How To Use Venmo: The Beginner’s Guide

The future is cashless and Venmo knows it. Founded back in 2009, Venmo is now one of the most used apps for financial transactions in the United States.

There are more than 55 million Venmo users as of today, so anyone who just wants to send money, receive payments, or perform in-app purchases, can do so with Venmo.

The contactless and credit card industry is now broadly accepted by customers, businesses, and online retailers. Thus, performing a Venmo payment is a really efficient way to get your money around.

What is Venmo?

Venmo is a financial mobile application that allows each Venmo user to have a linked debit card or credit card in order to conduct financial transactions.

This financial platform acquired by PayPal accepts cards from most financial institutions, so getting started is effortless.

What’s more, the platform integrates social features to make activities, such as receiving money and using Venmo, easy processes that users are already familiar with.

How Does Venmo Work?

Venmo makes users pay for services and transactions as easy as possible. There are three main points that help us understand the functionalities of this platform:

• Sending money to other Venmo accounts can be done without extensive knowledge;
• Receiving money is also possible, even if there are only a few dollars to receive;
• You don’t necessarily need to directly add funds to Venmo since it’s always linked with your own debit or credit card company.

That being said, financial accounts can send or accept payments without having to go through tedious procedures.

Note that interest payments are not something available on this platform, so moving the funds you receive to your savings account is a widely accepted practice by the users.

Let’s get started right away! The moment to make money transfers has come, and you’ll realize it’s easier than you believe.

But first, let’s set up your account.

Download the Venmo App

Venmo free mobile app is available both on Android and iOs devices. You need to download the app in order to continue, but you might as well register via the website if you please.

It’s possible to link your Gmail and Facebook account to Venmo so that you can find friends easily inside the platform.

Nonetheless, in order to use Venmo efficiently, you need to perform all Venmo payments and transactions through the mobile app.

Venmo Requirements

Although anyone can download the application, there are some limitations regarding your own Venmo account that you must consider.

• You must be 18 or older to use Venmo (See our Venmo Age Requirement blog post for more information);
• You need a United States phone number. Users outside the USA won’t be able to register nor transfer money with the app;
• You’ll be able to accept Venmo payments and make short transactions in your Venmo account, but using Venmo top features requires you to verify your identity.

Learn more about Venmo account requirements on the Official Venmo Website.

Once you have downloaded the Venmo app, it’s time to know the basic features available on your Venmo account.

Using Venmo is very straightforward - the menus and overall interface are intuitive to manage, so you won’t have any major problem doing so.

Link a Your Bank Account, Debit Card, or Credit Card

You need to add a card in order to send money or make Venmo transactions. Most debit and credit card issuers are widely accepted on the platform, so just add your preferred payment method and move on.

Venmo will directly use the information on your card to pay for services.

Add Money to Venmo From a Linked Bank Account

Now, if you want to add money to your Venmo account, you’ll first need to get a Venmo Debit Card.

Getting the card is pretty easy, but we’ll soon elaborate on that topic. Most bank accounts can be linked with your profile, so worry not.

Read Also: Do you want to know How to Add Money on Venmo? We have written a complete guide that shows you everything you need to know about it, so go and check it out!

Paying with Venmo Balance

Once you have added funds to your profile, you can Pay With Venmo Balance easily. Also, in case you receive money from your Venmo friends, this balance might as well be used in stores that accept payment with Venmo.

Pro Tip: Did you accidentally send a Venmo payment that wasn’t meant for someone?! Keep calm and learn how to Cancel Venmo Payment by reading the guide we’ve written especially for you.

Requesting Payments on Venmo

If you want more money on your Venmo balance because your credit card is no longer able to pay for things, then request Money on Venmo!

Using Venmo Requests is easy - you just need to select the Venmo account of the person that needs to transfer money to you.

Later on, these funds can be used on your account for buying stuff you need or making pending payments. Learn more about Venmo Requests here.

Now that you know the basics of the Venmo application, it’s time to take a look at those features meant to enhance your experience.

Keep in mind that the following features we are about to mention are a must-know for all those who want to use Venmo on a daily basis, so let’s get to it!

Venmo Transactions Social Features

One of the things that differentiate Venmo from other platforms is the social features integrated by the company.

You can add friends, block people, see others’ transactions and more. But, are all Venmo transactions public? By default, they are.

Worry not - you can change your profile from public to private in the settings menu. That way, nobody will be able to see you sending money in real-time!

Pro Tip: Sometimes, it happens that you accidentally block someone on social platforms. If, by any chance, this happened to you on Venmo, then learning how to Unblock Someone on Venmo might be useful for the future!

Venmo Fees and Limits

Venmo shows you a complete list of their fees when you sign up to their platform. Each Venmo fee has a purpose, and luckily, they are not as high as someone might believe.

• Credit card processing fees depend on your issuer, but there aren’t any fees for linking your bank account or card;
• Merchant fees: merchants who decide to implement a Venmo smart payment button need to pay a small fee for payments;
• Venmo pay fees go from 0% to 3% depending on what you are buying;
• Transaction fees: each transaction fee is mostly linked to operations that take place outside Venmo’s boundaries - sending and receiving Venmo balance does not incur fees.

Now, how much money can you send or manage on Venmo? Well, it depends. Payment Limits will be present on your account until you complete Venmo’s verification.

Completing the Venmo KYC Verification Process is utterly necessary. Otherwise, you’ll realize that the amount of money that you are able to manage is actually very limited.

Venmo Transaction History and Cash Outs

Withdrawing money from Venmo to your bank account is free! However, this only applies to standard transfers that take up to 5 business days.

You might as well initiate instant transfers, but there are instant transfer fees that might not be as cheap as you expected them to be.

Likewise, every single operation you perform on your Venmo account will be shown in your transaction history. The history can later be used for tax purposes if you please.

Read Also: Is it possible to Delete Venmo History? We have the answers to your questions in the blog post we wrote about this topic, so check it out to learn more.

One of the most useful features of Venmo is Venmo debit cards and credit cards.

Venmo Credit Card, issued by Visa, is only granted to those users who maintain good credit scores in the app. It works similarly to the PayPal credit card, which is issued by the same company.

On the other hand, almost anyone can ask for a Venmo Mastercard Debit Card. Among the advantages of this card, users can pay in businesses that accept Venmo debit cards.

What’s more, performing cash withdrawals from ATMs is also a possibility. Remember that verifying your account is a must to get a card!

Sometimes, you will be sent to the “Get in Line” option if you still don’t opt for the card, but you’ll probably get it sooner than later. If you want to learn more about Venmo Debit Card, click on this link.

Nobody wants their financial apps to fail, right? Luckily, Venmo doesn’t fail that often, but when it does, it can become a headache.

Before you rush in to Delete Your Venmo Account, make sure that you understand the issues that are happening to you in order to find a proper solution.

Most times, Venmo Support Team will be happy to help you solve any kind of problem related to the app.

Likewise, it is worth noting that sometimes the application can fail due to problems with your device.

Other problems, such as your Venmo profile getting frozen, require more complex solutions.

Fortunately, you can learn how to Unfreeze Your Venmo Account and how to solve other issues by reading our blog post here at GrowFollowing.

In certain situations, Venmo might fail to connect with your bank but worry not - we cover this issue in detail so you know what do to.

Venmo and Your Financial Safety

Venmo implements Security Features so the money of all users is safe and sound within the platform’s limits. What’s more, it’s possible to enhance the security measures of your account by enabling Two-Step Verification on your device.

Venmo’s Help Center contains helpful guides and articles that anyone can check in order to solve quick issues in their profiles. Don’t hesitate to check the Help Center if you want to know more about specific Venmo’ features and options.

Final words - Venmo is easy to use, safe, and full of outstanding features that users will appreciate. Say goodbye to cash once and for all and get started with Venmo!

For more Venmo-related content, you can always count on GrowFollowing as your top reliable source.

FAQ

Do I Have to Report Taxes with Venmo?

Every transaction that exceeds $600 needs to be reported to the IRS. Venmo provides tax forms to their users, and you can learn more about this in Venmo’s Tax FAQ.

Are There Venmo Risks?

Sadly, all financial apps have a risk for scams. Venmo scammers are eager to steal your money. Never share your personal or payment information. Keep an eye on your credit scores to check if someone has stolen your information. If you receive Fake or Suspicious Emails, report them to Venmo ASAP.