Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don’t want to deal with cash. For example: Splitting a lunch bill, paying your friend half of a cab fare, sending your roommate your half of the rent and using Venmo as a payment method in authorized partner apps.
You can transfer money to your bank by connecting your bank account to Venmo. Bank transfers that are submitted before 7 PM EST will typically be available in your bank account the next business day, excluding weekends and bank holidays. Transfers are reviewed which may result in delays or funds being frozen or removed from your Venmo account.
Features Of Venmo
- Payment check-out
- POS (point of sale)
- Data storage
- Passwords & authorizations
- PIN code
- Account settings
- Split bills
- E-tickets sent via email
- Make payments
- LInk bank accounts and debit cards
- Money transfers
- Share payments
- Sync with Facebook and phone contacts
- Data encryption
- Request money
- Track payments
- Social currency
How To Create Venmo Account
- First, download and open the Venmo app on your iPhone or Android .
- On the bottom of the page, “Sign up with Facebook” or “Sign up with email.” Choose one.
- If you sign Facebook, the app does the work for you, and you only need to click continue and give the app the proper permissions.
- If you select email, you will be prompted to enter your first and last name, email, and password. Fill in the information.
- Scroll down and read as much as you feel you need to, then, when you’re done, tap “Next” at the bottom.
- You will be prompted to enter your phone number so that Venmo can send you a confirmation code.
- A four digit confirmation code will be sent to your phone via text. Enter it into the box, then hit “Submit Code.”
- You can also add a photo or change your automatically generated username if you’d like, or do this later.
How To Connect Your Bank On Venmo Account
After creating Venmo account, add your bank information to send or receive payments.
- Click on the three lines in the upper left-hand corner of the home screen, then tap “Transfer Balance,” displayed in blue at the top of the menu.
- Select either “Instant” or “1-3 biz days” on the Balance screen.
- A new menu l “Bank Verification” will pop up at the bottom of the screen.
- If you have an account with a major national bank, you can select “Instant Verification” and simply sign into your bank’s website to connect to Venmo.
- If you have an account with a smaller bank, like a local credit union, you may need to select “Manual Verification” to enter your bank’s routing number and your account number (your bank may take up to three days to verify with this method).
- If you choose Instant Verification, tap “Continue” twice to acknowledge that Venmo uses Plaid, an outside application, to connect to your bank.
- Select your bank from those listed. If you do not see the name of your bank, you may search for it using the search bar at the top of the screen. If it does not appear, go back to step 3 and select “Manual Verification.”
- Enter your online banking credentials to connect Venmo to your bank account.
- Follow your bank’s on-screen instructions to verify.
How To Sync Contacts On Venmo
You can sync your contacts either from your Facebook or your phone in order to pay friends easily.
- If you did not sign up with Facebook earlier in the process, you will be prompted to link your account. Select “Not Now” or “OK.”
- Tap “Next” to select phone contacts to sync. If you would not like to sync any contacts at this time, simply select “Skip” in the upper right-hand corner.
- Scroll through the privacy information by swiping left until you get to the screen that says “You’re in control.” Then tap “Done” in the upper right-hand corner.
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