Here’s the deal. You need to sign up on Venmo to pay or receive money. There are two ways to connect this money to its source. You can link your Venmo account directly to your bank account or set up a credit card. If you chose credit card as a source then you’ll be charged 3% of the amount you pay. But How does Venmo work exactly? It charge this convenience fee to give you some credit.
However, if you connect your bank account with Venmo, or set up a debit card, the transactions are absolutely free. The only catch in the Venmo business model is the limit for maximum transaction amount. If you have not verified yourself on Venmo, than you can only send or receive a maximum of $299 per week. If you have verified yourself than the weekly cap is for a maximum of $2,999. You can find the recipients based on their contact names, usernames on Venmo or even email IDs.
Along with the transaction, you can leave a quick note describing what this money was for. Usually, peocontinue reading →