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You need to have funds available in your account in order to transfer money to someone else or make a payment. This is no different with Venmo.
In this article we’re going to cover the process of adding money to your Venmo Account, the different methods you can use and also how to add money to your Venmo Balance.
Once you’ve opened a Venmo account, you need to set up funding sources that will then be used to add money to it, so that you can, later on, send it to different people. You can do this by using a debit card, credit card or your bank account¹.
Additionally, your account can also be funded by receiving money from other Venmo users.
Venmo gives you the option to attach a bank account to your profile as a funding source. This means that you can make a payment with the money being drawn directly from your bank account.
To link your bank account you’ll need to follow the steps below:
Your account has to be verified before you can use it for Venmo-related transfers and there are two ways you can do this: manual or instant verification.
When you add your bank account manually, all you need to do is inform your account number and routing number. Make sure not to enter your check number as this can make transfers fail or get rejected by your bank.
In this manual process, Venmo will send small amounts of money, usually a dollar or less to confirm your ownership of the account. Make sure you have enough money in your bank account to avoid any overdraft or other applicable bank charges.
You can also have an instant verification if you enter your bank login information. If your bank qualifies for instant verification, you’ll be asked to enter the username and password you use for online banking and that will verify your credentials².
With Venmo, you can also make payments using your credit or debit card, but like with many other online services, you have to first set it up by providing some basic card information.
To get this done you’ll need to:
It’s advisable to have contact information for the support agents of the issuer of your card. This is because sometimes your card may be rejected during verification due to a recent zip code or address change.
Keep in mind that Venmo doesn’t allow you to update specific pieces of information related to a card you’ve added. For instance, if your card’s expiry date is adjusted, you’ll have to delete that card then register it afresh with the new information³.
Venmo also intends to roll out a feature that allows two users who share ownership of a debit card to jointly use it on the platform⁴.
If you have a Venmo debit card, you can add money from a verified bank account directly to your Venmo balance.
When adding money to your Venmo balance, these are the steps to follow:
Have in mind that, after step 4 the transfer can’t be cancelled.
Funds usually take 3-5 business days to get into your Venmo balance and this duration can be affected by weekends and public holidays⁵.
Venmo is a good option for making payments within the US, however, if you want to hold and spend your money internationally, the platform won’t support it.
If you want a cheap and quick way to transfer money around, check Wise! In just 4 steps you can send and spend like a local anywhere you go:
Moving money around using the internet is a convenience worth having, especially when you can add it in a few simple steps. Within the US Venmo can be a good service option. However, if you’re looking for a broader coverage, Wise might be a better fit for you.
Source:
Sources checked on 06.30.2021
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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