Does Venmo make money on your balance?
Venmo makes money on Instant Transfers by charging a fee equal to 1.5% of the amount transferred. Users must pay a minimum instant transfer fee of $0.25, but aren’t charged more than $15 per transfer. Standard electronic withdrawals are still free for users.
What percent does Venmo take?
Venmo payment fees: 3% if you’re sending money using a credit card, and no fees for sending money using a debit card, bank balance, or Venmo balance.
Is there a downside to Venmo?
Drawbacks: There’s a fee to send money via credit card. Venmo charges 3% of the transfer total to send money via credit card. Venmo charges a fee for instant cash-out transfers to your bank account.