In this article, we’re answering “Why does Venmo need my SSN?” But, instead of keeping you waiting, here’s the answer:
Below, we’ll share additional nuances related to Venmo’s requirement for an SSN, including what happens if you don’t have an SSN and you’re currently using Venmo.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Why Does Venmo Need My SSN?
- How to Set Up an Account With the Venmo App?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Why Does Venmo Need My SSN?
Venmo needs your SSN because it is a regulated financial service provider and is required to collect identifying information about its users. This information includes your tax identification number (SSN) if you surpass certain transaction thresholds. In most cases, these thresholds relate to the number or value of transactions sent in a given time frame (e.g. one week or one year).
If you do not have an SSN, this will greatly limit your ability to open and maintain a Venmo account.
Fortunately, there are many alternative ways you can qualify and be approved for an online USD bank account, even as a foreigner and non-resident. That said, your specific purpose for opening the account, such as real estate investments or attending a US college will all influence which banks are best for you.
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 to Set Up an Account With the Venmo App?
To set up an account with the Venmo app, you will need to install the application on your phone. You can then select how you want to register and confirm your email and phone number. After confirming your details, you will need to add and verify your bank account.
If you do not already have a US bank account to connect to Venmo, you can use the article first linked above to learn how you can open a US bank account opening. This includes opening 100% remotely with real brick-and-mortar US banks as a foreign non-resident. Yes, it’s possible. No, you don’t have to deposit a small fortune to open an account. And no, you don’t need an SSN or ITIN as a foreign non-resident to have your application approved. Use the link above to learn how.
Here’s a closer look at the specific steps to set up an account with the Venmo app.
Create a Venmo Account
To create a Venmo account, you can either register directly on Venmo’s website or you can download the mobile application from either the Apple or Play Store. From there, you can register your account for free.
Connect Bank Account
To connect a bank account to Venmo, you will need to link an existing US bank account. If you do not have an eligible bank account, you can also choose between a US debit card, credit card, or prepaid payment card. Importantly, if you do proceed with linking a bank account, it will need to be a checking account. Not a savings account.
Provide Social Security Number
You may be asked to provide your social security number (SSN) to Venmo if your account activity passes certain thresholds. These thresholds include the number of transactions you send in a single week, the value you send in a single week, and the total number of transactions sent in a single calendar year.
Hold a Venmo Balance?
We do not suggest that you hold a balance with Venmo. Venmo is a money service business, not a bank. As such, your Venmo account is not FDIC-insured. In other words, if Venmo is ever in financial distress, the balance you hold in your account will not be returned to you. This is in contrast to a traditional FDIC-insured account, where your deposit is insured up to USD 250,000.
Frequently Asked Questions
Below are two of the most common questions we receive from people looking into “Why does Venmo need my SSN”. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Happens If You Don’t Have an SSN on Venmo?
If you don’t have an SSN on Venmo, and you have been asked to verify your identity, then you will not be able to complete the verification process. However, Venmo does allow users to continue using the platform without verifying their identity.
Is It Safe to Verify My Identity on Venmo?
Yes, it is usually safe to verify your identity on Venmo so long as you are using the Venmo app and navigating to the application directly. In other words, do not click a link in a message or email that was sent to you. Instead, only insert your Venmo credentials or verify your identity if you are certain that you followed the necessary security precautions and are using an authentic version of Venmo.
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!
