Venmo is an extremely popular digital wallet from PayPal. Venmo happens to be one of the most reliable and widely used payment options for daily transactions. As a matter of fact, there are over 80 million users which surpasses several big banks in terms of ranking for the customer base.
You can use Venmo balance for peer-to-peer transactions, merchant payments, and transfer money across different mediums. We will illustrate how to pay with Venmo Balance and let you know everything you need to know about Venmo.
Can You Transfer Venmo Balance To Someone Else?
Yes, you can easily transfer your Venmo balance to another person. However, Venmo’s acceptance varies by merchant, so it’s always a good idea to check if a business accepts Venmo before attempting payment. Venmo is primarily a peer-to-peer payment platform. This means it’s designed for sending and receiving money between individuals, making it ideal for splitting bills, sending gifts, or requesting payments.
How To Pay Using Venmo Balance To Someone Else?
First of all, you need to download and install the Venmo app on your phone to pay using Venmo balance instead of using card. Thereafter, you need to create an account with all your personal details and verify your account. Now, you need to link your Venmo account with your bank account or your credit card. The choice is up to you and whichever you are comfortable, you can go ahead.
Here are steps to follow while sending Venmo balance to someone instead of using card:
- Move money from your linked bank or card to your Venmo balance for spending.
- Select the Pay/Request option which is usually found at the bottom of the screen.
- Search for the person or business you want to pay.
- Enter the amount you want to send.
- Review the details and tap “Pay”.
Most importantly, you can transfer money from your Venmo account to any other Venmo account holder. It is very similar to PayPal. Paying via Venmo balance is easy and similar to any digital wallet as well as any debit card you might have used sometime.
How Does Venmo Work?
In order to use Venmo balance properly, you need to understand how Venmo works. The app should be installed on your phone. You should link your bank account and get the funds for Venmo for monetary transactions. You can exchange your Venmo wallet balance with another Venmo user.
However, Venmo is not a bank and hence, it comes with certain limitations. Certain limitations are imposed for transferring funds from Venmo to any bank and people outside Venmo universe.
In order to pay through the Venmo app, you have to tap on the payment button. You can instantly send the required fund from Venmo balance. If you want funds from another Venmo user, you can tap on the Request button. You can also send funds using the recipient’s email address, phone number as well as username.
There are two options you have to send a payment. If you choose the free mode, the transfer of funds can take one to three days. If you agree to pay the Venmo fee, you can send the Venmo fund from Venmo wallet instantly. We will discuss Venom fees charged during transactions in the next section.
How To Transfer Money From Venmo To Bank Account?
Sending money from Venmo to your bank account is straightforward. You can initiate a transfer within the app, choosing between a standard transfer (free, 1-3 business days) or an instant transfer (fee applies). Here are the steps:
- Access your Venmo account.
- Locate the “Transfer” or “Balance” option.
- Select “Transfer to Bank.”
- Choose the bank account you want to transfer funds to.
- Choose “Standard” for free transfer (1-3 business days) or “Instant” for faster transfer (fee applies).
- Enter the amount you wish to send and confirm.
How Much Does Venmo Charge?
It is important for Venmo users to know the fees charged by Venmo before starting to use the app regularly. First of all, opening a Venmo account is completely free. There is no one-time fee or no subscription fee.
If you want to transfer your Venmo fund to the recipient instantly, you have to pay a fee of 1.75% of the total amount. However, It is free if you send Venmo balance to someone else when you opt to get credited to the recipient’s account in one to three days’ time.
If you pay using your credit card, Venmo charges a 3% fee of the total amount. If you request a cash advance, the charge can vary from 5% to 10% of the amount.
How Safe Is Venmo App?
Venmo app is a product of PayPal. PayPal happens to be one of the most secured payment platforms in the world. Naturally, PayPal’s in-house product should have the same security and safety features as PayPal itself.
Venmo undoubtedly has the best security features and the company constantly monitors in order to detect frauds and hackers and take action promptly. Therefore, if you are planning to use the app for monetary transactions, you can blindly rely on the app.
What To Do When Venmo Payment Declined?
There are times when you may encounter a “payment declined” message. There are many reasons behind this message to appear. You should understand the reasons instead of getting frustrated or start panicking.
You may see the message when your account gets temporarily frozen. Therefore, when you see the message on the app, you should check your email to see if you got any intimation. In fact, when a transaction fails, you will get an email explaining why the transaction failed and what you can do to fix it.
Your transaction can also fail when you cross your daily payment limit. Generally, Venmo applies a weekly limit on your transaction until your identity is verified. However, you can make 30 transactions per day.
Moreover, when you do not have sufficient balance in your Venmo wallet or bank account or credit card, your payment will be declined. Therefore, make sure that you have entered the correct amount and you have enough balance to make the transaction.
Also Read: How To Cancel a Venmo Payment
Where Can I Use My Venmo Balance?
You can spend the Venmo balance in different ways:
- Peer-to-Peer Payments: Easily send and request money from friends and family.
- Online Shopping: Use Venmo as a payment method on many online platforms.
- In-Store Purchases: Utilize the Venmo app or Venmo debit card at participating retailers.
- Bill Payments: Some service providers accept Venmo as a payment option.
Conclusion
Venmo app has taken over US citizens and they use it for daily transactions. The popularity of Venmo is increasing rapidly thanks to its easy operation. We have stated all the details that you need to know about how to pay with Venmo balance. Check the payment-related fees before paying and transferring Venmo wallet funds. You will also get to know why you see payment declined messages on the Venmo app and how you can get over the issue.
FAQs: How To Send Venmo Balance
1. Can I send money to another Venmo user?
Ans: Yes, Venmo is primarily a peer-to-peer payment platform, allowing users to easily transfer funds to one another.
2. Why can’t I use my Venmo balance?
Ans: If you can’t use Venmo wallet balance, ensure your Venmo account is verified and has sufficient funds. Check if the merchant accepts Venmo payments or if there are any temporary issues with the app.
3. Can I transfer money from Venmo to my bank account?
Ans: Yes, Venmo allows you to transfer funds from your Venmo balance to your linked bank account.
4. Where can I use Venmo for shopping?
Ans: Venmo is accepted at many online retailers and increasingly at physical stores. Check if your preferred store accepts Venmo before attempting payment.
5. Can I withdraw Venmo balance as cash?
Ans: Currently, Venmo doesn’t offer direct cash withdrawals. However, you can send funds to your linked bank account and withdraw cash from there.
6. Can I use my Venmo card at an ATM?
Ans: No, the Venmo debit card is for in-store purchases and online transactions, not ATM withdrawals.
7. Can I pay myself on Venmo?
Ans: No, Venmo doesn’t allow self-payments. Transactions must involve two separate Venmo accounts.
