Venmo fees vary between account type and account activity. In this article, we’ll share the specific fees that can occur when using both a personal Venmo account and a Venmo for business account.
This article is part of our free series on opening digital bank accounts, including our guide on opening an online USD bank account, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Venmo Fees
- Does Venmo Charge Fees for Opening an Account?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Venmo fees are charged on personal accounts when a credit card is used to complete a payment or an instant transfer is used. In these instances, Venmo charges a percentage fee. Venmo credit card transaction fees are 3% while Venmo service charges for an instant transfer are 1.75%.
Venmo for business accounts also incurs fees, including payment processing fees. That said, the fees charged for different types of payment processing vary. For example, the Venmo payment processing cost for standard transactions is 1.9%.
On the other hand, if a mobile payment is completed through Venmo for a business account using contactless payment capture, then Venmo payment rates jump to 2.29%.
Alternatively, businesses can also choose to complete a card-not-present transaction, which results in a 3.49% charge.
Again, the specific charges depend on whether you have a personal or a business account and the type of transactions being completed.
Note: if you’re looking to reduce the potential of privacy data leaks, you may want to consider using Plaid as an intermediary.
Here is a closer look at a few of the most common charges that account holders incur.
Fees for Sending Money With a Credit Card
Personal accounts incur a 3% charge if they send money using a credit card.
Instant Venmo Money Transfer Fees
Personal accounts incur a 1.75% charge when transferring money through instant Venmo money transfers.
Venmo Payment Processing Fees
Venmo for business accounts incur a percentage charge ranging from 1.9% to 3.49% depending on the form of payment capture used when processing the payment.
Does Venmo Charge a Monthly Fee?
No, Venmo does not charge a monthly fee. This is true whether you are opening a personal Venmo account or a Venmo for business account.
Does Venmo Charge Fees for Opening an Account?
No, Venmo does not charge fees for opening an account. This is true whether you are opening a personal Venmo account or a Venmo for business account. However, it’s important to be aware of the specific fees that can result from using both personal and business accounts, as outlined above.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
How Do I Avoid Fees on Venmo?
To avoid fees when using Venmo, it’s important to never send money using a credit card or through Instant money transfer. Likewise, if you have a Venmo for business account and you want to avoid charges, you should never process payments through your Venmo account.
Does Venmo Charge Fees to Receive Money?
Venmo does not charge fees to receive money for personal accounts. However, businesses that are using Venmo to process payments will incur charges, which range from 1.9% to 3.45%, depending on the type of payment capture they are using for the particular transaction.
Why is Venmo Charging $10 Per Transaction?
If Venmo has charged you a $10 fee per transaction, it may be because you are using a Venmo credit card and withdrawing cash advances. Venmo automatically charges a $10 for cash advances (or 5% of the transaction).
Why is Venmo Charging Me a Seller Fee?
Venmo charges sellers fees every time they receive a payment for goods or services. This applies whether you are operating a personal Venmo account or a business Venmo account. The payment is identified as goods or services by the individual sending the payment, and then automatically incurs a seller fee.
Why Did Venmo Charge Me a Goods and Services Fee?
Venmo charges you a goods and services fee anytime someone sends you a payment and identifies the payment as being related to goods or services. Therefore, the reason Venmo charges you for goods and services is that the person sending the transfer informed them that the payment was in exchange for goods and services.
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