What bank is Venmo on Plaid? (And more)

If you’re a fan of apps like Venmo to send and receive payments here in the US, you may well have also come across Plaid as a smart and secure way to link your financial accounts with your favorite apps.

But do the two work together? Is Venmo on Plaid — and if so, what’s the Venmo bank name? This guide has you covered.

We’ll look at how Venmo and Plaid interact, as well as key questions like: is it safe to use Plaid on Venmo? And because Venmo isn’t an option if you’re sending a payment to someone overseas, we’ll also touch on how to use Wise to move your money internationally faster and for lower fees compared to using your bank

Learn more about Wise

What is Plaid?

We’ll dive right into Venmo and Plaid in just a moment. First up, let’s look at what Plaid is and what it does.

Plaid is an app which can help you securely link your bank or other financial accounts to apps you want to use — like Venmo, Acorns, Varo and YNAB.

In fact, Plaid works with 12,000 different financial institutions around the world, to help over 7,000 apps offer services safely to their customers.

In basic terms, Plaid acts as a middle man to let you link your bank details conveniently and safely to apps you want to use to send and receive payments, build a budget, invest or do business¹.

New to Plaid? Get your full guide to Plaid and how to make Plaid transfers here.

And if you’re not sure that you want to use Venmo for your transaction, you can also get our full guide to CashApp and Plaid — or read on for more about how a Wise Account can help you make fast, secure and low cost transfers overseas.

Is Venmo on Plaid?

On to Venmo and Plaid. Venmo and Plaid do work together in certain circumstances.

If you’re signing up for a Venmo account, you’ll be directed to Plaid to link your preferred bank or credit union account to fund payments.

You may also use Venmo to receive direct deposits. In this case you may be looking to link your Venmo deposit account via Plaid to another app. This may be possible, but you’ll need to take a couple of extra steps — and usually link your Venmo account manually rather than using the automatic linking features of Plaid. We’ll walk through your options later in more detail.

What bank is Venmo on Plaid?

If you have a direct deposit account with Venmo, it operates in conjunction with Venmo’s FDIC insured partner bank in order to keep your money safe and comply with financial legislation.

In most cases, Venmo works with Bancorp Bank to offer account services — here are the details you may need for Venmo’s partner bank²:

Name: The Bancorp Bank
Address: The Bancorp Bank, 6100 S Old Village Pl, Sioux Falls, SD 57108

If you’re looking to link your Venmo account to another app using Plaid you’ll also need your own account and routing numbers. We’ll look at where to find them in just a moment.

It’s worth noting, though, that at the time of writing, the Venmo direct deposit account and routing information can’t be used for outgoing payments. You also don’t have independent online login details for this deposit account, which means Plaid can’t be used to automatically link your Venmo direct deposit account to another app.

Instead you’ll need to try the Plaid manual process, and get in touch with the specific app if you run into difficulties.

How to find Venmo bank on Plaid: step by step

It’s not always possible to link a Venmo direct deposit account to another app with Plaid. You’ll need to try this process using the Venmo account and routing numbers you can find in your Venmo account. Not all apps are compatible, though, so be prepared to ask for more help from the specific app you’re trying to link if the process doesn’t work smoothly.

As a starting point, here’s how to get your Venmo account and routing information:

1. Log into your Venmo account
2. Go to the Me tab by tapping your picture or initials
3. Tap Settings then Direct Deposit
4. Tap Show Account Number

You’ll see your Venmo account and routing number on screen, and can use these to manually link to Plaid.

An international account, a local's experience: meet Wise

Venmo is a fast and easy way to send USD payments — and with Plaid it’s super convenient too. However, when it comes to sending money to someone overseas, Venmo isn’t able to help. Try Wise instead.

Open and manage a multi-currency Wise Account online or in the Wise app, to hold and exchange 50+ currencies with the mid-market exchange rate.

There’s no fee to open a personal account, no minimum balance and no ongoing charges — you’ll just need to pay a low, one time fee if you want a linked Wise international debit card for spending and withdrawals in 170+ countries.

Use your Wise account to send payments to 80+ countries, and get paid like a local with your own bank details for 30+ countries. And because Wise partners with Plaid, you can also use Wise and Plaid to link your USD account details to Venmo — or any of the other 7,000+ apps which Plaid supports, safely and securely.

Get started with Wise 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Is it safe to use Plaid on Venmo?

Plaid is safe to use. In fact, Plaid is so popular and trusted by so many individuals, businesses, app developers and financial institutions, precisely because it is so safe.

🔐Plaid uses a number of features to keep users safe³:
Data is encrypted in several ways Plaid needs you to use multi-factor authentication for security Plaid is monitored externally and internally for security issues and to identify and fix vulnerabilities Your information is held in the cloud, using secure infrastructure

Can you link your Venmo account without Plaid?

In most cases, when you use Venmo to make payments to others you’ll be asked to link a bank or other financial account to Venmo to fund the transfers.

Using Plaid makes this an easy process — you’ll just need to enter your bank’s online banking information for instant verification, and you’re good to go. But what if you can’t — or don’t want to — use Plaid to link a bank to your Venmo account?

Don’t panic. If you can’t use Plaid for any reason, you can still link an account to Venmo manually. Here’s how:

• Select Manual Verification instead of Instant Verification when prompted

• Enter your account and routing number, following the onscreen prompts

• Look out for 2 small micropayments (under 1 USD each) which will appear in your bank account in 1 - 3 business days

• When the money has arrived, log into Venmo and navigate back to the Verify Bank area

• You’ll be asked to enter the amounts of the payments to demonstrate you have access to the account they were deposited in

What can you do if you have issues using Venmo with Plaid?

If you’re struggling to link Venmo with Plaid, you can reach out to the Venmo support team for help⁴.

• Use the Venmo help center for troubleshooting ideas
• Open a support ticket online or in the Venmo app
• Use the support chat to get instant answers
• Call Venmo on (855) 812-4430 (8:00am-8:00pm CT, seven days a week)

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So there you have it — all you need to know about how Venmo works with Plaid, both to link an external bank account to Venmo, and to link your Venmo direct deposit account to other apps and services.

Use this guide to get you started, and if you get stuck, reach out to the specific app — or to Venmo — for more help.

Finally, if you’re sending or receiving money in foreign currencies — or if you love to shop internationally and travel — check out the Wise Account, which can be used with Plaid to integrate seamlessly into thousands of apps for easy spending and money management.

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Sources:

1. Plaid - Why is Plaid involved?
2. Venmo Direct Deposits
3. Plaid - How we handle data
4. Venmo support

Sources checked on 12.06.2022