There are numerous money transfer apps you can use nowadays, but you can never be sure whether all the banks will accept a certain banking app. For example, if you wish to send or receive money easily and safely with Venmo and Bank of America, you must find the answer to the question – can Bank of America use Venmo?
Bank of America can use Venmo. In fact, this money-transferring app is compatible with almost all banks in the US. However, the Bank of America has developed its own app Zelle and provides a bit better conditions to the users.
Learn more about how to use Venmo and Bank of America and what benefits you can expect.
Can Bank of America Use Venmo?
If you’re completely new at this and not in the 70% of smartphone users with at least one transfer money app, you must be wondering whether Venmo is the same as PayPal and how the app actually works. And if you’re one of around 70 million consumers Bank of America serves, then you will be happy to know that you’ll be able to use Venmo with your favorite bank.
Bank of America Has Its Own Mobile Banking App – Zelle
No matter whether you want to use money transfer apps to pay a sitter or food, Bank of America has made the entire process even simpler – they have developed their own app called Zelle. You can send money to your family and friends effortlessly within the same bank without having to worry about whether the app is compatible or not.
Is Venmo a Better Choice Than Zelle?
Venmo and Zelle are two of the most popular apps that let you transfer money quickly. However, they do work differently, and one might suit you better than the other. It’s good to know that there’s no absolute winner because it all depends on your needs and wants. Also, Venmo can’t send money to Zelle, and you’ll have to pay some taxes on Venmo, as well.
But Venmo surely is more flexible than Zelle. That’s how Venmo users can:
- Use the app’s Mastercard debit card so you can make a purchase in the US,
- Make purchases from partners via apps and websites,
- Use QR code and buy in-store effortlessly,
- Access the money a couple of days before payday by directly depositing your paycheck into the account.
How Does Venmo Work?
Since Venmo isn’t a bank but an actual app you need to download, making direct transactions with some platforms won’t be possible. For example, you can’t send money to a prepaid card. However, it supports instant transfer, and users can enjoy the benefits of Venmo cards. These are debit cards that let Venmo users earn and gain special rewards. And another great feature this app has is the option to block unwanted contact.
In order to create an account on the app, you have to meet three basic requirements, which include:
- Be 18 years of age,
- Have an address in the US,
- Have a US phone to receive shortcodes.
After a straightforward signing process, you’ll be able to work with any US bank. Venmo platform allows prepaid, credit, debit, and network branded cards like Visa, American Express, MasterCard, and Discover for your payments.
Will You Have to Pay for Some Services?
Venmo has over 80 million happy users, and that surely isn’t a coincidence. The effortless use and seamless money transfer are just some of the reasons why people choose this app to be their digital wallet. Users can download Venmo’s app from Google Play or the App Store. It is owned by a well-known PayPal.
However, unlike its cousin app, Zelle, Venmo will charge you for some of the services. Yes, all basic offerings are completely free, like sending money from a debit card, bank, and Venmo accounts. However, if you want to enjoy some premium services and features, you’ll have to pay.
For example, sending money from your credit card to somebody means you’ll have to pay a 3% fee. There is a 1.5% fee with a minimum amount of 25 cents and a $15 maximum if you wish to use instant transfer from Venmo to a linked debit card or bank account.
Explore the Pros and Cons of Using Venmo
With so many options to choose from, it’s completely understandable you might have some difficulties picking the best option for you. If you’re having trouble deciding whether Venmo is the right option for your digital wallet, take a look at the table below and learn some of its most important pros and cons.
|No monthly and annual fees||No possibility of earning interest on money deposited with Venmo|
|Possibility of using the app for in-store and online purchases||Without paying a fee, you won’t be able to transfer money instantly|
|Availability of getting Venmo debit and credit cards||Without adjusting privacy settings, your privacy could be compromised|
|Appealing features that resemble that of a social media||Possible fees for some of the services|
|Possibility to maintain the cash balance in your Venmo account||There are transaction limits – person-to-person payments have a $4,999.99 weekly maximum|
|No fees when sending or receiving money in the Venmo app|
|Money moves directly to the account you selected in minutes|
|Client’s bank information will remain private|
When Is Best to Use Venmo?
Venmo is the right app for everyone who is seeking flexibility. Its offerings are extensive, and it will allow you to make online and in-store purchases easily. Lastly, one of the best features it has is the option to connect with your family and friends who are already using the app.