Venmo app review – Is it available in Australia? | Finder

Can I use Venmo in Australia?

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Learn all about the instant money transfer app taking the US by storm.

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If you haven’t yet heard of Venmo, you certainly must have heard of PayPal. Think of Venmo as PayPal’s mobile-friendly cousin. Its approach speaks to something we've all faced: the annoyance of splitting a restaurant bill five different ways, the stress of borrowing money from a friend and never having the cash to pay them back, splitting rent and utility bills – the list goes on and on.

Instead of reaching for the calculator app to figure out how much to pay your friends, you can simply Venmo anyone you owe instantly. An app that's both practical and easy to use, Venmo stands out as a convenient method to send and receive money electronically.

USD 1

Min. Transfer Amount

USD 2,999.99

Max. Transfer Amount

Within an hour

Transfer Speed

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Details

Product NameVenmo International Money Transfers
Min. Transfer AmountUSD 1
Max. Transfer AmountUSD 2,999.99
Transfer MethodsOnline, Cash Transfer
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
Within an hour
Customer ServicePhone, Chat, Email
Available CurrenciesUSD
Exchange Rate UpdatesReal time
Online Transfer Fee3.00%

Can I use Venmo in Australia?

Unfortunately, Venmo hasn't launched in Australia at the time of writing. To be able to use it, you need to fulfil two requirements:

  • Be physically located in the US
  • Have a US mobile number

You'll also need a US bank account if you want to take your money out of your Venmo wallet.

Long story short – you won't be able to use Venmo in Australia. There are other options for you, however. If you want to send money to someone else in Australia, check out our comparison of digital wallets like Google Pay, PayPal and Beem It.

If you want to transfer money to another currency, you'll need an international money transfer service. Read our guide on sending money overseas to make sure you get the best deal possible.

If I'm in the US, with an American mobile phone and bank account, how do I request and send money through Venmo?

1. Create a Venmo account. Sign up with your email address and credit or debit card information. Add your bank account info if you want to deposit the money you receive. Note that you may pay a transaction fee when using your credit card.

2. Request a transfer. Once you've created your account, request or send money by clicking pen and paper icon at upper right.

step 2 venmo money transfer

3. Enter your Venmo recipient or sender. Use the person's Venmo user name to send or request money, adding the transfer amount. Name your transaction with as fun or serious a memo as you'd like — or use Venmo's bitmoji shorthand for your transaction.

step 3 venmo money transfer

4. Tap Pay or Request to complete your transaction.

What happens when someone sends me money?

You'll receive notification from Venmo each time a user sends you money. Unlike other payment apps, the money you're sent doesn't go directly into your bank account. Rather, it stays linked to your Venmo account until you choose to transfer it. You can transfer all of your balance or only a portion of it.

venmo transfer to bank money transfer

The social component

A feature that sets Venmo apart from other peer-to-peer payment systems is the social media aspect. Once you're sent money, it shows up on your friends' feeds, where they can see your transactions, but not the amounts. I don't particularly like this feature – I prefer to keep my transactions private. Thankfully, you can choose if you'd like to share your activity with just the participants, friends, or the Venmo community at large.

Pros

  • Send easily to anyone on your contacts list. No need to ask, "what's your username?"
  • Widely popular service. Chances are that your American friends are already using Venmo, making it even easier to transfer money.
  • Social media platform. Venmo tries to be more fun than other services by including a feed of transactions to your friends.

Cons

  • Steep credit card fee. Unlike when you use a debit card, a credit card incurs an additional 3% fee for each transaction.
  • US only. Venmo's services are limited to users in the US.
  • Venmo to Venmo only. You can't send money for pickup at a Western Union, for example.
  • Can't reject a payment. There are times when I'd like to refuse money from my friends – I like treating them sometimes and wish an "accept or reject payment" feature was available. As of this writing, Venmo's FAQ says that if you'd like to reject a payment, to make a return payment to the sender. But then they can return the payment to you, and then you'd have to return it again...

Compare alternatives for sending money overseas

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 1.99 0.768 USD
7,677
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.77 USD
7,700
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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AUD 2,000 1 day AUD 0.00 0.771 USD
7,709
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.77 USD
7,701
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.77 USD
7,701
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 52.00 0.769 USD
7,654
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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AUD 10 Within an hour AUD 2.99 0.765 USD
7,645
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.769 USD
7,694
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.772 USD
7,683
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.766 USD
7,653
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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AUD 1 Same day AUD 3.99 0.764 USD
7,637
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.773 USD
7,697
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Is Venmo safe?

Venmo encrypts your personal information and transactions details. However, whereas Payment Card Industry Security Standards Council gives Square Cash, Google Wallet and other money transfer apps high ratings for standards security, Venmo is considered only "PCI compliant."

What is PCI compliance?

The Payment Card Industry Security Standards Council keeps track of companies that meet its strenuous security standards for development, enhancement, storage, dissemination and implementation for data protection. It determines the overall security of businesses that process payments online.

Like most companies, Venmo keeps the magnitude of its user base private, so its lack of a standards rating could mean that it processes fewer than 6 million credit card transactions per year. It's possible: Venmo's additional fee for credit card payments all but encourages users to pay through a debit account instead. But it's worth considering safety, given the security breaches faced by Venmo over the years.

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

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