All the while your money is sitting in a frozen account, inaccessible. Venmo offers limited phone support, and should a problem arise with a transfer, you could be waiting 3-5 days for a response.

It's easy to manage money with Venmo, but it's even easier to misplace it. Transferring funds from your Venmo app may freeze your bank account, and then you'll have to rely on the app's poor customer service. Even so, safeguards feel flimsy and Venmo's connection to your account may well cause you issues: Venmo does monitor account activity in the event that you need to identify an unauthorized transaction, and uses encryption to help protect your account information. When everything's squared away you can then transfer money from Venmo directly into your bank account. Similarly, it takes note of unpaid transactions, such as people who owe you money, or vice versa.

Transactions you make over Venmo are all recorded in the app, which lets you keep close tabs on your finances and purchase history. Millions of retailers on mobile allow for Venmo, making it an easy one-stop shop for all your cashless transactions. You can use it to buy from your favorite online stores, checking out without needing to open your wallet or hunt through your purse. Since Venmo is not a credit card you won't even have to pay an annual fee, which is a nice added perk. You can use it to shop online anywhere Mastercard is accepted or in mobile apps without the hassle of reaching for your credit card.

A mobile wallet that remembers your contacts It's easy to manage money with Venmo, but it's even easier to misplace it.If you're familiar with PayPal, Venmo's layout and purpose will be intuitive.

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