If you’re living in the United States and regularly use Venmo, you may have occasionally wondered if you can still use the brilliant money-sharing application outside of the confines of the USA and Does Venmo Work for International Transactions?
Well, we’ll tell you the answer to that just below, so keep reading to find out.
Does Venmo Work for International Transactions?
Sadly, Venmo does not work internationally. That’s because even if you do have a functioning Venmo account in the United States, the receiver won’t have one if they are not from the US, say from Egypt, Nepal, Lebanon, Mexico, etc. As such, you can’t transfer money internationally via Venmo.
Luckily, however, other alternatives that you can use for such a thing are available, so let’s take a look at those, shall we?
Does the Venmo App Work Internationally?
Well, this depends on what you mean by international.
First off, you should understand that for you to have a Venmo account, you must fulfill three conditions. One is that you should be physically located in the United States. Two is having a US bank account, and three is having a US phone number. If you fulfill all these requirements, you can now use Venmo for local payments and transfers, all using the same currency.
However, to deal in foreign currencies, Venmo has to follow many complicated rules and guidelines, such as cross-border payments and currency exchange. Accordingly, Venmo has forgone such complexities and decided to only focus on intra-country transactions.
So, officially, Venmo will only work when you’re present in the United States. However, some Venmo users who traveled overseas and still had access to their US bank account, phone number, and a VPN were able to use Venmo, even when they were technically not present in the USA. So, in that aspect, Venmo can work internationally.
However, if you’re talking about opening a Venmo account in a country other than the USA, then you’re out of luck. Since you won’t have access to a US phone number and bank, you won’t be able to use Venmo at all.
Read: Does Venmo Work in Canada? Can You Use Venmo in Canada?
Venmo Alternatives for International Transactions
Below, we’ve listed some of the best apps that function in ways similar to Venmo but allow international dealings. So not only will they work outside the US, but they’ll allow you to transfer money from country to country, all through your phone.
1. Wise
Wise, formerly known as TransferWise, is an absolute gem for international money transactions. This service supports more than 50 currencies and allows you to send money to more than almost 80 countries.
Now, the best thing about it is that it’s totally transparent about its fees and exchange rates. Using Wise, you can see exactly how much you’re going to pay, which isn’t all that much when compared to other money-transfer services and banks.
Typically, for small to medium transfers, Wise charges about 0.25-1% of the total amount you wish to send, depending on whether you’re using a card or bank account to fund the transfer as well as how much money you’re sending and the target currency.
Ultimately, these fees are so much better than the 3-5% that other services charge, which, when coupled with its great customer service and transparency, makes Wise a great international Venmo alternative. Its only downfall is that it doesn’t offer instant transfers, so it’s best to go with another service if you’re in a time crunch.
2. Remitly
If you’re looking to send money internationally, but it needs to get there fast, then Remitly should be your go-to. It supports card payments and personal transfers between 17 sender countries to 85+ receiving countries. Their fees typically fall in the 0.5-2% range and depend on the transfer amount, transfer speed, and currencies involved in the operation.
This service also supports mobile wallet transfer in addition to offering cash pick-ups and cash home delivery services, making it ideal for people who need to send money back to their families living in a different country.
Just keep in mind that if you choose to use their Express money transfer service, the fees will be more expensive, but the money will be transferred instantly. On the other hand, their Economy speed takes about 3-5 business days for the transfer process to be completed, but it’s cheaper, and the fees may be wholly relinquished if you send more than USD 1000.
3. OFX
Rounding up our picks is OFX, which is ideal for large international transfers. This service allows bank-to-bank transfers to more than 190 countries and supports about 55 currencies.
Once a user sets up the transfer through the application, he’ll be able to see the exchange rates and transfer fees, which usually amount to $15. If the transfer amount is less than $10,000, then the fees will also include a margin on the exchange rate. Luckily, since OFX has bank accounts in numerous countries, this service will help prevent any extra fees from said banks.
Still, the reason we really like OFX is that it offers phone support throughout the entire transfer process. Accordingly, anyone who needs to send a large amount can be at ease as he’ll be able to know where his money is at every step of the way.
Read: How Do I Add Money to my Venmo Account?
FAQs
Does Venmo Work with International Accounts?
No, not at all. Venmo only works with US bank accounts and allows USA-exclusive transactions.
Do International Credit Cards Work for Venmo?
International credit cards like Visa or Mastercard will work for Venmo, provided that the owner lives in the USA and has a US bank account and phone number.
Conclusion: Does Venmo Work for International Transactions?
Unfortunately, for all the Venmo lovers out there, Venmo doesn’t work internationally, nor does it allow international transfers. Thankfully, you can use other services that work just as well and aren’t as expensive as banks.
In a nutshell, Wise is great for small-medium transactions and transfers, while OFX is more suited to large transfers, but only between banks. Lastly, if you want to have international personal transfers, then go with Remitly.
