Do you use Venmo to pay your friends back for things like dinner or drinks? If so, have you ever wondered if Venmo takes money from your account when you make a payment? Wonder no more! In this article, we’ll break down how Venmo works and answer the question of whether or not the app takes money from your account. Keep reading to learn more!
Does Venmo Take Money From You? Yes, Venmo takes money from you in the sense that it charges a fee for transferring money between two people.
Venmo is a great way to easily split bills or pay someone back for a purchase, but it’s important to be aware of the fees involved.
Whenever you make a payment with Venmo, the app charges a 3% fee on top of the total transaction amount. For example, if you send $100 to a friend through Venmo, your friend will receive $97 and you’ll be charged a $3 fee.
While this might seem like a high fee compared to other payment methods, it’s worth noting that Venmo is one of the most popular mobile payment apps available. Plus, it’s still cheaper than using a credit card to make a payment.
And there it is. The “Does Venmo take money from my account” question is finally answered! If you’re looking for a way to easily and quickly send money to friends and family, Venmo is a good option. Just be sure to keep the fees in mind when you’re making payments. We hope you found this article helpful. Thanks for reading!