How to Use Venmo Balance Instead of Card
We are all familiar with Venmo, the PayPal-owned mobile payment app that allows you to send money instantly from your debit or credit card. You can transfer money to another person or business and let them use the funds in whatever manner they choose, like paying for a product, buying food, or donating money to a charity.
Venmo is the largest peer to peer payment app in the US, with over 80 million users. Digital payment services will only grow as a result of the company’s innovative business strategies and ability to allow users to purchase and sell Cryptocurrencies.
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You may be curious about How to Use Venmo Balance Instead of Card?
If you want to use a Venmo balance instead of a bank account, you can choose the payment method you want. If you don’t have enough money in your bank account, your Venmo balance is used.
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How To Use Venmo Balance Instead of a Bank Account?
If you want to use a Venmo balance instead of a bank account, you need to verify your Venmo account first. You can use your Venmo balance on trusted merchants, websites, and stores that accept the service after that.
If you see Venmo Balance at the top of the screen, that means you have access to the feature. You must verify your account first if you want to continue.
You can have your account ready and verified in a few minutes by following these steps.
- You can download the Venmo app on your device.
- Follow the steps to complete your profile once you have created your Venmo account.
- Click three stacked lines are on the top-left corner of the screen.
- Go to the Security section and tap Identity Verification.
- Complete the required fields, including your full name, date of birth, address, and last four digits of your Social Security number. There may be additional documents required for further verification.
- Follow the instructions for finalization when you tap ‘Next’.
It only takes a few minutes to verify your identity using Venmo. When processing payments, you must choose the balance of your Venmo account as the preferred payment method. If your Venmo balance is insufficient, your bank account will be utilized.
Changes to the payment method can only be made after the payment is made to the recipient.
How To Use Venmo Balance Instead of Your Card?
You don’t have to use your card to use the balance on Venmo. If you want to pay via Venmo balance, simply select the payment method option at the bottom of the app screen and change it to “Venmo Balance” upon completing your transaction.
Before using your balance feature, make sure that your Venmo account has been verified.
Why Can’t I Send Money From My Venmo Balance?
Even though you have a Venmo account, you might wonder why you can’t send money from your balance.
Here are some reasons you can’t send money from your account.
If you have access to Venmo balance:
It’s likely that you spent some money to make the payment. It is possible that some of the money was used to cover a negative balance on your Venmo account.
If you don’t have access to Venmo balance:
The account has not been verified. The balance in your Venmo account can’t be used to make a payment until verification is completed. Your Venmo payment will show on your bank statement.
How To Add Money To Venmo Balance?
If you want to add money to your Venmo account, you need to verify your profile and link a bank account to your Venmo account. You can add money to your balance by going to the “You” tab on the app and selecting the “Manage Balance” option at the top of your transactions.
To initiate the money transfer, you have to enter the amount you want to deposit in your Venmo account. You can withdraw funds from the linked bank account if you tap ‘Next’. The transfer information needs to be reviewed before you confirm and add the amount.
Funds are not available until the transfer is complete, which can take three to five business days. There is a $1500 limit on the amount of transfer you can make into your account.
Summary
You need to verify your account before you can use your Venmo balance. You can use your Venmo balance to make payments. If you have the same linked bank account, you can transfer funds to Apple Pay.
Published By: AintPayingFull