With the current prevalence of online transactions, having an e-wallet has become a solid advantage. One of the most popular e-wallets today is Venmo, which offers great convenience to its users. But how exactly do you add money to a Venmo wallet and what are the available methods for adding funds?
In this article, we’ll reveal the steps to funding your Venmo wallet, along with the different ways to add money to your account.
Before we begin
Many Venmo funding methods require you to have a verified Venmo Mastercard debit card before proceeding. If you don’t have a card yet, you can apply for one by doing the following:
- Open your Venmo app.
- Tap the menu icon in the top right corner of the screen.
- From the list, tap Venmo Card.
- Follow the instructions given. You may be required to present identification documents, such as a driver’s license, so prepare these beforehand. Once approved, the card will take about 15 business days to be delivered to your address.
Venmo How to add money
You can fund Venmo in several ways. The most common methods are the following:
Bank transfers
In order to initiate bank transfers to your Venmo account, you will need to have received a Venmo Mastercard debit card. You can request one by following the steps above. Once you’ve received your debit card, you can now set up a bank account directly in your Venmo account. This can be done by following these steps:
- Open the Venmo app.
- Tap the menu icon in the top right corner of the screen.
- From the list, tap “Payment Methods.”
- Tap “Add bank or card.”
- Tap “Bank.”
- You will be given the option to use instant verification or manual verification. Manual verification will take three business days to complete and you must have at least $2 in your bank account. Instant verification uses a third-party app that will ask you to enter your user information, but verification should complete immediately. Choose the method you want to use and then tap “Continue.”
- Follow the instructions given for each method. You’ll need to enter your bank account number for both methods, so have it handy.
- Once this is done, return to Venmo. For manual verification, you may need to wait for an email from Venmo before continuing with the verification process.
With a bank account now linked to your Venmo account, bank transfers can be made as follows:
- Open the Venmo app.
- Tap the “You” icon, which is your unique profile picture.
- Tap “Add or Transfer.”
- You will be asked to enter the amount you want to transfer. Once finished, tap “Done.”
- Choose which account you want to transfer money from and then tap “Next.”
- Confirm if the transfer details are correct, then tap “Add money.” Please note that once you do this, the transfer cannot be cancelled.
- The transfer should reflect in your account after three to five business days.
Direct Deposits
There is also the option to transfer money directly from your paycheck to your Venmo account. This can be done if you follow these steps:
- Open your Venmo app.
- Tap the “You” icon at the top of the screen.
- Tap “Settings.”
- From the menu, tap “Direct Deposit.”
- Write down the account information and the routing number displayed on the screen.
- Use the information provided on your employee direct deposit information form. If you are asked to provide the name and address of a bank, go to the Venmo Help Page. You can check the details of your partner bank in your area through their customer service line.
- Your employer should now deposit your paychecks directly into your Venmo account.
Check Deposits
Venmo also allows you to cash checks directly into your Venmo account even if you don’t have a bank account. However, this requires that you already have a Venmo Mastercard debit card. If you don’t already have a Venmo card, apply for one by following the steps above. Once you have a Venmo card, you can cash checks by doing the following:
- Open your Venmo app.
- Tap the “You” icon.
- Tap “Manage Balance.”
- From the list, select “Cash Check.”
- Enter the check amount when prompted.
- Take photos of both the front and back of the check.
- Choose how quickly you want the funds to enter your account. The faster method will have higher fees. Options range from minutes to 10 days.
- Wait for a response from Venmo.
- If the request was approved, Venmo will ask you to mark the check as VOID. Do not do this before you are told to do so. Uncashed checks marked VOID can no longer be cashed.
- Venmo will then ask you to take photos of the voided checks.
- You will be shown a summary of the transaction and the funds should reflect within the time you chose in the previous step.
Credit cards
As with the payment methods above, you’ll need to have a verified Venmo card to use credit card fund transfers. To get a Venmo card, follow the instructions given above. If you already have a Venmo card, do the following:
- Open your Venmo app.
- Tap the “You” icon.
- Under Settings, choose “Payment Methods.”
- Tap “Add bank or card.”
- Choose “Card.”
- Enter your card information. Once linked, you can use the card as an option to fund Venmo purchases. However, please note that credit card payments are subject to a 3% fee unless otherwise noted.
Transfers from other Venmo account holders
Another way to fund your Venmo account would be to request funds from another person who has a Venmo account. This can be done by the person who funds your account, who must do the following:
- Open the Venmo app.
- Tap the “Payment” icon at the top right.
- Choose a recipient for the funds to be sent. You can choose from your contact list or provide a Venmo-generated QR code for a quick transfer. Alternatively, you can be added to the contact list by email, phone number, or Venmo username.
- Enter the amount you want to transfer.
- Confirm the transaction details and then tap “Pay.”
- The transfer should take place shortly.
How to add money to Venmo with a prepaid card
Venmo users also have the option to add funds using prepaid cards, but certain conditions must be met. These restrictions were put in place to prevent fraud, so there is no way around them. The rules are the following:
- Your Prepaid Card must be registered. Some gift card providers require a mailing address and zip code, while others only require a zip code. If your card is not registered, it may be declined during financing.
- You must have a verified Venmo debit card. You can request one by following the steps above.
- Once you have met the requirements, proceed to add the Prepaid Card by following the same steps you would follow to add a credit card. Debit card transactions are not subject to the 3% fee that credit cards are.
Funding limits
Venmo has a weekly funding limit of $1,500.00, meaning you can’t transfer more than this amount per week from all sources.
A definite advantage
Venmo is a convenient way to pay for online purchases, and knowing how to add money to your Venmo account adds even more convenience. As transactions over the Internet become more common, having a digital wallet becomes increasingly advantageous.
Do you know any other ways to add money to a Veno wallet? Feel free to share your thoughts in the comments section below.
