HOW DOES VENMO WORK, ITS PROS AND CONS AND HOW MUCH DOES IT COST?

At its best, Venmo is basically a cash free way of sending or receiving money. For example, you can simply use this app to split a bill with a coworker or a friend at the dinner table, send half the monthly rent to your flatmate or you can pay part of the taxi ride that you have shared with your aunt or anyone else. This is in short an effective and simple way of paying without worrying about carrying cash all the time. 

The functionalities of this app goes way beyond just sending or receiving many, as users can do a lot of things, like purchasing anywhere using the Venom Mastercard in the US where this card is accepted, receive the price alerts for 4 different types of cryptocurrencies, ie. Lite coin, Bitcoin Cash, Ethereum and Bitcoin, using the in-store QR code to make any purchase and much more. 

This app also works perfectly well with both iOS and Android devices. But despite being a popular app among users these days, many people still wonder how does venom work and how much they will be required to use it. So if you also have these doubts, then we got you covered through this article. 

As you scroll down, yo woll find out complete details about the Venmo App, such as how this app works, what are the pros and cons of it, how much does users need to pay to use it and much more. So just continue to read below to check out all the info.

How does venmo work exactly?

Venmo is an app which is supposed to be used on a smartphone. This app helps users to slit the bills or pay for the things that you would usually buy with cash. By using this, you never have to worry about carrying cash everytime or having the exact change to buy something. So you as a user can receive or send money through Venmo and it is actually quite easy, all you need to do is follow the steps that are mentioned below-

1. Firstly set up your account- You will have to start with creating your account on the Venom app, which you can do through your mobile phone by visiting the app itself or computer. You will be required to provide some basic information, such as your name, phone number, profile picture and email address. And so in order to send and receive on this app, you will also be required to link your bank account.
2. Then open the Venmo app and hit the button of ‘Request or Pay’- Now, another step of how does venmo work is this. So for sending or receiving money, you will be required to click on the Pay button which will be available in blue colour with a V, that is quite similar to that of Venom’s logo (whether you are doing it on website or app).
3. Then, identify the person that you want to send money- Then, after you hit the button, you can choose the username of the person to whom you want to send money from the friends list on the app, or you can also use their phone number or email. And before you move to the next step, make sure that you have selected the correct person.
4. Choose the amount that you want to send or request to your friend- As you have selected the contact on which you want to make the transaction, you are now required to enter the amount that you want to request or send. And as you will scroll down the screen on this step of how does venmo work, you will also see a blank space where you can mention the reason why you are requesting or sending the money.
5. Check all your privacy levels- Now, after you have selected your friend to whom you want to send money and entered the amount, you can also check on your privacy settings, in case you don’t want anyone else to know about your transactions and so only your friends will see it. However, this is completely an optional step.
6. In the end confirm the transaction- Finally after completing all the above mentioned steps, you are required to either choose to request the payment or do it by clicking on the confirm button. And thus, you will then receive a confirmation on your email that your request or the payment has been successfully made.

What are the Pros and Cons of Venmo?

As you read above about what exactly is Venom and how does venom work, there are also many different cash apps that are available online to download, and so it is always better to look at their drawbacks and benefits before choosing the one. So for Venom, they are as follows-

The Pros of Venom are as follows-

1. You can use it at selected businesses. 
2. It is very safe to use.
3. It is very convenient and fast. 
4. Users can sign up for a Venmo credit or debit card.

And the Cons of Venmo are as follows-

1. Users cannot cancel payments once they have done it.
2. There is no support for international requests or payments.
3. Not every transaction done on the app is free.

How much does it cost to use Venom?

Now after knowing how does venmo work and what are its pros and cons, below are the details of how much it will cost you to use this app.

So Venmo is a free app to be used, if you use the standard and basic features of this app and make payments through your debit card or the bank account. But, there are some premium features and for services for which you might need to pay in case you use them, like-

1. 3% fee if you use the credit card.
2. 1% fee if you use the check cashing feature for government checks.
3. 5% fee for using the check cashing feature for government checks.
4. Fees between 50 cents to 2.3% for selling or buying cryptocurrencies.