Venmo is a digital wallet. You may be thinking, “Can you Venmo money to yourself?” Or do you use it only to transfer money into the accounts of other people? We have all the answers you need!
Can you Venmo money to yourself? You can’t Venmo money to yourself. You can only use Venmo to send money from one individual to another. Venmo is intended for paying your friends or family and not to move money between two accounts.
But there are lots of ways that you can use Venmo and it’s a great app to have on hand if you want to pay the bill for your group at dinner or buy something online.
Venmo’s goal is to move money between two parties conveniently. It is not meant to be a service to transfer cash between your payment methods or different accounts.
How Venmo Transfers Work
Venmo is a financial account where you can keep funds, send money and track your account history quickly and effortlessly on your computer or cell phone.
Venmo works to make sending money between friends and family fast and convenient. When someone pays the bill for a group, it is easy to send that person what you owe via Venmo.
Using this mobile app, you can purchase something or transfer money to another person. But you can also Venmo yourself money from your bank account so you can move away from carrying an actual wallet and rely on your digital one.
Many believe it to be safer since neither your banking nor credit card info is shared when purchasing at a store or restaurant.
Moreover, you can make purchases via the app or by using a Venmo debit card.
Transferring Money Easily
Moving money into your account is a snap using Venmo. To add to your Venmo balance, follow these steps.
- Select “Add Money.”
- Enter the amount you want to send.
- Select “Done.”
- Choose the bank account you wish to send money from, and click “Next.”
- Review the order, including the transfer should arrive.
- Click on “Add Money.”
And Voilà, you transferred the money! It is good to note that once you select “Add Money,” there is no way to cancel the transaction.
When to Venmo Money
Since there was a need for a social, consumer-friendly app, Venmo was founded in 2009. Its original aim was to help people split up their bills when spending out for dinner, movies, rent or tickets.
It is dubbed a peer-to-peer payment option—no need to have the waitress split up your check when dining out with a friend. You can cover the bill, and your friends can Venmo you what they owe.
Venmo debit cards allow you to pay for services and items with your balance in your account.
You can Venmo yourself money and then use your Venmo Debit card to make payments when you are out and about.
One benefit of using this card is that it offers cash back when purchasing at some of your top retailers and your favorite places for grub.
Costs of Venmoing Cash
It is possible to use this app for free; however, some services cost a percentage as the fee. If you decide to send money from your credit card, there is a 3% fee.
Nonetheless, there are zero fees when purchasing something or sending money from the balance in your Venmo account or your bank account using the standard option. Find out more information about “How long Venmo Transfers take to post to your Bank Account.”
There is a 1% fee for transferring money instantly from your bank account.
At times, there are additional fees when you withdraw cash from your Venmo using your debit card. There is a $2.50 ATM cash withdrawal fee while it costs $3 for a cash withdrawal with a teller at a bank.
Things to Know about Venmo
- The maximum weekly amount you can send person-to-person is $4999.99. Additionally, this is also the limit per transaction.
- For Venmo Mastercard Debit Card purchases, the weekly limit is $6999.99, while the limit for each transaction is $2999.99.
- After signing up for the app, you have a $299.99 person-to-person spending limit until your identity is confirmed.
- For income that is more than $600 annually, you must send a 1099-NEC tax form to report the taxable income to the IRS.
- If you want to withdraw cash from your Venom account, you must link your Venmo to a bank account.
- Venmo is currently used in the USA. You can’t use it internationally. Learn more about why Venmo need’s your SSN here.
- Also, you can’t Venmo to Apple Pay directly. Nonetheless, there is an alternative option. Learn more about that here.