How to Add Money to Venmo Make

Belle Elida
Belle Elida 5/30/2023 8:54:18 AM

How
to Add Money to Venmo & Make Payments


Venmo is a popular payment app that
allows users to send and receive money through linked bank accounts, credit
cards, debit cards and their Venmo account balances. The company's peer-to-peer
payment app makes it incredibly easy to send and receive payments, whether it's
to friends or even to other businesses. Since your Venmo balance is tied to
your bank account, you rarely have to worry about your Venmo balance not having
any funds (though you'll still need to make sure your linked bank account has
money).

In this guide, we'll break down the
different ways to add money to your Venmo account,
and some tips on how to avoid transaction fees.

 

The
Requirements for Opening a Venmo Account

To sign up for a Venmo account, users
must:

·       
Be physically located in the United States.

·       
Be 18 years old or more.

·       
Have access to a cell phone that can receive/send text
messages.

You do not need to install the Venmo
app on your device to open an account, but it is recommended. Venmo can be used
on a desktop computer through a browser as well.

 

Ways
to Add Money to Your Venmo Account

There
are a few different ways to add
money to your Venmo account balance
.

Receive
Payment from Others

One of the easiest ways to fund your
Venmo account is to have someone send you some money. Whether you are taking
payment for services or just settling small debts among friends, transfers from
other users go directly into your Venmo account balance, which can then be used
for your next payment transaction.

 

Using
a Bank Account or Debit Card

You can use the Venmo app to transfer
funds from your checking account to your Venmo balance without fees.

 

Here's
how:

Add
your payment source

·       
Go to Settings.

·       
Choose Payment Methods.

·       
Choose the “Add bank or card.”

·       
Select the payment source, either through a bank or
credit card.

·       
Enter your bank account information to complete.

 

Initiate
the transfer

·       
First, check that you have funds in your checking
account to transfer.

·       
On the Venmo app, tap your profile, which should be
the "Me" tab.

·       
Select "Manage Balance."

·       
Choose "Add Money."

·       
Enter the amount you want to add, and choose the
payment source.

·       
Hit "Next" to continue and complete the
transaction.

Transactions with checking and debit
cards take about 3 to 5 business days.

 

Using
a Credit Card

If you want to add funds to your Venmo
balance
using a credit card, the process is the same as above. Just
enter your credit card info after tapping "Add bank or card".

Take note, however, adding funds with
a credit card will cost you. The fee for funding with a credit card is 3% of
each transaction, which can be a substantial amount if you're transferring a
large sum. Also, be aware your credit card company may charge a cash advance
fee.

 

Using
a Check

When adding
funds to your Venmo balance
using a check, you have two choices, but be
aware you may need to pay fees for this feature as this is one of the ways that
Venmo makes money.

 

·       
Cash check in minutes: You can receive the funds in
minutes and pay a 1% fee for government or payroll checks, and 5% for all other
checks. A minimum charge of $5 will be incurred per check.

·       
Wait 10 days: Or, you can avoid the fee by waiting 10
days for your check to clear.

 

To
deposit a check using the Venmo app:

·       
Go to the "Me" tab by tapping your photo or
initials.

·       
Select "Manage Balance."

·       
Choose "Cash a Check." You may be prompted
to verify your account details.

·       
Next, type in the check amount.

·       
Follow the prompts to upload a picture of the front
and back of the check. Make sure you have endorsed the check with your
signature before taking the photos. When done, hit "Next" to proceed.

·       
Choose how long you will wait to get your money and
submit.

·       
If you choose to pay a fee to access your funds right
away, the money should appear quickly, 15 minutes at the most.

·       
Once you receive confirmation the check has cleared,
write VOID on your check and file it away. You can now use your funds in your
Venmo balance.

 

Using
Direct Deposit

Another convenient way to add
money to Venmo
account is through direct deposit without incurring any
fees. Eligibility is determined at the sole discretion of Venmo.

To
add funds using direct deposit:

·       
Open the "Me" tab.

·       
In the top right select the "Settings" icon
and pick "Direct Deposit" from the menu.

·       
Choose "Show Account Number" to reveal your
Venmo account number and routing number.

·       
Provide your account number and routing number to your
employer to set up direct deposit.

The routing information can only be
used for incoming payments, so don't try to use it to set up bill pay or
anything like that.

 

How
to Avoid Transaction Fees with Venmo

Venmo provides many services without
fees, but there are some transactions that will incur a fee for the user. In
general, adding
money to your Venmo account
with the mobile app is free when you use a
checking account. If you are using Venmo for other features, double check the
fees first.

·       
If you want to avoid Venmo fees:

·       
Only send money between friends family

·       
Fund your account using a bank account

·       
Be willing to wait a couple days for your money

·       
Avoid depositing personal checks

Here
are some fees you should be aware of if you want to avoid them:

·       
Payments with a credit card: There is a 3% fee to make
Venmo payments with a credit card.

·       
Business transactions: When you get a payment for a
business account or a transaction is designated as payment for services or
goods, the fee is 1.9% plus an additional 10 cents.

·       
Depositing checks: Mobile check deposits using the app
charges a 5% fee ($5 minimum charge), except government and payroll checks have
a 1% fee. You can avoid the fee if you choose to wait 10 days to access the
cashed funds.

·       
Instant transfers: Instant
transfer of funds from your Venmo account to a bank account
charges a
1.75% fee. Otherwise, you will have to wait 1-3 days for your funds to clear
for free.

 

Does
Venmo Charge Overdraft Fees?

In general, no. If your Venmo account
has insufficient funds to complete a payment, you’ll get a message saying that
the transaction wasn’t completed. However, using a debit card linked to your
bank could lead to an overdraft fee if the bank honors the payment.

 

Can
You Send Venmo Payments Without a Balance?

To use Venmo, you don't need to add
money to your balance at all. All you need to do is add a payment source.

When you use Venmo to pay someone, it
will automatically take funds from the linked payment source if you do not have
money in your Venmo balance. Here are the steps you can take to send money or
make payments without adding funds to your balance first.

 

How
to Link a Bank or Card to Your Venmo Account:

Navigate to Settings

·       
From the Settings menu, select "Payment
Methods."

·       
Choose the “Add a bank or card” option and pick Bank.

 

Enter
and Verify Your Account Information

·       
Venmo uses Plaid to verify bank account balances and
other information. If you use a bank that’s eligible for instant verification,
you can log in using your online banking username and password or other
identifying information after you select your bank.

·       
You can also add your account manually by providing
your routing number and account number. Just choose manual verification instead
of an instant verification method.

 

Wait
for Verification if Needed

·       
Manual verification can take one to three business
days.

·       
Venmo sends two bank transfers worth less than $1 each
to your bank account, and it requests two withdrawals for matching amounts at
the same time.

·       
To avoid any overdraft or other bank fees, check your
balance. You need at least $2 in your account before you start manual
verification.

·       
When the transfers appear in your bank’s transaction
history, you can verify them by entering the amounts in the Venmo app.

Once you have a linked funding
source, you can start sending payments to other Venmo users.

Standard transfers from financial
institutions can take 3 to 5 business days, but you’ll pay a fee for instant
transfers. People could see standard transfers in their bank account
transaction histories before the funds reach Venmo.

 

Can
You Auto Reload Funds to Your Venmo Account?

Yes, you can turn on auto reloads if
you have a Venmo debit card. Venmo debit card purchases are funded first by
your Venmo balance, so you can avoid dipping into other funding sources by
keeping money in your Venmo balance.

To turn automatic reloads off or on:

·       
Go to the "Cards" tab.

·       
Select the Venmo Debit Card.

·       
Toggle the option to enable/disable automatic reloads.

If you turn on automatic reloads,
Venmo withdraws funds from your linked bank account in increments of $10 to
cover any purchases if you do not already have sufficient funds in your Venmo
account. However, reloads could lead to overdraft fees if you do not have the
funds in your bank account.

 

How
to Transfer Money from Paypal to Venmo

There’s no direct way to transfer
money between PayPal and Venmo, but there are a couple workarounds:

·       
Use PayPal to send money to your bank account. Then,
transfer those funds to your Venmo account.

·       
Link your PayPal debit card to your Venmo account.
Then, you can use the Venmo app to transfer
funds from the PayPal debit card to Venmo
.

 

Get
the Most Out of Venmo's Features







































































































































































































































Venmo makes sending and receiving
payments, making purchases, and managing your money seamless if you know how to
navigate its many features. If you are a frequent Venmo user, knowing the
different ways to add funds and how to avoid fees can make managing all of your
transactions easy and convenient.

Belle Elida
Written by

Belle Elida

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