![]() ![]() The Venmo account can be used to transfer money to your loved ones, friends, business partners, etc. See also: How to set up a PayPal personal account You must create an account on the Venmo website or mobile app and link your bank account, credit, or debit cards to your Venmo account. But with Venmo, you can deposit money into your debit cards in 30 minutes with only a 1% deduction. For example, a wire transfer may take three to four working days. PayPal introduced it in January 2018 because of several defects in old money transfer methods. ![]() It works in the U.S., so the sender and receiver should be in the U.S. Venmo is a mobile payment service that is owned by PayPal. ![]()
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