Venmo Review 2024 (2024)

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Venmo Pros and Cons

Venmo Overview

Venmo is a worthwhile tool for sending money back and forth as a family member, friend, or customer.

Venmo could be a good option if you don't have a regular checking account and don't want to carry around large amounts of cash. You can set up direct deposits to go straight to Venmo, and the company even lets you receive direct deposits up to two days early.

If you use a Venmo debit or credit card, you'll earn up to 5% cash back on purchases at select retailers. However, there are fees for direct deposits and mobile check deposits, so you may have to earn a significant amount in cash back to cancel out these fees.

About Venmo

Venmo is an app for sending money electronically to friends, family, or businesses. You can use the app simply for sending and receiving money, or you may also choose to use Venmo's banking features.

You can request a Venmo debit card or credit card and earn cash back with both. You'll earn 1% to 5% cash back on purchases at retailers like Walgreens and Costco, but the exact deals vary depending on current promotions. You can see promotions in your Venmo app if you have a card. If you want to know more about which retailers will help you earn cash back before committing to a card, you can chat with a Venmo representative within the app about ongoing deals.

Venmo also now offers a debit card for teens ages 13 to 17 that doesn't charge an application fee or monthly maintenance fee, or have a minimum balance. Parents or legal guardians will open the Venmo Teen Debit Card for their child. They can provide their teen access to the Venmo app, and monitor their spending through notifications or lock and unlocking the Teen Debit Card.

You can withdraw money for free at MoneyPass ATMs. You're also able to use your Venmo card at Mastercard, Cirrus, or PULSE ATMs, but you'll pay a $2.50 ATM fee. The ATM provider may also charge a fee.

Venmo doesn't charge monthly fees, but you may have to pay some fees for the checking features. You'll pay 1% for depositing a government or employer check and 5% for depositing another type of check, with a minimum charge of $5.

The money other people transfer to you within the app is not insured by the FDIC. But any money that goes into your Venmo balance via direct deposits or mobile check deposits is FDIC insured, so it's safe.

Venmo FAQs

How Venmo Compares

We've compared Venmo to two prepaid debit cards that offer similar perks. Like Venmo, the best prepaid debit cards can be useful tools if you don't have a regular bank account.

Venmo vs. Bluebird by American Express

Both options allow you to receive your paycheck up to two days early. Choosing between Venmo and Bluebird by American Express Prepaid Debit Card might come down to differences in fees.

Venmo has fees for direct and mobile check deposits. Bluebird doesn't charge these fees — unless you want to expedite your mobile check deposit, in which case you'll pay 1% on a government or employer paycheck and 5% on other checks. Bluebird does have a $3.95 cash reload fee, though.

Venmo vs. American Express Serve Cash Back Card

Both options allow you to receive your paycheck up to two days early. If you're looking for a debit card with minimal fees, however, Venmo is a better choice.

The American Express® Cash Back Serve Prepaid Debit Card charges $9.95 per month (although there are no fees for residents of New York, Texas, or Vermont). American Express also charges you up to $3.95 each time you reload money onto your card.

You'll still want to be mindful of minor fees on the Venmo app, though. Venmo charges fees for direct and mobile check deposits, so it may be significant if you deposit checks frequently.

Why You Should Trust Us: How We Reviewed Venmo

For our Venmo Review, we used a scale of 0 to 5 stars. We considered minimum opening requirements, monthly fees, customer support availability, ATM network size/fees, mobile app ratings, and the ethics of the company to determine the app's rating.