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In today’s day and age, contactless transactions have become commonplace among all modern customers. Venmo also belongs to the group of popular payment applications to which consumers have become more accustomed these days. However, there is a difference between Venmo and other payment applications. The uniqueness of Venmo lies in its ability to split purchases between your family or friends.
The social payment options available on Venmo make it quite distinct from its competitors. This option can really add joy to your shopping process. There is a sense of fun and adventure that you have when you are sharing your purchases with friends and family.
Special features such as crypto and cashback cards are present in this application, making it an attractive option. So, if you want to try it, you will need to know how to add money to Venmo. For that, you are required to understand the process of transferring funds to your Venmo account. Before you learn the actual process, you can take a quick look at the background of the Venmo app so you know what you are getting into.
A General Background of the Venmo App
Venmo is an American payment application that started its journey in 2009 before it was owned by PayPal. This app was designed for people who wanted to split their bills with their family or friends. Venmo’s main objectives have always been to initiate fast and secure payments between family members. By connecting with different family members and friends, Venmo tries to use the transaction process as a bridge to improve their friendship.
With these honest intentions, Venmo has become one of the main go-to apps for more than 60 million users. So much so that Venmo made more than 935$ million in 2022 alone, which is a 10% increase from 2021. The availability of Venmo has become so great with each passing year that you can apparently use it anywhere. With the launch of the Venmo Mastercard, you can now put it in your wallet as well. In this context, it is definitely essential to understand how to add money to Venmo account so you can utilize it properly. Here are some ways you can get to know how to transfer money into Venmo and how to put money in Venmo account.
How to Transfer Money to Your Venmo Account?
If you are stressed about how to transfer money to your Venmo account, then don’t worry, you have multiple options to choose from. Just like PayPal, there is the option to store money within the app account itself. This is a really fast and secure process, as you can make a purchase virtually anywhere if you’re using this application. Now, you must want to know how to add money to Venmo without bank account. Don’t worry, we will discuss some common as well as alternative ways to do it. Also, you are allowed to make payments from other linked accounts as well. So, here are some ways for you to understand how do I add money to Venmo.
Connecting to Your Bank Account
One of the major ways to know how to put money in Venmo you will need to link your personal banking account to the app. However, before that, you will be required to verify your account and get hold of a Venmo Mastercard Debit. Firstly you will need to create a standard checking account and then proceed to link it with the bank account. It is one of the primary ways to know how to add cash to Venmo. In this context, you might not require any 2000-dollar loan from any other sources. For the linking of your bank account:
- First, select the Me option.
- Then, go to the Settings option.
- Then, you will need to scroll down to Payment Methods and choose to Add a Bank or Card.
- Then, type out your bank details, such as your account number, etc.
- After that, you will require an online banking ID and password.
- Then, a micro-transfer will take place to verify authenticity.
- Finally, you will be able to use your account to initiate direct payments through this application.
If you want to learn more about your question “how do I add money to my Venmo account“ keep reading for more information on how to add money to Venmo.
Transferring Funds from Your Bank Account
Firstly, to transfer funds from your bank account to the Venmo account you will need the Venmo Mastercard. So to make sure how to transfer money from bank to Venmo just go through these steps. Now, how do you add money to Venmo? We will help you. Here are some steps for you:
- Select the Me option.
- Then, select Manage Balance.
- Then, select Add or Transfer.
- Type the exact amount you want to transfer.
- After this, confirm your bank account and complete the transaction.
- After the completion of all these steps, it may take up to 5 business days.
This bank account balance can be specified as a backup balance for most users. You are not required to keep a balance on your Venmo account as this backup option can be used for various payments. If you have a balance on your Venmo account, these will be used first as your linked banking account is a backup option. However, that does not mean that you have to have a balance on your Venmo account. This can be a viable option for anyone who is looking for a solution for how to add funds to Venmo.
Transferring Funds through a Debit Card
Firstly, you have to link your card to your Venmo account. As far as the process goes, it follows basically the same process that you followed while linking your banking account.
- From Settings, go to Payment Methods.
- Select Add a Bank or Card option.
- Then, choose the Card tab.
- Finally, type your card details.
Now, for the transferring step, you require Venmo’s debit card and a linked bank account. Finally, to make the transfer you have to go through these steps:
- Select the Payment tab.
- Add a new contact or recipient.
- Then, select the card as a backup payment.
Now in case you have no balance on the Venmo account the card will automatically be a default payment source.
Transferring Funds through a Credit Card
The process of linking a credit card is similar to other cards and not much of a hassle either.
- First, select the Settings tab.
- From there, go to Payment Methods.
- Select the card option from the Add a Bank or Card tabs.
- Type your card details or use the photo scanning option.
As far as the verification process goes, it is simply not that important to match the account holder’s name on the card and the Venmo account. Now, for the process of transferring funds from a credit card to your Venmo account, you can go through these steps:
- Select the payment option.
- Then, you have to select the Contacts option and add a new recipient.
- Finally, select the credit card as a backup option for payment.
Now, you are ready to use your credit card as a payment source for your Venmo account. However, you have to know that purchases through your credit card may cause an extra 3% charge from Venmo. Venmo’s own Visa Card is a good alternative if you are unwilling to pay extra. These are some of the common ways you can get to know how do I add money to Venmo.
Other Ways to Add Money to Your Venmo Account
Till now, we have mentioned some common ways to know how to add money to Venmo. However, sometimes it is better to know some alternate methods, so you can counter the shortcomings of the above methods. Here are some of the options of how to transfer money into Venmo using various other ways.
Venmo Mastercard
Now, in the case of how to add money to Venmo without bank account, this is one of the main options. One of the best alternatives in regard to knowing how to put money in Venmo is Venmo’s own Mastercard Debit Card.
First, you have to apply for it using your name, address, and other kinds of government-verified documents. One of the main advantages of using the Mastercard is the ease with which you can recharge your app balance through your bank account. In this regard, the amount is not taken directly from your bank account, but your app balance, as the amount can easily be deposited from your bank to your Venmo balance. For this, you have to follow these steps
- Select the Me tab.
- Then, go to Manage Balance.
- Then, tap on Add or Transfer.
- Finally, type the required amount and choose the bank account.
The transfer process of the funds will be completed within 3-5 days.
Debit Card Reload Option
The Venmo debit card reload option is another way of adding money to Venmo. The balance in your Venmo account is sourced from your bank account. Now, you might be asking what happens when you use more money on purchases than is available through your bank balance. Simple, you need to borrow from the cash app. In this case, you can enable the Reloads option, as it allows you to use your bank account as a backup option if your Venmo balance is exhausted. To be eligible for this option, you have to go through the following steps:
- Select the Debit Card option in the app.
- Choose the Venmo card image.
- Enable the Reloads option.
However, you need to have enough funds in your bank account, as an increment of 10$ will be charged to you.
Venmo Credit Cashback
If you want to add funds for free to your Venmo account, the Venmo credit card can be an amazing option for you. For this, though, you have to apply from the app, which requires your personal address and verified documents. You will have to go through a hard credit check; if approved, you can get a credit limit reaching 250$. Some of the offers on Venmo Credit Cashback include:
- You can get 3% cashback on purchasing groceries.
- 2% cashback on bills is given.
- 1% cash back on other purchases.
Direct Deposit
There is another direct deposit option that you can look at especially if you are looking to pay your wages. You can go through these steps to know how to transfer money to Venmo.
- Select the Me tab then select the Settings option.
- Then select the option of the Direct Deposit tab.
- Then you should give your account and routing number to your employer.
- After this, you can move forward to the form application of direct deposit.
Check Deposit
Now, in case you are wondering how to add money to Venmo instantly, a viable option will be to transfer funds to your Venmo account through a check deposit. However, for this, your account will be verified, and you will definitely need a Venmo debit card. For the transfer of funds, you have to go through these steps.
- First, go to the ‘Me’ tab.
- Then, select Manage Balance.
- Then, you should select the Cash a Check option.
- Type out the exact amount.
- Click a photo of the front and back of the cheque.
One of the greatest benefits of using a check deposit is that you get the amount on your Venmo account within minutes. You just have to pay them a minute fee in order for this to happen. Without this fee, you might have to wait up to 10 days for your check to be cleared.
FAQs
Q1. Can I add money from my bank account to my Venmo account?
In case of adding or transferring funds to your Venmo account from a personal bank account, you will need the Venmo Mastercard debit card as well as a verified bank account. In that regard, you can easily add a personal bank account to your Venmo application for transferring the funds directly.
Q2. Can you add money to Venmo from the cash app?
In the context of transferring funds from any cash app to the Venmo app, you simply can not transfer it directly. In this case, you have to have a connected bank account to regulate this entire process. If you have a traditional bank account then you can easily send any amount from the cash app to the Venmo balance.
Q3. Should I link my bank account or debit card to Venmo?
In case you want to add any amount of funds to your Venmo account you definitely need to link your personal bank account and debit card to this application. Without this, you might not be able to use the app for any translation procedure. So it is an important step to initiate your Venmo account and its usage.
Conclusion
The Venmo payment app has become an extremely popular tool for people in the U.S. Through this application, you can easily send any amount to your friends and family members to split up your bills. It is an extremely secure and fast service that can be relied upon. With more people joining the contactless transaction process the Venmo application can be a very good alternative for you.
