When it comes to online money transfer, Venmo does not disappoint. Run by PayPal, this app has revolutionized the way people do their day-to-day business activities. From enabling you to pay rent to splitting restaurant bills, there are many transactions you can undertake with this app. As long as the recipient has a Venmo account, he or she will be able to receive the payment seamlessly. Since Venmo can allow you to undertake a number of transactions easily, most people have been asking whether they can Venmo themselves. In this article, we shall take a closer look at how you can do this and other related ideas.
Can You Transfer Money To Yourself In Venmo?
Yes. As we speak, you can now transfer money to yourself using Venmo. By doing this, you will be able to hold funds in your Venmo account and use it for various purposes. For instance, you can use it to pay others, pay bills, and so forth. However, there are a number of conditions you should fulfill.
First, this is only possible for those individuals who have two different Venmo accounts. Remember that Venmo prohibits users from using the same identity to create more than one account. If Venmo discovers that you used the same identity to create two or more accounts, chances are that your accounts will be banned immediately. Therefore, you should create two accounts using different details
For instance, you can have two Venmo accounts, each with its own US bank account and phone number. With these details in place, you can move money from one Venmo account to another. This practice has worked well for many people. As long as your Venmo accounts details are different, be sure that you will have a seamless transfer process.
If this does not work, you can choose to pay a trusted family member or friend money with money from your first account and then let them Venmo the same amount to your account. The moment you receive the money, you can then transfer it into your other bank account, and you will have managed to complete the intended money transfer process.
Better still, you can try to deposit money back to your checking account through the transfer option. If you choose this method, be sure that it will take about 2 to 3 business days for the transfer to be complete.
Steps To Venmo Transfer Money To Yourself
If you want to Venmo transfer money to yourself, there are a series of steps that you should follow. These include:
1. Apply for a Venmo Debit card
If you want to hold money in your Venmo account, there is a need for you to have a Venmo debit card. In case you do not have one, you will not be able to transfer the money to yourself as desired. If you do not have this card, you can apply for one and then be able to carry out this transaction seamlessly.
2. Launch the Venmo app
With the Venmo debit card in place, time is ripe for you to start the transaction. The first step here is to launch the Venmo app on our mobile device or tablet and then go to the menu option. To visit the ‘Menu option,’ you should click the 3 line icon located at the top right corner of your screen. Once you click this option, you will see the ‘Manage balance’ option just next to the current Venmo balance.
3. Choose the ‘Cash a check’ option
In case you want to transfer money to your Venmo account using a check, choose the ‘Cash a check’ option. Here, you will have the opportunity to deposit the check too. To do this, you should choose the ‘Cash a check’ option and then key in your personal details. Once you are done, take photos of the check and then upload the scanned photos of both the back and front sides of the check.
You can also choose the ‘Add money’ option. If you do not have a check, you can consider paying yourself using a credit card or bank account. If you choose this option, you will be asked if you want to pay using your credit card or bank account. Either of these options can work well for you, as long as they have money. If you choose to pay with your credit card, brace yourself to pay 3% of the amount you want to top up.
4. Choose the amount you want to add
Once you have determined the payment mode, the next step is to choose the amount you want to add. The amount should be at least less than the amount present on your credit card or bank account. Confirm that everything is okay, and then click the ‘Done’ option.
5. Choose the linked bank account or credit card
The second last step is now to choose the credit card or bank account that you have already linked with your Venmo account. In case you want to add a new credit card or bank account you should choose the ‘Add a credit card or bank account. Ensure that you enter the right details and so that the card or bank can be verified.
6. Review the action and then choose the ‘Add money’ option
Here, you will be asked to review the activity and once you review it, choose the ‘Add Money’ option so as to transfer money to yourself on Venmo.
Can Two Separate Venmo Users Add The Same Bank Account?
Earlier on, we had stated that a single user cannot have more than one Venmo account, whether he has opted to open them using the same bank account or different ones. However, there are instances when two different individuals may choose to share a bank account.
The good news is that Venmo allows users to share the same bank account as long as they have different or separate Venmo accounts. Ideally, the number of account should not be more than two.
If the other person creates a Venmo account and tries to link it with your bank account, you will be able to get a notification alerting you of that action. After that, you will have to authorize that action. If you agree, the two accounts will then be linked to a shared bank account. In case the bank account becomes invalid, both users will not be able to utilize it as intended.
Can You Use Venmo To Send Money To My Paypal Account?
Although Venmo is a subsidiary of PayPal, it is imperative to note that these two platforms do not allow users to transfer money directly. Instead, you have to link a bank account with a Venmo account first and then transfer money to your bank account and then link the same bank to your PayPal. Once you have linked the same bank account with your PayPal account, you can now deposit the money into your PayPal account by just clicking the ‘Add money’ option.
How Long Does Venmo Take To Transfer To A Bank?
It depends on the method of transfer you choose to use. For instance, standard money transfers usually take 1 to 3 business days. However, these timelines are dependent on when the transfer was initiated.
For instance, weekday transfers before 7 pm Eastern Time, one can expect to get money in his or her account on the next business day or up to 3 business days later. On the other hand, weekend transfers have to wait until Monday. Therefore, you can expect to get the money on Tuesday or thereabout.
However, if you choose the instant transfer method, you can expect to get the money in the next 30 days. This method is quite fast, but it attracts some fees. To put it into perspective, you can expect to pay a 1.5% fee, where the minimum fee is $0.25, and the maximum fee is usually $15.
Final Words
The process of transferring money to yourself on Venmo is not as difficult as one might think. However, there is a need for you to follow the right procedure for the transaction to be complete. More importantly, watch out for any circumstance that can make Venmo ban your accounts. As long as you do everything right, you will be safe. Consider the ideas we have mentioned above, and you will not regret it.