How Much Does Venmo Charge for Sending $100?
When you need to pay a friend back for dinner or send a gift, knowing the exact cost of the transaction is vital.
When you need to pay a friend back for dinner or send a gift, knowing the exact cost of the transaction is vital. While Venmo is marketed as a free app, specific funding methods can trigger surcharges. To answer the question "How much does Venmo charge for sending $100?", you must look at your funding source.
For most users using a bank account or debit card, the cost is $0.00. However, if you use a major credit card, the total cost increases to $103.00 due to processing fees.
Fee Breakdown Chart: Sending $100
The table below calculates exactly how much leaves your account when you initiate a $100 transfer based on the method used.
| No. | Funding Method | Fee Rate | Fee Amount on $100 | Total Cost to You |
|---|---|---|---|---|
| 1 | Venmo Balance | 0% | $0.00 | $100.00 |
| 2 | Linked Bank Account | 0% | $0.00 | $100.00 |
| 3 | Debit Card | 0% | $0.00 | $100.00 |
| 4 | Credit Card (Visa/Mastercard) | 3% | $3.00 | $103.00 |
| 5 | Amex Send Account | 0% | $0.00 | $100.00 |
Understanding the Credit Card Fee
As shown in row #4 of the table, using a credit card is the only standard method that incurs a fee for the sender. Venmo charges a 3% fee to cover the transaction costs imposed by credit card networks.
- The Calculation: $100 x 0.03 = $3.00.
- The Result: Your friend receives $100, but your credit card statement will show a charge of $103.00.
What About Goods and Services?
If you are sending $100 to purchase an item (like buying a concert ticket from a stranger), you should toggle the "Turn on for purchases" option.
Does this cost you more? No.
When you send $100 with Purchase Protection turned on, the fee is deducted from the recipient's end, not yours.
- You Pay: $100.00
- Seller Pays: $2.00 (1.9% + $0.10 fee)
- Seller Receives: $98.00
Conclusion
To keep your cost at exactly $100.00 when sending money, ensure you have linked a standard checking account or a debit card. Avoid using credit cards unless you are utilizing the specific American Express "Amex Send" partnership, otherwise, you are essentially paying a premium for the convenience.