Venmo is a popular app that allows you to send and receive Money from friends, family, and businesses. You can link your bank account, debit card, or credit card to your Venmo account and use them as payment funding sources. But did you know you can also add Money to your Venmo balance and use it as a funding source? This article will explain how to add money to Venmo and why you might want to do it.
How to Add Money to Venmo
There are two ways on how to add money to venmo: from a bank account or a debit card. However, not everyone can use these methods. You need a Venmo Mastercard Debit Card to add Money from a bank account, and you pay a 1% fee to add Money from a debit card. Here are the steps to add Money to Venmo using these methods:
From a Bank Account
If you haven’t already, apply for and receive a Venmo Mastercard Debit Card. You can do this in the Venmo app by tapping the menu icon and selecting Venmo Card. Follow the instructions to apply and activate your Card.
Add and verify a bank account to your Venmo profile. You can do this in the Venmo app by tapping the menu icon and selecting Settings. Then, tap Payment Methods and select Add a Bank or Card. Choose Bank and follow the instructions to link and verify your bank account.
In the Venmo app, tap the menu icon and select Manage Balance. Then, tap Add Money and select From bank account. Enter the amount you want to add and choose the bank account you want to use. Tap Next and review the transfer information and estimated arrival date. Then, tap Add Money to confirm the transfer.
From a Debit Card
Add and verify a debit card to your Venmo profile. You can do this in the Venmo app by tapping the menu icon and selecting Settings. Then, tap Payment Methods and select Add a Bank or Card. Choose a Card and follow the instructions to link and verify your debit card.
In the Venmo app, tap the menu icon and select Manage Balance. Then, tap Add Money and select From debit card. Enter the amount you want to add and choose the debit card you want to use. Tap Next and review the transfer information and fee. Then, tap Add Money to confirm the transfer.
Why Add Money to Venmo
You might want to add Money to your Venmo balance for several reasons. Some of them are:
To avoid overdraft fees from your Bank.
To earn rewards or cash back.
Conclusion
Adding Money to your Venmo balance can be a convenient and rewarding way to use your Venmo account, but it also comes with some costs and limitations. You should weigh the pros and cons of adding Money to Venmo before deciding whether it’s right for you.
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