Venmo Account | How to send and receive money with Venmo app
Having a Venmo account will save you a lot in making payments online or in-store. Whether you have cash or not you can make your payments using the Venmo mobile app.
In my previous article, I talked about digital payments, the benefits, and types. It’s very clear that in the nearest future, digital payments that are making payments with a digital instrument other cash or credit will be more used.
Considering the convenience and security it provides, having a Venmo account will be very nice if you want to enjoy the full benefits of making digital payments.
What is Venmo – Venmo Account?
Venmo is a nice and fun money app that you can use to send money easily and fast between friends and shopping at any of your favorite online stores. Venmo Account will help you make cashless payments anywhere you are. However, if you want, you can apply for the Venmo card and use it for your shopping wherever Mastercard is accepted in the U.S.
You can use it to share your new purchases, split your buys with Venmo friends to avoid any type of IOUs.
Payments make digitally just like that of Venmo, Payoneer and PayPal make transactions fun and convenient. If these platforms can exist as real banks, I think banking, in general, will be more fun and stress-free.
Venmo App details
The Venmo app is a property of The Delancey Corporation, LLC. Its size is 121.2 MB and it’s a financial app.
Its compatibility requires iOS 10.0 or later version. It works in the iphone iPad, iPod touch and Android phone, the language is English. The rating is rated 4+ and it’s free for download.
How to Sign up for Venmo Account
To sign up for the Venmo account, just down the Venmo mobile app for either iOS or Android and follow the steps that follow:
- Tap on the app to open it
- Select your sign up method and create your own secured Password which can be between 8 and 32 Characters long.
- Proceed to verify your phone number and email address.
- Include your bank account and verify it.
One thing you must be aware of is that the Venmo payment app is only available for United States use. Moreover, it’s only compatible with only U.S based bank accounts and phone numbers. It requires you to be able to send and receive SMS/text messages from short codes.
Requirements for Using Venmo
To use Venmo, you must have the following:
- You must be living in the United States physically.
- Must have a United States phone number that can send and receive text messages from short code (this phone number can’t be on file with another Venmo account).
How Venmo works
With Venmo, you can pay and request money from your friends. This is very useful when you owe them money and don’t want to pay in cash.
You must state how you would like to fund your Venmo account.
Here, you can pay People from any of the following sources:
- Through your Venmo balance
- Via Credit or debit card
- Using a valid U.S Bank account
Things you can pay for with your Venmo app
- Paying for your friend’s half of a cab fee
- Splitting a lunch bill
- Sending your roommate half of the rent for the month or year.
- You can use it to pay for purchases in malls and online
- Using it as a payment method in authorized partner apps.
Making bank Transfers
It enables you to transfer money to your bank by connecting your bank account to the Venmo app. If you submit a bank transfer say before 7 PM EST, it’ll be available in your bank account in the next business day. This excludes weekends and bank holidays.
Your transfer can be delayed due to transfer review.