How to Use Venmo for Split Payments and Group Expenses

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Venmo is a popular way to split payments with friends, but it can be overwhelming to figure out how to use it. You can link your debit card, credit card, or bank account to Venmo to make payments.

To split a payment with friends, create a new payment on Venmo and enter the amount you want to split. You can then add the names of the people you want to split the payment with, and Venmo will calculate the amount each person owes.

Venmo also allows you to create a group chat to discuss expenses with friends. To do this, go to the "People" tab and select the friends you want to add to the group.

Creating a Group in the App

To create a group in the Venmo app, simply click the "Me" page on the lower right-hand corner of the app.

From there, click on "Create a group" under your profile picture. If you're one of the select customers who have access to the feature, you'll be able to create a group right away.

If not, you'll see a message saying "We're still rolling things out", followed by an explanation that you can be invited to groups but can't create one just yet.

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Managing Payments

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Managing payments with Venmo is a breeze. You can mark payments as paid even if they were made outside of the app.

To do this, go to your Groups hub, tap the relevant group, and then tap Group summary at the top of the activity feed. From there, tap Mark as paid in the Members tab and confirm you want to mark the payment as paid.

If you need to split a purchase with others, you can send charge requests to split the payment. This way, you can change the amount requested from each user so the purchase isn't evenly split.

You can also exclude yourself from the split calculation, and the other users must accept the request to complete the payment.

Venmo's Groups feature makes managing expenses with others a lot easier. With it, you can create a group with all the members who need to split the expenses, add expenses, and even automatically calculate the amount of money each member owes.

Here are the steps to create a group:

  1. Click the "Me" page on the lower right-hand corner of the app.
  2. Click on "Create a group" under your profile picture.

Splitting Purchases

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You can split a purchase with one or many users on Venmo. This feature allows you to send charge requests to other users and change the amount requested from each user.

The total amount you'll request is visible as you change the amount from each user, and you'll know if the requested total is above or below the split amount. Any split transaction won't affect your original payment amount.

You can also exclude yourself from the split calculation if needed. To complete the payment, the other users must accept the request.

Here are the steps to split a purchase:

1. Send a charge request to split a purchase with one or many users.

2. Change the amount requested from each user.

3. See the total amount you'll request and whether it's above or below the split amount.

4. Exclude yourself from the split calculation if needed.

5. Wait for the other users to accept the request to complete the payment.

Note: You can learn more about sending or requesting money with multiple recipients on the Venmo website.

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Canceling a Request

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You can cancel a pending payment request from a split by going to the Me tab and finding the request at the top of your Transactions feed.

To cancel a split request, you need to go to the Me tab and find the request at the top of your Transactions feed.

From there, you can cancel a split request or remind the other user(s) about the request.

See what others are reading: Venmo Feed

Group Expenses

Venmo Groups is a feature that allows you to manage expenses among groups of people, making it easier to split and track payments.

You can create a group with all the members who need to split the expenses, add expenses, and even automatically calculate the amount of money each member owes based on the overall spending of each person in the group.

Multiple expenses can be added to the group, which is especially convenient when engaging in an activity where many different expenses need to be split, like living expenses with roommates or vacation activities when traveling with friends.

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Credit: youtube.com, Venmo Groups Explained: Split Bills and Expenses like Splitwise

To see if you have access to the Groups feature, click the "Me" page on the lower right-hand corner of the app and then click on "Create a group" under your profile picture.

You'll be able to see exactly who owes you how much, who has completed the payment, and even easily request payments from those who haven't, all within the group's page.

The Groups feature is rolling out to select customers today with the latest app version and will be widely available in the coming weeks.

If you're part of a group, you can add expenses and settle up in just a couple taps, making it easy to keep track of shared expenses.

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Frequently Asked Questions

Can you make partial payments on Venmo groups?

Yes, Venmo groups allow for partial payments to be made, making it easier to split expenses among members. This feature helps minimize the number of payments needed to cover what's due to each person.

What is the percentage taken from Venmo?

Venmo charges a 3% fee for credit card transactions and 1.75% for instant transfers. Fees vary depending on the transaction type.

Does Venmo Group Split work?

Yes, Venmo Group Split works by automatically splitting group expenses among members, minimizing the number of payments needed. This feature makes it easy to manage and track shared expenses with friends or roommates.

Kristin Ward

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Kristin Ward is a versatile writer with a keen eye for detail and a passion for storytelling. With a background in research and analysis, she brings a unique perspective to her writing, making complex topics accessible to a wide range of readers. Kristin's writing portfolio showcases her ability to tackle a variety of subjects, from personal finance to lifestyle and beyond.

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