The go-to wallet for splitting bills and P2P transfers among younger Americans, with a social feed. Run by PayPal, it supports a balance, bank accounts and cards.
!Not a bank. Venmo operates as a licensed US money transmitter (owned by PayPal); balances are not bank deposits; wallet balances are e-money / stored value, NOT deposits, and are outside deposit-insurance protection. Funds are safeguarded in segregated / trust accounts under the applicable rules, not covered by any deposit guarantee scheme.
Essentially no. Venmo requires a US mobile number, US address and US bank account or card, plus SSN or ITIN for identity verification. Short-term visitors to the US are generally unable to register.
No minimum top-up — you can pay directly from a linked card｜Paying with balance, bank or debit card is free; credit card payments carry a 3% fee; instant transfer to a debit card costs 1.75% (USD 0.25 min, USD 25 max).
Unverified accounts have a very low weekly sending cap (~USD 300); verified accounts can send about USD 60,000 per week. Check the app. Balances are not bank deposits and are not FDIC-insured unless you opt into FDIC pass-through.
Essentially no. Venmo requires a US mobile number, US address and US bank account or card, plus SSN or ITIN for identity verification. Short-term visitors to the US are generally unable to register.
Local bank account: Not required — you can use a US card or Venmo balance; transfers to a bank need a US bank account. Items typically needed: A US mobile number; A US address; SSN or ITIN for identity verification; A US bank account or debit card for payouts and payments.
Typically: A US mobile number; A US address; SSN or ITIN for identity verification; A US bank account or debit card for payouts and payments.
How to sign up: Fully online — register in the app with a US number and identity verification (About 10 minutes to register; verification takes from minutes to a few days). Steps: 1) Download the Venmo app 2) Register and verify with your US mobile number 3) Enter your name, US address and SSN/ITIN 4) Link a US bank account or debit/credit card 5) Once verified you can send and receive Fees: Paying with balance, bank or debit card is free; credit card payments carry a 3% fee; instant transfer to a debit card costs 1.75% (USD 0.25 min, USD 25 max).
Unverified accounts have a very low weekly sending cap (~USD 300); verified accounts can send about USD 60,000 per week. Check the app. Balances are not bank deposits and are not FDIC-insured unless you opt into FDIC pass-through.
E-wallet rules change often — always follow the latest instructions in the official app.