Want to learn how to add money to Venmo? This track is just for you. Read on to discover more about the steps, options, and limits for transferring money to Venmo.
Venmo is undoubtedly one of the most popular money transfer apps out there. And if you’ve used it, you must have faced this predicament at some point – how to add money to Venmo.
Typically, the app makes it easy for users to send money to friends, settle bills and even make purchases. The app is designed to use the money in the Venmo account if it is funded or automatically deducted from the source account. This means you must link the app to a bank account, debit card or credit card.
Now, if you don’t want the app to withdraw directly from the linked account, you must have some balance in your Venmo account. So how do you fund this bill?
If you want to learn how to add money to Venmo, we’re here to help you do just that.
But first things first;
What is Venmo?
Venmo is a popular peer-to-peer (P2P) payment app owned by PayPal that allows users to transfer money between friends and family or settle bills easily. The app connects directly to users’ bank accounts or debit cards. This makes it quick and easy to send and receive money, separate accounts and make payments.
Venmo has become especially popular with younger users and for group payments, such as splitting the cost of a dinner or vacation rental. The app was launched in 2009 and steadily grew in popularity over the next several years.
In 2013, PayPal acquired Venmo for $800 million. Since then, Venmo has exploded in growth and now has over 83 million active accounts. By 2022, Venmo had processed over $244 billion in payments between users.
It has become a cultural phenomenon, especially among millennials and Gen Z, with the Venmo newsfeed and payment comments being used to send jokes or messages between friends. Venmo’s ease of use and social feed integration have made it a favorite app for quick, easy mobile payments and money transfers.
Quick facts about adding money to Venmo
- Venmo accounts must be linked to a bank account or debit card to add funds. This provides the source of funds for payments made through Venmo.
- There is no fee from Venmo to add funds to your account balance. However, third-party charges may apply from your bank or card issuer.
- Funds can be added instantly when using a debit card or bank account, although other transactions take 2 to 5 days.
- The minimum you can add is $0.26 for direct transfers, while the maximum for bank transfers or debit cards is $10,000 each week.
- There are a few basic options for adding money – directly from a bank account, debit/credit card or by depositing money received from payments.
- It’s important to ensure you have sufficient funds when transferring money to Venmo to avoid overdraft fees. Track your Venmo balance.
How does Venmo work?
Venmo works through a mobile app and a web interface. However, you must link a bank account and/or debit/credit card to your Venmo account. From there, funds can be added by transferring funds from the linked sources.
To send payments, users search for friends already on Venmo or invite new ones via contacts or email/phone. Payments are made from your Venmo balance, bank account or card. A feed displays your payment history and details.
Venmo does not charge fees for basic peer-to-peer payments funded by bank accounts or balances. Optional direct transfers or debit card payments incur a 1% fee, up to $10. Venmo generates revenue from these transaction fees.
How to add money to Venmo
There are a few easy ways to add money to Venmo. These depend on whether you are on desktop or mobile. Let’s look at the main options:
Add money to Venmo through Bank
This is the easiest way to add money to your Venmo account. It involves transferring money from your linked bank account to your Venmo account and here’s the process:
- Open the Venmo app and tap the profile icon in the upper right corner.
- Select “Balance” and then tap the plus icon to add money.
- Select your bank account as the payment source.
- Enter the amount you want to add and complete the transfer.
Funds should arrive in your Venmo account immediately (for instant transfers) and be available to use for payments. However, this is only possible if you have a Venmo debit or credit card.
Normal transactions take approximately 2 to 5 business days. Also, if there aren’t enough funds in the app to make a payment, Venmo automatically draws from your linked account.
How to add a card to your Venmo account
You can also include a credit or debit card in your Venmo account. This allows you to buy things or send money directly from these cards.
When you add a card to your Venmo account, follow these steps:
- In the Venmo app menu, select “Settings,” then “Payment Methods.”
- Click “Add new card”.
- Use your device’s camera to scan your card details or enter them manually.
- Follow the prompts to enter your billing information and confirm the card.
Once signed in, you can choose this card as your funding source when adding money. You should, however, note that credit card transactions are charged a 3% fee. This is unless you use your card at a Venmo-approved store.
Using your Venmo card to add money to a Venmo account on mobile
If you have a Venmo debit card, you can instantly transfer money to your Venmo balance. Follow these simple steps:
- Go to the menu icon in the app
- On the main balance screen, select ‘Manage balance’ and then ‘Deposit money’.
- Select your Venmo card.
- Enter the amount and complete the deposit.
This transaction is not instant. It will take approximately 3-5 days to see the funds in your Venmo balance. Also, the transaction cannot be canceled once it has started.
See About: How to add money to Apple Pay
Add money to Venmo without your Venmo card on desktop
The process is very similar on a desktop computer to a mobile one. Here’s how to add money without a Venmo card:
- Sign in to your Venmo account in a desktop browser.
- Click on your balance amount at the top.
- Select “Add money”.
- Select your bank account or card.
- Enter the amount you want to add and click “Transfer to Venmo.”
- Confirm the transaction and you’re good to go.
Are there more ways to fund a Venmo account?
The main options covered above allow you to add money to Venmo directly from an external bank account or card. However, there are a few other ways to get money into your Venmo balance. For example;
- Accept payments from friends – Any payments received can remain as a balance on Venmo instead of being redeemed.
- Venmo Cash Back Rewards – Earn cash back on purchases at select merchants through Venmo. Rewards accumulate as a balance.
- Cashing PayPal Checks – You can add PayPal funds to your balance by cashing checks through Venmo.
The simplest options for adding money are to link your bank account or card and transfer money to Venmo. However, money you receive through payments or rewards can also provide funding that stays in your Venmo account to use for future spending.
Venmo money transfer limits
Money transfers to Venmo can be done in two ways. You can either transfer from Venmo to your bank account or from your bank account to your Venmo account. Each of these options has transfer limits that you should note:
Transfer Limits from Venmo to your bank account
When you move your money to a bank account from Venmo, the limits are as follows:
- Unverified/unverified accounts can move up to $999.99 per week.
- Verified accounts can move up to $19,999.99 into their bank accounts each week.
- Each transfer can only move up to $5,000. This means you need multiple transactions for larger transfers.
- The minimum limit for direct transfers is $0.26.
Transfer Limits to your Venmo account
If you want to move some money from your bank to your Venmo account, here are the limits:
- If you’re moving money from a debit card, you can only transfer up to $2,000 per week.
- For those moving money from their bank accounts, the limit is higher, up to $10,000
The good thing is that you can use Venmo even without moving the money. Venmo may access your card or bank balance to make up the shortfall in payment.
See About: How to add money to Cash app card in Store
Conclusion: How to add money to Venmo
If you’re wondering how to add money to Venmo, you can see how easy it is. Once you link your bank account or debit/credit card, you can easily transfer money to your Venmo balance and have it ready to use for payments.
Whether you want to pay back a friend or split an expense, maintaining your Venmo account is easy through the mobile app or desktop website. And with a few quick steps, your funds will be added and accessible for all your Venmo peer-to-peer payments.
