Using Venmo In Belarus: Is It Possible?

People in Belarus cannot use Venmo to send or receive money. This is because Venmo requires users to meet specific requirements, including being physically located in the United States and having a U.S.-based cell phone number. However, there are alternative ways to send money to Belarus, such as through MoneyGram, PaySend, or cryptocurrency.

Venmo Requirements

To use Venmo and its services, there are a few requirements that must be met. Firstly, the user must be physically located in the United States and have a US-based cell phone that can send and receive text messages from short codes. This number cannot be associated with any other Venmo account.section

The user must be at least 18 years old or have reached the age of majority in their state. Additionally, the Venmo app must be updated to version 7.38.2 or newer. To make payments, a bank account, debit card, or credit card can be added to the Venmo account. Venmo is compatible with Apple iOS 14 or Android Lollipop (API 26) or higher devices.

When signing up for a personal Venmo account, a mobile app must be downloaded, and a secure password must be created. This password should be between 8 and 20 characters long and contain at least one number or symbol. The user's phone number and email address must then be verified, along with their bank account.

For identity verification, Venmo may require additional documentation, such as a US government-issued ID, bank statements, utility bills, lease agreements, or other proof of address documents. These documents must be unexpired and have clear and legible pictures.

It is important to note that Venmo may not be available in all countries, and users should check the specific requirements and availability for their desired country before attempting to use the service.

Alternatives to Venmo

Venmo is a peer-to-peer payment app that allows users to transfer money to others online. However, it is not supported in all countries, and there have been concerns over the privacy and security of the app.

PayPal

PayPal is a popular alternative to Venmo, with similar features. It is available in more countries than Venmo and is a good option for international use. It is also a popular checkout option for online merchants. PayPal does not charge fees for sending money to friends and family, but there is a fee for instant transfers to your bank account. PayPal also collects user data, including GPS location and IP addresses, and reserves the right to use this data for internal purposes and to share it with other entities it owns, such as Venmo.

Zelle

Zelle is a simple and straightforward way to transfer funds from one person to another. It is owned by a consortium of major banks and works inside your bank's website or app interface. It is important to note that Zelle does not work for purchases at brick-and-mortar stores. Zelle does not charge any fees to send or receive money, but it is recommended to check with your bank, as they may assess their own fees. While Zelle uses authentication and fraud monitoring, it does not require two-factor authorization for peer-to-peer transfers, and there have been reports of fraud involving the platform.

Apple Pay/Apple Cash

Apple Pay and Apple Cash are good options for users who are committed to the Apple ecosystem of devices. Apple Pay handles retail and website purchases, while Apple Cash allows peer-to-peer payments using Messages on iOS devices. Apple Cash charges no fees for sending funds to other individuals if you use a debit card. Apple Cash uses NFC technology and Touch ID/Face ID to protect your card and other sensitive data.

Cash App

Cash App is a free mobile payment platform for peer-to-peer payments, with a debit card that can be used for online and in-store purchases. It also offers added features such as the ability to purchase stock and Bitcoin, as well as access to tax preparation tools. Cash App is currently only available in the US and the UK. It offers fee-free transfers if a debit card is used, but there is a 3% fee for credit card transfers. Cash App combines encryption and fraud monitoring technology to secure user data.

Google Pay

Google Pay is a good alternative for peer-to-peer and business transactions, especially for Android users, although it is also available for iPhone users. It supports multiple transaction types and can also be used to receive business payments. Google Pay charges no fees to send money to other individuals, but there is a 1.5% fee for using a debit card for transfers. Google uses NFC technology for contactless transactions, but further details on data protection are lacking. Unlike PayPal, Google Pay does not offer buyer protection.

Meta Pay

Meta Pay (formerly Facebook Pay) allows users of Meta's platforms (Facebook, Instagram, WhatsApp, and Messenger) to send and receive money directly within the apps. It can be used to send money to individuals or businesses and to make charitable contributions. Meta Pay assesses no fees for sending or receiving funds and encrypts and securely stores payment data. Additional security can be added by creating a PIN or using biometric security tools.

Sending Money from the US to Belarus

It seems that sending money from the US to Belarus is not a straightforward process due to international sanctions. However, there are some options available.

Venmo

Venmo does not support money transfers to Belarus.

Remitly

Remitly is an online provider that allows money transfers to Belarus. It is the cheapest option in 90.1% of searches on Monito.com over the past three months. However, it may not be available in the country from which you are sending money, and its pricing can change depending on the country.

Western Union

Western Union stopped its money transfer service to Belarus on March 24, 2022. Any transfers sent before this date and not paid out will be returned to the sender outside of Belarus.

Wise

Wise, formerly known as TransferWise, is an authorised Electronic Money Institution regulated by the Financial Conduct Authority (FCA) in the United Kingdom. It offers secure transactions, using two-factor authentication to protect your account. While Wise currently supports transfers from the UK to Belarus, it is unclear if transfers from the US are supported.

PayPal

It is possible to send money to Belarus with PayPal, but it is expensive. The average cost of transfers to Belarus with PayPal is higher than the cheapest online services.

Cryptocurrency

One user on Reddit suggests sending cryptocurrency as a way to circumvent the problem of sending money to someone in Belarus.

Other Options

Other options for sending money to Belarus include buying food at various restaurants online using a Mastercard, Visa, or other types of cards.

Using Crypto to Send Money to Belarus

Belarus has legalized cryptocurrency transactions, so you can use crypto to send money to the country. Here's a step-by-step guide on how to do it:

Step 1: Choose a Cryptocurrency Exchange

First, you need to select a cryptocurrency exchange that operates in Belarus. Some popular options include Binance, Kraken, and OKX. These exchanges have a large number of users and offer a variety of cryptocurrencies.

Step 2: Register and Verify Your Account

After choosing an exchange, you'll need to create an account and complete the Know Your Customer (KYC) process. This usually involves providing personal information and verifying your identity with a government-issued ID, such as a passport or driver's license.

Step 3: Fund Your Account

Once your account is verified, you can deposit funds into your account using a bank transfer or credit/debit card. Different exchanges will support different payment methods, so be sure to check which options are available to you.

Step 4: Purchase Cryptocurrency

With your account funded, you can now purchase the cryptocurrency of your choice. Remember that you don't need to buy a full coin, as most exchanges allow you to purchase fractions of a coin.

Step 5: Withdraw to a Personal Wallet (Optional)

For added security, it's recommended that you withdraw your crypto to your own personal hardware wallet. This helps protect your funds from potential security risks associated with leaving your crypto on an exchange.

Step 6: Send Money to Belarus

Finally, you can use your crypto to send money to Belarus. You can either send it directly to the recipient's crypto wallet or use a peer-to-peer platform to find someone in Belarus who is willing to exchange their local currency for your crypto.

Keep in mind that there are some things to consider when using crypto to send money:

• Volatility: Cryptocurrency prices can be highly volatile, so the value of your funds may fluctuate.
• Fees: There may be fees associated with buying, selling, or transferring crypto. Be sure to check the fees charged by your chosen exchange.
• Taxes: Depending on the amount you send and the specific regulations in Belarus, there may be tax implications for you or the recipient.
• Recipient Onboarding: Ensure that the recipient in Belarus has the necessary knowledge and tools to receive and manage crypto if they are not already familiar with it.

P2P Payment Services

P2P, or peer-to-peer, payment services allow users to transfer money directly to another person's bank account through a third-party website or mobile app. P2P services are convenient for splitting bills and shared expenses, such as between friends and family, and they also offer a digital alternative to cash and cards.

To use a P2P service, users must connect their bank account, typically through an online portal or mobile app. The specific rules vary by service, with some allowing users to link a savings account, for example. Once set up, users can transfer money to another user's P2P account. When a user receives money, it may be automatically deposited into their linked bank account, or they may need to manually transfer the funds, which can take from a few seconds to several business days.

Popular P2P Payment Services:

• Zelle: Zelle is partnered with many major banks, including Bank of America, Chase, and Wells Fargo, and can be accessed directly from these banks' apps. Zelle does not charge merchant fees and transfers funds within minutes.
• PayPal: A global P2P service, PayPal allows users to send and receive money internationally through its Xoom service, which also offers currency conversion. PayPal charges a fee for payments made from a linked card, and for instant transfers to a bank account.
• Venmo: Owned by PayPal, Venmo is a popular mobile P2P service. It offers instant transfers for a fee of 1.75% and free standard transfers that take one to three business days. Venmo also allows users to send payment requests with memos.
• Cash App: Available in the US and UK, Cash App offers standard and instant transfers for a fee. Over 70 million customers use Cash App, and it integrates with Square's point-of-sale system.
• Google Pay: Google Pay requires a Google account and can be linked to a debit card or bank account. It also allows users to link their PayPal accounts and make purchases in stores or online. Transfers to a bank account take one to three business days, while transfers to a debit card are instant but incur a fee.

Advantages and Disadvantages of P2P Services:

P2P services offer convenience, speed, and privacy, but there are also drawbacks. P2P services are generally free to use, but some charge fees for certain payment methods, instant transfers, and international transactions. While P2P services protect users' financial information through encryption, they are not without risk. Users should only send money to people they know and protect their login information to safeguard against scams and cybercrime.

Frequently asked questions