Does Venmo Work Internationally?
One of the most important factors to consider when choosing an international payment service is the countries it supports. Why is that necessary? It is because not every money transfer app can be used for overseas payments. That brings us to the topic of this article, which is whether you can use Venmo to wire money internationally. Read on for more information.
What is Venmo?
Venmo is an American payment service and mobile money transfer app that was created in 2009. It is a digital platform designed to work in a way that enhances relationships and enables easy connections between family members, friends, and businesses. Consequently, Venmo is known for being a top choice for safe, secure, fast, and social payments between millions of people in the United States.
Can I Use Venmo for International Money Transfers?
No, you cannot use Venmo for international money transfers or payments outside the United States. The app does not support cross-border payments. You can sign into your Venmo account only when you are in the United States.
Users who try to access their Venmo accounts from outside the US will get an error message from the digital platform. Nevertheless, there is an option for customers who have been outside the United States for a long time and want to access the money in their Venmo accounts. They should contact Venmo Support.
Why is Venmo not available for international use?
The registration status, licence, and payment processing network of Venmo are the factors that do not allow it to conduct business operations outside the United States. Note that some changes might be made in the near future to enable Venmo users to make cross-border transactions. Meanwhile, let us look at the current limiting factors in a bit more detail.
A fintech company must obtain official registration status and, in some cases, a licence to operate legally in a country. This is part of the regulations for launching a startup in many jurisdictions for business. So, in respect of its legal status, Venmo is registered as a Money Service Business (MSB) and regulated by the US Treasury Department. It would have been able to operate in other countries if it had been registered with the Financial Crimes Enforcement Network (FinCEN).
In addition, the payment processing network that Venmo uses is the domestic Automated Clearing House (ACH) in the United States. Unlike SEPA, which is used in Europe, and SWIFT, which is used globally, domestic ACH does not process cross-border payments outside of or into the United States. Therefore, Venmo would need to connect with the international ACH, SWIFT, or any other local payment network abroad before it can provide international money transfer services to its customers. However, such an extended connection can be expensive to achieve and very complex to manage.
What Are the Best Alternatives to Venmo for International Transfers?
Since Venmo only supports money transfers within the United States, it is necessary to create an account with an alternative app or digital platform that you can use for cross-border payments. Below is our list of the best Venmo alternatives to choose from.
WorldRemit is a provider of secure, fast, and flexible international money transfer services. This Venmo alternative is known to save time and money when you use it to send money to and from more than 100 countries, including the United States. It supports over 70 different currencies. This digital payment platform has 24/7 customer service that is available in more than six different languages. Therefore, you can be sure of getting timely and quality assistance whenever you need it.
We encourage you to read our overview of WorldRemit to learn more about the service. In it, we reviewed several aspects of WorldRemit, including its personal and business accounts, exchange rates, transfer fees, payment methods, referral programmes, and pros and cons.
Open a WorldRemit account now to find out why millions of people use it.
One of the most popular online money transfer platforms in the world today is Wise. It is used to send money to and from more than 70 countries. This electronic money service is the first choice of more than 10 million users (including freelancers, digital nomads, entrepreneurs, and businesses) that need reliable multi-currency accounts, bank cards, and instant money transfers in small and large amounts.
One of the reasons why Wise has good customer loyalty is because it supports more than 40 currencies in its free multi-currency account. To know more about the pros and cons, safety, uniqueness, and other perks of this Venmo alternative, read out the Wise overview.
If you would like to switch from Venmo to this service, create an account with Wise now.
Another alternative to Venmo is TalkRemit. It is an FCA-regulated international financial service provider that specialises in cross-border payments. Through its online money transfer platform and mobile app, remittances are sent at great speeds without incurring high fees.
As a fully licensed EMI, TalkRemit supports money transfers to mobile wallets, bank accounts, and many pickup locations in more than 60 countries and territories, including the United States. However, it currently enables transfers from 17 countries.
TalkRemit is one of a handful of money transfer services that offers a 100% money-back guarantee. You can learn more about it in our TalkRemit overview, where you will find our review of its pros and cons.
Sign up for a TalkRemit account using this link.
Xe has long passed the status of a fintech startup. The company has been in operation since 1993. Over the years, it has transformed from a laboratory into a world leader in currency exchange and money transfer services. This Venmo alternative offers free currency tools, fast money transfers, and a data API for business managers.
Xe supports a wide range of global payments, including SWIFT, SEPA, ACH, Wire, Visa, and Mastercard. It enables millions of people to send money from over 60 countries to more than 170 countries and territories.
Go to Xe now to register an account and start sending money to and from the United States and many other locations.
OFX is an alternative to Venmo for those who often send money to people in many locations. The company has more than 20 years of experience doing business in the foreign exchange market. It is suitable for making transfers to more than 170 countries—from Australia in Europe to the United States in America and many other destinations. The payment app supports more than 50 currencies.
OFX does not offer a multicurrency wallet. Nonetheless, it is worth considering if you want to make money transfers without limit and enjoy fee-free services.
You can learn more about this app by reading our OFX overview or by joining its users with your new OFX account.
TransferGo is a fully regulated EMI and FCA-authorised payment service provider that enables people to send money to more than 160 countries and territories. The average time it takes this app to complete international payments between any two locations is 30 minutes. Hence, it is one of the fastest Venmo alternatives on the market.
What is more? TransferGo provides personal and business accounts that enable individuals and companies to save time and cut costs on cross-border payments. Besides, having to pay zero fees on your first two transfers while getting the best exchange rates is an offer you should not miss from TransferGo. Therefore, sign up for an account with TransferGo today.
In case you are interested in learning more about this app, here is our TransferGo overview. Read it for more information.
Another reliable alternative to Venmo is Paysend. It is one of the brands that has become a household name in the market for international money transfers. This service is fast, easy, secure, and trustworthy. You can use it to transfer money abroad for a fixed and transparent fee that depends on your location.
Holders of Mastercard, Visa, or UnionPay cards can send money to their friends, family, and business associates in more than 150 countries when they create a Paysend account.
Read our Paysend overview to learn more about its accounts, safety, transfer methods, and pros and cons.
We put PayPal last on our list because we thought that it might not be new to you. That is because Venmo is a subsidiary of PayPal and many of its users already know that it is an alternative for international transfers. Even Venmo recommends PayPal to its customers who make frequent international payments. Nevertheless, what has Venmo’s corporate owner got to offer?
PayPal was already a well-known money transfer service provider before it became famous for its BNPL instalment payment solution, which it launched for individuals and merchants in 2020. The company was founded in California, United States, in 1998. Ever since, it has been providing flexible, fast, secure, and cheap cross-border payment solutions. You can use PayPal to send money without your IBAN or bank details, and the transaction will be completed in seconds.
Is it safe to say that PayPal stands out in a crowded market? Find out by reading our PayPal overview. But if you would like to get started today, go to PayPal now and create an account.
Note: All money transfers made using Venmo are provided by PayPal, which has been its parent company since 2013.
What You Might Find Interesting About Venmo
Aside from its social money transfer features, what else is worth knowing about Venmo? The following are the notable perks that Venmo offers to its users:
- If you like to receive cashback, the Venmo Credit Card issued by Visa offers up to 3% on your payments thanks to its bank-fintech partnership with Synchrony Bank.
- Also, you can use its QR code to send and receive payments in US dollars, since Venmo supports pay by link.
- Venmo also supports trading in crypto (Bitcoin, Bitcoin Cash, Ether, and Litecoin) for as little as $1.
- The Venmo Debit Card issued by Mastercard, through its partnership with The Bancorp Bank, enables users to make, track, share, and split payments at some of their favourite e-commerce shops. Look out for the cashback it offers!
- One more perk. Venmo provides free cash withdrawals from all MoneyPass automated teller machines (ATMs).
Note: We have comparisons of Venmo and other payment systems on our blog. You might be interested in reading Venmo vs PayPal and Zelle vs Venmo to know which is better.
No, you cannot use Venmo when you are outside the United States. The service currently supports only domestic ACH payments. Nonetheless, if you need to access the funds in your Venmo account while in another country, contact the company's customer service team online.
The best way to send money internationally is to use a digital platform or mobile transfer service that supports payments to your desired destination country. Popular examples of these services include PayPal (which is the parent company of Venmo), Wise, TransferGo, WorldRemit, OFX, Xe, and Paysend.
There is no realistically free way to send money to another country. There are inherent costs in cross-border payments, which include currency exchange fees.
Alternatively, if this looks like a "freeway" to you, travel to the destination country with the physical money (cash) on you. Still, you will have to pay for the flight or transportation fare.
The cheapest way to send money from one country to another is to compare international money transfer services and use the one that will cost you the least among the others. This means that you need to avoid using traditional banks.
There are many apps that allow you to send money abroad. They include Wise, TransferGo, Paysend, WorldRemit, Xe, PayPal, Opal Transfer, Pockit, Revolut, and OFX.
Many users of digital money transfer services choose Wise as the best app to send money worldwide. However, depending on your preferences, you may find a better alternative in this article or another post on our blog.
If you want to make international money transfers in the safest way possible, ensure to use a regulated, licensed, and reputable cross-border payment service provider.
The Bottom Line
Venmo is a safe and reliable app for money transfers. However, it currently cannot be used to make cross-border payments. You need to be in the United States of America to use Venmo for money transfers. Nevertheless, in this article, we have shown you the best alternatives to Venmo in case you need to send or receive international payments. Compare them and choose the one that best meets your needs in terms of factors such as in-app features, speed of money transfer, and costs.