How Does Venmo Work?
Venmo is a PayPal service that allows you to easily purchase items and split checks without using a credit card. Think of it as a social app for paying. You can even send money to friends and family without needing cash or checks. How does it work? Follow these steps to use Venmo:
- Set up your Venmo account.
- Choose a funding source by linking a credit card, bank account, or using your Venmo balance.
- Request money or pay others with your Venmo account.
- Add a recipient, a balance, and a note.
- Send to recipient.
- Transfer funds to your bank account or keep in your Venmo account for future purchases.
It’s that simple!
Venmo is free to use. However, transactions made with a credit card will incur a 3 percent fee.
How to set up your Venmo account
Signing up for a Venmo account is simple. Just follow these steps.
- Download the appropriate app for your smartphone.
- Choose your preferred method of signup.
You can choose to sign up with Facebook or email.
- Verify your account by entering your phone number.
You will receive a 4-digit code.
- Enter the code into the specified box to verify your account.
- Once verified, Venmo will prompt you to add a photo.
You can add a picture or use your current Facebook profile picture. Adding a picture helps others recognize you when they receive money or a charge request.Venmo will assign you a username based on the information you have given.
- Click Done in the right-hand corner.
- Venmo will allow you to sync your Facebook account so that you can see which of your friends use Venmo. If you choose to do this, click Allow when prompted.
Allowing Facebook to sync also gives Venmo access to your Facebook profile information.
- Next, Venmo will attempt to sync to your contacts. Choose Allow if you’d like to sync your contacts.
Syncing will allow Venmo to access your contact information.
- You can also use Siri to interact with Venmo. Select your choice.
- Next, choose whether you’d like Venmo to send you notifications regarding your account.
Congratulations! Get ready to spend or receive money.
How to use the money in your Venmo account
Venmo makes it easy to receive payments and request money from others. If others have paid you via Venmo, you have a few choices about what to do with the money. You can
- Keep it as a Venmo balance for future payments.
- Transfer the balance to your bank account.
Currently, Venmo does not allow you to transfer a balance to a card. It can only be used to transfer funds to a bank account.
Before you can transfer funds from Venmo to your bank, you will need to sync your bank account with Venmo. Once complete, you can transfer money from your Venmo at any time. Normally, requests take one full business day to complete.