Venmo is an online money transfer service from PayPal that allows you to send and receive money from friends and relatives. The service also allows users to split bills at restaurants and movie theaters. You have to add money to your account for you to make transactions. A bank account and debit cards are familiar sources you can use to add money to your account. Today you will know how to add money to Venmo with a prepaid card.
A prepaid card is a payment card that operates like a debit card. The only difference is that prepaid cards do not necessarily link to a bank account, while debit cards are linked to a checking account. A prepaid card requires you to recharge it at various recharge locations or link a bank that will help in funding your transactions. Some people usually prefer owning prepaid cards other than bank accounts, especially when they do not qualify for bank accounts. Prepaid cards do not have lots of restrictions when it comes to acquiring them.
Linking a prepaid card to Venmo will make sure that you will never run out of balance. The good thing is that Venmo accepts all prepaid cards as long as they are from American Express, MasterCard, Discover, or Visa. So if you have one and are planning to open a Venmo account, there is no need to open a bank account to add to your Venmo account. We shall see how to add a prepaid card to Venmo and eventually add money.
How do I open a Venmo account?
Opening a Venmo account is one of the most straightforward tasks you can carry out. You require an internet-enabled device such as your smartphone, computer, or tablet. After that, you can follow the process below to set up your Venmo account.
- Download the Venmo app for your smartphone. Venmo works on iOS and Android.
- Choose your preferred signup method. You can sign up with Facebook or email.
- Enter your phone number to verify your account. You will then get a 4-digit code on your phone.
- Enter the code in the required field to verify your account.
- After verification, Venmo will require you to add a photo. You can opt to use the current Facebook profile picture. It is essential to add a picture to help others recognize you when you request money from them.
- Next, Venmo will give you a username based on the details you have given.
- Once finished, click Done in the right-hand corner of your screen.
- Venmo will require you to sync your Facebook account with your Venmo account to help you see which of your friends use Venmo. You need to allow Venmo to access your profile information for the syncing to be complete.
- After that, you can allow Venmo to sync your contacts as well.
- Lastly, you can choose whether you want Venmo to send you notifications regarding your account.
How does Venmo work?
Venmo allows you to receive money from your friends and relatives. Once you receive the funds, your balance increases, you can decide to keep the balance on your Venmo account and maybe use it for other transaction purposes or transfer it to a bank account.
You can also send money to other Venmo account users. However, you cannot send money internationally with Venmo. Venmo, unlike the parent PayPal, does not support international transfers.
Another thing that you can do with Venmo is buy goods and services. You do not need Cash to purchase items from various stores as Venmo can sort that out.
Furthermore, Venmo allows you to split bills with your friends at restaurants and other places that require you to accompany your friends. Therefore, you do not need to struggle alone when it comes to paying bills and so on.
How to add money to Venmo
We have various ways you can increase your balance on Venmo. Without money in your Venmo account, you can only receive funds and no other type of transaction you can make. The following are ways to add money to your Venmo account.
i) Receive money from others
Venmo allows you to receive money from others if they have your phone number. That way, your balance will increase to substantial amounts. You can receive money from people in your contact as well as those not known to you. However, it is good to transact with people you know to avoid fraud.
Remember that only other Venmo users can send you money. There is no other mobile wallet that supports sending money to Venmo and vice versa. That means you cannot directly send money from Venmo to Cash App, to Skrill, Payoneer, and so on.
ii) Add from a bank account.
If you add a bank account to your Venmo account, then you will be able to add money to your Venmo account to use when the need arises. Also, you can use a debit card just the way you can use a bank account. You first need to add the bank account or debit card to your Venmo account in the following manner.
- Tap the”☰” icon or hit the single person icon for the newer apps with no”☰”
- Hit on “Settings”
- Select “Payment Methods”
- Hit on “Add a bank or card.”
- Select “Bank”
- Afterward, choose your preferred verification method
After adding a bank account to your Venmo account, you should proceed to verify your bank account. You might have entered the wrong account information, and transactions may bounce. You may lose your money in the process if you send money to the wrong bank account that may not return the funds.
There are two ways you can use it to verify your bank account. They include instant verification and the use of Micro transfers. You can also add money from Venmo to a bank account and use it for various kinds of transactions. With your bank account loaded, you can transfer money to someone else’s bank account, buy goods and services, or withdraw over the counter.
The instant verification requires you to add your bank account by logging in to your online bank account when adding it to Venmo. The Micro Transfers option requires you to have at least $2 in your bank account. Venmo sends small transfers of less than $1 each to your bank account to confirm whether you added the actual account.
When adding a bank account, you require the routing and account numbers of your bank account. The transfers will take 1-3 business days to complete and appear as separate items on your bank statement. Once you have added the bank account successfully, you can then add money to your account. The following is the procedure to add money to your account.
- Open your Venmo app to log in.
- Tap Manage Balance.
- Tap the “Add Money” tab.
- Enter the transfer amount.
- Confirm the transfer details.
iii) Direct deposit
You can also receive money in your Venmo account via direct deposit. If you are employed, you need to provide your employer with your Venmo routing and account numbers to deposit money in your account. You can also receive government benefits, tax returns, and so on in your account.
iv) Check deposit
You can add some money to your Venmo account via check deposit. You need to take pictures of the concerned checks and then upload them to your Venmo account. And you need to sign the back of your Check before taking photos and uploading.
v) Use a debit or prepaid card
You can add your debit card to your Venmo account the same way you can add your bank account. If you do not have sufficient money in your Venmo account, you can request funding from your card account. You can even send money from your Venmo account to the prepaid card. It is one of the ways on how to get money from Venmo without a bank account.
How to add money to Venmo with a prepaid card
As I have just mentioned above, you can add a prepaid card to your Venmo account just like you can add your debit or bank account. Once the card links to your account, you can then use it to add money to your account. The following is the procedure of adding a prepaid card to your Venmo account.
- Open the Venmo app.
- Tap the menu button.
- Hit “Settings,” which is the second option from the bottom.
- Tap “Payment Methods,” under “Preferences”
- Next, tap “Add bank or card.”
- Enter your prepaid card’s information manually or use your phone’s camera to take a picture of the card, and the app will auto-populate the information.
Does Venmo work with PayPal?
As I mentioned earlier, Venmo is a product of PayPal. But can you transfer money from Venmo to PayPal? The irony is that, despite Venmo being a product of PayPal, it does not directly transfer money to PayPal.
You can, however, use a bank that links to both accounts to transfer money. Once you move money from Venmo to the bank account, you can then add funds to PayPal from the bank account.
Venmo is a payment platform that allows you to send and receive money. It operates in the United States and does not allow international transfers. You can open a Venmo account online using a computer, smartphone, or tablet.
Venmo supports debit and prepaid cards, although you can also add a bank account to fund your transactions. You cannot send money from Venmo to PayPal and vice versa. Also, you cannot send money from Venmo to the Cash App.