Wondering how to add money to Venmo? This piece is just for you. Read below to learn more about the instructions, options, and limitations for sending money to Venmo.
Venmo is definitely one of the most popular money transfer apps. And if you have used it, you must have faced this predicament at least once: how to add money to Venmo.
Typically, the app allows users to easily send money to friends, pay bills, and even make purchases. This app is designed to use the money in her Venmo account if it’s funded, or to be automatically debited from the source account. This means you need to link the app to your bank account, debit card, or credit card.
Now, if you don’t want to make withdrawals directly from your app-linked account, you’ll need to have some balance in your Venmo account. So how do you fund this account?
If you want to know how to add money to Venmo, we can 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 send money between friends and family and pay bills easily. The app connects directly to the user’s bank account or debit card. This makes sending and receiving money, splitting bills, and making payments fast and convenient.
Venmo is particularly popular among younger users and is popular for group payments, such as splitting the cost of a dinner or vacation rental. The app was released in his 2009 and steadily grew in popularity over the next few years.
In 2013, PayPal acquired Venmo for $800 million. Since then, Venmo has grown explosively and now has more than 83 million active accounts. By 2022, Venmo has processed over $244 billion in payments between users.
This has become a cultural phenomenon, especially among Millennials and Gen Z, where Venmo newsfeeds and paid comments are used to send jokes and messages between friends. Venmo’s ease of use and social feed integration make it a popular app for fast and convenient mobile payments and money transfers.
Overview of adding money to Venmo
- To add funds, you must link your Venmo account to your bank account or debit card. This provides the funding source for payments made through Venmo.
- There are no fees from Venmo to add money to your account balance. However, third-party fees from your bank or card issuer may apply.
- You can add funds instantly if you use a debit card or bank account, but other transactions can take 2-5 days.
- For instant transfers, the minimum amount you can add is $0.26, while for bank transfers or debit cards, the maximum weekly amount is $10,000.
- There are a few main options for adding money: directly from your bank account, debit/credit card, or by depositing money you receive from a payment.
- It’s important to make sure you have enough funds when sending money to Venmo to avoid overdraft fees. Monitor your Venmo balance.
How does Venmo work?
Venmo works through a mobile app and web interface. However, you will need to connect your bank account and/or debit/credit card to your Venmo account. From there, you can add funds by transferring funds from linked sources.
To send a payment, users can search for friends they already have on Venmo or invite new friends via Contacts or email/phone. Payments can be made from your Venmo balance, bank account, or card. The feed shows your payment history and details.
Venmo doesn’t charge fees for basic peer-to-peer payments that are funded from your bank account or balance. Optional instant transfers or debit card payments are subject to a 1% (up to $10) fee. Venmo makes money from these transaction fees.
How to add money to Venmo
There are several easy ways to add money to Venmo. These vary depending on whether you are using desktop or mobile. Let’s take a look at the main options.
Add money to Venmo via your bank
This is the easiest way to add money to your Venmo account. This involves moving money from your linked bank account to your Venmo account. The process is as follows.
- Open the Venmo app and tap the profile icon in the top right corner.
- Select “Balance” and 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.
The money will arrive in your Venmo account immediately (for instant transfers) and can be used to pay. However, this is only possible if you have a Venmo debit or credit card.
Typical transactions take approximately 2-5 business days. Venmo will also automatically debit your linked account if the amount on the app isn’t enough to pay.
How to add cards to your Venmo account
You can also include a credit or debit card with your Venmo account. This allows you to buy things or send money directly from these cards.
To add a card to your Venmo account, follow these steps:
- In the Venmo app menu, select Settings, then Payment Methods.
- Tap Add new card.
- Scan your card information using your device’s camera or enter it manually.
- Follow the prompts to enter your billing details and confirm your card.
Once linked, you’ll be able to select that card as your funding source when adding money. However, please note that credit card payments are subject to a 3% processing fee. The exception is if you’re using your card at a Venmo-approved store.
Add money to your Venmo account on mobile using your Venmo card
If you have a Venmo debit card, you can instantly transfer money to your Venmo balance. Follow these simple steps:
- Go to the app menu icon
- On the main balance screen, select Manage Balance, then Deposit.
- Select your Venmo card.
- Enter the amount and complete the deposit.
This transaction is not immediate. It takes approximately 3-5 days for the amount to appear in your Venmo balance. Also, once you start a transaction, you cannot cancel it.
See related items: How to add money to Apple Pay
Add money to Venmo without using your Venmo card on your desktop
This process is very similar on desktop and mobile. Here’s how to add money without using your Venmo card.
- Log in to your Venmo account on your desktop browser.
- Click on Balance at the top.
- Select Add Money.
- Select bank account or card.
- Enter the amount you want to add and click Send to Venmo.
- Confirm the transaction and you’re ready to go.
Are there other ways to fund my Venmo account?
The main options described above allow you to add funds to Venmo directly from an external bank account or card. However, there are several other ways to deposit funds into your Venmo balance. for example;
- Accept payments from friends – Payments you receive can remain in your Venmo balance instead of cashing them out.
- Venmo Cash Back Rewards – Earn cash back when you shop through Venmo at select participating merchants. Rewards are accumulated as a balance.
- Cashing a PayPal Check – You can add PayPal funds to your balance by cashing a check through Venmo.
The easiest option to add money is to connect your bank account or card and transfer the funds to Venmo. However, the funds you receive from payments and rewards remain in your Venmo account and are also available for future spending.
Venmo money transfer limits
There are two ways to send money to Venmo. You can send money from Venmo to your bank account, or from your bank account to your Venmo account. Each of these options has transfer limitations that you should be aware of.
Transfer limits from Venmo to your bank account
When moving money from Venmo to your bank account, the restrictions are as follows:
- Unverified/unverified accounts can move up to $999.99 per week.
- Verified accounts can transfer up to $19,999.99 to your bank account each week.
- Each transfer can only move up to $5,000. This means that large transfers require multiple transactions.
- The minimum limit for instant transfers is $0.26.
Transfer limits to your Venmo account
If you want to move money from your bank to your Venmo account, the restrictions are:
- If you send money from your debit card, you can only send up to $2,000 each week.
- For people moving money from bank accounts, the limits are even higher, reaching up to $10,000
The good thing is that you can use Venmo without transferring funds. Venmo can access your card or bank balance to make up for missing payments.
See related items: How to add money to your Cash App card in-store
Conclusion: How to add money to Venmo
If you’re wondering how to add money to Venmo, you’ll see how easy it is. By linking your bank account or debit/credit card, you can easily transfer funds to his Venmo balance and use them for payments.
Whether you need to pay a friend back or split the cost, it’s easy to keep your Venmo account topped up from the mobile app or desktop site. In a few simple steps, you can add your money and have access to all Venmo peer-to-peer payments.