So you keep hearing about Venmo from friends and want to see what the hype is about? You’ve come to the right place!
Venmo has become one of the most popular payment apps with over 83 million active users to date in 2023. Its revolutionary social feed turns mundane bank transfers into a lively stream of memes, emojis and conversations.
Owned by Paypal, Venmo continues to rapidly expand as more people ditch cash and adopt digital wallets. This handy guide will get you signed up to start sending or receiving payments within minutes!
We’ll cover:
- What Venmo is and how it works
- Downloading the app and signing up
- Adding bank account or credit/debit card
- Making and receiving payments
- Understanding Venmo security
- Applicable fees to be aware of
Let’s dive in and get you set up on Venmo!
What is Venmo and Why Use It?
Founded in 2009 in Philadelphia, Venmo pioneered “social payments” with features like public transaction feeds, comments, and emojis to make sending money more fun.
It directly integrates with platforms like Twitter, Spotify and Instagram – connecting digital identities across apps.
So why use Venmo vs. the many payment options out there?
| Platform | Key Features |
|---|---|
| Venmo | payment requests, emoji reactions, social newsfeed |
| PayPal | online checkout, international transfers |
| Apple Pay | contactless in-store payments |
| Cash App | bitcoin trading, stocks |
| Zelle | bank-operated, email/number transfers |
While PayPal focuses on online commerce and merchant transactions, Venmo specializes in casual transfers between friends. Its social-oriented UI resonates with younger consumers and influencer culture.
Venmo is best for:
- Paying back a friend or owing someone money
- Quickly splitting bills, rent or expenses
- Selling an item locally on Craigslist/Facebook
- Requesting funds from family easily
Its seamless mobile experience offers an alternative to carrying cash or relying on traditional banks. Let‘s get your account running!
Downloading the Venmo App
Since Venmo is mobile-only, first download the free app from the iOS App Store or Android Google Play store.
You‘ll be asked to sign-up using either:
- Email address
- Facebook account
I recommend using your email for privacy reasons – granting apps access to personal social feeds often enables wider data harvesting.
After entering a valid email address, a verification code will be sent that you must enter to confirm your identity.
Next, provide your phone number which also needs verified via a texted code.
Finally, set a unique password you don‘t already use on other accounts. Enable Touch ID or Face ID if prompted so you can access Venmo via biometrics.
Linking Payment Sources
Before sending or receiving funds, you need to add:
- U.S. bank account
- Debit card
- Credit card
- Prepaid debit card
Adding a bank account lets you transfer money between users for free, unlike credit cards that incur a 3% fee per transaction.
I recommend linking a bank account first, since it enables free transfers up to your weekly limit. Debit/credit cards should be secondary options.
Adding a Bank Account
In the Venmo app menu, tap your profile icon, then Add bank or card > Bank.
You will need to verify your bank account ownership either through:
- Instant Verification: Securely log into your bank through Venmo
- Micro-transfers: Venmo deposits two small amounts you confirm
| Method | Pros | Cons |
|---|---|---|
| Instant | Faster setup | More bank authorizations |
| Micro-transfers | Better privacy | Takes 1-2 days |
With Instant Verification, Venmo leverages Plaid to swiftly connect financial accounts. However, some users may prefer more limited third-party bank access.
Either way, properly entering your full account and routing numbers found on your checks or bank website is critical during onboarding.
Once successfully linked, a bank logo icon will display in your Venmo menu indicating it‘s ready for transfers!
Adding Cards
From your profile, choose Add bank or card > Card to manually input:
- Debit card number
- Expiration date
- CVV security code
Or opt to scan your physical card using the phone camera for quick automated data population.
Saved cards will also display in your Venmo menu once properly verified.
Sending and Receiving Venmo Payments
The fun part! Venmo’s bright UI makes payments almost gamified by incorporating colors, sounds, animations and emoji.
Here‘s the quick process to pay someone:
- Tap the payment button on Venmo‘s homepage
- Find a saved friend or enter a phone number/username
- Enter the amount and what it‘s for
- Select payment source from balance or linked accounts
- Tap pay!
You‘ll see our smiling payment faces handshake, with the funds instantly deducted from your account.
To request money instead, tap the "Request" tab and choose a contact who owes you.
Venmo identifies existing connections between users and their phone contacts to streamline transfers. Syncing mobile contacts enables quick access if you already have an established relationship.
Funds generally transfer instantly between debit card users, while banked amounts can take 1-3 days to process with no fees. Let’s overview tips to access funds faster.
Instantly Accessing Your Venmo Balance
Rather than waiting days for bank transfers, instantly access your Venmo balance:
- Spend it using Venmo’s debit card (free ATM access)
- Cash out instantly for a 1.5% fee (max $15)
Venmo debit cards function like any other card backed by your account balance for purchases or ATM withdrawals.
For quick bank deposits, Instant Cash Out sends funds to your checking account within 30 minutes for a reasonable fee. Great for accessing cash urgently.
Keeping Your Venmo Secure
Digital payments introduce risks – luckily, Venmo has robust measures to provide security and integrity.
- Venmo encrypts connections using HTTPS to protect data in transit
- Set up optional two-factor authentication for account login alerts
- Use randomized unique passwords never shared elsewhere
- Enable biometric sign-in like Touch ID or Face ID
Monitoring account activity and being selective in linking other apps also promotes safety.
Paying with a credit card on Venmo also carries protections that debit cards lack for disputing fraudulent charges.
While no system isbulletproof, following security best practices makes compromise extremely rare.
What Venmo Fees Should I Expect?
| Fee | Amount | Applies to |
|---|---|---|
| Standard transfer | $0 | Bank/debit card transfers |
| Instant bank deposit | 1.5% (max $15) | Instantly cashing out balance |
| Credit card transfer | 3% | Credit card payments |
| Check cashing | 1% (min $5) | Payroll/gov‘t checks |
| Instant check cashing | 5% (min $5) | Instant validated checks |
Outside of credit cards, person-to-person Venmo transfers are mostly free between standard banked accounts.
Merchant payments may also lack fees when transacting with integrated sellers like DoorDash. Venmo continues expanding retail partnerships.
Let‘s Get Paying!
Thanks for reading this start-to-finish guide on getting started with Venmo!
Signing up takes just minutes to link accounts and start securely sending funds. Venmo‘s viral popularity and slick app keeps growing – giving it tremendous mainstream reach.
Pay back your roommate, split the brunch bill or sell online items all via Venmo‘s digital wallet. Review the key takeaways:
- Download the Venmo iOS or Android app
- Sign-up with email for better privacy
- Verify your phone number after creating password
- Add bank account to transfer free up to limits
- Personalize payments with emoji reactions!
- Follow security tips like enabling two-factor authentication
With access from your smartphone, paying people back has never been simpler. Give Venmo a try next time you owe a friend money!