Home Finance How to Send and Receive Money Using Venmo?

[QUICK GUIDE] How to Send and Receive Money Using Venmo?[2024]

One of the most widely used person-to-person or person-to-business mobile payment platforms in the US is still Venmo.



Using an iPhone or Android-based smartphone, you may send money with simplicity. Additionally, a Venmo Debit Card is offered. This is the procedure.



The well-known app is easy to use, and once set up, you can use it to settle social debts between friends or even to pay for things like rent with other app users.




How to use Venmo?

How Do I Know if My Venmo Payment Went Through?

1. Both Android and iPhone devices can be used with Venmo. Install Venmo for iOS or Venmo for Android if you haven’t already, depending on the platform of your phone. 


2. After installing the app, configure your Venmo account by following the instructions in the app. 


3. You must link a payment method, such as a bank account, credit card, or debit card, to your Venmo account. In Venmo, select “Settings” by tapping the hamburger menu icon with three horizontal lines in the top right of the screen.


4. Select “Payment Methods” under Preferences in Settings. Read our post on creating a Venmo account for further information on how to link and verify your account so you can start using Venmo.




Keep in mind that you can send money from a bank account or debit card for free when adding accounts to Venmo, but Venmo will charge you 3% for payments from a connected credit card.




What is the purpose of Venmo? 

Image via Retirepedia

You can use the service to transfer funds to other Venmo users for nearly any purpose, such as covering your portion of the brunch tab or hiring a babysitter. 




By installing the Venmo app on their smartphone or creating an account on the Venmo website, anyone over 18 with a bank account, debit card, or credit card can open a Venmo account.



Once they link their bank information, any user can send or receive money from anyone in the US who has a Venmo account.




Additionally, Venmo is a payment option on several websites. When customers choose “Pay with PayPal” as their method of payment throughout the checkout process, the “pay using Venmo” button will also show up. 




Is Venmo suitable for everyone, though? And how can consumers ensure the security of their data when using Venmo to send or receive money from friends?



Here is all the information about “Venmoing” you need to know before creating an account.




How Do You Use Venmo? 

Users only need to tap the “Pay or Request” button in the Venmo app and enter their friend’s username, phone number, or email address in the top box to request or send money.



The friend can also scan a QR code from the app if they are nearby.



From there, they can send them money or ask them for money. The transaction is finished when you type a memo stating what was purchased. 




Venmo allows users to send money from their Venmo balance, a debit or credit card, or their bank account.



Users of Venmo can even ask for a direct deposit of all or part of their paychecks so that there is always money in their account.




A Venmo debit card can also be requested by users.



The card can be used to make purchases everywhere Mastercard is accepted as well as to withdraw funds from a user’s Venmo balance.



ATMs bearing the Mastercard, PULSE, or Cirrus brands allow withdrawals.



Users must pay a fee if they withdraw money from a machine that is not part of the MoneyPass network. 



The Venmo debit card has restrictions that affect how much cash you can access.



If you want to withdraw money from an ATM, the maximum amount you can take out is $400 per day, with a strict withdrawal limit of your Venmo account balance.




Additionally, the business just unveiled a credit card bearing the Venmo logo. It has a QR code stamped on it, so when someone scans it with their phone, your Venmo profile appears.



They can then use Venmo to send you money or make a payment request just like they would normally.



Additionally, it provides a “virtual card number” that can be used for online purchases for added security.



This number is different from the one stamped on the card.




When using Venmo, how long does it take to send and receive money?

Money sent to a recipient appears instantly in their account and can be used to make purchases via the Venmo app, Venmo debit card, or deposited to their linked bank account. 




Not all transfers, though, happen right away.



It may take one to three business days to finalize the transaction if you are using your credit card, debit card, or bank account to add money to your personal Venmo balance.



On the other hand, if you want to deposit money into your bank from your Venmo account, it may take one to three business days for the funds to appear.




How Much Does Venmo Cost? 

In most cases, Venmo transactions are free. However, users must be aware of the circumstances in which they might be charged for sending and accessing their money.




Sending money to other Venmo users using your bank account or Venmo balance is free. Venmo will tack on a 3% fee if you choose to send money using your credit card.



For instance, if you use the credit card associated with your account to give your friend $100, you will be charged $103.




Additional charges might apply. if you’re using the immediate transfer function to move money from your Venmo balance to your bank account.



Money sent instantly will typically reach your bank in less than 30 minutes, however, Venmo will impose a 1% fee, with a minimum of $0.25 and a maximum of $10.



The regular withdrawal is free to use, however it may take up to three business days for the funds to appear in your account.




Last but not least, if you use a Venmo debit card, you can also incur fees while using an out-of-network ATM.



Venmo will charge $2.50 for using an ATM outside the MoneyPass network and $3 for an over-the-counter cash withdrawal at a bank in addition to ATM costs.



By using a MoneyPass ATM, you can avoid these charges.



Paying Through Venmo

You can make payments using the Venmo app or Venmo debit card. The easiest way to do so is person-to-person.

  • Tap on the Venmo app on your mobile device.


  • Choose the payment icon at the top right.


  • Select a recipient from your list of Venmo contacts or add a recipient. You can add by Venmo username, phone, or email. You can also scan a Venmo user’s QR code.


  • Add the payment amount.


  • Include a note to the payment, including emoji, Snapchat’s Bitmoji, and Holler stickers.


  • Tap Pay. You’ll see your Venmo balance or default backup account. Choose the currently


  • select the account to make a change.


  • Confirm payment.



Paying Merchants 

Now that Venmo is a part of PayPal, there are more businesses than ever that accept Venmo payments. Venmo payments are not always accepted by businesses that also accept PayPal




Unfortunately, it’s not at all straightforward to locate a business that accepts these payments.



At the moment, Venmo is a payment option in a few specific merchant apps and for a few specific businesses on a mobile browser.



You must have the Venmo app installed on your smartphone and have chosen to make purchases in order to check out at these enabled merchants using Venmo.



You can then proceed to complete your order.

To opt-in:

  1. Tap on the Venmo app on your mobile device.
  2. Choose the hamburger icon at the top left of the app.
  3. Tap Settings.
  4. Choose Connect Browsers.
  5. Verify your NATIVE mobile browser. For iOS, this is Safari; for Android-based devices, this is Google Chrome.



What About the Venmo Debit Card?

The free Venmo Debit Card is an additional method of paying with your Venmo balance.



The card functions like any other debit card and you can apply for one directly through the Venmo app.



It also features a rewards program that lets you get paid for shopping at particular physical businesses. 




When you have a Venmo Debit Card, you can use the app to track your purchases, modify your PIN, or temporarily disable the card.



In order to pay any purchases that cost more than your Venmo balance, you can also Reload Automatically, which enables you to add money in $10 increments from your external account(s).



At ATMs that accept the card, you can also withdraw money from your balance.




How to make a payment using Venmo?

Tap “Pay or Request” in the bottom right corner of the screen after opening Venmo.



You can browse or search for the person you want to pay, enter the payment amount, then finish the transaction by adding any notes or emoji.



Read our post on sending money and adjusting privacy settings on Venmo for comprehensive information on how to make a payment.




Is Venmo an Option to Buy Crypto? 

Yes, Venmo joined a movement with other well-known applications including PayPal, Cash App, and Robinhood by integrating bitcoin into its app in the second half of 2021.



2021 saw a meteoric rise in the use of cryptocurrencies, with Bitcoin and Ethereum seeing enormous price rises.



Although it is now simpler than ever for more people to purchase cryptocurrency thanks to apps like Venmo, caution is still advised.



As a relatively new asset class, cryptocurrencies are incredibly volatile, with hourly price changes.



Experts advise avoiding purchasing cryptocurrency until setting up a reliable emergency fund, paying off high-interest debt, and limiting your cryptocurrency purchases to less than 5% of your overall portfolio.




Consider whether a cryptocurrency exchange is a better option than a payment tool like Venmo or Paypal if you do decide to invest in cryptocurrencies.



Compared to apps like Venmo and Paypal, mainstream cryptocurrency exchanges typically offer more features and functionality.



They also have higher trading volumes and security measures, which may make up for their added complexity.


How Long Does It Take for Venmo to Transfer Money to Another Person?

Money sent to a recipient appears instantly in their account and can be used to make purchases via the Venmo app, Venmo debit card, or deposited to their linked bank account.

Is it Safe to Give Someone Your Venmo Username?

Use the Venmo app only for transacting with people you know. And never send someone your personal or financial information by email or text, even if they claim to be from Venmo.

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Source: fifty7tech.com



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