Does Venmo Charge Fees? Sending, Cashing Out, and Card Costs

Yes, Venmo does charge fees, but only in specific situations. Sending money to friends and family from your Venmo balance, a linked bank account, or a debit card costs nothing. You’ll pay a fee when you fund a payment with a credit card, receive money for goods or services, cash out instantly, trade crypto, cash a check, or use certain features of the Venmo debit and credit cards.¹

What’s Free on Venmo

Person-to-person payments funded by your Venmo balance, a linked bank account, or a debit card carry no fee. The recipient gets the full amount, and Venmo takes nothing off the top.¹ Standard bank withdrawals are also free; the money reaches your bank in one to three business days through the ACH network, with weekends and holidays potentially adding time.² Transferring crypto between Venmo and PayPal accounts costs nothing, and a failed bank transfer or a check that can’t be processed doesn’t trigger a charge.

Fees for Sending Money

Funding a payment with a credit card adds a 3% fee, paid by the sender. A $100 payment funded this way costs you $103. Venmo shows the fee on the confirmation screen before you authorize the payment, so you can switch to a bank account or debit card if you’d rather skip it.¹

Fees for Receiving Money

When someone pays you for a product or service, Venmo charges you as the seller. The rate depends on your account type.

Personal Profile, Tagged as Goods and Services

If a sender tags a payment to your personal profile as “goods and services,” Venmo takes 2.99% of the total, with no fixed per-transaction charge. A $100 payment leaves you with $97.01.¹

Business Profile

Business profiles pay 1.9% plus $0.10 per payment at the standard rate, or 2.29% plus $0.09 for payments taken through Tap to Pay. These rates apply to payments of $1.00 or more and are deducted before the money hits your balance. A $100 standard-rate payment nets $97.90 after the $2.10 fee.³

Fees to Move Money Out

Instant transfers to a linked debit card or eligible bank account cost 1.75% of the amount, with a $0.25 minimum and a $25 maximum. A $1,000 instant transfer runs $17.50; anything above roughly $1,429 hits the $25 ceiling.¹ If you don’t need the money in minutes, the standard bank transfer is free.

Venmo Debit Card Fees

The Venmo Debit Card has no monthly or annual fee, and international purchases don’t carry a foreign transaction fee; the exchange rate comes from Mastercard.⁴ Cash access is where the charges show up:

MoneyPass ATMs in the U.S.: free.⁵
Out-of-network ATMs: $2.50 per withdrawal, plus any fee the ATM operator adds.⁶
Over-the-counter bank withdrawals requiring a signature: $3.00 per transaction.⁶

Venmo Credit Card Fees

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

Cryptocurrency Fees

Buying or selling crypto on Venmo carries a percentage fee that shrinks as the 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%

PayPal USD (PYUSD) trades are exempt.⁶ The quoted price also includes a spread — the gap between the open-market price and the price you’re offered — which functions as a built-in cost on top of the stated fee.⁷ Sending crypto to an external wallet incurs a blockchain network fee that varies by coin and network conditions; Venmo shows the amount before you confirm.¹

Check Cashing Fees

The Cash a Check feature charges different rates depending on the check and how fast you want the money:⁸

Payroll and government checks with a pre-printed signature, fast deposit: 1%, $5 minimum.
All other accepted checks, fast deposit: 5%, $5 minimum.
Standard deposit (about 10 days): free.

If the check can’t be processed, there’s no charge.¹

What Isn’t a Fee but Feels Like One

Venmo enforces payment and transfer limits that can push large transactions into workarounds, but the limits themselves are not fees. Verified personal users can send up to $60,000 per week in person-to-person payments and move up to $5,000 per bank transfer, with a $19,999.99 weekly bank transfer ceiling. Unverified users are capped at $299.99 per week for payments and $999.99 per week for bank transfers.⁹¹⁰

Taxes aren’t a Venmo fee either, but they intersect with how you use the app. If you receive more than $20,000 in goods-and-services payments across more than 200 transactions in a calendar year, Venmo will send you and the IRS a Form 1099-K. Personal payments between friends and family don’t count toward this threshold, and tagging them correctly in the app helps keep them classified as non-taxable.¹¹ Taxable income has to be reported regardless of whether you receive a 1099-K.¹²

1
Venmo. About Venmo Fees
2
Venmo. Standard Bank Transfers FAQ
3
Venmo. Business Profile Transaction Fees
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
Venmo. Personal Profile Payment Limits
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Venmo. Personal Profile Bank Transfer Limits
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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