How To Use Venmo Balance Instead Of Bank Account

Venmo is a mobile payment app that supports peer-to-peer transactions, merchant payments, PayPal Express Checkout, business accounts, and more. Nowadays, Venmo is the most popular method of payment for most daily purchases. All Venmo financial services are designed to help users make payments and carry out transactions intuitively. Venmo has over 80 million users in the United States, making it the largest peer-to-peer payment app. The company continues to grow its digital payment services with innovative business strategies and cryptocurrency purchase and sale capabilities.

Generally, Venmo users link their debit or credit cards to their accounts to make payments. Alternatively, you may use Venmo as your general checking account or for specific transactions instead of your local bank account. Are you curious about how to use a Venmo balance instead of a bank account? Following that, i’ill guide you on how to access your Venmo balance rather than your bank account. 

What Are The Payment Methods Of Venmo?

The Venmo app offers users several ways to manage their money. Ultimately, the user decides which payment method is most convenient for him or her. Mobile payments, money transfers, and account management are all possible through Venmo. In addition to sending money with a linked credit card or debit card, many users are unaware that they can transfer funds and withdraw money using their platform balance. The process is very similar to that of PayPal. You can access both of these apps, and they both allow you to use the money to make purchases.

1. Linked Bank Account or Card

Most users prefer to pay with an external method. If you link a bank account to your profile, you can make payments within minutes. It’s easy to link your bank account to Venmo since it accepts cards from almost any financial institution. In addition, you can withdraw money from your Venmo account instantly when you receive it from others. It takes up to 5 business days for a standard transfer, while an instant transfer happens instantly, but there’s a fee.

2. Venmo Debit Card

Venmo debit cards are another option. You can link the card to both your bank account and your balance. Venmo works at any business that accepts Mastercard or Venmo. Adding money to this card and withdrawing money with it are both possible, but if you’re using an out-of-network ATM, you’ll have to pay more.

3. Paying with Venmo Balances

Take a look at what would happen if someone sent you money using Venmo. Let’s say you want to spend this balance on a gift card. Do you think you can do it? It’s a yes! You can also make a transaction without using your bank or credit card information with Venmo. 

You need to be verified on Venmo to use a Venmo balance instead of a bank account. If you want to pay via Venmo balance instead of a bank account, you can choose it when you finalize the payment. In addition to a bank account or credit card, Venmo balance is another payment method that you can use. You can always transfer it to your bank account if you want.

How Do I Pay Using My Venmo Balance?

Using your Venmo balance on the app is a great way to spend your money! We will show you how to use Venmo by opening it and following the steps.

Log in to your Venmo account first

The first thing you need to do is open Venmo and log in to your account. You should already have it saved on your device, so this step should take just a few seconds. On the app’s home screen, move on to the next step once you have logged in.

Verify your Venmo account manually 

The app won’t let you use your balance or link your bank account if you don’t verify your profile. Even if you have money in your Venmo balance, you can’t access it without identity verification. You can follow these steps to confirm that you have access to your Venmo balance:

  • Tap your picture or initials to access the “Me” option
  • The next step is to tap the Settings option in the upper right corner.
  • Then choose the “Payment Methods” option next.
  • Venmo Balance should appear at the top of the screen if you have access to it.

If you don’t see the balance, then you may not have completed Venmo’s identity verification. As a result, Venmo will pay directly from a linked bank account or credit card. 

Upon opening, you’ll see all the app’s features, but as soon as you try to use them, you’ll see a screen asking for verification. Once you have completed the verification Process, you can move forward. Remember, it is mandatory to add a bank account before you can make a payment on the app, even if you are using your balance. Let’s see how to verify your Venmo identity:

  • Tap your picture or initials to access the “Me” option
  • In the top right corner, tap Settings (gear icon)
  • The next step is to tap the “Verify your identity” option
  • Now, you will need to enter your ID details by following the on-screen prompts.
  • Venmo will match the details you enter against its database, and if a match exists, the verification will take place automatically.

Get started with a payment

Let’s assume that you wish to send someone money. You will see an on-screen keyboard when you tap the “Pay or Request” option on the app interface. In the Venmo username field, type the username of the recipient. It doesn’t matter if you’re making a payment or a purchase – the procedure is the same.

Switch to Venmo Balance as your payment method

A list of your available payment methods will appear at the bottom of the screen: bank account, credit card, or Venmo balance. All you have to do is select Venmo balance from the menu, and you’re done.

Ensure that the Venmo transactions are complete

All that remains is to tap on “Confirm” at the bottom of the screen to complete the transaction. Please note that the app will not use your bank account or credit card for payment – it only uses your balance for payment.

Why Can’t I Send Money From My Venmo Balance?

Users ask this question frequently and they face trouble using their Venmo balance despite having a Venmo account. Venmo can’t send you money for the following reasons:

  • Your Venmo balance is probably empty because you spent some money on a payment. Your Venmo account may still be carrying a negative balance since some of the money was used to cover it.
  • If you are unable to access your Venmo balance: Your Venmo account is not yet verified. It is still possible to receive Venmo payments and transfer them to a bank account, but you will not be able to use your Venmo balance to send Venmo payments until your account has been verified. As a result, your Venmo payment will appear on your bank statement, not on your balance.

To solve this problem, you can take advantage of Venmo’s strong customer support. You can reach Venmo customer support via the mobile app or by calling (855) 812-4430.

How Can I Transfer My Venmo Balance To PayPal?

You can make a successful transfer between PayPal and Venmo even though they aren’t linked. Here are the steps to transfer your Venmo balance to PayPal:

  • Ensure that your PayPal and Venmo accounts are linked with your bank account routing number.
  • Choose ‘Transfer to Bank’ in Venmo and enter the amount to transfer.
  • If you prefer a standard transfer, it will take one to three business days, or you can choose the instant wire transfer option. Until the direct deposit period occurs, your Venmo payment will not show up in your bank account.
  • To transfer money, log in to your PayPal account and select ‘Transfer Money.
  • Upon selecting ‘Add Money,’ you will see the bank account attached to your Venmo and PayPal accounts.
  • You can select a bank account that is linked. In most cases, you’ll receive the funds in your PayPal wallet within 3-5 business days.

How Do I Transfer Money From Venmo To Apple Pay?

Actually, the policy from both Venmo and Apple Pay doesn’t allow users to link between them. However, the two platforms do accept transactions between them. It’s because there is an alternative way to do the transaction. To transfer Venmo money to Apple Pay, you must first link your accounts to a common bank account. Ensure that you select the correct bank account when setting up Apple Pay. Three business days may be required to complete the money transfer. As soon as the funds are credited to the linked account, Apple Pay will reflect a successful transaction. You can go to gas stations that accept Apple Pay, Home Depot, CVS, etc., then select the linked bank card. To make payments, you’ll use the balance transferred from Venmo.

Scroll to Top