In this article, we'll make a comparison between Wise vs. TorFX. Which one is better for US customers? Which one is cheaper? Find out more here.
With all the new online services that pop up ever so often, we tend to find ourselves trying out a number of options. However, many don’t stick and we soon abandon them. This can easily happen for platforms like mobile payments and money transfer.
Even popular services like Venmo have drawbacks regarding coverage, payment limits and other areas so it’s not uncommon to find yourself ditching the service. We are going to lay out everything you need to do before you delete a Venmo account, the steps to take and how to remove payment information.
Firstly, you need to empty the account and move all the remaining amount elsewhere. You can return them to the original sender or move them to your bank account. This is because account cancellation doesn’t automatically send these funds to your bank account.
You’d have to contact Venmo for you to gain access to the money if you close the account without removing it. In order to do so, you have to follow the steps below:
- Select Transfer Money, or Transfer Balance at the top of your transactions feed. Alternatively, choose the Manage Balance option and hit Transfer to Bank.
- Enter the amount to be transferred
- Select the transfer mode; Instant or 1-3 business days
- Confirm the transfer details and tap Transfer
Secondly, it is important to resolve any incomplete transactions before closing your account. You’ll actually be sent a prompt to address those transactions once you attempt to delete your account.
To delete your account via a web browser:
- Go to the bottom of your profile section and select Cancel my Venmo Account
- Click Next
- Review the most recent statement presented to you
- Once you’ve finished reviewing it, click Close Account
- Check your email for a goodbye message from Venmo with your transaction history
At the moment, it’s not possible to cancel your account from the mobile app.
If you’re responsible for managing a deceased person’s account and you have their log in details, you can:
- Log in to their account from a computer and follow the same steps listed above
- In case you have their username but no password, you can use the Reset Password option and get into their email to reset it
- If you have their phone, you can access the account through the app and change the login details. You can then return to the computer and delete the account
If you can’t access their account, try contacting Venmo. You can call 855-812-4430 and explain the situation. Make sure you have identification and any other relevant documents that prove that you’re the person in charge of the deceased’s digital legacy.
If you’re closing your Venmo account you might be interested in a different platform to keep your money in.
Wise offers you an international way of moving your money around. Check out a few features:
- Quickly set up your account in just a few steps
- Send money online from all over the world
- See upfront how much you’ll be charged for each transaction
- Get a debit card linked to a Multi-currency Account which holds over 50 currencies
- Save on international payments by using the mid-market exchange rate
To remove bank details and registered cards you’ll need to follow the steps below on the app:
- Hit the menu button (the one with three horizontal lines in the top left corner of the app screen).
- Select Settings and continue to Payment Methods
- Choose the payment method you want to remove and click on Remove (below the account/card name).
- You’ll receive a confirmation prompt asking Remove Bank and you should proceed to tap the button once you’re sure
If you opt to do this process through a computer, you’ll have to:
- Click Edit Payment Method” below the list of payment methods
- Select the payment method you want to remove
- Tap on Remove, after that you can click on the final confirmation button
After removing the payment options, you’ll be able to proceed with deleting your Venmo account.
Once you’ve decided to delete your Venmo account, it’s not advisable to go straightaway to the cancellation option. Remember that if you close an account without unlinking a payment method, you may have trouble linking it to a new account if you decide to set up one.
You’ll also have to go through a lengthy process to remove any money that you left in the account. Additionally, it helps to go through your transactions to make sure that you don’t have funds that are still on the way to the recipient.
Aside from the ones tracked within your account, take a moment to remember whether you had instructed anyone to pay you through Venmo. If you’re still expecting any payments from a friend that are yet to be initiated or in the transfer window, it might be good to hold off on closing the account. All-in-all, make sure you don’t have any unfinished business.
|🔍 If you’re looking for a new place to keep your money after closing your Venmo account, don’t forget to check Wise.|
- Venmo - Close your Venmo account
- Venmo - Account settings
- Stilt - How to close a Venmo account
- Wikihow - Unlink a bank account on Venmo
Sources checked on 06.30.2021
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 Wise Payments 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.
Going abroad and in need of foreign currency? In this article, we'll explore where to exchange currency - from good deals to the places you should avoid.
In this article, we made a comparison between Western Union vs. Ria. Find out which has the better fees & check out an alternative option.
In this article, explore Sentbe: Its Features and Benefits. Discover how this service streamlines transactions & check out a great alternative option.
Should I exchange money before traveling to Europe? Gain insights in this article for making informed decisions about currency exchange before your trip.
Sendwave vs Wise: Comparing features, benefits, and more. Explore this article for insights on international money transfers.