The ever popular company PayPal was founded back in 1998. The company has been the go to payment platform for years among individuals who want to share money via the internet. The popularity of checks has been dwindling in the United States for years now. So what is the best way to pay someone without a check or PayPal? It’s Venmo. Can I use Venmo to split bills? The simple answer is… Yes!
What is Venmo?
Venmo is an app you can download for your smartphone. The company calls the app a free digital wallet that allows you to create and share payments with your friends. The company was founded back in 2009, but it has only recently become the preferred payment method among millennials. Despite the growing popularity of the app, it is currently only available with valid United States bank accounts and phone numbers.
How do I use Venmo?
- Download the Venmo app to your phone the app is available for iOS and Android.
- Open the app and create your account.
- Verify your phone number and email address.
- Add and verify your bank account along with any debit or credit cards you would like to add to the account.
- Begin sending payments.
Is Venmo Free?
Yes and No. The Venmo app is a free download. When you set up your Venmo account, you will be asked to link either a bank account or a credit card to your account. Linking a bank account has the same effect as a direct deposit or a direct withdrawal and is free. The fees come into play when you decide to link a credit card to your account. Venmo charges a standard 3% fee when sending money via a credit card, but does waive the fee for Authorized Merchant Payments, Venmo balance, bank accounts and debit cards.
Why use Venmo?
Say you and a group of friends went out for a nice dinner. Perhaps the restaurant doesn’t split the checks or it is just easier if one member of the party picks up the bill. Venmo allows your friend to charge you for your portion of the dinner or allows you to pay your friend for your meal. Venmo can be used to split bills. No cash has to exchange hands. Venmo also allows the user to create a social connection through the app. When you pay or charge a friend, you can add words along with emojis to the title line. You can choose to have your charges and payments to a friend public (everyone can see), private (only you and the friend making the payment can see), or friends (only your friends and that persons friends can see).
Venmo Review Conclusion:
Venmo is rapidly growing in popularity and has been for some time. Users like the ease and accessibility of the app along with the fact that it is mostly free. PayPal bought Venmo back in 2016 and is working on expanding the app along with the services offered. Venmo allows users to not only quickly and easily split bills with friends, but it also helps create a social experience along the way.
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.