How To Add Funds To Venmo
If you go to a flea market or buy an item from a small vendor, you may have noticed the payment options have changed. For some sellers who once relied on traditional cash payments, Venmo has become a business option to collect revenue. Venmo, owned by parent company PayPal, had almost 90 million accounts as of August 2022. Several studies conducted by the digital wallet service found that shoppers are 19% more likely to complete a purchase using Venmo than traditional payment methods, and Venmo users shop twice as much as the average shopper.
How to Add Money to Venmo
Only Venmo Debit Card holders can add money from their bank account to their Venmo balance. Venmo’s Mastercard Debit Card allows users to purchase directly from their Venmo balance. If you have a Venmo Debit Card, here’s how to add money to your Venmo balance:
In the Venmo app, navigate to the “Me” tab on the far right. Make sure you’re in the wallet section (not transactions) and select “Manage” on your Venmo balance. Enter the amount you’d like to transfer, then hit next. Confirm your bank account and transfer, then tap “Add now”.
How to Sign Up for the Venmo Debit Card
As aforementioned, you must sign up for the Venmo debit card before you can add money to your Venmo balance. Note that the Venmo debit card works just like a regular debit card from your bank. Your Venmo activity with this card doesn’t impact your credit score or get reported to credit bureaus. You won’t have to maintain a minimum balance or pay a monthly fee using this debit card, either.
To start the sign-up process, you must first verify your identity. For security purposes (such as preventing scams), Venmo only allows users who’ve verified their identity to be eligible for the Venmo debit card. If you haven’t done this, follow the below steps:
In the Venmo mobile app, tap on the “Me” tab. Select the gear symbol in the upper right-hand corner to access your settings. Select “Identity Verification” and follow the on-screen steps to complete.
Once Venmo has confirmed that your identity has been verified, follow the below steps to sign up for the Venmo debit card:
In the Venmo mobile app, tap on the “Cards” tab. Tap “Sign up for the Venmo Debit Card.” Tap “Get the Venmo Debit Card” and follow the on-screen instructions to verify any necessary information and set up your account.
How to Add Money to Venmo
Once you have a Venmo debit card, you can add money to your Venmo balance from a bank account or debit card that you’ve already linked through the app by following these steps:
In the Venmo mobile app, tap on the “Me” tab. Under the Wallet section, tap “Manage balance.” Select “Add Money.” Choose the linked account you’re drawing money from, type in the amount, and tap “Add.”
How long will it take for your funds to arrive? If you’ve selected a debit card as your funding source, the funds should show up in your Venmo balance instantly. If you’ve selected a bank account, however, the funds will take 3-5 business days to transfer.
How to Pay Someone with Your Venmo Balance
Regardless of whether or not you’re a Venmo debit card user, anyone can use their Venmo balance to pay others (or participating businesses) through the app. Here’s how:
In the Venmo mobile app, tap the “Pay/Request” button on the bottom of the screen. Select the user you’d like to pay or type in their handle. Type in the amount you’d like to pay, which must be equal to or less than the amount of your Venmo balance. Fill out the “What’s this for?” field, then tap “Pay.”
You should see that your Venmo balance is the default payment method for this transaction (and your other linked accounts are grayed out). Tap “Pay” to complete the payment.
FAQs
1. Can I add money to Venmo without a Venmo Debit Card?
As of now, only Venmo Debit Card holders can add money from their bank account to their Venmo balance. There are plans to expand this feature to non-cardholders in the future.
2. How long does it take for funds to arrive in my Venmo balance?
If you’ve selected a debit card as your funding source, the funds should show up in your Venmo balance instantly. If you’ve selected a bank account, however, the funds will take 3-5 business days to transfer.
3. Can I use my Venmo balance for contactless payments in stores?
Having a Venmo debit card allows you to pair your Venmo balance with a smartphone Wallet app like Apple Wallet to use for contactless payments in stores.
4. Can I split a payment between my Venmo balance and another linked account?
At this time, there is no way to split a payment between your Venmo balance and another linked account.
5. What if I want to pay someone an amount that exceeds my current Venmo balance?
If you want to pay someone an amount that exceeds your current Venmo balance, your other linked accounts will be the default payment method.
6. Is Venmo safe to use for transactions?
Venmo is generally safe, as it uses encryption to protect your account and financial information. You can also add a PIN code to the app for two-step authentication.