A bank account is a special arrangement with a bank to deposit money for various kinds of transactions. You can also send funds to other bank accounts or mobile wallets such as PayPal, Venmo, Cash App, Skrill, and Payoneer, among others, using the account. In this discussion, I will discuss here the way to transfer money from a bank account to Venmo.
At times you need to move money to specific money platforms to use for particular transactions. The process may involve some fees depending on the transfer method used. Also, most of these digital wallets allow you to transfer money to a bank account. Therefore, a circle of transfers exists where funds can move from bank to digital wallet and from digital wallet to a bank.
When talking about transferring money from Venmo to a bank account, we refer to the electronic transfer whereby you have to log in online using a smartphone or a computer. Most digital wallets do not have brick-and-mortar offices where you can visit to carry out your transactions. That’s why you must have a compatible device. However, some digital wallets have debit cards that allow you to access your money at an ATM.
Details Of Venmo
Venmo is a digital payment platform owned by PayPal. Account-holders can transfer money to each other. Now that Venmo belongs to PayPal, can you transfer money from Venmo to PayPal. I suppose you are asking yourself the same question. Surprisingly, you cannot transfer money directly from Venmo to PayPal. You must use a bank account as a bridge to move money between the two mobile wallets.
The mobile app started its operations in 2009 and has its headquarters are in New York, USA. The company, unlike PayPal, does not support international transfers, and account holders must be US residents. Venmo supports both Android and iOS operating systems.
You can also open and manage our Venmo account on your desktop without many struggles. If using an Android smartphone, you can access the app from the Google Play Store. For iOS, you can access the app from the App Store.
Instructions To Open A Venmo Account
You can open a Venmo account easily within a few minutes, and you are done. You can sign up for either personal or a business account, depending on your needs. A business account will give you more transaction limits plus more features to favor your business than a personal account.
To get started, you should follow the instructions below:
- Download one of Venmo’s mobile apps: iOS & Android (there is no Venmo app for Windows)
- Open the Venmo app
- Select your sign-up method and create a password of between 8 and 32 characters.
- Next, verify your mobile phone number as well as the email address
- Add and verify your bank account
Venmo allows you to open an account online using a desktop. You can get started if you wish to use your Venmo account on your laptop or desktop. When adding a bank account, remember that Venmo is only compatible with US bank accounts.
About Venmo Services
Venmo operates in a simple manner to ensure that you will never get complications while navigating around. The app allows you to pay and request money from friends and relatives. In fact, Venmo provides a social way of sending and receiving money. With Venmo, you can:
- Split lunch bills
- Pay a friend half of a cab fare
- Send your roommate half of the rent
For your information, the above kinds of transactions were the core drivers to developing Venmo. Another way you can use Venmo is to pay for goods and services at authorized merchants and service providers. By the way, Venmo issues a debit card that you can use to pay for goods and services.
Also, you can use the Venmo Mastercard Debit Card to withdraw money at ATMs around the US. You can also move money from Venmo to a bank account when the need arises.
Another way you can use Venmo is to send money to others. The recipient does not need to have a Venmo account to receive the funds. You need the recipient’s active email address to send money. However, they should open an account as soon as they receive the money in their email account to access it.
Steps You Can Follow To Transfer Funds From A Bank Account To Venmo
You can transfer funds from your bank account to your Venmo account by following straightforward steps. However, you cannot transfer money to someone else’s bank account using your Venmo account. The company requires that you link a bank account belonging to none other than you.
The steps below are necessary when transferring money from a bank to your Venmo account.
1) Link the account of the target bank to your Venmo account
Begin by adding a US bank account if you had not added it during your account opening. To add a bank account, you should follow the steps below.
- Hit the “☰” icon at the top of the screen
- Hit on “Settings” and then select “Payment Methods.”
- Tap “Add a bank or card
- Select “Bank”
- Choose your preferred verification method.
You can either choose instant verification or a manual one. Instant verification of a bank account happens quickly, while manual verification can take an entire day.
When adding your bank account manually, you need the routing number as well as the account number of your bank. You can call your customer care or check on your online bank account to obtain the numbers.
2) Transfer funds from your account to your Venmo account
After adding your bank account, you can now transfer money from the bank account to your Venmo account. For a Venmo account with an already linked bank account, you should come directly to this step and proceed as follows.
- Log into your Venmo account
- Hit on settings and navigate to the “Manage balance” section
- Enter the amount to transfer
- Tap “Done”
- Confirm the bank account to transfer money from, and tap “Next”
- Review the information and approximated arrival date
- Tap “Add Money”
Is Your Bank Information Safe At Venmo
You should never worry about your banking information being with Venmo. The company is trustworthy, and the information is safe due to the high technology used to secure online data to prevent phishing and hacking.
You should always be careful with the apps you share your bank information with. But can someone withdraw money with my account number? It is difficult for someone to get money out of my bank account using the account number only. However, some fraudsters can withdraw money from a bank account when they have the routing and account numbers. They can order checks from my bank and cash out.
Is Venmo Allow To Transfer Money To A Debit Card
Yes, you can transfer money from your Venmo account to your debit card account. Venmo also accepts transfers to a credit card. The transfer process is the same as that for transferring money to a bank account. However, instead of your bank account, you should select a debit card.
When transferring money to a debit card, you have to link the card to your Venmo account as follows.
- Hit on the Settings (☰ ) icon at the top of the screen.
- Tap “Payment Methods”
- Tap “Add bank or card
- Tap add “Card.”
- Add your card information either manually or with your mobile phone’s camera.
Venmo is a payment service from PayPal. Even though the service belongs to PayPal, you cannot directly transfer money from PayPal to Venmo and vice versa. Venmo allows one to send and receive money from friends and relatives. You can also pay for goods and services online as well as transfer money to and from your bank account. Unfortunately, Venmo operates only in the US.