Venmo is a money transfer company in the United States. You can do various transactions with Venmo, as we shall see later. One of the main ways you can use Venmo is to transfer money to a bank account instantly. Sometimes Venmo may have issues with instant transfers because of some technicalities with its systems. If your Venmo instant transfer not working there must be some issues with your account. We shall see the possible reasons later.
You need to know that Venmo is a product of PayPal even though it operates in the United States only. PayPal operates globally in that you can send and receive money from various countries. It is one of the best international money transfer companies globally, with millions of users worldwide. Amazingly, the platform supports various currencies, which makes it convenient.
Like PayPal, Venmo operates online, whereby you have to open your account online using a smartphone or tablet. A computer can also do the account opening. When opening your account, it is crucial to have a secure internet connection to ensure that your data is safe. Public Wi-Fi are examples of insecure internet that you should avoid when dealing with online financial transactions since hackers can steal your data easily.
Ways To Add Money To Venmo
Before you start using your Venmo account for transactions, you must add money to your Venmo account. There are various ways you can add money to your account. They include the following:
i) Receive money from others
Venmo is a peer-to-peer money transfer that allows users to send money to one another. You can request money from others online by logging in to your account and following the steps below.
- Find the “Pay or Request” button on the screen
- Add the person to request money from
- Enter the amount and a note
- After you are ready, you can tap “Request” and wait for the funds to arrive
Your friends may send you or not, depending on your agreements.
ii) Deposit A Check
If you have a check, you can deposit it using your Venmo app. You need to endorse your check, open your app and choose the check deposit feature. After that, you then take pictures of the check as per the guidelines and upload them for processing.
You should ensure that you update your app before undertaking the process. You can follow the steps below to deposit your check.
- Navigate to the “You” tab by choosing the single person.
- Tap the “Manage Balance.”
- Hit on “Cash a Check.”
To deposit a check in your Venmo account, you must first verify it. If not yet done so, the service will direct you to verify your account before proceeding with the deposit.
iii) Add money using your bank account
One can transfer money from a bank account to Venmo when the need for recharging arises. To use your bank account in the process, you must link it to Venmo. Earlier, I mentioned that you require a bank account when opening your account. To add finances from your bank account, you should follow the procedure below.
- Open your Venmo app.
- Navigate to the “You” tab by tapping the single person icon.
- Tap “Manage Balance” on your transactions feed.
- Enter the amount of money to transfer.
- Tap “Next” to proceed.
- Confirm the bank account to transfer money from.
- Review the transfer details and the estimated arrival date.
- Tap “Add now.”
After completing the above steps, funds will move from your bank to your Venmo account. Remember that once you complete the transfer, you cannot cancel it. The transfer typically takes 3-5 business days to appear on your Venmo balance.
Again, the money from the transfer does not appear in your account until the transfer is complete. Other factors can affect the transfer, such as weekends or holidays.
iv) Direct Deposit
Venmo also accepts direct deposits. Therefore, you can receive your salary from your employer right in your account. Also, you can set up a direct deposit to receive government benefits or tax refunds. One can set up a direct deposit in the following manner.
- Go to the “You” tab by tapping the single person icon
- Tap the “Settings” in the top right
- Tap “Direct Deposit”
- Tap “Show Account Number”
- Copy the routing and account numbers to use them to fill out the necessary direct deposit form.
Reasons Of Venmo Instant Transfer Not Working
Sometimes you may need to transfer finances instantly only to realize that the instant transfer is not going through. If the transfer is not working, there must be something wrong with your account. The following are the possible reasons why you find it challenging to transfer finances instantly.
- Having the wrong debit card and bank account.
- Not being within Venmo’s transfer limits.
- Have a different legal name on your card from the one on your Venmo account.
- Technical issues with servers of Venmo.
Looking at the issue whereby your card’s name differs from the one on Venmo, it is always advisable to use your card and not someone else’s. Furthermore, you should make sure that the order of your names is the same as that on your identity card. You can also solve the issue of transfer limits by verifying your Venmo account in the following manner.
- Open your Venmo app
- Navigate to the “You” tab by tapping the single person icon
- Hit on the ‘Settings’ in the top right
- Select “Identity Verification”
Once your account is verified, you will be able to
- Send more than $300 in one week (rolling 7-day period)
- Transfer more than $1000 to your bank in one week
- Act as a manager for a group account
- Get payments for goods & services via either a personal or business profile
You can only verify your account using the Venmo app. That is why I mentioned that the Venmo app is more convenient than the website. To have your account verified, Venmo requires various details. You will need to provide your legal name, date of birth, address, and Social Security Number (SSN) or Tax Identification Number. You may also need to provide more details when necessary. They include a US passport or driver’s license.
Bottom Line
Venmo is a money transfer service that operates in the United States. The platform allows you to manage your account online, whereby you can add money and transfer funds to a bank account, among others. You must be within the US to be able to open your account. Also, your phone number should be a US one able to receive text messages. You can move money from Venmo to a bank account using instant or standard methods.
