how to send money from venmo balance

How to Send Money from Venmo Balance

April 9, 2022

Venmo is a money transfer service from PayPal. Almost everybody who uses online money transfer services has an account with PayPal or has heard about the platform. The platform only works in the United States of America, and thus you cannot make an international transaction. You can do several things with Venmo, including sending money. Later on, you will know how to send money from your Venmo balance.

Almost all money transfer applications allow you to move money to other account holders. Usually, such transfers are free since they are within the same platform. With Venmo, even businesses can accept payments from customers. You only need to give your customer your business details to send you the payments as a seller. Even the parent platform, PayPal, allows you to make payments to businesses.

It is essential to understand that Venmo is not a bank but a mobile wallet. That means you can operate your account on the go. Mobile wallets allow consumers to make payments on the go, thus reducing the need to carry cash and checks. Online mobile wallets are safe since they use passwords, PINs, or biometric input such as Touch ID or Face Unlock. Since only you understand those details, no one can access your account quickly.

How to open a Venmo account online?

You can open an account when you use the online platform or app. Before you open a Venmo account, you must have the following things.

  • Smartphone, tablet, or computer
  • Email address
  • Phone number
  • Bank account

The smartphone should be able to connect to the internet and accept messages. Your phone number should also be able to access the internet. Moreover, the bank account should be active since you will use it to add money to your Venmo account. Another thing you should note is that the mobile phone number and email address should not be on another account.

The bank is mainly to help you to recharge your account. It is possible to transfer money from a bank account to Venmo once you add your bank account to your Venmo account. Once you have all the requirements, you can open an account. The following is the process of opening a Venmo account.

  • Download Venmo app from iOS & Android. You are unlucky if you have a windows phone since Venmo does not have a Windows app.
  • Next, open the app.
  • Choose your most preferred sign-up method and develop a secure password (between 8 and 32 characters long).
  • Enter and verify your mobile phone number. Do the same with your email address.
  • Add then verify your bank account.

Remember that you can sign up via the Venmo website instead of using the application on a computer. However, the mobile app is better. During the account opening, you can allow the app to connect to Facebook and access your email, profile picture, friend list, and public profile. You will then be able to see friends with Venmo accounts.

Can you use Venmo without a bank account?

how to send money from venmo balance

The importance of using a bank is to top up your account. However, you can still use your account without a bank account since we have other methods of adding money to your account.

However, adding a bank account is encouraged as it is necessary for account verification. The bank should be in US bank since Venmo does not support banks from other countries.

How to send money from Venmo balance?

Venmo allows one to send money to other users. The platform came into existence to allow college students to share bills in places such as hotels, movie theaters, and so on and send money to others.

But how long does Venmo take to send money to someone? Transferring money to other Venmo users is instant unless there is a technical issue. By the way, most mobile wallets allow you to transfer money instantly to others. For example, if you send money from PayPal to other PayPal users, the funds reflect within minutes. The same applies to Cash App and others.

The following is the process you can use to send money to others.

  • Open the app on your device to log in
  • Hit the payment icon at the top right of your screen
  • Choose a recipient from your contacts list. You can add a recipient as well
  • Enter the amount you want to send
  • Choose a funding source such as a bank account, linked credit card, or using your Venmo balance
  • Hit Send

Now that you have seen how you can send money on Venmo balance, the question remains, how much money can you send on Venmo? When you sign up for Venmo, the person-to-person sending limit is only $299.99. However, once the bank confirms your identity, your weekly rolling limit rises to $4,999.99.

You can see the essence of verifying your account. And as I mentioned earlier, you can have your account verified if you add a bank account.

How to add money to Venmo

You require money in your account to use for your transactions, and there are various ways you can add funds to your account. They include the following.

i) Add from a bank account or debit card

When opening a Venmo, you have the option to add a bank account or debit card to your account. They are helpful to help you to fund your transactions.

ii) Receive from other users

Venmo allows you to receive money from others. You can also receive payments from clients and use your balance in various ways.

iii) Deposit checks

Venmo is among the various platforms that allow you to deposit checks online. Once processed, the funds reflect in your account. To deposit a check, you only need to navigate to the “You” tab by tapping on the single person icon and selecting “Manage Balance,” then Select “Cash a Check.”

iv) Direct deposits

Direct deposits are not just for banks. You can also receive the direct deposit on your Venmo app and get your payments two days earlier than it is with banks and credit unions. Direct deposits help you to eliminate the need for checks.

How to transfer funds from Venmo to a bank account

Apart from using your bank account to add money to your Venmo, you can also transfer money to a bank. The following is the procedure to send money to a bank account.

  • Open your Venmo App
  • Navigate to the “You” tab by tapping the single person icon
  • Tap the “Add or Transfer” tab under your profile photo
  • Enter the amount of money to move to your bank
  • Tap “Instant” for a fee or “1-3 Biz Days” for no fee, and select your preferred bank account or debit card
  • Confirm your transfer details, and tap the green “Transfer” button

The instant transfer allows the recipient to get funds within 30 minutes. But how much does Venmo charge for instant transfer? Well, it’s just a small fee that you have to part with. You pay a 1.5% fee (with a minimum of $0.25 and a maximum of $15).

Can I transfer funds from Venmo to a debit card?

When you transfer money instantly, you usually transfer it to a debit card that links to a bank account. Therefore, you can transfer money to a debit card of your choice.

Debit cards are payment tools that allow users to access money from their checking accounts and sometimes to savings accounts.

Does Venmo support Cash App?

You cannot use Venmo on Cash App, nor can you use Cash App on Venmo. The two platforms do not support each other. Therefore, you cannot transfer money from Venmo to Paypal. If you want funds in Venmo to reach PayPal, you need to use a bank account that connects to the two platforms, then move money from Venmo to the bank account then to PayPal.

What are the Venmo fees?

I have mentioned that you pay an instant transfer fee of 1.5% with a minimum of $0.25 and a maximum of $15. Another transaction that needs you to pay fees includes using a credit card to fund your transactions. You have to part with 3% of the total transaction cost.

However, when you use a debit or bank account, you pay no fees whatsoever. Therefore, financial advisors discourage the usage of credit cards to fund transactions.

Can I use Venmo with a Cash App?

Just like it is with PayPal, Venmo and Cash App are not compatible. If, for example, you want to transfer money from Venmo to Cash App, you will use a bank that links to the two platforms. You transfer funds from Venmo to the bank account, then add funds to your Cash App from the bank.

Bottom line

Venmo is a money transfer app that allows you to move money to other users online. It is a product of PayPal and only allows you to use it in the US. You can send funds to other Venmo users online via the app. Venmo allows you to add money to your account using a bank account, direct deposit, check deposit and receiving from others.

Posted by Spencer Tierney
Follow:
Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.