Venmo is an American mobile money transfer service. The company started its operations in 2009, roughly 13 years ago. It has been a product of PayPal since 2012, although it operates independently from PayPal. Venmo started to help friends and family to split bills for movie theaters, rent, dinner, event tickets, etc. Account holders can send money to others via a mobile phone app. You will learn how to cancel a Venmo payments later.
Sometimes you can make mistakes when sending money to others. You may send money to the wrong recipient only to realize it later. In such a scenario, you must see ways to recover your money. You may also send excess money to someone other than the intended amount. To get your funds back, you may need to cancel the transaction and send them their money afresh. However, the ability to cancel a Venmo transaction is conditional, as we shall see.
Before we continue, it is crucial to note that you can only use Venmo in the United States. That means both the sender and the recipient must live in the United States. Despite being localized in the US, the company has been doing very well in the financial sector. In 2021 it handled transactions amounting to $230 billion and generated around $850 million in revenue.
How to open an account with Venmo
Before using various services at the company, you should open an account with them. Usually, Venmo allows you to open an account online using a computer, smartphone, or even a tablet. As I mentioned, you must live in the United States to use the company’s services.
Opening a Venmo holding account costs you nothing. You don’t have to pay fees or account setup fees. That is contrary to most banks that require you to have a minimum opening deposit plus some monthly fees.
When opening your account, you require a few things, which include a phone number, email, and bank account. You must also create a login password to secure your Venmo account. Remember that you can open your account over the web or use a mobile app. The following are the steps to open your Venmo account using the mobile app.
- Download the Venmo application for iOS or Android (Venmo does not have an app for Windows phones).
- Next, open the Venmo app.
- Select your sign-up method.
- Create a secure password (password length should be between 8 and 20 characters. It should contain at least one symbol like !@#$%) or a number.
- Verify your mobile phone number and email.
- Add then verify your bank account.
When adding your phone number, ensure that it is a USA number. Also, it should be able to send and receive messages. The process should only take you a few minutes to complete.
How to add finances to your Venmo account
To carry out transactions on your account, you must add money to your Venmo account. There are various ways you can add money to Venmo. They include the following.
- Transfer from your linked bank account. There is no fee when you link a bank and use it to add finances to your Venmo account.
- Receive money from other Venmo users for free. Venmo does not charge you to send or receive money.
- Receive refunds from merchants. Again, it is free to receive refunds from merchants.
- Receive money through direct deposit at no fee.
- Deposit checks.
- Receive money in your business profile.
How to use Venmo
There are various ways you can use your Venmo account. They include the following.
- Buy goods and services. You can send funds from your account to a merchant’s account using their Venmo username.
- Send money to others.
- Withdrawing money to bank accounts.
- Buying and selling cryptocurrencies.
How to make a Venmo payment
You can send money to others from your Venmo account by following simple steps. These include the following.
- Tap on the Venmo app on your device.
- Hit on the payment icon at the top of your screen.
- Select the recipient from your Venmo contacts list. You can also add a recipient manually.
- Add the amount to pay.
- Include a note for the payment. You can even use emojis, Snapchat’s Bitmoji, or Holler stickers.
- Tap Pay.
- Confirm your payment.
The recipient should be able to receive their funds as soon as you send them. Remember that you can send funds to friends, relatives, or merchants using the above format.
How much can you send on Venmo
The amount you can send on Venmo varies with your account status. If you have not verified your identity, your weekly spending limit is $299.99. The limit includes person-to-person plus payments to authorized merchants.
You can send up to $60,000 weekly on the platform if you have verified your identity. However, Venmo may decline your transactions due to other reasons. Also, Venmo has additional limits on Venmo Mastercard, Debit Card transactions, whereby the maximum weekly spending limit is $6,999.99.
How to cancel a Venmo payment
It is impossible to cancel a payment sent to an existing Venmo account. Once you tap on Pay, the funds are available to the recipient immediately. To refund the funds, you must organize with the recipient to send you a payment for the same amount. Venmo cannot intervene since you are responsible for the transaction.
However, Venmo can reverse the transaction under the following conditions.
- If the recipient gives them explicit permission to reverse the transaction.
- The recipient’s account is in good standing.
- The recipient has enough funds in their account to facilitate the refund.
Venmo advises you to contact them immediately if you think you have been scammed. They might be able to hold the funds before the recipient uses them to facilitate a refund.
However, suppose you send money to someone’s phone number or email address not connected to any Venmo account. In that case, one can cancel the transaction and get their money back. The funds are not available to the recipient unless they create a Venmo account using the same phone number or email.
Bottom line
Venmo is an American mobile money transfer service. The company started its operations in 2009, roughly 13 years ago. It is a product of PayPal, although it operates independently from PayPal. You should open an account online using a smartphone or computer. You can use your Venmo account to buy goods and services, send money, receive money, buy cryptocurrency, etc. When you verify your account, your limit increases.
