting Venmo Customer Service
If you need assistance or have questions, Venmo provides three options to contact customer support:
- Send an email by filling out a form at the Venmo Help Center.
- For faster service, chat with Support via the mobile app from Monday to Saturday, between 8:00 a.m. and 10:00 p.m. CT.
- Call (855) 812-4430 from Monday to Sunday, between 8:00 a.m. and 8:00 p.m. CT.
Venmo vs. Zelle: Which One to Choose?
If you’re deciding between Venmo and Zelle, consider the following factors:
Zelle is ideal if you and your network of family and friends have accounts with participating banks. With Zelle, you can transfer funds between bank accounts for free in minutes. The money is directly withdrawn or deposited into the respective bank accounts, without sitting in a holding account like Venmo.
Venmo, on the other hand, is a suitable choice if you’re looking for an alternative to traditional bank accounts. It offers features like creating a Venmo fund account, linking credit and debit cards, and free withdrawals via MoneyPass ATMs.
Ultimately, both apps offer quick transactions, but Zelle is known for its near-instantaneous transfers. Most banks participate in Zelle, and even if your bank doesn’t, you can still use Zelle to move smaller amounts of money.
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