How to Pay With Venmo Balance
Nowadays, it’s normal to choose Venmo as the main payment option for daily purchases.
Paying with cash is now an old-fashioned activity: financial apps, such as Venmo, have arrived to stay forever.
Each financial service offered by Venmo, which is owned by PayPal, is meant to help all users to perform different payments and transactions intuitively.
By default, most people that use Venmo directly link their debit card or credit card to perform Venmo payments.
But, what happens if someone sends money to your account, and now you want to use that money to pay for services?
You can do so as well!
- How to pay with Venmo Balance;
- Using your Venmo balance for sending money to other Venmo users;
- Things you need to know about the user’s Venmo balance on the platform.
Payment Methods on the Venmo App
Each user is free to choose the payment method that better suits their needs.
You can receive payments, transfer money, and manage your funds on your mobile device using Venmo.
Venmo works as easily as possible, but since most users send money using a linked credit card or debit card, many don’t know that they can transfer funds and withdraw money using the balance they have on the platform.
It works very similarly to PayPal.
They are both very popular apps that you can access, and when you receive money into your profile, you can use that balance for different purposes.
Read Also: Are you just getting started with Venmo? We have written a 101 guide especially for you!
Read our How to Use Venmo article to learn more about this useful financial platform.
1. Linked Bank Account or Card
Paying with an external payment method is probably the top choice of most users.
Linking a new bank account to your profile will allow you to make payments to friends within minutes.
Venmo’s service accepts cards from almost any financial institution, so you shouldn’t have a problem linking your bank account to use Venmo.
What’s more, when you receive funds in your Venmo profile, you can withdraw this money effortlessly.
Note that a standard transfer will take place in up to 5 business days, while an instant transfer is instantaneous, but you’ll need to pay a fee.
2. Venmo Debit Card
Another option that you have is using your Venmo debit card.
This card can be both linked to your balance and your bank account.
You can pay with it on a business that accepts Venmo or accepts Mastercard for standard purchases.
You can add money to this card and withdraw money with it as well, but if you use an out-of-network ATM for withdrawing purposes, then you’ll need to pay higher fees.
Pro Tip: Do you want to know how to add money to your card?
We have written an article that covers all you need to know about Adding Money to Venmo - go and give it a good read!
3. Paying with Venmo Balances
Imagine that a Venmo user sent money to your account.
Now, you want to use this balance to buy a gift card, for example. Can you do it? The answer is yes!
The Venmo app also provides alternatives for making a transaction without using your bank or card information for a payment.
At the end of the day, you are free to send money using the payment method you like the most on the Venmo app.
How to Pay With Venmo Balance
So, let’s use your Venmo balance on the app! You need to open Venmo and follow the steps we are about to show you.
Step 1: Log In to Your Venmo Account
First of all, open Venmo and log in to your account.
It should be already saved on your device, so this step should take you just seconds.
Once you have logged in, move on to the home screen on the app to the following step.
Step 2: Complete Manual Verification on Your Venmo Account
You can’t link your bank account, card, or use the balance on the app if you don’t verify your profile.
At the bottom of the screen, you’ll find all the features available in the app, but as soon as you try to use them all, a screen asking you for verification will pop up.
Thus, complete the Venmo KYC Verification Process, and then you can proceed.
Remember that adding a bank account is fundamental for making any kind of payment on the app, even if you will just use the balance.
Step 3: Start a Payment Transaction
No, let’s say that you want to send money to someone. Tap “Pay or Request” button, and an on-screen keyboard will appear.
There, type in the Venmo username of the recipient’s account.
If you are making a payment or a purchase, worry not - the procedure is the same.
Step 4: Change Your Payment Method to “Venmo Balance”
Your available payment methods will be shown at the bottom of the screen: bank, card, or Venmo balance.
There, just choose Venmo balance, and you’ll be good to go.
Step 5: Complete the Venmo Transactions
Now, all you need to do is complete the transaction by tapping on “Confirm” at the bottom of the screen.
Keep in mind that the app won’t take money from your account nor your card - it will use your Balance instead.
That’s how you do it! Effortless, isn’t it? For more Venmo articles, check GrowFollowing every day.
Pay With Venmo Balance FAQ
Is Venmo Safe?
Yes, Venmo is one of the safest platforms to manage your money. Learn more about Venmo Security here.
Why is My Venmo Account Frozen?
Your profile might be frozen due to unauthorized transactions in the app.
If you want to know how to solve this matter, read our Unfreeze Venmo Account blog post.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.