Can You Send Money on Venmo with Credit Card

Venmo is a U.S.-based online money transfer company. Venmo has many users who rely on it to send and receive money. PayPal is the mother company of Venmo. We are sure that you have heard of Paypal. It is one of the most popular money transfer services, which operates in more than 200 countries. Unlike its parent company, PayPal, Venmo does not operate globally. It is only compatible with US-based bank accounts and mobile phone numbers. If you are in the U.S.A, you are welcome to get the service from Venmo.

Venmo started out as a way to assist students with their split payments at movie theaters, restaurants, and grocery stores. As time went on, the creators figured the platform had much more potential to grow. Then the company offered more advanced options. Their services have become more convenient, time-saving, and effective. As Venmo began to expand to a bigger audience than students, with time, it has grown to be one of the leading money transfer companies in the world.

One of the main reasons for its popularity is that Venmo simplifies the complex process of money transfer. It is also an online platform. That means you can manage your finances wherever and whenever you want. You can enjoy many benefits too. All you have to do is open a Venmo account.

How do you open a Venmo account?

First, you have to create an account to start with Venmo. For this, you only need a suitable device like a smartphone. Make sure the internet connection is secure and consistent to execute the account opening activity.

Suppose you are using a smartphone or a tablet to create an account. In this case, you can download the Venmo app. Download the Venmo app for iOS or Android, depending on your device. Keep in mind that Venmo has not developed a Windows app yet.

On the other hand, what if you are using a computer? Then, you can visit the Venmo website where you can open your account.

Take a look at the steps below. Follow them to open your account.

Download the app or go to the Venmo website to the Venmo website.
Choose your sign-up method.
Come up with a secure password (Make sure it is between 8 and 20 characters long. It should also have at least one number or symbol.
Next, verify your email and mobile phone number.
Add, then verify your bank account.

Suppose you have added a sufficient amount of money to your account by now. If so, your account is all set and ready to use. Likewise, you can also request money from other Venmo users, including friends and relatives. That is another way to increase the amount you have in your account.

How do I use Venmo?

It is pretty straightforward. Let’s say you have an adequate amount of money in your account. It could be in your Venmo or the linked bank account. If so, you can use it. Here are some ways you can put your Venmo to good use:

1) Send money to other Venmo account holders

You also have the option to send money to others through your Venmo account. For instance, maybe your relative, who is also a Venmo user, needs money for an emergency. You can offer help and save the day. You only have to follow these few steps:

Go to your Venmo account. (Sign up now if you do not already have an account.)
Get to the Pay/Request button.
You will get to add the recipient you want to pay (you have the option to add as many recipients as you want).
Then, key in the amount you wish to send.
Optionally, add a note to the recipient.
Finally, click Pay to confirm the transaction.

The recipient will get the money in just a few minutes. It will only take a few seconds to transfer the money. They should get their funds as soon as you send them, or within a few minutes. Venmo enables a faster transfer of money from one person to another.

2) To buy goods and services

Venmo is the perfect platform to shop with whenever you want. It does not matter whether you want to shop online or at a physical store. Venmo is applicable everywhere. Most merchants accept payments through Venmo. You can buy goods and services at any of those places. There is no need to carry cash everywhere when you have a Venmo account. The process is simple. You can settle the payment in an instant. It is easier for you as well as the merchant.

3) Withdraw money from your bank account

Suppose you need money in your bank account to settle an issue? In that case, what can you do? Would Venmo allow that? Of course, yes. Venmo realizes that sometimes you have to address issues that you cannot accomplish with platforms such as Venmo. You can transfer money to your bank account by following the process below.

Go to your Venmo account.
Find the “You” tab by clicking on the single person icon.
Next, click on the “Add or Transfer” button. (You can find it under your profile photo).
Key in the amount of money you want to transfer to your bank.
You can select how soon you want the transaction to happen (choose “Instant” for a small fee or “1-3 Biz Days” for a free transfer).
Choose your bank account or debit card.
Finally, confirm the transfer information and click on the green “Transfer” tab.

See, it is pretty easy. You have the chance to choose how fast you want the transaction to happen as well. Suppose you want the transfer to happen urgently. In that case, you can choose the ‘instant’ option. Here, the process is much quicker. It only takes a few minutes. However, note that Venmo charges for the instant transfer. Do not worry, though. It is not that much money. It is only a fraction of the transaction you have to part with anyway. Let us break this down for you. It only costs you a fee of 1.5% (with a minimum of $0.25 and a maximum of $15). Clearly, it is a fair amount.

On the other hand, suppose you are not in a rush. In such cases, you can choose the 1-3 business day option. This option is pretty self-explanatory. It allows you to send money within 1-3 business days. Venmo does not require you to pay for this option.

4) Direct deposit

What comes to your mind when you think of direct deposit? Usually, we think of it as a function that is only applicable to banks and credit unions. Is that what you thought as well? Well, if so, we have got news for you. It is not limited to banks and credit unions anymore. Venmo too allows you to receive funds through direct deposit. You only have to work on the process to set up a direct deposit. It is pretty easy. Take a look at the following steps:

Navigate to the “You” tab by selecting the single person icon.
Click on the Settings tab in the top right corner and select the “Direct Deposit” button.
Click on “Show Account Number.” Then you will see your Venmo account information and the routing number.
Copy those numbers and use them to fill out your employer’s Direct Deposit form.
Your account is ready to receive a direct deposit from your employer.

Suppose the platform asks you to provide additional information during the Direct Deposit form filling. For instance, they may ask for the name or address of your bank. In that case, provide the name and address of the partner bank.

5) Check deposit

Checks are signed documents with the amount of money written on them. They allow you to send money from your account to someone else’s. It is arguably an old-fashioned method of money transfer. You may think checks would not work with online platforms. However, it is not true. Luckily, Venmo allows you to deposit your checks. Through this method, you can deposit funds into your account instantly. It does not take much time. You only have to take a few simple steps and let the platform do the rest. Here’s how you deposit your check on Venmo:

Go to your account using the latest Venmo app.
Find the “You” tab by clicking on the single person icon.
Then, click on “Manage Balance.”
Press the “Cash a Check.” button.
At this point, you may have to verify your account details if you have not done so already.
Enter the check amount you want to deposit.
Take a snap of the front and back of your signed check using your mobile camera.
Click on “Next.”
Finally, select how fast you need the money.

As you can see, the process is pretty simple. After you follow the above steps, Venmo will review the check. Usually, it takes only a few seconds to review a check for approval. However, it is not always that fast. Sometimes it can take 10–15 minutes or even sometimes up to 1.5 hours for the verification process.

How do you know if your check has been approved? Suppose it gets approval. In that case, Venmo will prompt you to write “VOID” across the front of the check. Once you do that, you have to submit a picture of it to prove that you did so. Remember not to write “VOID” unless requested, which is normally after the check has been approved.

Can you send money on Venmo with a credit card?

Now, here’s the big question: Can you send money on Venmo using a credit card? Essentially, yes. You have the chance to use a credit card to fund your Venmo transactions. Venmo accepts payment cards like American Express, Visa, Discover, and MasterCard. Still, this method comes with its cons. You have to carefully consider whether you really want to use a credit card to fund your transactions on Venmo. One of the disadvantages is the additional cost. For instance, you have to part with 3% of the total transaction amount. It is a lot of money that you spend in the process.

But that is not all. You may have to spend even more as your card issuer may charge you fees for cash advances. As you can see, credit cards are not the most beneficial way to fund your transfers. However, we would recommend using debit cards instead. Here, you do not have to pay anything for the process. You can use cards from American Express, Visa, Discover, and MasterCard.

You must add your card to your Venmo account, just as you can do with your bank account, to use it for your transfers. Above all, using a bank account to fund your transfers is the best option. Remember that to transfer money from a bank account to Venmo, you should add the bank to your Venmo account.

Wrapping up

There you go! Now you know how to send money on Venmo with a credit card. Other than that, you’ve got to learn the cons attached to this method. Plus, we discussed better alternatives that you can opt for instead. You also learned how to operate a Venmo account. Also, you now know different ways to use it for your day-to-day transactions.

Venmo is a perfect platform to send and receive funds. Plus, you can buy goods and services; withdraw money from a bank account; cash out a check; and receive direct deposits via Venmo. Your transactions will be faster, easier, and simpler thanks to this convenient platform. So what are you waiting for? Create your account and join the platform to enjoy the services of Venmo.

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