Thanks to that security, Zelle can be a reliable method for sending payments to people you know and trust, such as for rent, online sales or payroll. One advantage of transferring money directly from your bank account is that the money is likely insured by the Federal Deposit Insurance Corporation (FDIC) - unlike funds stored in your PayPal or Venmo balance, which are encrypted but not FDIC-insured.įDIC insurance can help protect your funds in case a bank fails (up to a certain limit, at least). banks to instantly send and receive funds between verified accounts. Zelle has a reputation as the easiest way to transfer money directly to or from your bank account because it eliminates the need for a separate virtual wallet or profile. To make sure a new recipient is who you think they are, Venmo asks you to verify the last four digits of their phone number in the app the first time you pay them. Venmo doesn’t guarantee recovery for any mistaken transfers. However, because it’s so easy to add a recipient, there is some risk of sending money to the wrong person. Venmo uses data encryption to keep your funds and information secure. To find a recipient on Venmo, simply search by their username or phone number, or scan their unique QR code. Free bank account transfers take one to three business days. However, you’ll have to pay a 3% fee to make a payment with a linked credit card, and Venmo charges a 1.75% fee if you want to cash out and have funds appear in your bank account instantly. Transfers from one Venmo balance to another are free and instant. You can link your Venmo account to your bank account or debit card to fund payments or cash out your Venmo balance. Venmo’s mobile app is easy to use and highly rated on both the Google Play and Apple App stores. You can also link your Venmo account to some rideshare and delivery apps, including Lyft and Uber. You might hear people say, “just Venmo me” or “I’ll Venmo that to you later.” That’s because Venmo is one of the most popular apps for fast, peer-to-peer payments. Venmo has become synonymous with quick payments in the U.S. No protection for funds sent to the wrong recipient.1.75% fee for instant transfers to your bank account.
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