Venmo is a social payments service that allows millions of people to send and receive money with friends, relatives, and select approved businesses. You can link your bank account debit or credit card to use for your payments. You can also use your Venmo balance if you have one. Sometimes, I may need to withdraw money from my Venmo account to a bank account for other transactions. But how do I get money from Venmo to my bank account? We shall see how later on.
The possibility of transferring money from a mobile wallet such as Venmo to a bank account makes it easy to get cash. Also, if you run a business, you may need to transfer money received from your clients to your business checking account or savings account, depending on your preference. Furthermore, money in a bank account is safer than on a mobile wallet, although this does not mean that Venmo and other mobile wallets are that risky.
The most interesting thing with Venmo is that you can open and manage your account online using a smartphone or a computer. You can get an application from Google Play Store when using an Android smartphone and from the App Store when using an iOS device. Online accounts are convenient since you can access your money any time of the day so long as you have an internet connection.
How to open a Venmo account
Before opening a Venmo account, you need to have the following requirements.
- You must be at least 18 years old.
- You must be a resident of the United States.
- You must have a US phone number that can receive or send text messages from short-codes. You should ensure that the number has never been used to open another Venmo account since Venmo does not allow one number for more than one account.
- You must have an identification document with you.
- You can use a US bank account, credit, or debit card to fund your transactions or withdraw money from Venmo. Remember that the bank account should be yours since you cannot use someone else’s bank account. That means you cannot transfer money to someone else’s bank account using your Venmo account.
Once you have all the requirements, you can open your Venmo personal account online in the following manner.
- Download the Venmo mobile app: iOS & Android (there is no Venmo Windows app).
- Open your Venmo app.
- Select your preferred sign-up method. You can sign up with Facebook or follow the ordinary sign-up procedure with your email address.
- Create a strong password (between 8 and 32 characters long).
- Next, verify your phone number as well as your email address.
- After that, add and verify your bank account.
When using a computer, you can sign up for your personal account using the procedure below.
- Go to Venmo website using a web browser. You can use web browsers, such as Chrome, Safari, or Firefox to access Venmo.
- Select your preferred sign-up method.
You can choose to sign up with Facebook and link your Venmo profile to Facebook. By doing so, you make it easy to find Facebook friends who are also on Venmo. Another option is using your email address to create a Venmo account instead of signing up with Facebook. However, you are free to link your Venmo account with Facebook later on.
i) In the fields provided, enter your personal information
Whether signing up with Facebook or via email address, you must provide Venmo with your personal information to open your account. Fill out each blank space in the form as accurately as possible.
ii) Click on Complete Signup
Once you do so, Venmo will send you an SMS message with a unique security code. Also, a browser window will open, requiring you to verify your phone number. If you signed up with Facebook, a pop-up window will show up asking you to sign in to your Facebook account. You should follow the on-screen guidelines to sign in.
iii) Type security code
Type the security code sent as a text message from Venmo on your mobile device.
iv) Click Verify Code
Once you enter the code correctly, Venmo will validate your account successfully. Next, you will see a new window welcoming you to Venmo. In case you didn’t receive a code, you can click Resend code to try again. If you don’t get a code this time round, try a different phone number by clicking Change number.
v) Click on the web
Once you click on the web, you will land on the Venmo homepage. Here, you can add contacts and adjust your settings accordingly.
It is also vital to understand that you can use your new Venmo account details to sign in to the mobile app.
How to use Venmo
Once you open your Venmo account, you can carry out various kinds of transactions within the US. These include sending and receiving money. Remember that you cannot send money internationally with Venmo, and that is why I mentioned that you must be residing in the US to use Venmo.
When sending money, you need to have sufficient money in your Venmo account or use your bank, credit, or debit card account to fund your transactions. You can use Venmo to send money in the following manner.
- Open your Venmo app from your iPhone or Android phone.
- In the top-right-hand corner of your screen, hit on the payment icon (it looks like a pen and pad with a money symbol).
- Next, enter the username of the recipient in the textbox. You can also scroll down and find the list of your friends to choose who to send money to. Venmo will always ask you to confirm whether you are sending money to the right person if you send money to a recipient, you have never sent before.
- Enter the amount of money you want to send.
- Next, write a description of what the payment is for. Furthermore, you can control who can see the payment when you tap the icon near the bottom of the screen that reads “Friends,” “Public,” or “Private.”
- After filling out the payment amount as well as the memo, select “Pay.”
- Lastly, specify how you would like to pay. You can choose between paying with a bank account, credit, or debit card linked to your Venmo account.
- Once everything looks okay, tap “Pay.” The recipient should be able to receive the funds instantly. You will receive a note on your email address showing you the details of your transaction. Again, you will be able to see the transaction details on your profile.
If anybody is sending you money, they only need to use the above procedure. You can also use the request tab to ask your friend to send you money. Sending money from Venmo is one way on how to get money from Venmo without a bank account. Apart from moving and receiving money, one can transfer money from a Venmo account to a bank account.
How do I get money from Venmo to my bank account?
Getting money out of your Venmo account is easy. You must begin by linking your bank account to Venmo in the following manner if using a smartphone.
- Tap “☰” at the top of your screen
- Hit on “Settings”
- Tap “Payment Methods”
- Select “Add a bank”
- Choose your preferred verification method.
You can also add a bank account using your computer. Once Venmo adds your bank account successfully, you can then transfer money from your Venmo account to a bank account. The following is the procedure of transferring money from Venmo to a bank account.
- Open your Venmo app
- Tap on ”Transfer Money” or “Transfer Balance.” You can also tap “Manage Balance.”
- Next, hit on “Transfer to Bank.”
- Enter or edit the amount to transfer to your bank account.
- Tap “Instant” (for a small fee) or the “1-3 Biz Days” ( no fee).
- Choose your preferred bank account.
- Confirm the transfer details.
- Tap the green “Transfer” button.
The Instant transfer ensures that money reaches your bank account within 30 minutes, while it takes 1-3 business days for funds to reflect on your bank account.
Can you send money from Venmo to PayPal?
The question; can you transfer money from Venmo to PayPal is so familiar with Venmo users. People think that since Venmo is a product of PayPal, one can transfer money from Venmo to PayPal. Well, it is not possible to directly transfer money from Venmo to PayPal. Similarly, you cannot directly move money from PayPal to Venmo.
If you want to move money between the two platforms, you must use a bank account. You first need to link the bank account to Venmo and add the exact bank account details to PayPal. Afterward, you can transfer money from Venmo to your bank account using the above procedure. Next, log into your PayPal account and add the specified amount of money from the bank account.
How do you send money from Venmo to Cash App?
You cannot directly send money from Venmo to Cash App. You will need to use the same transfer criteria like it is with PayPal. These mobile money wallets do not support money transfers among themselves.
Bottom line
Venmo is a money transfer platform that allows you to send and receive money from friends and relatives. You can also make payments to select businesses. You must be a US resident to use Venmo. When transferring money from Venmo to a bank account, you can use the instant transfer method or the 1-3 BIZ method depending on your preferences. You cannot send money from Venmo to PayPal or Cash App.
Summary
You can move money from your Venmo account to your bank account by first linking the bank account to your Venmo account, then navigating to the transfer money section and following prompts.
