Venmo is a well known online money transfer app that allows you to send and receive money online from your friends and family members. One amazing way to manage your funds in a more flexible way is by transferring the funds from Venmo to Debit card.
Since you debit card is linked to your bank account, getting hold of the money will not be something complicated to do.
Venmo is one of the best apps for sending money to friends and relatives in the United States. Money circulation is facilitated by the ability to move money from one platform to another.
Any of the transfer companies can be used to send money abroad. Venmo does not support international money transfers, however services like PayPal and Payoneer let you send money in a matter of minutes to numerous countries. It is even feasible to make purchases in another country.
In order to transfer money from Venmo to debit card, you will first of all have to link your debit card to Venmo and then navigate to the transfer section, enter the amount you want to transfer and then hit transfer.
Stay glued to this article and discover the complete steps involved in transferring money from Venmo to Debit card without any problem.
Table of Contents
What is Venmo?
Venmo is actually a mobile payment service from PayPal and just like every other payment service, it allows you to send and receive money using a smartphone application. Venmo also lets merchants receive payments from people using the service.
How Does Venmo Work?
Users can choose to link their Venmo accounts to a credit card, debit card, or bank account after downloading the Venmo app from the Apple Store or Google Play store. A Venmo user can instantly start exchanging money with any other Venmo user once they've signed up.
Venmo acts as a go-between for accounts of two users engaging in a peer-to-peer transaction. Consider the scenario where Sally consents to sell Mary a bracelet for $50.
Sally receives the money from Mary via Venmo, which increases Sally's account balance by $50 and decreases Mary's balance by the same amount. Both do not pay a price.
In this way, a Venmo balance is essentially a virtual ledger that represents funds changing hands, within the Venmo platform. Until Venmo transfers the money into the recipient's bank account, it isn't technically in that user's possession.
Venmo also allows you to make purchases with Venmo's Mastercard debit card anywhere in the US where Mastercard is accepted.
Venmo also allows you to pay for purchases through apps and mobile website from authorized Venmo partners.
Requirements to Use Venmo
Before being able to make use of the Venmo app, you have to meetup with 3 main requirements which are listed below:
- You have to be located in the U.S.
- Have a U.S. cell phone that can send and receive text messages using short codes; in the U.S., short codes are five- or six-digit numbers for texting
- You must be at least 18 years old (in most cases).
You must have a US bank account or debit card that can be used for instant money transfers in order to transfer money from your Venmo account to your bank account.
Incase you do not have access to Venmo balance, you must add a U.S bank account, credit card, or debit card so as to initiate payments.
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How to Set Up a Venmo Account
Venmo is an app that works only in United States so before setting up a Venmo account, you must be in the United States.
You are able to open a Venmo account online either using the Venmo app or website in less than no time provided that you follow the steps correctly.
If you have not yet opened your Venmo account, you can check out this complete guide on How to set up a Venmo account.
Can I Transfer Money from Venmo to Debit card Instantly?
Yes, Venmo allows you to transfer money instantly from your account to your debit card but as usual, you will first of all have to link your debit card to your Venmo account before being able launch the transfer process.
How to Transfer Money from Venmo to Debit Card Instantly?
Venmo allows you to transfer money instantly from your account to your debit card but as usual, you will first of all have to link your debit card to your Venmo account before being able launch the transfer process.
1. Add Your Debit Card to Venmo
You can follow the steps below to add your debit card to Venmo:
- Login to the Venmo app.
- Go to the "You" tab by selecting the profile icon.
- Tap the Settings gear in the top right then tap "Payment Methods".
- Tap "Add bank or card..." and then tap "Card".
- Add your card information manually or with your phone's camera.
2. Transfer Money From Venmo to Your Debit Card
With Venmo, you can transfer money to your debit card instantly even though at a fee of 1.5% of the total amount to be transferred.
You can follow the steps below to transfer money from Venmo to debit card:
- Log into your Venmo account.
- Tap "Transfer Money" or "Transfer Balance" (you can also tap "Manage Balance," then "Transfer to Bank").
- Tap the "$☰" icon.
- Enter the amount to transfer to your card.
- Select "Instant" (for a small fee) or "1-3 Biz Days" (no fee), and choose your debit card.
- Confirm your details.
- Tap the green "Transfer" button.
3. Receive Your Money
The money will appear instantaneously on your debit card after you touch the transfer button. Keep in mind that there is a 1.5 percent fee for immediate transfers on the total amount being sent.
Remember that quick transfers may be delayed if your account has problems, including unverified credit and bank cards, suspicious activity in your account that could lead to fraud, among other things.
Can I Cancel Venmo Transaction?
Once you send money to a Venmo recipient, the funds reflect immediately in their accounts. The only option is to send them a note requesting them to send the money back to you.
If they do not refund, you can contact Venmo Customer Care and provide the necessary details to get your payment back. However, there is no guarantee of getting your money back.
You can learn more about how to cancel Venmo transaction from this article.
Fees Involved When Using Venmo
Venmo do not charge its customers with monthly or annual fees and also do not charge for basic services like:
Sending money from a linked bank account, a linked debit card or your Venmo account
Accepting money that goes into your Venmo account or withdrawing money from the account
Making a standard transfer to your linked bank account.
But Venmo charges for some premium features and services as you will see below
- A 3% fee when you use your credit card to send money to someone
- A 1% fee (with a $5 minimum) for using the check-cashing feature for faster deposits of payroll and government checks
- Use of the check-cashing tool for quicker deposit of non-payroll and non-government checks will incur a 5% fee (with a $5 minimum).
- When you rapidly transfer money from your Venmo account to an eligible connected debit card or bank account, there is a 1.5 percent fee (minimum 25 cents, maximum $15).
- Fees ranging from 50 cents to 2.3% for buying and selling cryptocurrencies.
How to Add Money to Venmo from a Debit Card
The only way to directly add funds to your Venmo balance is by bank transfer from a linked bank account.
Venmo allows you to send money to other people even if your account has no money in it. A linked payment method can be used to do this.
When you send money to a friend or pay a vendor, the money will come from your associated payment method rather than your Venmo balance if the payment or transfer amount is more than your Venmo balance.
Aside from a debit card, there are many other ways through which you can add money to your Venmo account. Check out how to add money to your Venmo account.
How to Add Money to Venmo Debit Card
You must link your bank account to your Venmo account and then fund your Venmo account in order to add funds to your Venmo debit card. Using your Venmo debit card for purchases will be the same as using your Venmo balance because it is directly connected to your account.
Final Thoughts on How to Transfer Money from Venmo to Debit Card
Venmo is a well known online money transfer app that allows you to send and receive money online from your friends and family members. One amazing way to manage your funds in a more flexible way is by transferring the funds from Venmo to Debit card.
Since you debit card is linked to your bank account, getting hold of the money will not be something complicated to do.
Frequently Asked Questions
How do I get my money out of Venmo?
Step 1: Go to Venmo and open an Instant transfer. Step 2: Enter the amount you want to withdraw. Step 3: Choose your bank account and click on the green arrow. Step 4: Select your bank account and then continue.
How long does it take for Venmo to transfer to debit card?
Bank transfers typically arrive within 1 to 3 business days. You can check the estimated arrival date in your personal transactions feed after initiating a transfer. Transfers are reviewed, which may result in delays or funds being frozen or removed from your Venmo account.
What cards work with Venmo instant transfer?
All United States-based Visa and Mastercard debit cards that take part in the Visa Fast Funds service or the Mastercard Send platform can be used with Venmo Instant Transfer.