Peer-to-peer (P2P) payment apps like Venmo make it easy to split dinner, pay rent, or send money to friends in seconds.
With that convenience comes a serious question: how safe is Venmo and how much does it really cost to use?
Security and “hidden” prices matter, especially as scams targeting payment apps continue to grow.
How Safe Is Venmo as a Payment App?
Venmo is a mobile payment service owned by PayPal, designed mainly for sending money between friends and small businesses in the United States.
The app uses encryption, multi-factor authentication (MFA), and optional biometric locks (face or fingerprint) to protect logins and transactions.
These tools are meant to reduce the risk of unauthorized access if your phone is lost, stolen, or compromised.
Risks
However, no payment app is risk-free. Two main risks stand out: fraud schemes and privacy exposure.
Scammers often impersonate friends or sellers, send fake “accidental” payments, or pose as customer support to trick users into sending money.
At the same time, a poorly configured profile can reveal who you pay, when you pay, and sometimes why—information that can be misused.
Venmo Fees and Prices Per Transaction
The Venmo app itself is free to download, and there is no monthly subscription fee. The “prices” appear in specific types of transactions and services.
Understanding these charges helps you avoid surprises and spot fake “fees” used in scams.
Sending money from Venmo balance, linked bank account, or debit card
- Fee: $0 (free) for standard payments to friends and most P2P transfers funded this way.
Sending money using a linked credit card
- Fee: Around 3% of the payment amount.
- Example: if you send $100 using a credit card, you pay about $3 in fees.
Standard transfers from Venmo to your bank account
- Fee: $0 (free).
- Typical timing: about 1–3 business days.
Instant transfers to a bank account or debit card
- Fee: About 1.75% per transfer, with a minimum of $0.25 and a maximum of $25.
- Example: moving $500 instantly would cost about $8.75 at 1.75%.
Business or seller payments using a business profile
- Fee: Commonly 1.9% + $0.10 per transaction, or slightly higher (for example, 2.29% + $0.10) for certain tap-to-pay or merchant features.
ATM fees with a Venmo debit card
- In-network ATMs: often $0.
- Out-of-network ATMs: around $2.50 per withdrawal, plus any fee the ATM operator charges.
How to Safely Download the Venmo App
Many security problems begin with installing a fake or modified version of a financial app.
Use only official app stores
On iPhone, download Venmo from the Apple App Store.
On Android, download from the Google Play Store.
Check that the developer name is correct (for example, Venmo or a PayPal entity), and confirm the app has many downloads and reviews.
Avoid third-party APKs and unofficial sites
Do not install Venmo from random websites, file-sharing services, or links sent by strangers on social media.
Modified APK files can contain malware designed to steal login details, read texts, or control your device.
Use the official Venmo website as a starting point
If you are unsure, search directly for the official Venmo website in your browser and follow the “Get the app” or “Download” instructions from there.
These links usually redirect to the correct listing in the Apple or Google store.
Keep your phone and apps updated
Turn on automatic updates for both your operating system and your apps.
Security patches close known vulnerabilities that attackers may try to exploit.
Review app permissions
During installation, read the permissions Venmo requests.
If you do not want to share your precise location or access to contacts, you can disable or restrict those in your device settings.
Security Settings to Turn On Immediately
After you install Venmo, the next step is to strengthen your account from inside the app.
1. Use a Strong Password and Multi-Factor Authentication
Enable all available MFA options, such as text message confirmation codes or other verification methods.
Never share these one-time codes with anyone, including people claiming to be technical support or Venmo staff.
MFA means that even if a criminal learns your password through phishing or a data breach elsewhere, they still need the extra verification step to log in.
2. Activate Passcode and Biometric Lock on the App
Venmo allows you to lock the app itself with an extra code or biometric check.
To set this up:
- Open the Me tab in the Venmo app.
- Tap the Settings icon (gear symbol).
- Choose the Passcode / Face ID/fingerprint option, depending on your device.
- Turn on the passcode feature and enable Face ID or fingerprint unlock if your phone supports it.
With this extra layer, a person who picks up your unlocked phone still cannot open Venmo without your biometric data or passcode.
3. Tighten Your Venmo Privacy Settings
Venmo’s social feed can show information about your payments, and your friends list may also be visible by default.
To improve privacy:
- Go to Settings → Privacy in the app.
- Change the default privacy for future payments to Private, so each transaction is visible only to you and the other party.
- Adjust your friends list visibility to Private so others cannot see who you are connected to.
- Consider changing the visibility of your past transactions so older payments are not publicly exposed.
These changes limit how much information strangers can learn about your habits, relationships, and spending.
Everyday Habits to Keep Your Venmo Account Safe
Security settings help, but daily behavior is just as important.
Treat Venmo like cash
Once you send money to the wrong person, getting it back can be difficult or impossible.
Venmo is not designed to offer the same dispute or chargeback protections as many credit cards.
Only pay people you know and trust
Avoid sending money to strangers for online purchases, giveaways, or investment promises.
Many scams involve fake sellers or buyers who disappear after receiving funds.
Watch for common scam patterns
“Accidental” payments where a stranger quickly asks you to send money back.
Claims that you must pay a “release fee,” “upgrade fee,” or “verification fee” via Venmo to access a prize or locked balance.
Fake technical support asking for remote access to your device, your one-time codes, or direct payments.
Keep your Venmo balance low
Transfer money to your bank soon after you receive it, especially larger amounts.
Keeping a low balance limits the damage if someone gains unexpected access to your account.
Check your activity regularly
Turn on notifications for payments and transfers, and review your history from time to time.
If you spot a suspicious charge, contact Venmo support and your bank or card issuer immediately.
Final Thoughts: Secure and Practical, If You Use It Wisely
Venmo can be a secure and fairly priced way to send and receive money, provided you understand its protections and its fees.
By downloading the app only from official stores, enabling MFA, passcode and biometric locks, you significantly reduce your risk.
