Have you heard of Venmo? It is a digital payments app that has become popular in the United States in recent times. According to recent data, in 2024 the mobile app reached 68.3 million active users, which represented an increase of 8.8% over 2023.
There is no denying the importance that this application has acquired, so knowing what Venmo is in the United States could be very useful to send and receive money to your family and friends quickly and securely.
As a foreigner living in the U.S., you should make sure you opt for a financial platform that meets your needs to send money to your home country and make payments with ease.
On this occasion, we clarify all your possible doubts about how to use Venmo in other languages such as Spanish, what it is for, what are the requirements to open an account, the benefits offered by this app and also its limitations.
What is Venmo and how does it work?
Venmo is a P2P (person-to-person) payment application that is very popular in the U.S. Its main purpose is to facilitate instant money transfers between friends and family, as well as to connect bank accounts and cards.
Venmo's business model consists of charging fees for the services it offers, such as credit card fees, fees for instant money transfers to bank accounts and physical card transactions.
Some of the most common reasons among immigrants for using Venmo are as follows:
- Pay monthly rent
- Collecting wages from casual employment
- Paying or collecting money from friends and relatives
- Lending or repaying money to acquaintances
Key features of Venmo: What can you do with it in the U.S.?
To understand what Venmo is in the United States, it is necessary to delve into the functionalities that this service offers its users through a P2P payment application to make their lives easier:
Sending and receiving money instantly between Venmo users
These are the most important functionalities of the application, since in addition to allowing instant transfers, they do not generate commissions between Venmo users.
It also allows you to add notes or emojis to identify each transaction and use the balance of the app itself or a synchronized bank account.
Use of Venmo (Mastercard) debit card for purchases
Venmo also offers a physical debit card for purchases at physical merchants. It is valid at any merchant that accepts Mastercard in the United States.
In addition, it includes an extra benefit, since each purchase with the debit card accumulates cash back to save even more.
Direct deposit to receive salaries and benefits
You can use your Venmo account to receive your salary or other types of transfers. To do this you only need to use your personal QR code.
Bank transfers to bank accounts
Venmo offers two types of bank transfers. Standard transfers, which are free and take 1 to 3 business days. And instant transfers, which generate approximately 1.75% commission and arrive in minutes.
Payments to merchants and businesses that accept Venmo
Another advantage of this service is Pay with Venmo, which allows you to pay at physical or digital establishments that accept Venmo.
This streamlines the transaction and allows the balance deposited in the application to be used directly.
Social functionalities: comments, "likes" and division of expenses
Finally, a feature that makes Venmo more attractive is the possibility of adding comments, likes and emojis.
This allows you to request payments to friends and family, add reminders and split expenses among several users.
Business profiles for companies
Venmo allows small businesses and freelancers to create a business profile to receive payments directly into their account, via their username or QR code.
What do I need to have Venmo? The reality of its availability
Now that you know in detail the benefits of this application, you will surely want to know the requirements to start using it.
Before learning how to pay with Venmo, remember that it only works in the United States.
These are the requirements for using Venmo:
Have an Android or iOS phone
As this is a mobile application, it is essential to have a cell phone compatible with Android or iOS, as well as to download the app from the corresponding store.
Register with personal phone number
To register in the application, you must have a U.S. phone number and reside in the U.S., as Venmo is only available in this country. You can also register with an email address.
Link your U.S. bank account
Linking a bank account is not mandatory to create your Venmo account; you can receive money and pay with your balance or with a card. However, most features require a linked bank account.
Link a debit or credit card
Another option to access all of Venmo's features is to link a credit or debit card instead of a bank account. This will allow you to use the balance on that card to make transactions directly from the mobile app.
Validate your account
Validation of your account is a requirement to access all Venmo features, in order to corroborate the identity of users. Features include: making weekly remittances of up to 60,000 but only if you are a verified user, with your SSN or ITIN number verified. For non-verified users, the weekly remittance amount is up to $299.99.
To validate your account, Venmo will ask you for the following requirements:
- Full legal name
- Mailing address in the United States
- Date of birth
- SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number)
How do I transfer money from Venmo to my bank account?
To transfer money from Venmo to your bank account, once you have associated it with your Venmo account and verified it, follow the steps below:
- Log in to your account from the app and go to the "Me" tab.
- Press the "Transfer" or "Add" button.
- Enter or edit the amount you wish to transfer to your bank account
- Select the transfer method: "Instant" or "up to 3 biz days", depending on whether fees apply.
- Confirm your transfer details and send the shipment.
Limitations of Venmo for immigrants: Why is it not the complete solution?
Immigrants' need for a one-stop solution that allows them to access digital payments, transfers and other benefits is growing every day. So while Venmo is a popular alternative for sending and receiving money in the U.S., it can present limitations for immigrant users working in the U.S.
One of the limiting factors for immigrant communities is the language of customer support. Because it is a service geared to the needs of Americans, it is not optimized for people who speak other languages, such as Spanish. In addition, you should have a U.S. bank account.
Your best option may be to entrust your assets to a service offered in your language.
Comun: An excellent alternative to Venmo for the immigrant community in the U.S.
Introducing Comun, the solution for immigrants looking to improve the way they send and receive money to family and friends.
Why is Comun a great option for immigrant communities in the United States?
- Comun allows you to open your account with your country's official ID.
- It is a platform also available in Spanish without complicated terms.
- Unlike Venmo, Comun allows you to send remittances to Latin America, for an affordable fee, starting at 2.99 USD, up to the applicable limits.
- Access a mobile application to make your transactions from the palm of your hand.
If you think that having quality financial services in the U.S. is impossible for immigrants, open your Comun account today and forget the hassle.
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