Venmo is a money transfer company owned by PayPal. The platform’s creators aimed to help students split bills in restaurants, movie theaters, and other places where students usually spend time and money together. Being a product of PayPal, it does not mean that the two share any operational activities. They are entirely independent of each other. You cannot send money across the two platforms unless you use indirect means. Later on, you will learn how to add money to Venmo from Debit card.
Without money, a Venmo account cannot help you carry out any transaction type. You have to add money to send, buy goods and services, and withdraw to your bank, among other transaction types. We have various ways on how you can add money to your account, as we shall see later. With a Venmo account, it is like having a bank account since there are various things you can do on the platform.
For your understanding, Venmo has a debit card that you can use online to buy goods and services. The card also allows you to transact at physical stores. You can even withdraw funds from your Venmo account using the card at an ATM, just as you can with a regular debit card from a bank or credit union. Therefore, you can enjoy services almost similar to those of a bank. The only disadvantage is that Venmo does not have physical branches.
How to get started with Venmo
You can get started with Venmo online by first opening your account. You require an email address, phone number, and a bank account. The following is the process you can use to open an account. Have a look.
- Download Venmo iOS or Android (the platform has no Windows app)
- Open the app
- Choose your sign-up method, then create a strong password (between 8 and 32 characters long).
- Verify your mobile phone number and email
- Add then verify your bank account
You can also open your account on a computer by visiting the Venmo registration page using a safe browser such as Chrome, Safari, or Firefox. Remember that Venmo only operates in the United States, and thus you cannot use the service in another country.
Moreover, the platform is only compatible with U.S. bank accounts and phone numbers. You should ensure that the phone number can receive and send messages.
How does Venmo work?
Venmo allows users to send and request money from friends and relatives. The platform provides a social way to pay others their money when you want to avoid using cash. There are various ways you can pay with your Venmo account. They include the following.
- Splitting a lunch bill
- Paying your friend half of a taxi fare
- Sharing rent with your friend
You can also use Venmo to purchase goods at places that accept payments via the platform. The Venmo Mastercard Debit Card allows you to purchase goods and services anywhere in the U.S. where Mastercard is accepted.
You can also use Venmo as a payment method in partner apps or mobile websites. Furthermore, you can use the platform in-store with Q.R. codes to complete purchases.
How to add money to Venmo from debit card?
You can add money to your account using various means to transact with your account. The following are ways you can add money to your account.
i) Receive money from others
You can add money to Venmo instantly when you request your friend or relative to send you money. You have to have your contact details with the concerned platform, and then you are good to go. There are no fees involved when sending money to others.
Another way you can add money instantly to your account is by using your card. Some Venmo Debit Cardholders can instantly add funds to their Venmo balance. You only need to tap on “Manage Balance” at the top of your transactions feed to carry out the transfer.
Upon tapping “Instant,” you’ll see the funds added to your Venmo account immediately. You need to note that you will not notice the transaction in your bank account immediately as it can take you a few days for the transfer to reflect on your bank statement (usually 3-5 business days). You can only send a limit of $500 per week.
ii) Top up your account with your linked bank account
You can add funds to your Venmo balance in the app. To transfer money from your bank account to Venmo, you should follow the steps below to complete the process.
- Open the Venmo app
- Navigate to the “You” tab by selecting the single person
- Next, tap “Manage Balance” on your transactions feed.
- Enter the amount to transfer
- Tap “Next”
- Confirm the bank account to transfer money from
- Review the transfer details and estimated arrival date
- Tap “Add {amount to transfer} now”.
After that, you cannot cancel your transfer. Venmo transfers typically take 3-5 business days to appear on your Venmo balance. The transfer can be affected by several issues such as weekends or holidays. You can also add money from a debit card when you add it to your account.
iii) Direct deposit
You can add finances to your Venmo account through direct deposit. The process allows you to receive funds from your employer or government agency. You must, first of all, fill out a direct deposit form to be able to complete the process.
You can add finances to your Venmo account using Direct Deposit after completing the required identity verification and becoming eligible for Direct Deposit. As soon as you become eligible for Direct Deposit, you will be able to access the service in the “Settings” of the Venmo App. You can follow the steps below to complete the process.
- Open your Venmo app.
- Go to the “You” tab by tapping on the single person icon.
- Tap the Settings in the top right and choose “Direct Deposit.”
- Hit on Show Account Number to get your Venmo account details and the routing number.
- Copy both numbers use them when filling out your employer’s Direct Deposit form
In case you need to provide your bank’s name or address when filling out your Direct Deposit form, you can give them the name and address of Venmo’s partner bank, which is as follows.
- The Bancorp Bank
- 6100 S Old Village Pl
- Sioux Falls, SD 57108
iv) Check deposit
You can deposit a check in your Venmo account online by signing the back of the check, then taking pictures using your Venmo check capture feature. The platform processes the check, and the funds reflect on your account once the processing is complete.
How to add money to Venmo from a debit card?
I mentioned that you could add money to your account using a debit card. Therefore, you do not need to use your bank account as the debit card that links to your account can work. You can transfer money to your Venmo account from your debit card by first adding your card to Venmo in the following manner.
- Open the Venmo app to log in.
- Tap on the You tab.
- Tap Payment Methods from the settings menu
- Hit on Add a Bank or Card.
- Choose a Card.
- Add your card details and complete
Once the card reflects in your account, you can add money with your debit card.
How to send money on Venmo?
Venmo allows peer-to-peer money transfers whereby you can send other people within the U.S. Transfers are usually instant, or they may take a few minutes to reflect. Remember that you can send money to people both on Venmo and those not yet enrolled.
Those who have not opened a Venmo account should follow the link sent to their email or phone number to register for an account and claim their money. The following is the process you can use to send money on Venmo.
- Open your Venmo app on your mobile phone.
- Select the payment icon at the top right of your screen.
- Choose a recipient from your Venmo contacts list or add a new one. When adding them to your contact lists, you can use their phone number, email, or Venmo username. Alternatively, you can scan the Q.R. code of another Venmo user to add them to your contacts.
- Enter the amount you want to send.
- Add a memo with the payment.
- Confirm the details and tap the ‘Pay’ button.
- Confirm your payment.
How to transfer money from Venmo to a bank account
You can transfer money from Venmo to a bank when the need arises. Sometimes you may receive funds from your employer or government agency and require them to transfer them to your bank account. Not all the time, you will require to use money in your Venmo account. You can use the procedure below to carry out the process.
- Tap (☰) in the top left corner.
- Tap Transfer to Bank from the menu.
- Choose the amount to transfer.
- Select the Transfer button.
- Confirm Transfer to Bank button.
You can transfer money to Venmo in two main ways. We have the standard transfer and the instant transfer. The standard transfer takes 1-3 days to reflect in your account, while the instant transfer happens within 30 minutes.
The standard transfers are usually free, while the instant ones charge fees. But how much does Venmo charge for instant transfer? You have to part with a 1.5% of transaction amount fee (the minimum fee is $0.25 and the maximum is $15).
Bottom line
Venmo is a money transfer company and a product of PayPal. The platform only operates in the United States, and you must be living within the country to open and use the service. You can add finances to your Venmo account using your bank account, debit card, direct deposit, or receive from others. Venmo also issues a debit card that you can use for various transactions.
