Digital banking through companies like Venmo has become a staple of convenient banking. They make transactions much more reliable, whether from the standpoint of a buyer or seller.
There are fewer chances for overdrawn accounts or bounced payments when using electronic banking resources. There are no hidden fees for account holders like one might see with other banking options. Waiting for payments to arrive in a bank account and clear used to take a lot of time.
Sure, it’s been said that cash is king, but carrying cash isn’t always comfortable or the safest.
When debit cards picked up onto the scene, they quickly became the most accessible form of payment due to their durability and compact size. Now, with the convenience of digital banking options with Venmo, debit cards are much simpler to maintain your cash flow at the touch of a few buttons.
Venmo Standard Transfers from one account to another still could take anywhere from hours to a couple of days for that money to become available.
Don’t have time for that? Nowadays, thanks to the speed of technology, money can be instantly transferred with Venmo Instant Transfers for a small fee. Fees are only $0.25 to $15 max, depending on the total amount of the transfer.
Add a Bank Account
It’s a breeze to set up a Venmo account. They offer a personal or business account to choose from. After submitting a cell phone number, it’s necessary to verify it before continuing the initial setup. Fill out the form and attach a bank account.
Need to Connect an Acceptable Debit Card
Venmo can only process instant transfers with participating debit cards. To know if a card is a participating card, you must try to add the card to the account.
Instructions for Using the Computer:
- Log into your existing Venmo account
- Click ‘Edit Payment Methods’
- Then, click ‘Add Debit or Credit Card’
Instructions Using the App:
- Click the ‘You’ tab from the single person icon.
- At the top-right, click ‘Settings’
- Press ‘Payment Methods’.
- Tap ‘Add Bank or Card’
- Add ‘Card’
- Card information can be added manually or by the camera on the phone.
While following the steps your debit card should appear as an option. If the card or bank name is grayed out, then the debit card and/ or bank isn’t eligible for instant transfers because the establishment does not participate.
Verify Your Bank Account
You have verified your phone number and bank account. Now it’s time to add a debit card. Errors will happen when trying to add a card that doesn’t participate in instant transfers.
This doesn’t mean that you can’t proceed with a standard transfer. Standard transfers are free with Venmo and can take 1-3 business days. Take note that Venmo Support cannot override declined instant transfers.
Get a Venmo Debit Card
Venmo has its own debit and credit cards. To register for a debit card, you must connect it to your active bank account. Getting a Venmo Debit card makes it easy to keep a record of the account.
A bit more detail goes into applying for a Venmo credit card. It’s like the same application process you would face when applying for any credit card.
So now, you know your debit card is good to process standard transfers or instant transfers. Make sure the card is listed as your primary payment method. To double-check, go to ‘Settings’. Then, ‘Payment Methods’.
Transfer Venmo Money onto Debit Card
It’s important to understand if money is already in the Venmo account, then there is already money on the debit card. If you need money or more funds added to the card, you need to add money from your bank account to Venmo. This is the most common way to load your Venmo debit card unless someone else sends you money through Venmo.
- First, open the app or log in
- Click on the three lines ‘Menu’
- Tap ‘Manage Balance’
- Select ‘Add Money’
- Type in the amount you wish to transfer into Venmo. Click ‘Done’
- It will ask you to select which bank account you want the transfer to come from. Select the account you prefer. Then, tap ‘Next’
- The transfer details will be listed along with the arrival date. Confirm all the information is correct. You will not be able to stop the transaction after the next step, so be absolutely sure all information is correct. If so, press ‘Add Money’ to complete the transaction
Transfer Funds to Your Bank Account
- Transferring funds from Venmo into your bank account is just as simple
- Tab the lines ‘Menu’
- Select Transfer to Bank
- Enter in the amount
- Select ‘Instant’ or ‘Standard’
- Confirm the transaction details and hit ‘Transfer’
Once your accounts and cards are linked properly during the initial setup, reloading your debit card will be effortless. Some people load a lot, some load only what they need at a time for fear of losing the card. Whichever way works best for you, Venmo has got your back to help make money transfers easy.