Did you know Venmo comes from the Latin word vendere, which means “to sell” – or that it was once a music start-up where you could text bands to receive MP3s via email?
As we’ve seen, you can send money, receive money, and make standard payments using Venmo at no cost. However, that changes when you use a credit card rather than your debit card or checking account. In these scenarios, you’d pay a 3% processing fee on the transaction.
Venmo offers people a quick, easy way to pay for products and services. But did you know that the vendor (i.e., the business you’re buying from) has to pay a fee to process each purchase?
Let’s say somebody sends money to your Venmo account that you wish to transfer to your bank account. Thanks to the Instant Transfer option, you can do precisely that and have access to those funds within 30 minutes.