All About Venmo Bank Transfer Fees—and How to Avoid Them
Venmo is a type of financial platform PayPal acquired. It's a mobile app and peer-to-peer payment platform that allows you to accept and send payments to and from other individuals online. Venmo can also be used to pay for different goods and services through online retailers, along with in-app purchases in certain other online apps.
When it comes to mobile app users, out of all the other mobile apps they've used to transfer funds and make payments, 32% said they use Venmo.
Keep in mind, while Venmo may seem like a free platform, there are various small charges or fees you could end up paying on Venmo, perhaps without even realizing it, including a . Certain recent studies show that each year, individuals in the U.S. are losing around $167 on bank fees. Venmo, no doubt, is a part of this number.
If you're considering using Venmo to make a bank transfer and want to save money doing it, finding out how to get the transfer fee waived is your best bet. Luckily, you'll find an outstanding product through DoNotPay that will help you do just that — whether it's having your Bank of America Venmo fee or any other bank transfer fee waived or refunded.
Common Venmo Bank Transfer Fees and Charges
Are you asking yourself, "Venmo charged me an account verification fee when depositing to bank account", or "is there a fee when Venmo pulls from bank account?" If so, below are several types of you may have to deal with when making certain transactions.
|Instant Transfer Fees||You can pull money from your Venmo account and have it transferred to your online bank account without a charge. However, you will pay for it if you want it to be instant. Using Venmo for an instant transfer is easy. You simply link your debit card and transfer money instantly, but you'll have to pay 1.5% of the transfer ($15 max). If you are fine with waiting a day or two for the transfer, you can then do the transfer for free. Accessing money instantly through a Venmo debit card is also free.|
|Credit Card Processing Fees||Many individuals use a linked debit card, bank account, or Venmo account to do Venmo transfers. However, if you're sending money using your credit card, expect to pay a 3% processing fee. This fee actually comes from your credit card company, not Venmo. But, Venmo makes you pay the fee instead of them covering the fee as part of their service.|
|Merchant Fees||While not a transfer fee, per se, merchants who take payments through Venmo have fees they must pay for those transactions. They pay a 1.9% fee of the total transaction on top of a $0.10 transaction fee. This applies to merchants who take Venmo payments through debit cards and through a smart payment button.|
Users receiving payments by senders for "goods and services" are now, as of July 20, 2021, is charged a 1.9% + $0.10 seller transaction fee. In the past, personal accounts weren't allowed to perform commercial transactions; therefore, they weren't charged. Now, personal accounts may be charged as well.
Why Does Venmo Charge a Transfer Fee?
When you first sign up for an account with Venmo, you're not charged any type of fee to use the app, making it seem as if it doesn't cost anything to use the app.
This is true for most users. It does not cost anything to download Venmo and use the app — a great reason why it's so popular, perhaps. But, the Venmo platform owners still have to make money. They make their money by charging users transaction fees, similar to most credit card issuers and financial institutions.
Will Venmo Refund/Waive the Transfer Fee?
When you send money over Venmo, it triggers the standard fee, but Venmo will waive that cost when that transaction is funded with a debit card, bank account, and your Venmo balance.
The fee isn't waived when you use your credit card to send money.
How to Get a Venmo Bank Transfer Fee Refunded by Yourself
You can't cancel an existing Venmo account payment. Once you've sent the payment, the recipient has access to the funds immediately. If you're looking to have the fee returned, you'll need to actually ask the recipient to send you the payment back for that same amount. Then, you can transfer the funds to your bank account from your Venmo account.
The only time Venmo can reverse/refund payment is if
- They get explicit permission from the recipient
- The recipient's account is in good standing
- The recipient still has the funds in their Venmo account
Venmo support can't refund or reverse a payment at the request of the sender.
If you send a payment to an email address or phone number that's not registered with a Venmo account, you can use the "Incomplete" section of the app to take the payment back.
This seems like a lot of steps to take to have your Venmo bank transfer fee reversed or refunded. You can use DoNotPay to have your fees refunded easily and quickly and without all the hassle instead.
How to Get Venmo Bank Transfer Fees Refunded Using DoNotPay
DoNotPay can waive ALL bank fees, not just Venmo bank transfer fees. However, if you want to get a Venmo bank transfer fee waived with DoNotPay but don't know where to start, DoNotPay has you covered in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Why Use DoNotPay to Solve Your Venmo Bank Transfer Fee Problem
Using DoNotPay to help waive or refund your Venmo bank transfer fees is beneficial in several ways. Not only does it save you money on fees, but it's also:
- Fast — There's no hassle of trying to email or phone Venmo support trying to get your money back.
- Easy — There's no struggle of filling out long and frustrating paperwork or online forms or having to prove your case of being charged for a fee that you shouldn't have.
- Successful — You can rest assured knowing DoNotPay will get you your fee waived or refunded.
What Else Can DoNotPay Do?
Not only can DoNotPay help you with your Venmo bank transfer fee or other Venmo charges, but we also provide a number of other helpful financial services, including
- Wells Fargo Checking Account Overdraft Fees
- Banks Without Overdraft Fees
- Bank of America Overdraft Fees Refund
- Chase Bank Overdraft Fees Refund
- Overdraft Fees on Weekends
- TD Bank Overdraft Fees
- Bank of America ATM Fees
- Paypal Transfer to Bank Fee
- Fifth Third Overdraft Fees
- Citizens Bank Overdraft Fees
You don't have to let banks and payment platform apps like Venmo take advantage of you with unfair fees and charges. Take control by using DoNotPay to file an appeal and get them refunded or waived.