Sending Money to Your Social Circle

Sending Money to Your Social Circle

August 14, 2013         Written By Bill Hardekopf

The number of ways to send money to people continues to increase, especially since Google announced that consumers will be able to attach money in emails through Google Wallet.

Venmo, a smartphone app, is trying to streamline the way people wire money to one another. Referred to as a combination of Facebook and PayPal, Venmo allows you to transfer money to other people in your social circle and “trust” people to withdraw money from your accounts.

Venmo transactions are displayed in the network like a timeline in Facebook. If you don’t want other people seeing this information, you can choose to keep it private. Money transferred in the system is left into your Venmo account until you decide to cash it out, similar to how eBay payments are left in your PayPal account. You can transfer the money overnight to your bank during weekdays and use it as cash. All of this is done through your smartphone.

The Venmo app is free to use and download, but you need to link a bank account and a debit card to it. If you link a credit card, you will have to pay a 3% transaction fee. Venmo gives you the opportunity to send money to people on the go and keep track of your transactions.

This entry was posted in Credit Card News and tagged google wallet , PayPal , Facebook , smartphone apps , transfer money , Venmo

The information contained within this article was accurate as of August 14, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus