Submit Venmo Inquiries Within 24 Hours
The next time you end your group dinner or picnic by saying “I’m Venmo for you,” make sure you answer promptly.
Why? Because if it takes you more than a day or two to send this Venmo request, the person who owes you money might think their debt is forgiven (or at least forgotten). Even more time – and you risk putting your friend in a quandary by asking for money that he has already spent on something else.
According to a 2019 Venmo survey , 72% of respondents believe Venmo requests should be sent within 24 hours. (These respondents also think that requests should be paid within 24 hours, but if you don’t receive your money that quickly, 67% of those surveyed consider it appropriate to send a reminder after four days.)
The real challenge here is to let your friends know about any outstanding debts as soon as possible so they can plan their finances appropriately. If you owe someone $ 50 for a group outing, or even $ 5, you would like to include those expenses in your budget, right? If you’re not on budget, well … you wouldn’t want to have the last $ 100 in your checking account and then get Venmo’s request to pay a friend $ 50 for a meal you shared three weeks ago.
So send Venmo requests within 24 hours whenever possible – because if we’re going to literally monitor our interpersonal interactions, it’s best for everyone if we are effective at it.
Oh, and while we’re at it: don’t link your Venmo account to your credit card unless you want to pay a 3% fee every time you send money, and remember to keep your Venmo transactions private.