Venmo 18 Review for Teenagers and Parents

Venmo 18 is a new feature that allows teenagers to use Venmo, a popular peer-to-peer payment app, with some restrictions.

Parents can set up a Venmo account for their teenager, controlling who they can send and receive money from, and how much they can spend.

The parent's Venmo account is linked to the teenager's account, allowing for easy monitoring and management.

This setup is designed to give teenagers some financial independence while still keeping a close eye on their spending habits.

With Venmo Teen Accounts, teens can enjoy peer-to-peer transactions with parental controls in place.

Teens can shop at retail stores and pull money out of MasterCard-supported ATMs for free, and daily withdrawals are limited to $400.

The Venmo debit card also allows teens to set up a direct deposit to their accounts.

To start using Venmo, you'll need to set up your account. Click the link your parent or guardian texted you to begin.

You'll be asked to tap Get Started, then add your phone number and tap Send code. Next, you'll add the code they texted you and tap Confirm it.

Verifying your phone number is a crucial step in the process. You'll be asked to add in your personal information and create a username.

A unique password is also required to secure your account. Create one that's easy for you to remember, but hard for others to guess.

To complete the setup, select Next and you're ready to start using Venmo!

With a Venmo Teen Account, teens can receive payments in a few ways, including scanning a QR code or sending a payment to their phone number or email. They can also find their QR code by going to the Scan tab and tapping "Venmo me" to view it.

You can print or share your QR code outside of Venmo from this screen. This makes it easy to receive payments from friends or family members.

Teen Account holders can enjoy the same peer-to-peer transactions as adult Venmo users, with some limits set by their parental controls. These limits allow parents to control how much their teen can send or receive.

Here are some ways teens can use their Venmo debit card:

Cash App's debit card is offered through Visa, making it a convenient option for users.

The company has a limit on transactions for teenage users, capping them at $1,000 per 30-day period.

Teens on Cash App can't send money at bars, hotels, casinos, and other places, providing an added layer of security.

Cash App bars users under 18 from investing in cryptocurrency, keeping their financial dealings straightforward.

This feature may be a plus for parents looking to keep their teenager's financial activities simple and focused.

With Venmo Teen accounts, parents have a range of parental controls at their fingertips.

Parents can lock, unlock, and manage the PIN for their kid's account, giving them complete control over their teen's financial activity.

They can monitor up to five Venmo Teen accounts, keeping a close eye on their child's online transactions.

Parents can also see friends lists, account balances, and transaction histories for their teen's account.

By doing so, they can decrease the likelihood of suspicious activity and ensure their child's online financial security.

Parents can update privacy settings to suit their child's needs, giving them peace of mind.

They can also receive notifications of transactions on their teen's account, keeping them informed and in control.

Venmo Teen is rolling out to select users in June 2023 and will be available to the public in the weeks after.

The free account for teens aged 13 to 17 on Venmo offers a Mastercard debit card linked to their Venmo account balance.

Parents can monitor spending through the Venmo app, lock and unlock the debit card, and get notifications on account activity.

Venmo Teen is rolling out to select users in June 2023. This is a significant development that will eventually lead to its availability to the public.

The public can expect Venmo Teen to be available in the weeks after the initial rollout to select users.

Venmo now offers a free account to teens aged 13 to 17, allowing them to receive a Mastercard debit card linked to their Venmo account balance.

Parents can set up this account for their teen and decide if they want their teen to access the Venmo app itself, which can provide higher spending limits.

You can monitor your teen's spending through the Venmo app, lock and unlock the debit card, and get notifications on account activity.

Venmo has withdrawal and spending limits, but it lacks some features common with other top teen banking apps.

Best for parents or guardians with Venmo looking for a free debit card for their teenager.

If you're considering Venmo for your 18-year-old, here are the pros and cons.

One of the major benefits of Venmo is that it has a $0 monthly fee, which is a big plus for parents who want to save money.

Venmo allows parents to monitor their child's spending, giving them peace of mind and control over their finances.

Teens can use Venmo's debit card and P2P payment system, making it easy for them to make transactions and send money to friends.

Venmo's features make it a great option for kids' accounts, and it's worth considering for your 18-year-old.

If you're considering a Venmo account for your 18-year-old, you'll want to understand the settings and limits involved.

You can set clear spending limits for your teen, which is a great feature to have.

The spending limits with a Venmo Teen account are as follows:

This means you can set limits on how much your teen can withdraw from an ATM and make P2P payments, even if they don't have access to the Venmo app.