The specific fees charged vary by the method used to capture payment information. That said, if you have a Venmo business account, Venmo does charge fees to receive money through payment processing fees. Instead, Venmo may charge the sender of a transfer if they use a credit card to pay. No, if you have a personal account, Venmo does not charge fees to receive money. This is true whether you are interested in setting a personal Venmo account or a Venmo for business account. No, there is not a fee to set up a Venmo account. Is There a Fee to Set Up a Venmo Account? In the following sections, we’ll take a look at some of the most common questions we receive about using Venmo and the associated fees. Otherwise, you may find that the cost of processing a transaction through Venmo is higher than you’re comfortable with. However, if you are looking for a payment platform for a business, it’s important to compare Venmo pricing to the pricing of each of the other payment services you might be considering. With this in mind, if you are looking for a personal payment app in order to send and receive funds to friends and family members from your bank account, Venmo costs you nothing to use. These fees range from 1.9% to 3.49%, depending on the method used for capturing payment details. While it is also free for businesses to open and maintain a Venmo account, Venmo charges transaction fees for payment processing. That said, Venmo fees for business accounts are structured differently. Additionally, instant transfers incur a 1.75% fee. However, if a credit card is used to complete a payment, Venmo charges a 3% fee. This includes opening a personal Venmo account, maintaining an account, or sending personal transfers. Venmo does not charge a fee for personal accounts.
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