Venmo is a payment system owned by Paypal and a familiar household name in the United States. Many users often use Venmo as a verb to signify money transfers. It is a peer-to-peer digital app that is taking money transfers by storm. In addition, Venmo users enjoy instant transfers. All this makes you want to get a Venmo account to transfer money. So, does venmo work internationally? There is a slight problem if you want to make international transfers.
Venmo offers convenient money transfer services within the US. The platform has mobile apps you can also use to make payments. They also have credit cards you can use at payment points. However, these payment points have to be located in the US. Therefore, you need a US bank account and a US mobile phone number to use this platform. Furthermore, you also need a US social security number if you want to take out a Venmo credit card.
Despite being at the core of money transfers in the United States, Venmo doesn’t make international transfers. So once you’re outside the shores of the States, you can’t transfer money. However, there are also good alternatives to Venmo if you’re looking to make international transfers. These alternatives to Venmo specialize in international money transfers.
Although Venmo is one of the most popular money transfer companies, it has some significant restrictions. For example, if you have a Venmo account, you cannot make international transfers to friends outside the US. Unfortunately, this restriction stands to be the platform’s only limiting property. However, you can consider other popular money transfer companies to send money internationally without using a bank account.
Best Alternatives to Venmo for International Transfers
Wise is a better and cheaper way to transfer money internationally. If you didn’t know already, Wise was once known as TransferWise. One thing that makes Wise stand out from its competition is the platform’s low transfer fees for international transfers.
If you’ve tried sending money abroad using your bank account, you can attest to how costly the whole process can be. The process also usually takes several days. Wise offers a safe and reliable way to transfer money internationally at very low fees. You can send and receive money transfers from over sixty countries worldwide.
PayPal is a globally recognized payment platform that is widely used around the world. It is the most used third-party payment provider. The payment provider is most popular among businesses, shoppers, and freelancers. The platform has thousands of customers all over the world. A lot of retailers are using PayPal to cater to their customers.
WorldRemit is another excellent platform you can use as an alternative to Venmo for international transfers. When it comes to international transfers, WorldRemit’s transfer fees are far less compared to other companies. You can send money internationally through transfers, or you can send money abroad through cash. The company will utilize its vast network to deliver your transfer to the recipient’s doorstep. In addition, WorldRemit gets in contact with third-party agents like banks and pawnshops to transfer money abroad.
Furthermore, the company also has excellent customer reviews, and a few things stood out from the company’s customer reviews. WorldRemit helps you with international money transfers and helps you save money too. The company’s exchange rate is quite fair compared to other Venmo alternatives. This makes it a perfect Venmo alternative.
International transfers with WorldRemit are easy and fast. You can opt for the mobile app or the brand’s official website. However, WorldRemit might not hold up well if you want to send money overseas that clocks over $10,000.
Why Is Venmo So Popular?
The primary reason why Venmo is getting so popular is that the newer generation dislikes cold, hard cash. Instead, people of recent generations would bring a credit or debit card to pay for products. Then there’s Venmo, a more straightforward method of money transfer.
Venmo is an online money transfer app that has changed how many people conduct business and send money. Venmo is more popular with college students because it helps them transfer money to their friends.
Furthermore, Venmo is rising in popularity because it is effortless to use. All you need to do to register with this money transfer company is input your debit card number. This step is the most challenging part of the process. The rest is just a breeze. After you input your card numbers, enter your friend’s name in the Venmo app. Once you start entering the first few letters of the recipient’s name, their contact information pops up. From there, you must input the amount you wish to remit to your friend and enter your pin.
In addition, Venmo has been an instant hit because it was designed to be viral. You can send money to friends and grow your profile simultaneously. Venmo is like a virus. Once someone gets a Venmo account, it will be soon that the whole group does.
In addition to money services, Venmo allows users to track their friends’ financial transactions and bill them. The app has a social feed you can track. The feed shows all the recent transactions your network is making to one another. The social feed, however, can be switched to private. This feature keeps your financial records off the social feed. Furthermore, Venmo allows you to bill friends for money they owe you. This feature is a fan favorite among enthusiasts.
Frequently Asked Questions
1. Will Zelle work for international transfers?
A growing number of Americans are conducting transfers with Zelle. All you need to complete a transfer is a local bank account and an email or mobile phone number. Although you can send money through Zelle for free, you can’t send money internationally. To use Zelle, you must have local US bank accounts linked to your Zelle account. This limitation also holds for Cash App and Venmo.
2. Can I use a VPN with Venmo?
If you’re a United States citizen residing outside the States, you won’t be able to access your Venmo account. The best option for you if you want to receive money transfers internationally is to create a Paypal account. Paypal accepts international transfers from all over the world. While you may bypass the limitation using a VPN, you will need to enter US-specific information such as a social security number. Without these, you cannot register.
3. Does Venmo send money only to your linked bank account?
Venmo enables you to remit money to other accounts within the location of your residence. However, you cannot send money abroad while using the platform.
Venmo might be a great app, but its limitations on international transfers are a big head-scratcher, especially if you’re conducting business or residing outside the states. However, there are other great Venmo alternatives you can try out.
In this roundup, we selected the three companies that work best for international money transfers for you. You can go through this roundup and select the best app which works for you.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.