How to Send Money on Venmo

Imagine this: You’re at a restaurant with a friend, and they don’t accommodate bill sharing. Your friend still covers it, but you still need to pay them back. You need an alternate way to transfer funds—you need to learn how to Venmo someone!

This easy-to-use app makes peer-to-peer funds transfer painless and allows users to quickly and easily move money from one person to another. Let’s take a closer look at what Venmo is and how you can use it.

What Is Venmo?

Venmo is a PayPal-owned app that allows users to accomplish various forms of financial exchange. It makes money management easy and allows people to split bills, send and receive money, and more.

While the app isn’t necessarily intended for a specific audience, it is most popular among the younger generations, like millennials and Gen Z. Since it is mainly used for peer-to-peer transactions, it is a convenient way to complete activities as a group or send funds to friends.

How to Set Up a Venmo Account

Before learning how to Venmo, you need to set up your Venmo account. Here are step-by-step instructions to help you complete this simple task:

Step 1: Download the app from either the Google Play Store (for Android) or the Apple App Store (on iPhone).

Step 2: Open the app and click on ‘Sign Up’ to create an account. Choose the registration method you want to use. Then, select a strong password that’s between 8 and 20 characters long and contains at least one number or symbol.

Step 3: Follow directions to verify your email address or cellphone number.

Step 4: Link your bank account or card so you can fund your Venmo account.

Step 5: Take steps to secure your account. These include ensuring that your mobile device is secure (through the use of a password, Face ID, etc.), setting up two-factor authentication for your Venmo app, and making your Venmo account private.

How to Send Money on Venmo

Now that you know how to set up your Venmo, the next question is, how do you Venmo someone? This step-by-step guide will take you through all the necessary steps in detail:

Step 1: Open the Venmo app, and click on the Venmo logo in the lower center of the screen.

Step 2: Select the recipient from the list that appears, or search for a recipient using the search bar at the top of the screen (via username, phone number, or email). It’s important to note that this function searches all existing Venmo users, so you can easily find the right person. Click on the person’s name, then click ‘next.’

If you are with the person you wish to Venmo money to, you can also use the QR function (located just beneath the search bar on this page). Simply click on the scan code, and ask the person you’re paying to show you their QR code. Once you’ve scanned the QR code, the app will automatically take you to the next step.

Step 3: If you have never made a payment to the same Venmo account before, the app may give you an added security measure. This usually takes the form of requesting the last four digits of the recipient’s cellphone number. If needed, enter these digits now.

Step 4: Click on the number at the top of the screen to enter the payment amount. Ensure that you’ve entered the appropriate amount and add a note saying what the money is for.

Step 5: Click ‘Pay’ then adjust the privacy settings before confirming the transaction. On the right-hand side of the screen, you’ll see a small, blue lock logo labeled privacy. Click on it to ensure that the privacy settings are correct, and mark the transaction as private. We recommend using the private function as it adds an extra layer of security to your transaction.

Step 6: Once you have completed all these steps, simply click the ‘Pay’ button at the bottom center of the screen. The app will then take you to a page where you can select a payment method. If you have a sufficient Venmo balance, the payment will come from there. If not, you will need to select a secondary payment method so Venmo can withdraw the amount from there.

Step 7: Confirm the details and click ‘pay’ to send the funds.

And there you have it. Now you know how to do Venmo transactions.

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Common Issues When Sending Money on Venmo

When sending funds on Venmo, there are some fairly common problems that you may encounter. Some are relatively inconsequential, while others may cause significant problems for either you or the recipient.

Delayed Payments

One issue that you may encounter is payment delays. Occasionally, a payment may be delayed, which can cause problems for both the sender and the recipient.

The most common reason for this is the timing of the transaction. If the payment was made after 7 PM on a weekday, on a public holiday, or on the weekend, it will only be processed on the next business day.

The best way to avoid this is to make payments as early as possible and on business days so they have time to process before the financial institutions close for the day.

The Recipient Doesn’t Receive the Funds

In rare cases, you may find that the recipient isn’t receiving the funds sent by the sender. This may be due to one of a few main reasons.

One of the most common reasons for this is that the sender made a mistake when entering the recipient’s details. Have the sender check that they entered the correct email address or cellphone number and the transaction status.

If the recipient details are correct, but the funds still haven’t cleared, it may be one of a few other things. The most likely culprit is that the recipient has yet to verify their account.

Many times, Venmo payments will be marked ‘pending’ if the recipient hasn’t verified their email or cellphone number. If this is the case, the recipient simply needs to verify their details, and the funds will clear.

In the case of large transactions, Venmo may temporarily hold the transaction to do security checks. If all is in order, they will release the funds.

Another thing that may result in delays is when there are processing delays from the bank or with the sender’s Venmo account. If the problem persists, contact Venmo directly to enquire about the reason for the delay.

Payment Cancelled or Declined

In some cases, users find that their payments have been canceled rather than completed. Naturally, this can be a serious problem in many cases.

Generally, this kind of cancellation (or declined payment) is the result of one of a few things. One reason is that the sender’s account may have been flagged for security reasons, or they may surpassed the number of transfers allowed.

It may also be the result of account restrictions, insufficient funds, or bank details that don’t match the bank details on the sender or recipient’s Venmo account.

If you encounter this problem and you’re not sure why, it’s best to contact Venmo directly so they can help you understand and resolve the problem.

FAQ About Sending Money on Venmo

Is there a fee for sending money on Venmo?

No, there isn’t a fee for sending money on Venmo. However, there is a 3% fee involved when you send money through Venmo with certain linked credit cards.

Can I send money internationally using Venmo?

No, you can’t use Venmo to send money internationally, as Venmo only works in the United States. Both the sender and recipient need to be US residents to use Venmo.

What if I send money to the wrong person?

If you’ve sent money to the wrong individual, there are a few different options to consider. If you know the person, you can simply send them a charge request for the amount, along with a note explaining your mistake. They can then pay back the funds to your account.

If you’ve unintentionally sent money to a stranger, you’ll need to contact the Venmo support team so they can try and help you. They will require some basic information to assist you, including the date of the transaction, the transaction amount, the username of the accidental recipient, and the email address, cellphone number, and username of the intended recipient.

Can Venmo be reversed?

Once a Venmo payment has been received by the recipient, it cannot be canceled or reversed. However, there are certain conditions under which you can request a reversal from the Venmo support team.

These include: having sent a payment to or received a payment from a stranger, unauthorized activity on your account, when you didn’t receive a service or product you purchased, or when you were the victim of a scam. In these cases, Venmo can try to help you to reverse the transaction, though it isn’t always possible.

Are Venmo and PayPal the same?

While Venmo is part of the PayPal family, they are not the same thing. There may be some overlap in services, but they are two distinct entities with vastly different rules and regulations. For instance, PayPal functions internationally, while Venmo only works within the United States.

Who does Venmo bank with?

Venmo partners with both Synchrony Bank and The Bancorp Bank. Synchrony Bank, under license from Visa, is responsible for issuing the Venmo Visa Credit Card. The Venmo Mastercard is issued by The Bancorp Bank. In terms of actual transactions, Venmo may process payments through an array of different debit networks but generally probably processes them directly through either Visa or Mastercard.

Which Venmo transactions are taxable?

When you use Venmo for sales of goods and purchases, those transactions are fully taxable, as are most transactions from a business account. If you are using Venmo for everyday transactions, you will not pay tax on transactions with friends and family, except possibly if you do so from a business account.

Contact Payment Savvy for Secure Payment Solutions

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