VENMO
Feb 17, 2015, 12:10 am
#332
Join Date: Apr 2014
Posts: 137
I suggest you acquaint yourself with taxation laws. Greater than 14k an year you may have tax liability on the gifts and the IRS would come knocking.
Feb 17, 2015, 4:30 am
#333
Join Date: Jan 2015
Posts: 1,112
You might as well use Google Wallet at that point. At least then it's. 1% better. I know it's not a lot, but it's just as easy, and it could add up if you're sending a lot of money.
Feb 17, 2015, 6:38 am
#334
Join Date: Jul 2014
Programs: Jeff is Deaf
Posts: 541
Thanks for the heads up. Looks like I will limit it to 13k for now. I put 3k in kiva for my last ms, but locking up money for 6 months is not ideal.
Feb 17, 2015, 10:28 am
#335
A FlyerTalk Posting Legend
Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,198
The money is not taxable, but yes, it's possible the flow may need an explanation *if* either party is audited on another matter and the flow is discovered - the movement of the money in of itself won't trigger an audit.
Feb 17, 2015, 10:32 am
#336
A FlyerTalk Posting Legend
Join Date: Sep 2002
Location: LAX/TPE
Programs: United 1K, JAL Sapphire, SPG Lifetime Platinum, National Executive Elite, Hertz PC, Avis PC
Posts: 42,198
From the Google Wallet FAQ
Will I be charged a fee to send money?
It's free to send money directly from your bank account or from your Google Wallet Balance. To send money using a credit card or debit card, there will be a flat fee of 2.9% per transaction (minimum $0.30).
It's free to send money directly from your bank account or from your Google Wallet Balance. To send money using a credit card or debit card, there will be a flat fee of 2.9% per transaction (minimum $0.30).
Feb 17, 2015, 12:31 pm
#337
Join Date: Jan 2015
Posts: 1,112
Sorry. Autocorrect on my phone changed it. Yeah, it's 2.9%. From my own research, that's the best rate out there in terms of sending money to friends using a credit card, but it may be worth looking into yourself.
Jun 28, 2015, 6:03 pm
#340
Join Date: Jan 2015
Posts: 1,112
Venmo, on the other, hand...
Jun 28, 2015, 7:41 pm
#341
Join Date: Feb 2013
Programs: Hyatt Globalist, MLife Gold, Marriott Gold, HHonors Gold, Caesars Diamond, Amex Plat
Posts: 5,938
That was auto-correct that I didn't catch! I've got my point earning debit with ST for another 4 weeks and want to do as much as I can to earn points. I'll proceed with Venmo.
Jun 29, 2015, 12:31 am
#342
Join Date: Oct 2014
Posts: 374
Forgive me if this is an ignorant question, but is there any tax implications regarding the amount you receive on venmo? I was congratulated by Venmo last year for being in the top 1% in receiving venmo payments lol (about $60,000). I literally pay for every bill for my family and friends (racking up them miles). TIA.
Feb 3, 2017, 12:52 pm
#344
Join Date: Mar 2011
Posts: 203
A quick search of the thread found the answer you were looking for. there is a lot of information out there from the FT community if you just take the time to look for it.
Feb 3, 2017, 5:01 pm
#345
Join Date: Dec 2015
Location: DCA
Posts: 818
Good point. That said, I'm surprised there hasn't been more discussion on this forum/thread regarding Venmo's treatment of AmEx gift cards (it sees them as a debit card and thus charges no fees to send money from them). Subject to Venmo's 6 cards per 6 months and $2999.99/week sending limit. Still probably the cheapest/easiest way to knock out minimum spend for many people. Recently ordered a 3k AGC for a new (no 24 month language) Citi AA card and sent 2999.99 to my brother. He cashed out to bank and reimbursed me via Google Wallet. Total cost was $3.95 AGC purchase fee (used a free shipping promo code). Definitely cheaper/easier than MSing the 3k with Simon VGCs which is my normal method.