Venmo is a wallet which helps to sent and receive money from others. This service is owned by Paypal. Venmo wallet can also used to make payments at selected authorized partners. This wallet can be used around United States.
We can make payments through Venmo by using our Venmo account balance, debit card, credit card, or by using our bank account details. If we are using the Bank account to transfer money, we need to enable Instant Transfer option on our debit card. If your card is eligible to make Instant transfers, it will show in Venmo cards option. If this option is not showing, you can request for this service at your bank branch.
If you are sending money to someone, the amount will be debited from your primary payment method given at Venmo account. When someone send you money, it will be credited to your Venmo account balance. You can use this balance to pay someone or can make payments at authorized merchants. You can also transfer this received amount to your bank account.
If you have mistakenly send money to someone, you can contact the recipient to return the amount or contact Venmo customer service with your issue. The customer executive will help you to return the amount back to your account. You can also split bills of party, travel or dine out with your friends and request them to sent payments.
Transferring Options in Venmo
In Venmo, transferring money to Bank account can be done in two ways. One is Instant transfer and other option is Standard Bank Transfer. Instant transfer enables you to transfer the amount within 30 minutes. Instant transfer will charge 1% fee of total transferring amount with a minimum of $0.25. Even though it will charge maximum of $10 only.
The second option Standard bank transfer will not charge any fees for transferring the amount but will take 1 to 3 days to reach the amount at recipient account. If we are transferring the amount to our own linked bank account, we don’t need to give bank account details separately.
Iphone users can use iMessage to receive and sent Venmo Payments. The payment received in iMessage must me accepted within 3 days. Otherwise the amount will be returned back to the sender. If you are already using Venmo in your Smartphone and needs to use it in another device, you can login to your account using the OTP received in your mobile number.
Venmo verifies every account to prevent unauthorized transactions and fraud activities. You can use Venmo before this verification process. But it is possible only to send or receive $299.99/- in a week. If your account becomes verified, your weekly overall transaction limit will be upgraded to $4,999.99/- for making payments at authorized merchants and $2,999.99/- for transfer between Venmo users.
Venmo Debit Card for Venmo Users
Venmo also provides debit card for making online payments and purchases. This card is just like a normal debit card operates in Mastercard network. You can register for this card at Venmo account by filling out the card request application. After the verification of given details, Venmo will sent you the card within 5 to 7 business days at your home address.
This card is free and can use only in United States. It can use at merchant where Mastercard is accepted. You can see the transaction history of your card from Venmo account. You can also disable this card from making transactions at your account settings. To use this card for transactions, you need to first add money to the card. You can do this from Venmo card option.
Venmo also allows to sent money to people who don’t have Venmo account. This can be done by sending the amount along with an invitation link to your friend’s e-mail address or mobile number. The recipient must register with Venmo inorder to receive the amount. You can keep track of all your transactions done using Venmo by taking “Transaction History” menu.
You will also receive notifications for every transactions done from your account. Venmo gives high protection and use better encryption method for our account and saved details. They also monitor all activities in our account in order to identify unauthorized transaction.