VENMO

Old Feb 16, 15, 11:28 pm
  #331  
 
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So I plan on just sending money to my parents to meet minimum spend. As long as I don't care about the 3% fee its OK to send $3000 a month?
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Old Feb 17, 15, 12:10 am
  #332  
 
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Originally Posted by YoungSoloTraveler View Post
So I plan on just sending money to my parents to meet minimum spend. As long as I don't care about the 3% fee its OK to send $3000 a month?
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.
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Old Feb 17, 15, 4:30 am
  #333  
 
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Originally Posted by YoungSoloTraveler View Post
So I plan on just sending money to my parents to meet minimum spend. As long as I don't care about the 3% fee its OK to send $3000 a month?
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.
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Old Feb 17, 15, 6:38 am
  #334  
 
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Originally Posted by seahawksunite View Post
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.
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.
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Old Feb 17, 15, 10:28 am
  #335  
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Originally Posted by seahawksunite View Post
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.
May and could are the operative words - I've already taken this process through an audit and provided the money is transferred to the second part for them to pay a bill or settle an expense incurred by the second party, or to pay the second party for an expense already incurred by the first party, there is no problem.

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.
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Old Feb 17, 15, 10:32 am
  #336  
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Originally Posted by Phantom707 View Post
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.
Did you mean GW is 2% or 2.9%?

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).
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Old Feb 17, 15, 12:31 pm
  #337  
 
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Originally Posted by bocastephen View Post
Did you mean GW is 2% or 2.9%?

From the Google Wallet FAQ
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.
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Old Mar 14, 15, 10:29 am
  #338  
 
Join Date: Feb 2015
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Has anyone ever gotten Venmo to clear out your old cards so you can try new ones?

The cards in my account are long gone and I can't re-add.
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Old Jun 28, 15, 4:52 pm
  #339  
 
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In your experiences, how safe is Venom these days? Read reports last year that there were several security breaches.
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Old Jun 28, 15, 6:03 pm
  #340  
 
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Originally Posted by Stgermainparis View Post
In your experiences, how safe is Venom these days? Read reports last year that there were several security breaches.
In my experiences, venom is really dangerous. Especially if it's from a snake or scorpion. The Spider-Man villain is kind of lame, though.

Venmo, on the other, hand...
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Old Jun 28, 15, 7:41 pm
  #341  
 
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Originally Posted by Phantom707 View Post
In my experiences, venom is really dangerous. Especially if it's from a snake or scorpion. The Spider-Man villain is kind of lame, though.

Venmo, on the other, hand...
LOL

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.
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Old Jun 29, 15, 12:31 am
  #342  
 
Join Date: Oct 2014
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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.
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Old Feb 3, 17, 11:40 am
  #343  
 
Join Date: Aug 2013
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Has anyone tried simon GC with Venmo? Does it count as a prepaid card and thus qualify for 0% fee?
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Old Feb 3, 17, 12:52 pm
  #344  
 
Join Date: Mar 2011
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Originally Posted by iskwee View Post
You can register your card but it doesn't recognize it as a debit card. It'll charge 3% transaction fee for Simon VGC.
qazwsx

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.
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Old Feb 3, 17, 5:01 pm
  #345  
 
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Originally Posted by jnb_tx View Post
qazwsx

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.
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.
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