Venmo is a money payment platform that allows peer-to-peer money transfers. The service is a product of PayPal and operates from America, whereby its headquarters are in New York City. Venmo started its operations in 2009 and became a PayPal property in 2012. The main aim why the pioneers of Venmo created it was to help friends and family to split bills for various activities such as movies, dinner, or rent, among other similar payments. The question is, can you send yourself money on Venmo?
We shall be checking whether you can send money to yourself using Venmo later. For your understanding, the platform operates online, whereby you should connect to a secure internet to get started. The account opening also happens online using various devices such as computers, smartphones, and tablets. Account-holders can send funds to each other via a mobile phone app or online.
You need to know that Venmo only operates in the US. Therefore, both the sender and receiver should be residents of the United States. Despite being localized to the US, the company has grown tremendously in recent years as far as account holders and transaction volumes are concerned. In 2020, the company handled $159 billion in transactions despite various challenges that hit the country, such as the Covid’19 that brought about economic stagnation.
How to open a Venmo account?
To start using the company’s services, you should first open an account online using any of the devices I mentioned above. You should first have all the necessary things before opening your account. They include the following.
- Phone number
- Email address
- Bank account
The bank account is crucial since it will help you fund your transactions when your balance is insufficient. You will also be able to transfer money to the linked bank account when the need arises. The phone number and email addresses are essential since people can use them to send you money.
They are also helpful for important communication from Venmo. Once you have gathered all the requirements, you can proceed to open your account. In most cases, opening an account using the Venmo mobile app is secure and convenient. You can carry out the process in the following manner.
- Download the mobile apps for iOS or Android. If you have a windows phone, know that Venmo does not have an app for the operating system.
- Open the app
- Choose your signup method
- Create a secure password (8-32 characters).
- Enter and verify your phone number and email address
- Add then verify your bank account
Once your account is ready, you can add money to Venmo instantly by requesting one of your friends or relatives to send you funds. We shall explore other ways you can use to load your account shortly.
How to verify your phone number and email on Venmo?
As you have seen in the steps to open a Venmo account, you should verify your phone number, email address, and bank account. Let us then see how you can verify each one of them.
After signing up, you will receive a verification code from Venmo on your phone via text message. That means you should have your number on a phone with a working messaging service. The code is a five-digit number, and you should enter it when prompted in the Venmo app to verify your phone number. Even when you open the website, you will still have to verify your phone number.
Sometimes you may complete the signup process without verifying your phone number. In such a case, you still need to verify your account. You should follow the steps below to have your account running.
- Open your Venmo App and navigate to the You tab
- Tap the Settings
- Under “Preferences,” select “Account.”
- Tap “Phone Number” and enter it again
To verify your email, you need to click on the link sent to your email, and your email address will be ready. You should do the process as soon as possible to secure your account and also receive important updates.
How to verify your bank account?
To directly transfer finances from your bank account, you should verify it. That helps you to avoid any complications. You should make sure that you enter the correct information as well. If you provide the wrong details for your bank account, bank transfers may not go through, or you may lose your money, and Venmo is not responsible for such cases.
You can verify your bank account using either of the two available ways. One involves directly signing in to your account with a username and password. That means you should have an online bank account for the purpose. That is called instant verification. If you cannot verify instantly, you can manually add the bank account and routing numbers.
You can also verify your account using micro transfers. Venmo transfers little amounts of less than $1 each to the account, of which you should enter the figures to confirm that your account is yours. You should have at least $2 in your account to avoid overdrafts and other fees. Once you verify your account successfully, you will be able to transfer money from Venmo to the bank account.
How to add funds to Venmo?
You can add finances to your Venmo account in various ways. They include the following.
- Through your bank account
You can add finances to your Venmo account from the bank account you add when opening your account. It is among the most convenient methods of adding money to your account.
- Receive money from others. As I mentioned earlier, you can receive money from others instantly to add funds to your account. You should provide the sender with your email or phone number to receive the funds.
- Direct deposit. You can set up a direct deposit to receive your payments right into your Venmo account from your employer or government agency. You, therefore, don’t have to use your bank account for the same.
- Check deposit. It is possible to deposit checks on Venmo. You should use the mobile check capture feature to carry out the process.
How to send money through Venmo?
One of the significant uses of Venmo is to send money to one another. Therefore, it is crucial to know how you can send money to your friends and family members when the need arises. You can use the following steps to send funds through Venmo.
- Open your app to log into your account
- Navigate to Pay or Request”
- Select or enter the recipient details
- Tap “Next” from the bottom of your screen
- Add the amount to send
- Create a payment note
- Tap the “Pay” or “Request” tab to complete the process
Remember that you can pay multiple recipients by long-pressing the first contact and selecting multiple recipients. You can also add them annually if they are not on your contact list. Remember that you can also request others to send money, and instead of tapping on the send button, you should tap the ‘Request’ tab, and you are good to go.
How can you send yourself money on Venmo?
It is possible to send yourself money on Venmo. I know you must be wondering how, but for sure, it is possible if you have two separate accounts. Venmo allows you to create multiple accounts using different email and phone numbers.
That means you can quickly transfer money from one account to the other. It is that simple. You only have to follow the above procedure, and you are good to go.
For your understanding, you do not need to have money in your balance to send money to others. As I mentioned earlier, one can transfer money from a bank account to Venmo to fund your transactions.
How to use Venmo?
There are various ways you can use your Venmo account. They include the following.
i) Pay bills
If you thought that banks and payment cards are the only ways to pay your bills, you are wrong since Venmo can also help you settle bills such as internet, electricity, and water.
ii) Receive payments
If you open a business account, you can receive payments from your customers. They can send you money the way they send it to other Venmo account holders.
iii) Send money to others.
If you have someone on Venmo who needs money, you can send them money instantly. Also, you can send money to someone who is not on Venmo. They have to follow the link sent to them to claim the money.
iv) Transfer to a bank account
Using the standard method, you can instantly move finances from your Venmo account to a bank account. When sending money using the standard method, the funds reach the bank within 1-3 days.
However, instant transfer ensures that funds reach the debit card associated with your bank within 30 minutes. The question is, how much can Venmo charge for instant transfer? The standard transfer is free, but you have to part with a 1.5% fee (the minimum fee is $0.25, and the maximum fee is $15).
Venmo is a money transfer service that operates online and allows peer-peer money transfers. The platform is a product of PayPal, although it only operates within the US. You should first create an account using a smartphone or computer to start using the services on the platform.
There are various kinds of transactions that you can do with Venmo, including bill payments, sending money to others, withdrawing to a bank account, and so on.