Venmo is a PayPal subsidiary that offers a peer-to-peer digital wallet. It allows users to receive and send money from their mobile phone. Launched in 2009, it has become one of most convenient ways to share expenses or pay for services and goods with family and friends. Venmo is unique in that it can be linked to your bank, debit, or credit cards, and has a social sharing function.
Venmo is a social money exchange app that allows users to attach notes and emojis. It is important to know how to use Venmo properly. This is especially true when it comes time to send money securely. If you are a new Venmo user, you may be wondering how do I send money with Venmo. Let’s begin and learn more about how to send money with Venmo.
How do I Send Money with Venmo?
It is easy to send money using Venmo. The process can be completed in a matter of minutes. Here are the steps on how to send money through Venmo:
- Venmo App Download: Download the Venmo App to your smartphone. The app is free for both iOS and Android. Create a Venmo Account using your Facebook or email account.
- Link Your Payment Methods: You will have to link your Venmo account to a payment method to send money. You can use a bank account, debit card or credit card. How to do it?
- Venmo’s “You” section is located at the bottom-right corner of the app.
- Click on the “Settings icon” (gear icon).
- Click “Payment methods” and then click “Add Bank or card”.
- You will be prompted to enter your payment method. You will be asked for details like your credit card or bank account number.
- Venmo allows you to fund transactions in multiple ways. You can use your linked bank account or debit card. Be aware that some credit cards may charge a fee.
- Find the person you want to pay: You will first need to choose the person to whom you wish to send money. You can search for the person by username, email, or phone number. If they are already using Venmo, you can also choose them from your contact list. Select the name of the person to whom you wish to send money once you have located them.
- Enter the Amount & Description: After this you will be asked to enter the amount you want to send. You can then add a description or note for the payment. Venmo lets you add fun emojis, or write a note. For example: “Lunch with Jane” or “Rent per month.” This can be a great way to keep track of payments and to give your transactions a social feel.
- Select the Payment Method: Venmo prompts you to select your preferred payment method after entering the amount. Select the preferred payment option if you have more than one linked.
- Confirmation and Money Transfer: Venmo shows you the summary of your transaction before finalizing it. This includes the recipient, amount, and payment method. Check that all details are correct. When you are ready, click “Pay” to send money. The recipient receives an immediate notification that the payment has been received.
- Track Your Payment: You can view your transactions in Venmo’s “Activity section” after you have sent money. You will find a list of all the payments you sent and received. You can view the status of a payment as well, such as pending or complete.
How to Transfer Money from Venmo to Bank?
Venmo allows you to transfer funds from your Venmo account to your linked bank account. Venmo lets you transfer money from your Venmo to linked bank account. Here is how to transfer money from Venmo to bank:
- Click on the “You” button in the Venmo App.
- Tap your balance in the upper right corner of the screen.
- Click “Transfer to bank”
- Select your linked account and enter how much you would like to transfer.
- You can choose between a standard transfer or an instant transfer. Standard transfers can take up to 1-3 days. Instant transfers have a small charge but are processed instantly.
How to Send Money via Venmo?
Venmo makes it easy to send money. However, there are some additional tips that you may find helpful when learning how Venmo works:
- Sending Money to Someone Who Is not on Venmo: If the person to whom you are sending money is not on Venmo yet, you can send them money. The recipient will receive a message asking them to register for Venmo to claim their payment. Be sure to verify the contact information of the recipient before you send any money.
- Sending Money for Goods and Services: If you are paying for goods or service. Venmo will cover you under its purchase protection policies.
How Do I Receive Money on Venmo?
Venmo allows you to receive money by simply providing your Venmo user name, email address, or phone number. You will be notified instantly and able to view the payment on your “Activity Feed” once the money is sent. Venmo will then show the money in your Venmo account, which you can use to make future payments or transfer it to your bank.
- Tap on “You” in the Venmo App.
- You will see your balance at the top. Here you can see any payments that have been received.
FAQ
How do I send money on Venmo without a bank account?
Venmo allows you to send money without linking your bank account. You can also use a credit or debit card. Credit card transactions can incur fees.
How do I send money to someone on Venmo who does not have an account?
The person to whom you are sending money will be notified that they must sign up for a Venmo Account to receive the funds. The recipient can receive the funds by signing up for Venmo.
How can I pay someone using Venmo?
Venmo allows you to pay anyone by following the above steps: select the recipient from your contacts list, enter the amount of the payment, add a message if desired, and then choose the payment method. To complete the transaction, tap “Pay”.
How long does money transfer from Venmo into a bank account take?
Venmo standard transfers usually take between 1-3 working days, while instant transfers can be processed instantly (for a fee).
Can I send money internationally using Venmo?
Venmo only currently supports payments in the United States. You may want to use PayPal or Western Union for international transfers.
How do I add funds to my Venmo account?
Venmo allows you to add money directly from your bank account. You can also receive funds from other people. Venmo does not allow direct deposit into your Venmo account.
