In this article, we’re explaining how to use Venmo. This will include the step-by-step process to open a Venmo account (if you don’t already have one). Of course, we will also answer common questions that we receive from our members below.
Additionally, we will be sharing underutilized account opening options that allow for online opening and transactions in the United States. These alternatives can even be accessed by foreign non-residents.
This article is part of our free series on opening digital bank accounts, including our guide on opening an online USD bank account, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Use Venmo
- How Does Venmo Work?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
How to Use Venmo?
To use the Venmo payment app to send or receive a peer-to-peer payment, you need to complete the Venmo account setup. You can set up an account on Android or IOS devices by downloading the Venmo app. Once downloaded, open the Venmo app and follow the instructions to create an account.
Venmo offers both personal accounts and Venmo for business accounts. Both account types offer a digital wallet and allow the account holder to send and receive a mobile payment and money transfer.
A personal Venmo account enables users to send money online to friends and family. In order to do so, a user can either link bank account details or their personal debit card details. Depending on the type of account and verification method, the transfer limits imposed on your account will vary. However, if you verify your account, you will be able to automatically increase the weekly limits.
In the case of Venmo business accounts, users are able to process immediate and delayed payments directly through several payment verification methods. The available payment options include standard processing, a contactless transaction process, and card-not-present transactions. Importantly, each of these approaches to payment verification does incur different Venmo fees, ranging from 1.9% to 3.49%.
Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
How Does Venmo Work?
Venmo works by enabling peer-to-peer transactions between account holders, transferring funds from the sending user’s Venmo account to the receiving user’s Venmo account. The funds sent through Venmo originate from each user’s bank account, either transferred directly by the bank or through the user’s debit card.
How Do I Transfer Money to My Venmo Account?
To facilitate a transfer to your Venmo account, you will need to enter the application, select “Manage Balance” followed by “Add Money” and then choose whether you want to use your bank account or debit card in order to complete the transaction. You will then insert the amount and the specific source of funds that you want to transfer.
Can I Send and Receive Money With Venmo?
Yes, you can both send and receive money with Venmo if you have an account. In short, it is a peer-to-peer platform that can be used by both individuals and businesses in order to enable transfers.
Frequently Asked Questions
Below are five of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Can You Use Venmo Internationally?
No, you cannot use Venmo internationally. The app is a domestic US platform that only works while you are physically in the United States. If you try to use the app while outside of the United States, you will not be able to access your account.
Can I Use My Venmo Account to Pay Someone?
Yes, you can use your Venmo account to pay someone. In fact, Venmo can be used to pay both individuals and businesses. Depending on the reason you are sending a transfer, you may need to indicate that the transfer is for goods and services.
How Do I Use Venmo to Pay Someone?
To use Venmo to pay someone, you will need to open the application on your phone, navigate to the payment icon, select the individual you want to pay, determine how much you want to pay them, and confirm the payment.
Do I Need My Bank Account for Venmo?
No, you do not need your bank account for Venmo. Instead, you can connect either a debit card or a credit card in order to fund payments through your account. This is true whether you are trying to pay individuals or businesses.
Should I Link My Bank Account or Debit Card to Venmo?
Whether you should link your bank account or debit card to Venmo is a personal preference. In both instances, you will not be charged fees. However, if you send a payment using a credit card, you will be charged fees. Additionally, your credit card provider may consider the payment a cash advance and charge you higher interest rates than normal merchant transactions.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
