“Never a borrower nor a lender be,” said Polonius. But did he ever have to split a $193 cash-only dinner bill four ways? We think not.
Indeed, owing (and being owed) money is one of life’s more unpleasant social situations. But now it can be less awkward, thanks to Venmo, a new free iPhone, Android and Web app for seamlessly transferring funds among friends.
Upon signing up and securely linking your bank account, you’ll be prompted to invite friends. This is important, as you can exchange money only with other people who use the app.
Then, the next time you owe your pal $76.52 for theater tickets, you can pay up instantly by choosing her from your Venmo contacts and typing in the amount you want to send. This money will soon appear in her Venmo balance, and she can choose to either leave it there (to use for future payments) or transfer it back to her bank account with just a few clicks.
Unlike PayPal, Venmo doesn’t take a cut on either end, which makes it great for small businesses and regular people alike. You are, however, limited to $2,000 in bank-funded payments per week.
The best part: never again saddling a waiter with six different credit cards.