Venmo is one of the peer-peer money transfer platforms in the United States of America. The service only operates in the US, unlike other similar platforms such as PayPal and Payoneer, which allow you to send and receive funds from all over the world. For your information, Venmo is a product of PayPal. However, the two platforms do not support direct transfers. You will learn how to add money to Venmo instantly.
Most online platforms allow you to add money online with the help of banks, credit, or debit cards. When opening your account, you need to add a payment method to utilize it to fund your transactions when your balance is insufficient. It is important to note that it is not wise to use a credit card to fund your transactions as there are hefty fees charged in the process.
Since Venmo operates online, you should open an account online using a smartphone or computer. Online accounts are easy to open since you can do it anywhere when traveling, sitting, resting, and so on. That is contrary to the traditional way of opening accounts requiring you to travel to a particular branch, open an account, and then wait for several days for confirmation. Online account opening usually takes a few minutes for your account to begin running.
Ways To Add Money To Venmo
Now let me show you how one can add money to Venmo. We all know that you must have money in your Venmo account to carry out any transaction. There are various ways you can add money to your account. They include the following:
1) Receive money from others
The platform allows you to send and receive money from others. Therefore, if someone has your phone number or email address, they can send you money to your account. The following is the process of sending money from one account to the other. Have a look.
- Open your Venmo app.
- Tap on the “Pay or Request” button.
- Put in your friend’s username, phone number, or email. Alternatively, you can scan a QR code from the app if your friend is near you.
- Enter the amount to send.
- Review and complete the transaction.
Now the question is, how long does Venmo take to send money to someone? Sending and receiving funds on Venmo is instant. That makes the service very suitable for emergency fund transfer.
2) Add money from a bank
Another way you can add money to Venmo is by using your bank account. That is why you link a bank account to Venmo when opening your account. To add money from your bank account, you should follow the steps below.
- Open the Venmo app
- Navigate to the “You” tab by tapping the single person icon
- Tap “Manage Balance” at the top of your transactions feed.
- Enter the amount and tap “Next.”
- Confirm the bank account and review the transfer details
- Tap “Add now.”
Once you complete the process, there is no way you can cancel it. You can see that you do not need to have money in your Venmo account to send funds. Remember to add money to your account using your debit or credit card. Above all, remember that you can only transfer money from a bank account to Venmo if you have linked the bank account.
3) Direct deposit
You can receive money into your account via direct deposit. If you work in a company, parastatal, or organization, you can request your employer to send you money to your Venmo account.
You must fill in your Venmo details, such as account and routing numbers, and present them to the relevant personnel. Venmo direct deposit allows you to receive your payments two days earlier than the traditional banks. You can also receive government benefits via direct deposits.
4) Check deposit
Venmo is among the mobile money transfer companies that have made check deposits easier. You only need to endorse the check, then take photos and upload them to the system. After that, you can wait for the funds to reflect in your account.
Procedure To Add Money To Venmo Instantly
If you need money quickly in your account, you just need to request money from any of your friends or relatives. Remember that Venmo to Venmo to transfer is instant unless there are any technical hitches.
If someone is not on Venmo, they will need to claim the funds sent to them by following the link in their email account and opening their account online. Once the account is active, the funds will reflect in your account.
For someone to send you money in your account, you must request them by tapping the “Pay or Request” button in the Venmo app and proceeding as per the guidelines.
Can You Transfer Funds To Bank Account Using Venmo
You may need to transfer funds from your Venmo account to a bank account. You will not always need to use money in Venmo as some transactions must be carried out using a bank account.
You can transfer funds to a bank account either using the instant transfer to a debit card or the 1-3 BIZ Days method to a bank account. However, Venmo charges for instant transfers. You must part with a 1.5% transaction fee.
The following is the procedure to transfer money from Venmo to a bank.
- Open your Venmo app
- Navigate to the “You” tab by tapping the single person icon
- Tap the “Add or Transfer” button under your profile.
- Enter the amount to move to your bank or debit card
- Tap “Instant” or “1-3 Biz Days” and choose your bank or debit card
- Confirm the details
- Tap the green “Transfer” button
The instant transfer method is better if you transfer emergency funds to someone financially stuck somewhere. However, if the funds are not urgent, the 1-3 BIZ method will be suitable since it is free.
Remember that you can also transfer a Visa gift card to a bank account through Venmo if you use the card to source money. It is one of the indirect ways of moving money from gift cards to a bank account. You cannot transfer money directly from a gift card to a bank account.
Is It Possible To Cancel A Venmo Transaction
You cannot cancel payment to another active Venmo account. Once you tap the send button, the funds will reach the intended person immediately. You can only ask the recipient to send the money back to your account.
Similarly, you cannot cancel a bank to Venmo transfer. However, if you send money to a recipient, not on Venmo, you may cancel the transaction if they do not claim the funds.
Bottom Line
Venmo is a peer-peer money transfer service from Paypal. The platform only operates in the US and allows you to fund your transactions in various ways, including using a bank account, debit card, or credit card.
You can also use a gift card on Venmo as a source of money. One can open an account online using a smartphone, tablet, or computer. Venmo to Venmo transfers is instant.
