You've been using Venmo for all your money-sending needs, but now you want to send some cash overseas? Well, let's burst that bubble real quick. Venmo is not your friend when it comes to international money transfers.
Why Venmo Isn't the Solution
Venmo is pretty much designed for the U.S. market. Yeah, it’s great for sending money to your buddy for that pizza last week, but if you think you can Venmo to another country, think again. The app has some pretty strict geolocation restrictions. If you try to access it from outside the States, good luck getting through. You’ll be greeted with error messages and a hard no.
And don’t even get me started on the integration with U.S. banking. Venmo and its parent company, PayPal, are only linked to U.S. bank accounts, which makes it impossible for them to do international transfers without a ton of hassle. It’s not just about sending money; it’s about following regulations that complicate everything.
Plus, the hidden costs? Oof. You think you’re sending $100, but by the time those currency conversion fees and other charges get tacked on, you might as well have sent a postcard instead.
So, What Are Your Options?
If you need to send money internationally, there are better options out there. Wise is a solid choice. It’s got crazy good exchange rates and low fees. Moneycorp is another one that keeps an eye on rates so you can send money at the right time.
PayPal does the job but with a lot of fees, especially for currency conversion. And then there's WorldRemit and Remitly, both of which allow for sending money to over 130 countries but may not be the cheapest option.
The Bottom Line
Venmo works internationally? Not even close. If you have to send money overseas, your best bet is to find a service that specializes in that, with better rates and lower fees. Don’t get caught up thinking Venmo is the answer.
