Venmo is an online payment service from PayPal that allows you to easily purchase goods and services and split checks without the need for a credit card. The app operates like a social app where you can send and request money in a conversational manner. Venmo also allows you to transfer funds to a bank account using instant or standard transfer methods. But how much does Venmo charge for instant transfer? You will know about that shortly.
Venmo operates online, and even when opening your account, you have to submit your details online. It makes it a very convenient platform where you can exchange funds with others. The money transfer service also allows you to use a mobile application to manage your funds conveniently. The app eliminates the need to send money via traditional methods such as checks and money orders.
Interestingly, Venmo supports both Android and iOS operating systems. That means you have a wide variety of devices to use with the service. You can even use Venmo on your computer. You should ensure that you use a secure internet connection to avoid being hacked, which may eventually make you lose your money. Venmo itself has various security layers that help to safeguard your account. However, your contribution on matters of security for your money still counts.
Entire Process To Open a Venmo Account
Opening a Venmo account online is straightforward. You must begin by gathering all the required documents, such as your identification document, a valid US phone number, an active email address, and proof of your physical address. You will also need to provide your Social Security Number later on.
The following is a step-by-step process to set up your Venmo account.
- Download the Venmo app on your smartphone – iOS or Android.
- Choose your sign up method. You can sign up with Facebook or email.
- Verify your Venmo account by entering your US phone number. You will get a 4-digit code.
- Enter the code into the specified space to verify your account.
- Once Venmo verifies the account, you will get a prompt to add a photo. It can be the current Facebook profile picture or one from your gallery. A picture helps others to identify you correctly when sending you money. Venmo will give you a username based on the details you have given.
- Next, click ‘Done’ in the right-hand corner of your screen.
- After that, you can allow Venmo to Sync with Facebook so that you can see all Facebook friends on Venmo.
- Next, Venmo will try to sync to your contacts, and you have to choose “Allow” to allow the syncing process. Syncing allows Venmo to access your contact details.
- Venmo also interacts with Siri, whereby you need to select your choice and operate the app by voice commands.
- Lastly, choose whether to receive notifications or not. By now, your account is ready to use for various kinds of transactions.
Transfer Funds From Venmo To A Bank Account – The Procedure
As I mentioned somewhere up, Venmo allows you to transfer money to your bank account. That way, you can access cash from your bank account or use the funds for other transaction activities.
To transfer money to a bank account, you must first link the bank account to Venmo then add it. The following is the process to add money to your bank account.
- Log into your Venmo account.
- Navigate to the “You” tab by hitting the ‘Single person’ icon.
- Tap the “Add or Transfer” button.
- Enter or edit the amount of money to transfer to your bank.
- Choose “Instant” or “1-3 Biz Days.”
- Select your appropriate bank or debit card.
- Confirm the transfer details, and hit the green “Transfer” button.
Amount That Venmo Charge For Instant Transfer
Up there, I mentioned that you can use the standard transfer or instant transfer of money. The instant transfer comes at a cost bearing in mind that the funds reach the recipient within a few minutes.
When you choose the instant transfer, you have to part with a 1.5% fee, a minimum charge of $0.25, and a maximum of $15.00. That means you have to keep the amounts in mind when making the transfers. The standard transfer of money does not cost anything. However, it completes between 1-3 days. Sometimes the transfers can be delayed due to review done by Venmo.
Different Ways To Use Venmo
There are various ways you can use Venmo. They include the following:
- Venmo allows you to pay bills. You can collaborate with your friends and share bills at restaurants and movie theatres, making life easy.
- Secondly, Venmo allows you to buy goods and services. Various merchants allow you to pay with Venmo online, making things easy as goods are delivered to your physical address. You can also utilize your Venmo debit card to pay for goods and services online or at physical stores.
- Send money to others. As I mentioned earlier, you can send money to others online using the recipient’s contact details.
Limits Of Venmo Transfer
Venmo has various transfer limits depending on the status of your account. If you have a verified Venmo account, you have a higher limit than when your account is not verified. But how much money can you send on Venmo? With a verified account, your bank transfer limit is $19,999 per week. The limit per transfer is $2,999.99. If you have an unverified account, your limit falls to $999.99.
Can You Transfer Funds From Venmo to PayPal
You cannot directly transfer money from Venmo to Paypal. Even though Venmo is a product of PayPal, the two platforms do not allow money transfers between each other. Maybe PayPal will enable money transfer between the two platforms later on. If you want to transfer funds from Venmo to PayPal, you must use a bank account that links with the two platforms.
You have to transfer money from Venmo to the bank account that also links to PayPal. Once the funds are in the bank account, you can then log into your PayPal account and add the money in your bank account to your PayPal balance.
Venmo is a money transfer platform that allows you to receive money from friends and relatives. You can also use the platform to pay for goods and services and transfer money to a bank account. You can open a Venmo account online as long as you have the correct details. Again, you can transfer money to a bank account using instant or standard transfer methods.