Getting around to paying friends back has always been hard for me. Whether it’s for the electric bill, the pizza we ordered on Friday night, or even just picking me up a soda, no matter the amount, I always forget about it. And, until about a month ago, I didn’t have online or mobile banking. It was literally impossible for me to keep track of my money, and keep track of whom I had to give money to. Then I got Venmo.
Venmo is an app that allows you to transfer money to anyone, no matter what bank they have or how much you’re transferring. Available for the iPhone, iPad, and iPod Touch, Venmo stores your bank account number and allows you to make transactions at any time, and deposits the money directly into your personal account. Iqram Magdon-Ismail and Andrew Kortina, the creators of the app, told Forbes that their goals for the future are to “be accepted like Visa and used like Facebook.” Venmo works with the same parent company that supports apps like LivingSocial and Uber.
Venmo keeps all of your account information secure, and doesn’t share the amount you’re transferring or cashing out with anyone that also has the app, even though it has a feed that shows your friends who are also using the app. For most debit and credit accounts, there is no fee per transaction, but that does vary based on the type of card and the type of account. And, whenever you transfer or charge someone money, Venmo requires you to add a description, so you can always keep track of who you’re paying and why.
But the best part about Venmo? When you first register for Venmo, the app asks you if you want to tell your friends about it. Usually, I’m not a huge fan of commissioning my friends to get on board with whatever I choose to download, but Venmo gives you and your friends a dollar each time someone that you told about the app downloads it. I requested everyone in my contact list that didn’t have the app, and I’ve made over $20 since August, just from people downloading Venmo using the link I sent them.
Venmo seems like a pretty simple idea. You can do the same thing through the Bank of America or Citizen’s Bank mobile app and their websites. But there’s no fee for sending money to a friend with another type of account; there’s generally no fee at all. I don’t wait until I find an ATM for my bank to cash a check anymore and I never forget to pay my friends back. Venmo makes it so easy to stay on top of your personal debt and make sure your friends stay on top of theirs to you.
Last weekend, I was stuck in Allston without being able to find a Citizen’s Bank ATM. My best friend has Bank of America, and offered to take out money for me. Instead of waking up the next morning with an aggressive text about how I owe her 20 bucks, I took care of it while she was standing at the ATM. I just sent her the money she was taking out for me through Venmo, and she woke up Sunday morning paid back in full. A good app makes your life a little bit simpler. Venmo saves time, energy, fights with roommates about finances, arguments with parents about rent payments, and so much more. If there was ever an app that every collegiette needs, it’s Venmo.
Venmo is available at the Apple Store in iTunes, or here: https://venmo.com
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