What is required for both Venmo account holders when transferring funds?

The requirement that both Venmo account holders must live in the U.S. is essential for the operation of the service. Venmo is specifically designed for users within the United States, which allows for easier integration with U.S. banking systems and compliance with U.S. financial regulations. This geographical restriction enables Venmo to provide a secure platform for transferring funds between users in a manageable way.

While it may be necessary for users to have certain accounts or verifications in other contexts or services, in the case of Venmo, both account holders are required to reside in the United States to facilitate seamless fund transfers. This rule ensures that transactions can occur swiftly without cross-border complications such as currency conversion or differing local laws regarding financial transactions.