It is crucial to understand how long it takes to transfer money from one person to another using a specific money transfer service. That is why I would like to discuss the duration of sending money using Venmo. So how long does Venmo take to send money to someone? I suppose you are curious to know more about this, especially if you are new to Venmo. Just stick around to know more about money transfers using Venmo.
The duration taken to transfer money from one service to the other determines the rate of economic development of any nation. When funds take too long to reach the target recipients, it can be disadvantageous if the concerned person urgently needs the money. Contrary, if the money reaches the target recipient in good time, then they can purchase various goods and services in good time as expected.
Various factors determine the duration taken to move money from one subscriber to the other. The common determinant on when the money reaches the concerned person is the time you initiate the transfer. Venmo and other related services may not consider the sending time when sending money from one person to the other within the same platform. However, the transaction may take longer when you do it on the weekend than on a weekday when doing a bank transfer.
What is Venmo?
Venmo is an online payment service from PayPal. The service allows you to send and receive money online over a smartphone app or via the web. PayPal developed the payment service to help users split bills when they dine at restaurants and visit movie theatres, among other places requiring payment services.
Unfortunately, Venmo is only available in the US. It means that you cannot send money to international recipients. However, the parent financial platform, PayPal, allows you to send money to recipients in different parts of the world. If you have to send money in your Venmo account to an international recipient, the first option would be to move the money to your bank account and then carry out an ACH transfer.
Venmo requires you to add a bank account or debit card to help fund your transactions. However, you can use Venmo without a bank account if you rely on money from your friends and relatives. Again, it is essential to link a bank account to withdraw money to your bank when the need arises.
How do I get started with Venmo?
To use Venmo, you must first open a Venmo account online. You require a smartphone, a tablet, or a computer. If you live in the US, you can open a Venmo account if at least 18 years old and have the requirements. When using a smartphone, you can open a Venmo account as follows.
- Download the Venmo mobile app either for iOS or Android, depending on the phone you are using.
- Open your Venmo app.
- Choose your preferred sign-up method.
- Create a secure password (a good one should be between 8-32 characters long).
- Verify your mobile phone number and email address.
- Add your bank account.
If using a computer, you can visit the Venmo sign-up page to get started. When adding a bank account, remember to add your bank account and not anybody else’s account, or else Venmo will not verify your account.
How long does Venmo take to send money to someone?
Venmo supports Venmo to Venmo transfers, Venmo to bank account, or Venmo to a debit card. Venmo does not allow users to transfer money to other payment platforms. For example, you cannot directly transfer money from Venmo to Cash App unless you use your bank account to link the two apps.
The platform (Venmo) has various timelines for sending money depending on where you are transferring the funds to. When sending money to another Venmo recipient, then it is usually instant. If the transaction is delayed, it is not more than 30 minutes. The recipient’s account should be ready to receive money. That means that the account information should be valid to be able to receive money.
When sending money from Venmo to a bank account, you can either use the instant transfer or the standard one. Instant transfer of money ensures that funds are within the recipient’s account within 30 minutes of transfer. The transfer attracts some fees that Venmo calculates as the percentage of the total funds transferred.
The more you transfer, the more fee you pay up to a maximum of $10. You pay a 1% fee of the amount to send, with a minimum of $0.25. Instant transfers also allow you to move money to eligible Visa and Mastercard debit cards.
When using the standard transfer method, money arrives in the target bank account within three business days. If you transfer money over the weekend, the duration will be longer since institutions have fewer activities over the weekend. The transfer method is free irrespective of the amount of money you are transferring.
How much can you send on Venmo?
Another question which Venmo users may ask themselves is, how much money can you send on Venmo? Knowing the amount of money, you can transfer on Venmo is essential to plan your transfers effectively. As soon as you sign up on Venmo, your person-to-person sending limit is $299.99.
During this time, your account is unverified. Once Venmo verifies your account, your limit will increase to $4,999.99. Account verification requires that you provide the necessary information that proves your real identity.
You can verify your identity by logging in to your application and clicking the ☰ button at the top of the app, tapping “Settings,” and then “Identity Verification.” You need to note that, once you verify your identity, your combined spending limit will also increase to $6,999.99.
The limit includes person-to-person payments, online purchases, in-app purchases, purchases using your in-store QR code, and purchases with your Venmo Mastercard Debit Card.
How do I cancel a payment?
Sending money to Venmo is instant. That means that the funds are available in the recipient’s account as soon as you authorize the transfer. If you send funds to the wrong recipient or accidentally send money to someone, you must request the recipient to send the same amount of money to your account. Venmo cannot automatically reverse a transaction.
Moreover, the recipient account should be in good standing. Fortunately, Venmo can reverse a transaction if the recipient gives them authority to reverse the money. The money should be available in the recipient’s account for the reversal to succeed.
Again, if you send money to an inactive or unregistered recipient, you can reverse the money on your own. You can get the details of such transactions in the “Incomplete” section of your Venmo account. If you had used your bank account balance to fund the transaction, the money will not automatically appear in your bank account balance.
You will need to initiate a bank transfer using either the instant method or the standard one. Venmo allows users to transfer money from your bank account to your Venmo account or just allows you to automatically use money from your bank account to fund your transactions.
What are the Venmo fees?
Venmo does not have a lot of fees compared to some other applications. Opening a Venmo account is free of charge. Moreover, sending money to other Venmo recipients is free. Interestingly, Venmo does not have monthly fees. Therefore, you will save a lot of money. Moreover, when performing a bank transfer using the standard method, you will pay no fees.
As I mentioned earlier, instant Venmo transfers to a bank account attract a 1% fee of the amount to transfer, with a minimum of $0.25. The maximum fee you can pay to transfer money to a bank is $10. When using a credit card for funding your transaction, Venmo charges you a 3% fee.
Can you receive your salary in Venmo?
Venmo allows you to receive money via direct deposit. That means you can provide your employer with the necessary details to send your payments every pay period automatically. Again, the paychecks can reflect in your account two days before the payday.
To set up direct deposit on Venmo, follow the procedure below.
- Open your Venmo app, and tap the “☰” icon,
- Click on Settings then Direct Deposit
- Hit on Show Account Number (your Venmo account info and the routing number displayed on the screen).
- Copy the two sets of numbers and fill out your employer’s Direct Deposit form.
In case your employer demands the address of your employer, you can give them the following address.
The Bancorp Bank
6100 S Old Village Pl
Sioux Falls, SD 57108
Can you move funds from Venmo to PayPal?
You cannot directly transfer money from Venmo to PayPal. However, you can use your bank to help you move money to your PayPal account by linking the two payment platforms to the same bank account. You then move money from Venmo to your bank account, then to PayPal.
Bottom line
Venmo is an online payment service from PayPal that allows you to send and receive money from other Venmo users. The platform allows you to move money from your bank, debit, or credit account to fund your transactions.
You can open a Venmo account using a smartphone or computer. You cannot reverse a Venmo transaction but can only request the recipient to send you the money back. Transferring money to other Venmo users is instant.
