Send & Receive Money on Venmo
Venmo money transfer App is a payment system that is available on iPhones and Android devices that makes it quick and easy to send and receive money directly between individuals. It is a peer-to-peer (P2P) payment app, that was founded in 2009 as a text message-based payment delivery system. In March 2012, the company launched a platform with an integrated social network, in a bid to capitalize on the growing P2P economy.
How Venmo Money Transfer Works
Users install the app on their phones, thereafter, link their Venmo accounts to their credit card, debit card, or checking accounts. After that, Venmo users can instantly start exchanging funds among one another, with Venmo playing the virtual fiscal intermediary.
How Safe is Venmo for Money Transfer?
Just like all other internet-connected applications can be vulnerable to security breaches, so also is the Venmo payment system. But in a bid to avoid this, Venmo uses data encryption technology to protect users against unauthorized transactions while storing user information on servers in secure locations. On Venmo, users have the option of setting up PIN codes for mobile transactions.
Since hackers and scammers have been able to circumvent these precautions, by gaining access to a user’s account, and easily transfer a user’s Venmo balance to a new account, users can use the following precautionary measures to protect themselves.
- Do not store huge amounts of money in Venmo balance.
- Instantly transfer Venmo transactions to linked bank accounts.
- Use only Venmo to exchange funds with familiar people.
- Opt out of Venmo’s social network, by changing the setting to “private”, to help cloak transaction histories. If not, Venmo’s default new account setting of”public”, allows the app to publish transactions on its public feed.
Venmo Instant Money Transfer & Cost
Venmo instant transfers help you send money from Venmo to an eligible U.S. bank account or Visa/MasterCard debit card, typically within 30 minutes. A 1% fee (with a minimum fee of $0.25 and a maximum fee of $10) gets deducted from the transfer amount for each transfer.
Instant transfers can be made 24 hours a day, 365 days a year despite holiday or weekend schedules. Users should please note that transfers may be affected by Venmo service disruptions.
Also transfers are reviewed and could be declined, delayed, or blocked if Venmo identifies an issue. Reviews may result in funds getting frozen or removed from your account.
How to Check on the Status of Your Instant Transfer
Immediately you begin an instant money transfer in the Venmo app, you will notice a green check mark as confirmation that the transfer has started. Once the transfer completes, you will get another in-app notification. If the transfer still displays as pending in your app, you’ll want to wait 30 minutes before checking your bank account statement for the deposit.
How to Transfer Money with Venmo to a Bank Account
If you have a verified bank account on Venmo already, then skip to step 3 of this article, but if you don’t, then start from the first step.
- Add a bank account.
- Then verify your bank account (Recommended). It is strongly recommended that you verify your account before you transfer funds to your bank account to make sure that the funds arrive successfully. As Venmo is not responsible for lost transfers to bank as a result of incorrectly entered bank credentials.
- Transfer funds to bank account.
In the app:
- Click the three-line icon at the top of the app.
- Click on”Transfer to Bank” or “Transfer Money”. Alternatively, you can tap “Manage Balance” and then “Transfer to Bank”)
- Key in the amount you would like to transfer to your bank.
- Click “Instant” (for a small fee) or “1-3 Biz Days” (for no fee), and choose your preferred bank account or debit card.
- Then confirm your transfer details, and click the green “Transfer” tab.
By now, you must have learnt how to send and receive money on the Venmo payment system that is designed for money transfer. Hope you found this helpful.