It is possible to add money to the Venmo balance to use it for transfers. However, it is not possible to do this with any payment method.
Let’s learn more about how it works and how to add money to the Venmo balance. We will also learn about other important information such as commissions or fees and how to use the application.
What is Venmo?
Venmo is a mobile application used to send money between individuals or make purchases at merchants that authorize this service.
It is an application launched in 2009 and owned by PayPal. The operation is simple since you only need to know the recipient’s phone number and the amount of money you want to send. The whole process can be done through the mobile device itself.
The first thing to remember is that if you want to use this application, you must download it and associate it with a payment method. The most common payment methods are:
- Bank account
- Debit card
- Credit card
It is also possible to recharge the balance directly in the Venmo account. It is important to note that not all payment methods have the same treatment for commissions.
How to put money in Venmo
According to the platform’s website, it is only possible to add money to the Venmo balance from a verified bank account through the Venmo Mastercard debit card.
Therefore, unless you are an authorized user of these cards, you will not be able to deposit money into your Venmo account. However, this does not mean you will not be able to operate: remember can make that money transfer operations against a debit card, bank account, or credit card.
The steps to follow, if you have a card authorized by the application, are as follows:
- Enter the application
- Select the balance management option (enter at the top of the personal transactions area).
- Enter the amount of money you wish to transfer
- Confirm the method from which the transfer is to be made
It is important to note that once the request is made, the balance is not automatically confirmed. Depending on the bank account, it may be credited within three to five days. Therefore, you will not be able to access your funds during this period.
On the other hand, some factors can influence the time it takes for the money to be credited. The first of these is the day on which the request is made. Since it is a bank transaction, it may be slightly delayed if you make it on a public holiday.
We can verify the transaction within the transaction section of the application. On the other hand, you need to know that the entry in your bank may be marked before the money has been credited, i.e., the money is not yet in your account in the application but not yet in your bank account either. The application recommends that you check if the money has not arrived within a maximum of five days.
Can you use a credit card on Venmo?
Yes, but with some nuances. Venmo allows using different payment methods against which the money you send is charged. For example, as we have seen, it is possible to do it against a bank account or debit card. It is also possible to do it against a credit card.
The fundamental difference is that if we make the money transfers associated with the balance of the application itself or a debit card or bank account, you do not have commissions. However, if you use your credit card as a payment method for money transfers, a 3% commission will be applied for each transaction you make.
Logically, for people who make many transactions with this application, it may not be profitable to charge the corresponding commissions. Therefore, it may be more advisable to use another payment method.
The choice of the payment method will not influence the speed of sending money or other factors such as sending or receiving limits. When you register in the application, you have a maximum sending and receiving limit of $299. If you verify yourself by providing the information requested by the application, you can increase this limit up to $299 per week.