Venmo is a peer-peer money transfer financial institution that operates from the US. The company is a product of PayPal, which is also a money transfer company. The purpose of creating Venmo was to offer payment solutions to students in restaurants, movie theaters, and other necessary places. Users can split payments together instead of letting one person pay for everything. The platform competes with other money transfer services such as Cash App, Google Pay, and Apple Pay. We will learn how to transfer money from Venmo to bank account shortly.
Online money transfers have changed the world significantly, if I were to say. Nowadays, you can send money instantly to others instead of using outdated ways such as checks, money orders, and hand delivery. And by the way, the hand delivery method was risky since the sender could easily claim to have lost money while, in reality, they had used it. Even though the method is still used today, you can only trust a very close friend. Still, that is not secure.
Venmo is a fantastic app to send money. However, it does not operate internationally. Therefore, you must be residing in the US for you to open an account to benefit from the service. Despite the disadvantage, that should not worry you anyway because we have the parent platform, PayPal, to send and receive money from over 200 destinations. Other services such as Google Pay, Payoneer, and Skrill also operate internationally and can be significantly beneficial if you have someone abroad to send money to.
Ways To Use Venmo
Once you have opened your Venmo account, the next thing you should know is how to use Venmo. It makes sense to learn about how Venmo operates before even opening your account. The following are ways you can use Venmo.
i) Buy goods and services
Numerous businesses accept Venmo payment for easy cash flow management. Paying with Venmo is easy as you only need to use the send money option just the way you can send another Venmo user money. They have to provide you with their phone numbers or email addresses for you to transfer money for free. There is no need to move with cash around if you have a Venmo account.
You can also use the Venmo Mastercard Debit Card to make payments at physical and online stores. The card operates like other payment cards in that you need to type your card number, the expiry date, and the CVV to authorize withdrawals from your account. You can also swipe at the register in a physical store to make your payments.
ii) Withdraw money
You can withdraw money from your account to your bank account by using a few steps. The bank account that you added is helpful when it comes to transferring money. Alternatively, you can move money to a debit card at a fee.
But how much does Venmo charge for instant transfers? Well, you can part with around 1.5% of the transfer. The money appears in the debit card account within 30 minutes. When you transfer to a bank account, the funds reflect in your account within 1-3 business days.
iii) Receive money
You can receive funds from friends and relatives by sharing your phone number or your email address with them. Remember I mentioned that the platform is a peer-peer service that allows you to share money with others.
iv) Send money
Just the way others send money is how you can send funds to them. You can quickly transfer money to others with a phone number or email. The question is, how long does Venmo take to send money to someone?
The truth is that you can transfer money instantly to other Venmo users using your smartphone or any other relevant device. The following is the process you should use to transfer money to others.
- Open the Venmo app to log in.
- Tap the payment icon in the top-right-hand corner. It looks like a pen and pad with a money symbol.
- Next, enter the username of the beneficiary. You can also check the list of friends by scrolling down.
- If you are sending them money for the first time, confirm that they are the proper recipients.
- Enter the amount to transfer. You can write a description of the payment.
- Select “Pay.”
- Choose the payment method. That can be a credit card, debit card, or bank account that’s links to your account.
- Lastly, confirm your details and tap “Pay,” and wait for a confirmation email. The transaction appears on your Venmo profile page.
Transfer Money From Venmo To A Bank – The Steps
Before transferring money to a bank account, you must add the bank account and verify it. You can also add a debit card. Venmo also accepts other payment cards such as prepaid cards, credit cards, and gift cards.
By the way, you can transfer your visa gift card to your bank account via Venmo. You can add a bank account using the steps below.
- Navigate to the “You” section by tapping the single person icon
- Hit on the Settings gear
- Tap “Payment Methods”
- Hit “Add a bank or card.
- Select “Bank”
- Select your verification method
When adding a bank account to your Venmo account, you need the routing and account numbers of the bank account to add. After adding your bank account, the next thing you have to do is verify it before transferring any funds.
You can also make small transfers to ensure that the transfer can go on successfully. Once you are sure that the transfers can happen successfully, you should transfer funds to the bank using the procedure below.
- Open your app and move to the “You” tab by tapping the single person icon.
- Select the “Add or Transfer” button.
- Enter or edit the amount to transfer to your bank
- Select “Instant” (for a small fee of 1.5%) or “1-3 Biz Days” (free).
- Select your bank account or debit card
- Confirm the transfer details
- Hit on the green “Transfer” button
Remember, you can use a card to fund your transfers if your balance is insufficient. As I said, you can use gift cards on Venmo. Therefore, the platform can serve as an indirect way to a transfer visa gift card to a bank account. Venmo accepts gift cards and other payment cards from American Express, Discover, and MasterCard.
Venmo is a peer-peer money transfer platform that allows you to move money from one Venmo user to the other. You can also transfer money to a linked bank account or debit card. The service is a product of PayPal but does not support direct transfers to PayPal.
You can open an account online using a smartphone, a tablet, or a computer and add a bank account or debit card. You can order a Venmo debit card to use for your transactions.