Avoid Honeyfund
Used Honeyfund to collect gifts from my recent wedding. It was a very large wedding as is custom in our cultures so we got a significant amount of cash in gifts. I started to withdraw funds only to hit the $10k lifetime Venmo limit. I have probably $18k stuck there with no option to redeem except for gift cards.
There is definitely fault on our end for not reading fine print. But I feel very misled that Honeyfund was not upfront or transparent about the withdrawal limitations. We noticed a few ways that the website seemed intentionally convoluted to trap people:
Gifts are automatically prompted for a donation to the Honeyfund Gives charity. Elder guests were very confused and many ended up donating 10% on gifts because they thought it was a processing fee/didn’t know how to zero the balance.
You don’t get prompted at set up to choose wallet or bank transfer. You have to go look for the option to set up bank transfer. You also can’t elect for a bank transfer after you’ve received gifts. Fees on this method are higher.
Our website went live immediately when creating a page without any toggle to become active or not, making us instantly searchable.
Has anyone had luck with their support team in getting large cash sums sent to bank? We were planning to use the money for a down payment so I am pretty devastated that it feels locked up. We don’t need $18k in gift cards.
Would not recommend using this service. Go for something with more flexibility. Learn from my mistakes!!!