- You can use Venmo without having a Venmo balance if you have a connected debit card or bank account.
- If you have a Venmo debit card, you can add money directly to your Venmo balance from your bank.
- If you are eligible, you can cash checks or get your paychecks directly deposited into your Venmo account.
- If you have a trustworthy friend willing to help, you can send money back and forth to move money from your debit card, bank, or even a prepaid card to your Venmo balance.
Do you need a Venmo balance to use Venmo?
No, you don't need a Venmo balance to send money. Venmo can pull money directly from your connected payment methods, including bank accounts, debit cards, credit cards, and approved pre-paid cards. You don't need money in your Venmo balance to send money or pay someone.
If you have a Venmo balance, you can opt to use it instead of a payment method. You can use your Venmo balance like any other payment method, but without a Venmo debit card you can only get a Venmo balance if someone else sends you money.
Adding Money Directly to Venmo Balance
Apply for the Venmo Mastercard debit card if you haven't already. You can only deposit money directly into your Venmo balance if you have a Venmo Mastercard debit card. Signing up for the Venmo debit card is free, but you will have to go through the approval process. If you're approved, the physical debit card should arrive within 10 business days.
Open Venmo and click on the Me tab in the lower-right corner.
On the Wallet tab, tap the Manage button next to your balance. A menu of different options for your Venmo balance will pop up.
Tap Add Money and select your transfer type. You can instantly transfer up to $500 per week, or you can do a standard transfer for larger amounts of money. Standard transfers take 3 to 5 days to process.
Type in how much you want to transfer. There is no transfer minimum, so you can add as little to your Venmo balance as you like.
Select what bank or account you want to add money from. Your default payment method will automatically appear, but if you tap the account you can change it to a different one.
Tap the green button at the bottom of the screen to add your money. If you selected an instant transfer the money will be available immediately, but if you selected a standard transfer the money will take a few business days to process until you can use it.
Direct Deposit
Open Venmo. If you're eligible, you can directly deposit your paycheck to your Venmo balance with Venmo's direct deposit.
Go to the Me tab and click the cogwheel to open your settings.
Select Direct Deposit if it is available. If you don't see a direct deposit option, you will not be able to set up direct deposit into your Venmo balance.
Verify your information. Venmo will need your legal full name, date of birth, social security number, and street address to verify your identity.
Obtain your Venmo routing number and account number. You will need these two numbers to provide to your employer so you can get your check deposited to your Venmo balance. Each employer may have a different process for setting up direct deposit, so speak to your employer's HR or payroll department for assistance and information.
Cashing a Check
Open Venmo. If you've verified your identity by getting a Venmo debit card or by signing up for Venmo direct deposit, you can use Venmo to cash checks.
Go to the Me tab and click on the cogwheel to open settings.
Select Cash a Check if it's available. If you don't see this option, you won't be able to cash a check with Venmo.
Tap Get Started.
Read and accept the Privacy Policy and Terms and Conditions. You can tap the Accept button in the bottom-right corner to accept these policies.
Verify your identity. You'll need to confirm your date of birth, social security number, and phone number to start cashing a check.
Tap the Accept and Continue button. Venmo will verify your identity before allowing you to cash a check.
Enter the check amount on the "Cash a Check" screen. The amount should match the check you have to cash.
Tap the Front of check button. If Venmo asks for camera access, tap to allow. Then tap the green Continue button to enter the photo screen.
Position the front of the check within the box. Venmo will automatically take a photo when it recognizes the front of the check.
Tap the Back of check button. Ensure the back of the check is signed before tapping the green Continue button.
Position the back of the check within the box. Venmo will automatically take a photo when it recognizes the back of the check.
Click the Next button at the bottom of the screen.
Select your deposit time. You can get a check cashed within minutes for a fee, or you can select to have it cashed in 10 days for no fee.
Select Confirm once you've selected your deposit time. Click Accept in the pop up that shows up.
Send Money to and from a Friend
Find a friend to help. You can circumvent needing a Venmo debit card or confirming your identity by using a friend to send money back and forth. There are a few ways you can do this: Send your friend some money on Venmo and have them send it back to you. It'll show up in your Venmo balance instead of going back onto your debit card or to your bank. Give your friend cash and have them send you money from their bank account or debit card via Venmo.
Send your friend the money. If you're sending via Venmo, you must have a payment method attached to your Venmo account. If you're trying to avoid attaching your bank or debit card to Venmo, you can give your friend cash in person or buy a prepaid Visa gift card and add that to your Venmo as a payment method.
Ask your friend to send the money back. Once the money arrives in your Venmo account, it'll be in your balance. Select a friend you trust to do this method with. Note that if you send money to your friend on Venmo and they refuse to send it back, you likely won't be able to get it back.
Comments
0 comment