A guide to Venmo etiquette, straight from the Venmo community (2024)
ProductVenmo
| VENMO
In 2009, Venmo was designed to help eliminate the awkwardness of IOUs by providing a quick and convenient way to split and share payments with friends using only a mobile device. Ten years and more than 40 million active users later, Venmo’s popularity has posed new questions about payment etiquette when it comes to splitting a dinner bill, expenses with roommates, traveling with friends, dating and more.
We’ve gotten a lot of questions over the years, so we asked Venmo users across the country for their thoughts on payment protocol and partnered with etiquette expert Myka Meier to share tips for proper money manners inspired by our community of users.
Venmo lifecycle = 48 hours. For the most efficient experience, send a request for payment within 24 hours of the original transaction. When you receive a request, do your best to pay back the requested amount within a 24 hour timeframe. If for some reason you need more time to pay, send the person a text or email to let them know when they can expect the payment. Which brings us to our next tip...
Don’t ghost your payments! Settle up and avoid the stress of debt. Venmo users agree that it’s appropriate to use the remind feature within four days of the original request, so check it off the to do list and save your friends the hassle of chasing you down.
No surprises. It’s best to discuss all requests and group splits AHEAD of the payment requests, whether it’s for a taxi or a bachelor party. The cost may not be within everyone’s budget and it’s important to allow someone to opt out before sending a Venmo request.
You asked, you pay. When it comes to dating, 63% of Venmo users think the person who asks for the date and picks the location is typically the one who should pay the bill (regardless of gender). Thirty percent of users agree the bill should be split, but unless that’s discussed ahead of time, we do not recommend sending a post-date request.
Timing is everything. If one person picks up the check at a group dinner, it is recommended, when possible, that everyone Venmo the person covering the bill in real time given the larger amount. This also goes for other large purchases such as concert tickets, sporting events, and flights that may be planned months in advance.
Cash gifts are no longer gauche, but increasingly preferred. If someone gives you money on your birthday, then lucky you, but that doesn’t mean you should ask for cash gifts or shoot out Venmo requests on your birthday.
Pay before you fly. Not all Venmo requests have to happen after the fact. If you are the person who has taken on any group trip expenses, it’s fine to request payment ahead of the trip if you’re fronting the payment, but be as detailed as possible when requesting and be sure to have the total amount and breakdown per person available in case someone asks. If you need faster access to your balance to pay a credit card bill or put down a deposit, Venmo offers an Instant Transfer feature so you can transfer your Venmo balance to your bank account within minutes using an eligible Mastercard or Visa debit card*.
Mind your emojis. The average Venmo user checks the app 2-3 times per week and it’s not just for payments, but to see what their friends and family are up to. Be aware that your friend’s mom or your boss may be watching your Venmo activity and your emojis or an inside joke in the payment note may not always come off as intended.
Correct mistakes. If someone sends you a Venmo request for the wrong amount, politely point it out when you receive the Venmo request - you can decline the request and they can send a new request for the correct amount. If someone sends you too much money, send the additional amount back as soon as you recognize the mistake.
No amount is too small. When it comes to requests, 24% of Venmo users believe the request can be between $1 and $5. Some people use Venmo to send small surprise payments of $1 or less just to say hey or thank you to a friend - Venmo calls these ‘penny pokes’ and over 3 million were sent in 2018 alone!
*Transfer speed depends on your bank and could take up to 30 minutes. Transfers are reviewed which could result in delays or funds being frozen or removed from your Venmo account.
“When it comes to using Venmo in transferring funds for expenses shared between friends, relatives, and colleagues, no matter what the expense is, make sure the other party knows the request is being sent at the time of the expense,” explains Dr.
“When it comes to using Venmo in transferring funds for expenses shared between friends, relatives, and colleagues, no matter what the expense is, make sure the other party knows the request is being sent at the time of the expense,” explains Dr.
Why can't I make payments using the money in my Venmo account? You didn't complete the verification process in the timeframe provided, but you can still verify your identity. Once your identity is verified, you can resume using the money in your Venmo account to make payments.
Use multi-factor authentication. Use a unique PIN not associated with any other card or service. Avoid transactions with strangers or people you don't trust. Don't leave a large amount of money in your Venmo account.
Common causes of declined payments include insufficient funds in your bank account, incorrect recipient information, setting payment limits too low, and detecting potential fraudulent activity. Venmo customer support may also need to manually review declined payments before releasing the funds.
While these apps are convenient, make sure you transfer any funds over to your bank instead of storing them in an app like Venmo. When you keep extra funds in payment apps, your money isn't protected by the FDIC, it takes time to transfer funds to your bank, and your money won't earn interest.
It's not safe to use Venmo with strangers you haven't verified. Venmo has security features in place to authenticate users and keep transactions secure, but scammers can make fake Venmo accounts to trick other users into unsafe actions.
This is because the moment you send a payment on Venmo, the funds are authorized to be withdrawn from your payment method. If you have access to a Venmo balance and have enough balance to cover the entire cost of your payment, Venmo will use your balance to fund your payment.
Venmo limits non-verified account transfers to $4,999 per day. This limit increases to $5,000 if the account is verified. Venmo also has a weekly limit that governs the amount of money you can send to family and friends each week.
Venmo has become one of the most popular peer-to-peer payment platforms, and has branched out to merchant services and offering its own branded credit card. While Venmo is easy to use, its users are still vulnerable to hacks and cyber theft.
The communication will include a link to a look-alike Venmo website where the scammers can capture your login information. From here, the scammers are able to steal your identity and use your account information to gain greater access to your bank account and your friends and family.
Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .
There may be a restriction on your Venmo account that is preventing the transfer. Learn more about your frozen account. Your debit card or bank account may not be eligible to process the instant transfer. The information you entered when linking your bank account doesn't match what your bank has on file.
If there isn't enough money available in the account, the payment will, of course, result in being declined. To resolve this issue, the account holder simply needs to ensure that there are sufficient funds in the Venmo balance (or linked bank account) before attempting the transaction again.
Experiencing a situation where a Venmo payment does not show up in your bank account can be frustrating. However, there are several possible reasons for this issue, including pending payments, declined transactions, payment reviews, timing, or bank processing problems.
Here are some of the risks of giving someone your Venmo username: Impersonation: A scammer could create a fake Venmo account with your username and then send messages to your friends and family asking for money.
Whenever you receive a payment on Venmo, that money is put into your Venmo account. You'll need to initiate a bank transfer to send the funds to your bank account. You can send the money in your Venmo account to your bank using the Standard or Instant method.
This might not be the end of the world if you're using Venmo to send money to a friend one time; but if you're using it to constantly send out tips at the end of each day, your risk of making a mistake (and having it be a costly one) increases.
Introduction: My name is Lidia Grady, I am a thankful, fine, glamorous, lucky, lively, pleasant, shiny person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
