Content of the material
- Is Venmo Safe?
- Add a Debit or Credit Card to Fund Your Venmo Account
- How to update your bank account information
- What Are the Risks of Using Venmo?
- Quick Facts About Venmo Payments
- The Social Side of Venmo
- Who Can Use Venmo?
- Other Options to Fund Venmo Accounts
- Add Money to Venmo from Your Bank Account
- How to Add Money to Venmo
- Step 1: Go to Your Venmo Account and Add a Verified Bank Account
- Step 2: Select “Manage Balance” on the Venmo App
- Step 3: Tap “Add Money” to Your Venmo Balance
- Step 4: Enter the Transfer Information
- Step 5: Accept and Confirm the Transaction
- Step 6: Wait 3-5 business Days for the Money to Arrive
- How Long Does It Take To Send Money to Your Bank?
- Bottom Line
- How much money is it safe to keep on Venmo?
Is Venmo Safe?
Venmo works by linking your bank account and/or credit card accounts to your Venmo account. This is what allows you to send or receive money to and from friends, family, or anyone else who uses the app. The Venmo platform uses an application programming interface (API) to process transactions between people who are sending and receiving money.
According to the company’s website, Venmo uses encryption protocols to secure and protect personal and financial data for its users. At one point, the company described its security measures as being “bank-grade,” but that wording has since been removed from the website. Venmo says user information is stored on servers in secure locations.
Be aware of common Venmo scams, including someone using a stolen credit card or debit card to fund a payment, or someone fraudulently disputing a payment after you’ve sent them money.
So, at a glance, it would seem that Venmo is safe. But it’s not foolproof. If someone were to get their hands on your PIN or account login details—and you haven’t set up multifactor authentication—it’s possible that they could use the app to fraudulently transfer money out of your bank account.
Add a Debit or Credit Card to Fund Your Venmo Account
You can also add a debit or major credit card to your Venmo profile, allowing you to make purchases through the app that are paid by your card.
Select the Profile icon from the bottom menu.
Go to Settings and tap Payment Methods.
Choose Add bank or card… and then tap Card.
Enter your card information manually or with your phone camera.
Entering a credit or debit card doesn't require micro-transfers to verify the source, so it's the faster of the two options if you're in a hurry to make a Venmo purchase.
Users should know that credit cards are subject to a 3% fee in Venmo unless they're used at a Venmo-approved merchant.
How to update your bank account information
- Go to your card info:
- On iPhone: Open the Wallet app, tap your Apple Cash card, then tap the more button .
- On iPad: Open the Settings app, tap Wallet & Apple Pay, then tap your Apple Cash card.
- Tap Bank Account, then tap the bank account you want to update.
- To delete your banking information, tap Delete Bank Account Information. Tap again to confirm. After deleting, you can add your bank information again or add different information.
- To edit your bank information, tap next to your routing number or account number, add your information, then confirm the numbers and tap Next.6
After you update your information on one device, it automatically updates on all the devices where you’re signed in with your Apple ID.
What Are the Risks of Using Venmo?
Like other online applications, there is a chance that your Venmo account could be hacked and your balance emptied. Ways to avoid becoming a victim of theft include making sure that you don't share your account information and password, logging out of your account when you're not using it, and refraining from storing large amounts of money on Venmo's platform.
Quick Facts About Venmo Payments
Venmo is a handy app, but it has a slight learning curve to take advantage of its features fully. Here are some quick facts you may want to know about making payments with Venmo:
- Venmo can function as a banking app because it allows users to quickly transfer funds from their balance to a linked bank account.
- The sender and recipient of the funds will have to own separate Venmo accounts.
- You can use Venmo for online payments and have access to your bank account and cards.
- You can find your friends and family within the app by choosing to sync your Facebook account or phone book.
- You can use Venmo to split costs among friends when paying for meal bills, event tickets, and plane tickets.
- You only need the recipient’s name, email, and phone number to make a transfer.
- You can use Venmo’s social feed to learn about your circle’s purchases. There are also the options to like and comment on these purchases.
Related Reading: How to Add Money to Your Cash App Card – read here.
The Social Side of Venmo
Venmo has dominated the P2P payment market by making the transfer of funds a fun and interesting exercise. Users can jazz up the exchange by using emojis to describe the traded items in question. For example, if one friend fronts his pal the cost of a glass of wine, the friend can issue a Venmo payment, with the addition of a wine glass emoji as a playful gesture.
"This takes the awkwardness out of asking your friend to pay back their portion of the bar tab, marrying the social element and the financial element," explains Venmo spokesman Josh Criscoe.
Who Can Use Venmo?
Venmo has three main requirements for using the app. You must:
- Be located in the U.S.
- Have a U.S. cell phone that can send and receive text messages using short codes; in the U.S., short codes are five- or six-digit numbers for texting
- Be at least 18 years old (in most cases)
If you want to transfer money from your Venmo account to your bank account, you need to have a U.S. bank account or a debit card that can be used for instant transfers of money. If you don’t have access to a balance in a Venmo account, you must add a U.S. bank account, credit card or debit card to initiate payments.
If you have access to a Venmo account with a balance, you must add a U.S. bank account, credit card or debit card to initiate payments exceeding your Venmo balance.
Other Options to Fund Venmo Accounts
If the above options are not suitable for you, there are a few other ways to fund your Venmo account:
- Ask a friend: You can arrange to give someone cash in exchange for them using Venmo to send you money. This money will immediately reflect in your Venmo balance. Only use this method with people you trust completely. It is extremely easy to get scammed in this way.
- Venmo debit card reload: the reload feature of the Venmo debit card allows you to spend more than your Venmo balance by withdrawing the shortfall from your linked bank account.
- Cash a cheque service: This service is only available if you have a Venmo debit card or you have set up direct deposit. Follow the instructions to cash a cheque using Venmo:
- Select the You tab
- Select Manage Balance
- Selec Cash a Cheque
- You will be prompted to enter the amount, then take photos of the front and back of the cheque
- Choose how quickly you want to have access to your funds (faster costs more in fees)
- Wait while the request is processed. It could take up to 1.5 hours, but usually no more than a few minutes
- If your request is approved, you will be asked to write VOID on your cheque. Do not do this before you are asked to.
- You will be asked to take photos of the voided cheque
- You will be shown a summary page showing the details of your cheque cashing
- The funds will be available after 10 days or in a few minutes, depending on which option you chose.
Please note for most purposes, you do not need to add money to your Venmo balance to use Venmo. You can send money and pay using Venmo using linked payment methods, even when your Venmo balance is insufficient.
You can always check what payment method you are currently using by looking at the bottom of the screen where you enter payment details.
Add Money to Venmo from Your Bank Account
One solution for adding money to Venmo is to add it directly from a normal bank account to your Venmo balance. The instructions below outline how to add money to Venmo from your bank account.
Only holders of a Venmo-issued debit card from Mastercard can directly add funds from their bank account to their Venmo balance. That means you have to first apply for and receive a Venmo debit card:
- Open the Venmo app
- Go to the Cards tab
- Under Venmo Debit Card select the option to Get Started.
After you receive your Venmo debit card, you need to link your bank account to your Venmo account:
- Select the You tab
- From the Settings menu, choose Payment Methods
- Tap Add a Bank or Card
- Select Bank
- Choose your preferred verification method.
Once your bank account is verified, you can initiate the transfer from your bank account:
- Select the You tab
- At the top of the personal transactions feed, choose Add or Transfer
- Enter the amount you want to transfer, then tap Done
- Confirm which linked account you want to transfer from, then tap Next
- Double-check the details in the summary and the estimated arrival date
- If you are happy with everything, select Add Money.
Please note you cannot cancel a bank transfer to your Venmo account after you initiate it. After you select Add Money, the transaction can no longer be canceled or reversed.
After you transfer money from your bank account to your Venmo account, the funds should be added to your Venmo balance within 3 to 5 business days.
If you initiate the transaction on a weekend or public holiday, the process will only begin on the next business day.
If you are unable to get a Venmo debit card, you can explore some of the other methods of how to add money to Venmo outlined below.
How to Add Money to Venmo
Now that you know the basics about this matter, it’s time to answer the million-dollar question: how do I add money to Venmo?
Receiving money into your Venmo account so you can use it with your linked card it’s pretty straightforward, so let’s get to it.Read Also: You won’t be able to add money if your Venmo is frozen. If that’s the case, learn how to unfreeze Venmo account first.
Step 1: Go to Your Venmo Account and Add a Verified Bank Account
First things first – your account must be properly verified before starting to add money.
It’s impossible to manage your Venmo balance without a linked bank account.
So, log in to it, tap on the “menu” icon and follow the steps given by Venmo.
Note: In case you just want to make payments, Venmo allows you to add a debit or credit card just by taking a picture of it with your phone camera.
Either way, this won’t be useful to transfer funds from your bank account to your Venmo balance.
Step 2: Select “Manage Balance” on the Venmo App
Once you have a properly linked funding source, you can now transfer money to your account.
In order to do this, just select “Manage Balance.”
The “Manage Balance” option will allow you to transfer funds from your bank account in no time.
Step 3: Tap “Add Money” to Your Venmo Balance
In the following screen, just tap “Add Money.” Keep in mind that you are about to move your funds from your bank to your Venmo account, so it’s not the same as making payments with a credit card.
Step 4: Enter the Transfer Information
A screen will appear where you’ll need to add all the transfer information correctly.
Set the amount of money you want to send, put your contact information, and then review it all before proceeding.
Step 5: Accept and Confirm the Transaction
Once you finish reviewing all the bank details and transfer data, you can now proceed to accept the transaction.
This is the only way to add funds from a verified bank account directly to your balance.
Tap on “Done,” and you will be ready to go.
Step 6: Wait 3-5 business Days for the Money to Arrive
Venmo will show you the estimated arrival date from your bank to your profile. Now, all you need to do is to wait for a while!
Bottom line – Venmo is one of the best platforms to manage your money.
The possibility of having funds that you can later use with a debit card is just great!
And you know now how to do it.
For more informational posts like this one, check GrowFollowing whenever you can!
How Long Does It Take To Send Money to Your Bank?
The time it takes to shift money from your Venmo account to your bank account depends on the type of transfer you initiate.
A no-fee standard transfer from your Venmo account to a linked U.S. bank account typically takes one to three business days.
An instant transfer lets you send money from Venmo to an eligible U.S. bank account or Visa or Mastercard debit card, typically within 30 minutes. However, the instant transfer will cost you. There’s a 1.5% fee (with a minimum fee of 25 cents and a maximum fee of $15). An instant transfer can be done 24 hours a day, 365 days a year.
Venmo presents one of the easiest options to send and receive money for users within the United States. Backed by PayPal with encrypted data, Venmo can be a great way to pay a friend, or send someone money for a service rendered.
But before you start “Venmoing,” it’s important to understand how your data might inadvertently be shared, and what happens in the worst-case scenario. By understanding the limitations of Venmo, you can send and ask for cash with confidence.
How much money is it safe to keep on Venmo?
Venmo will allow you to keep a balance on the app, but it's often wiser to transfer your money to your bank account. Money in your Venmo account is not FDIC-insured unless you transferred it to your Venmo account via direct deposit, used remote check capture, or bought cryptocurrency.