In this evolved world of instant payment and money transfer, online transactions, and wallets, one cannot overlook or omit Venmo. Venmo is a mobile payment service that is more like a peer to peer payment platform. This platform enables sending money easily among friends in the United States of America. With this digital wallet that lets you make and share payment with friends, split the bills, cab fare, and a lot more. Venmo is a service of PayPal, Inc., a licensed provider of money transfer services and all the money transmission is provided by PayPal. This article would give you information on how to access and operate this money transfer online portal with ease.
Venmo platform was created in 2009 by Andrew Kortina Igram Magdon-Ismail. It was later developed by Venmo, LLC (a subsidiary of PayPal). The platform is available on iOS, Android, and web. This is to say it can be used on mobile devices.
As earlier mentioned, Venmo is owned by PayPal. Every user of Venmo is referred to as a Venmo account holder and as an account holder of Venmo, you can easily transfer funds from;
- Your bank account to your Venmo account.
- Your Venmo account to others Venmo account and
- From your Venmo account or bank account to other bank accounts.
And yes it is that easy but not so quick. The cash transfer using Venmo is not instantaneous and could be canceled after an initial transfer is sent. This is because it could take up to three (3) business days for the transfer transaction to go through finally.
However, in 2018, PayPal added a new instant transfer feature on the Venmo platform. This feature allows users to make deposit funds to their debit cards typically within 30 minutes. For every instant transaction or transfer, a fee of $10 or 1% of the amount being transferred (whichever is less) is deducted but otherwise, it is free.
The Venmo can be connected directly to your bank account or debit card quickly. You can also transfer money from your Venmo account directly to other bank accounts. Aside from splitting bills and dinner, you can also send gifts or just say hello to friends and family who have the Venmo account.
The Venmo has a new physical debit card available for its users. The card runs on the MasterCard network and offers ATM access and overdraft protection. This MasterCard can be used anywhere that accepts MasterCard and it allows daily ATM withdrawals of about $400.
To make use of Venmo, you have to first have a Venmo account. The Venmo account is where all the features that Venmo offers can be easily accessed. On your Venmo account, you can make transfers from your bank account to your Venmo account, to other bank account and other Venmo account. You can also easily connect with friends and family who use the Venmo platform by syncing your account with your phone number, Facebook account, and even with email addresses.
In opening a Venmo account, your number and active email address is needed. In order to use Venmo to the fullest, you must verify your account using your phone number. Without a verified phone number used in your Venmo account, you won’t be able to make the transfer of funds to your bank account, to others bank account or Venmo account, or request payments.
Venmo Sign Up
To sign up on the Venmo account, follow the steps below;
- Go to Venmo on your browser,
- Click on the “Sign in” icon on the top left corner of the homepage.
- Locate sing up and click on it.
- Promptly provide the necessary information like email, username, names, U.S. phone numbers, and other basic information.
- Verify your email address and phone numbers in other to access the Venmo account without restrictions.
You are good to use your new Venmo account. To later sign in into your account, just impute your username and password you used during its creation correctly and you would be logged in stressless.
The transfer made on Venmo is quite secured. The Venmo platform uses encryption to help protect your account information and monitor your account activity to help identify unauthorized transactions. Transferring using Venmo can be used outside the United States but must make use of a U.S. number.
To transfer funds from to others, follow the steps stated out below carefully and correctly.
- Open the Venmo platform and login if needed.
- Go to the top left corner and click on the menu bar.
- Click on the “Transfer to Bank” icon option.
- Then type in the amount you want to transfer to the bank and click on next.
- Either the standard or instant option.
- Click on confirm transfer.
You have successfully made a Venmo transfer.
The Venmo app is an easy user-friendly application. The Venmo platform was created so users can easily make use of the app on the go. The app is supported by android and iOS mobile devices. Now, users can make use of Venmo anywhere at any time. The app can be download to your android device or iOS mobile device from the Google Play Store and Apple Store respectively.
Companies That Uses Venmo
There are a couple of companies that use Venmo, of which you can easily pay for their services and products using the platform. These companies include;
- Uber Eats.
- Forever 21.
- Foot Locker.
- Jane, etc.
Venmo does work internationally as you can use the app anywhere but you can only link US mobile numbers and US bank accounts. You cannot sign up for a Venmo account being outside of the United States.