Venmo is a payment method similar to PayPal that allows you to request, send, and receive money on your Android or Apple device. The app lets you link a debit card, credit card, or a bank account and from there, you can send money to anyone in the US. Show
Sending money on Venmo is very simple, and this 7-step guide will show you exactly how to do it. If you're looking to send money overseas, give Wise a go. It takes just minutes to set up a free account, and you can save up to 6x compared to other providers. How to send money on Venmo? Step-by-stepTo make a payment with Venmo, follow these steps:
Can you use Venmo money to pay someone?Yes, this is built into the application. When you send money from Venmo, it pulls from the balance you’ve deposited into your Venmo account. If the Venmo account is empty or doesn’t have enough funds to cover the purchase, the app will pull the remaining amount from the debit card, credit card, or bank account you’ve linked to your Venmo account. How long does it take to send money on Venmo?Funds sent from Venmo should immediately appear in the recipient’s account. From there, the recipient can spend the money with the Venmo app or a Venmo debit card. They can also transfer the money from their Venmo account to a linked bank account. However, the transfer process between the app and a bank account or credit or debit card can take a little longer. Adding funds to your Venmo balance from these linked accounts or withdrawing funds from your Venmo account to a linked account can take anywhere from one to three business days to appear. Send money overseas with the world’s most international accountLooking for a way to quickly and securely send money overseas? Give Wise a try. You can download the Wise app in a minute and send money at rates up to 6x lower than other services. Plus, you have the freedom to hold money in over 50 currencies and avoid currency exchange markups by sending money at the mid-market rate. See how much you can save with a free Wise account: This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Venmo remains one of the most popular mobile payment systems in the United States. Here’s a look at how you can pay someone with the payment service. Venmo remains one of the most popular person-to-person or person-to-business mobile payment systems in the United States. With ease, you can send money using your iPhone or Android-based smartphone. There’s also a Venmo Debit Card available. Here’s how to do it. What Do You Need?Completing a payment transaction with Venmo requires having a balance in your account. Otherwise, it must be backed up by an external payment method, either a bank account or card. Venmo BalanceWhen another Venmo user pays you using the service, the money is kept in your account unless you transfer it to an outside source. You can use your Venmo balance to make payments to individuals or authorized merchants. External SourceTo add an external source in the Venmo app:
Next:
About Payment SelectionsVenmo balances that fully cover payments will be taken first. Otherwise, your backup source is used. For example, if you attempt to make a payment for $100 and you have a $150 Venmo cash balance, $100 of that balance will be made to make your purchase leaving you with a balance of $50. If, however, you have only an $80 Venmo balance, your $100 payment will come entirely from the backup source. Note: You can set different default payment methods for purchases and payments to friends. You’ll be prompted to set up these payment methods when you make a purchase for the first time. You can choose a default payment source in the Venmo app:
Paying Through VenmoYou can make payments using the Venmo app or Venmo debit card. The easiest way to do so is person-to-person.
Paying MerchantsVenmo is now part of PayPal, which means more merchants than ever before that support Venmo payments. Merchants that accept PayPal don’t necessarily also accept Venmo payments, however. Unfortunately, finding a merchant that accepts these payments isn’t nearly as simple as it should be. Currently, Venmo is available as a payment option in select merchant apps and for select merchants on a mobile browser. To check out at these supported merchants using Venmo, you will need to have the Venmo app installed on your mobile phone and will need to opt-in to make purchases. From there, you can make your purchase. To opt-in:
To Make a Merchant PurchaseThrough your native mobile browser, you’ll see a PayPal button or Venmo button.
In apps:
You can find a current listing of companies that support Venmo as payment through the Venmo website. What About the Venmo Debit Card?Another way to make payments using your Venmo balance is through the free Venmo Debit Card. You can apply to receive a card directly through the Venmo app; the card works like any other debit card. It also includes a rewards system, which allows you to earn money on purchases at specific brick and mortar stores. Once you have the Venmo Debit Card, you can track purchases in the app, change your PIN, or temporarily disable the card. You can also Reload Automatically, which allows you to add money in $10 increments from your external account(s) to cover any purchase amount that exceeds your Venmo balance. With the card, you can also withdraw cash from your balance at supported ATMs. About FeesIn most cases, Venmo doesn’t charge a fee for basic service. As it explains:
There’s no ATM withdrawal fee using the debit card in-network. However, Venmo does charge $2.50 when using an out-of-network ATM. Other fees:
Worth ConsideringYou can find more information about Venmo through the official website or app. You can also check out our report on how to use Venmo. Can I send Venmo balance to another user?It's free to send money to other Venmo users using your Venmo balance or your bank account. However, if you decide to send money using your credit card, Venmo will charge you a 3% fee. For example, if you are sending your friend $100 using the credit card linked to your account, you will be charged $103.
How do I transfer my Venmo balance?If you're on the Venmo app, go to the “Me” tab , then tap the “Add or Transfer” button under your profile picture. Then, follow these steps to initiate your transfer: Enter or edit the amount you would like to transfer to your bank.
Why can't I use my Venmo balance to Pay people?Always check if you can use Venmo balance by going to the 'You' tab, then 'Settings' before reaching 'Payment Methods. ' If you see Venmo Balance at the top of the screen, that means you have access to the feature. Otherwise, you must verify your Venmo account first.
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