Does Venmo Charge Fees? Transfers, Cards, and Crypto

Venmo fees are zero for most everyday peer-to-peer payments and kick in only in specific situations: funding a payment with a credit card, receiving money for goods or services, moving your balance to a bank instantly, trading cryptocurrency, cashing a check, and certain debit and credit card uses. The charges range from a flat $0.25 to several percent of the transaction.

Sending Money to Another Person

Paying a friend or family member from your Venmo balance, a linked bank account, or a debit card costs nothing. The recipient gets the full amount and Venmo adds no processing fee.¹

Funding that same payment with a credit card adds a 3% fee to the sender. A $100 payment costs you $103. Venmo shows the charge on the confirmation screen before you authorize, so you can switch funding sources if you’d rather avoid it.¹

Getting Paid for Goods or Services

When a payment is for a product or service, Venmo charges the seller, not the buyer. The rate depends on how the payment is received.

Business Profile

Standard business profile payments are charged 1.9% plus $0.10 per transaction. Tap to Pay payments are 2.29% plus $0.09. These fees apply to payments of $1.00 or more and are deducted before the money hits your balance.¹ A $100 standard-rate payment nets $97.90 after the $2.10 fee.²

Personal Profile Tagged as Goods and Services

If a sender using a personal profile tags the payment as “goods and services,” the fee to the recipient is 2.99% of the total with no fixed per-transaction charge.¹ On a $100 payment, that’s $2.99, leaving $97.01.

Moving Money to Your Bank

Standard bank transfers are free. The money moves through the ACH network and typically arrives in one to three business days, with weekends and bank holidays potentially adding delay.³

Instant transfers to a linked debit card or eligible bank account arrive in minutes and cost 1.75% of the transfer amount, with a $0.25 minimum and a $25 maximum. A $1,000 instant transfer costs $17.50; a $2,000 transfer hits the $25 cap, so anything above roughly $1,429 costs the same flat $25.¹

If a bank transfer fails for insufficient funds, Venmo does not charge a fee for the declined transaction.¹

Venmo Debit Card

The Venmo Debit Card has no monthly or annual fee. Purchases pull from your Venmo balance at no extra cost. International purchases carry no foreign transaction fee; Mastercard sets the exchange rate.⁴

Cash access carries fees depending on where you get it:

MoneyPass ATMs in the U.S.: free⁵
Out-of-network ATMs: $2.50 per withdrawal, plus whatever the ATM operator charges⁶
Over-the-counter bank withdrawals requiring a signature: $3.00 per transaction⁶

Venmo Credit Card

The separate Venmo Credit Card has no annual fee and no foreign transaction fee. Cash advances cost $10.00 or 5% of the advance, whichever is greater.¹ A $500 advance costs $25; a $150 advance costs the $10 minimum.

Cryptocurrency

Buying or selling crypto on Venmo carries tiered fees that drop as trade size grows:⁶

$1.00 to $74.99: 2.20%
$75.00 to $200.00: 2.00%
$200.01 to $1,000.00: 1.80%
Over $1,000.00: 1.50%

These fees do not apply to PayPal USD (PYUSD) trades.⁶ On top of the stated fee, the quoted price includes a spread, which is the gap between the open market price and the price offered to you.⁷

Transferring crypto to another Venmo or PayPal account is free. Sending to an external blockchain wallet incurs a network fee that varies by cryptocurrency and current blockchain congestion. Venmo displays the network fee before you confirm.¹

Cashing a Check

Venmo’s Cash a Check feature deposits checks into your balance. For funds in minutes, the fee depends on the check:⁸

Payroll and government checks with a pre-printed signature: 1%, $5 minimum
All other accepted checks: 5%, $5 minimum

Waiting roughly 10 days for the funds costs nothing.⁸ If a check can’t be processed, you aren’t charged.¹

Taxes Aren’t a Fee, but They Can Reduce What You Get

Separate from Venmo’s own fees, tax rules can shrink what lands in your account. If you receive more than $20,000 in payments for goods or services across more than 200 transactions in a calendar year, Venmo sends you and the IRS a Form 1099-K.⁹ Personal payments, such as splitting a meal, repaying a roommate, or sending a birthday gift, are not taxable income and don’t count toward that threshold. Tagging those payments as personal helps Venmo classify them correctly.¹⁰

You’re responsible for reporting taxable income whether or not you receive a 1099-K.¹⁰ If you have a business account and haven’t given Venmo a valid taxpayer identification number, Venmo may apply backup withholding of 24% on your goods-and-services payments and send that amount directly to the IRS until your tax information is verified.¹¹

1
Venmo. About Venmo Fees
2
Venmo. Business Profile Transaction Fees
3
Venmo. Standard Bank Transfers FAQ
4
Venmo. Venmo Debit Card FAQ
5
Venmo. Using Your Venmo Debit Card
6
Venmo. About Venmo Fees
7
Venmo. Cryptocurrency Terms and Conditions
8
Venmo. Cash a Check FAQ
9
Internal Revenue Service. IRS Issues FAQs on Form 1099-K Threshold Under the One, Big, Beautiful Bill
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Internal Revenue Service. Understanding Your Form 1099-K
11
Venmo. Tax Holds and Backup Withholding