Venmo is one of the best apps you can use to transfer money to friends and relatives in the USA. The ability to transfer money from one platform to the other makes the circulation of funds easy. Someone in New York can transfer money to Alabama within minutes using any electronic money transfer services. Today you will know how to transfer money from Venmo to a debit card.
You can also transfer money overseas using any of the transfer services. Even though Venmo does not allow the transfer of money to other countries of the world, services such as PayPal and Payoneer allow you to move money to different nations of the world within minutes. You can even pay for an item in another country. Millions of people also receive their payments via online platforms every month.
The first step to using Venmo is opening an account. We shall see how you can go about in the process of opening a Venmo account shortly. The importance of creating an account with any money transfer service is to prevent fraudulent activities and prevent terrorism plus other evil acts. Without identifying the real people using such services, people can start funding evil acts that make the world unsafe.
What is Venmo?
Venmo is a money transfer company that allows you to send money to friends and relatives. PayPal owns the service, and account holders can send money to each other via the Venmo app. To use Venmo, you must live within the US since the service does not allow international transfers.
Venmo began its operations in 2009. Its headquarters are in New York City. The company has grown to attain 52 million users as of 2020, whereby most users are under 34 years old. Only a tiny percentage above 35 years use Venmo.
When Venmo started its operations, the pioneers wanted to make it easy for students to split bills at restaurants, movie theatres, etc. Today, everyone can use Venmo to carry out their own business. It is essential to understand that Venmo is only accessible online via a mobile app or web.
How to open a Venmo account
- You can open a Venmo account online either using the Venmo app or the website. The following is the process of signing up on Venmo using the app.
- Download the Venmo mobile apps: iOS and Android (unfortunately, Venmo does not have a Windows app).
- Open the Venmo app.
- Select your sign-up method.
- Create a secure password (between 8-32 characters long).
- Next, verify your mobile phone number and email address.
- Lastly, add and verify your bank account.
When signing up on your computer over the web, you should follow the procedure below.
- Visit Venmo at Venmo signup website.
- Look at the Venmo fees. Questions like; how much money can you send on Venmo? How do you reverse a wrong transaction, among others, will have answers here?
- Hit Next.
- Choose to sign up with Facebook or enter your details in the field provided. These include your names, email, phone number, and password.
- Tick to agree on the Consent to Receive Electronic Disclosures.
- Click sign up.
When adding a bank account, remember to add a valid US bank since Venmo does not support banks of other countries.
How to move money from Venmo to a debit card
You can easily transfer money from Venmo to a valid debit card. However, the first thing is adding the card to your Venmo account in the following manner.
- Hit the “☰” icon at the top of your app.
- Tap “Payment Methods.”
- Tap “Add bank or card.
- Next, tap “Card.”
- Manually add your card information or with your phone’s camera.
Once you have completed adding your debit card account, you can then begin transferring money to your card. The following is the procedure you should use to move money from Venmo to a debit card.
- Log into your Venmo account.
- Tap “Transfer Money” or “Transfer Balance” (you can also tap “Manage Balance,” then “Transfer to Bank”).
- Tap the “$☰” icon.
- Enter the amount to transfer to your card.
- Select “Instant” (for a small fee) or “1-3 Biz Days” (no fee), and choose your debit card.
- Confirm your details.
- Tap the green “Transfer” button.
Funds will appear on your card depending on the transfer method chosen. Instant transfers enable money to reach your account typically within 30 minutes. The fee you pay amounts to 1.5% of the amount to transfer (with a minimum of $0.25 and a maximum of $15). The good thing with instant transfers is that you can make the transfer any day of the week.
However, instant transfers may be delayed if there are issues with your account, such as unverified bank and credit cards, suspicious activities in your account that may result in fraud, among others.
How to add money to my Venmo account
There are various ways you can add money to your Venmo account. These include the following.
1) Receive money
Receive money from your friends, relatives, or any other relevant senders. The method is quick and free.
2) Use your bank account to add money to your account.
You can transfer money from a bank account to Venmo. Before using your bank account to load money to your Venmo account, you must add it to your account, as I had shown you above when adding a debit card. You only choose a bank instead of a debit card. The following is the procedure to add money from a bank account.
- Navigate to “Manage balance.”
- Hit the “$☰.”
- Enter the amount to transfer.
- Tap “Done.”
- Confirm the bank account to transfer funds from
- Tap “Next.”
- Review the details and estimated arrival date.
- Tap “Add Money.” Note that once you do this, there is no way to cancel your transfer.
3) Use your debit or credit card
Venmo allows you to use your card to add money to your account when you add it to your Venmo account.
4) Add money using a check
Venmo allows you to add money to your account using a check. However, you have to part with some fees for the process to complete. For example, you pay a 1.00% fee (with a minimum of $5.00) when you deposit payroll or government checks having a pre-printed signature quickly using the Venmo app. You will not pay any fees if the check fails to add.
Moreover, you pay a 5.00% fee (with a minimum of $5.00) when you deposit non-payroll or non-government checks having a pre-printed signature quickly using the Venmo app. Interestingly, you will not pay any fees if the check fails to add.
How to transfer funds from Venmo to PayPal
Even though Venmo belongs to PayPal, you cannot directly transfer money from Venmo to PayPal. The two money transfer services operate independently. However, you can use indirect ways to transfer money from Venmo to PayPal.
The first option is linking a debit card to Venmo and then adding the card details to PayPal. You then transfer money from Venmo to the debit card, log into your PayPal account, navigate to the money transfer section, and choose the debit card as the source of money.
Alternatively, you can use the same bank account to act as the bridge to move money from Venmo to PayPal. Once you link the bank account to Venmo, you add the details to PayPal. You then transfer money from Venmo to the bank account, log into your PayPal account online, and hit add money from the bank account to your PayPal account.
How to send money using Venmo
You can transfer funds from your Venmo account to other Venmo users within a short time. You should follow the procedure below to get started.
- Log into your Venmo account.
- Find the “Pay or Request” button. The button may look like a pencil and a square.
- Add as many friends as possible to pay or charge
- Enter the amount.
- Write a note indicating why you are paying or requesting money.
- Tap “Request” or “Pay” depending on what you want to do. Your funds will reflect in the recipient’s account. When requesting a payment, your friends should receive the request and act appropriately.
Remember that you can only send money to Venmo users directly. As I mentioned earlier, you cannot send money from Venmo to platforms such as PayPal, Payoneer, or Skrill unless you use a bank or a debit card to help you in the process. Likewise, you cannot transfer money from Venmo to Cash App unless you use a bank account or debit card.
Can I cancel a Venmo transaction?
Once you send money to a Venmo recipient, the funds reflect immediately in their accounts. The only option is to send them a note requesting them to send the money back to you. If they do not refund, you can contact Venmo Customer Care and provide the necessary details to get your payment back. However, there is no guarantee of getting your money back.
Venmo is a money transfer platform owned by PayPal. It helps you to transfer and receive money from friends, relatives, and your customers if you are a business person. The service does not allow you to transfer money to PayPal directly. You can move money from Venmo to a bank account either instantly or within three business days. Venmo only operates in the US.