Transferring money from Venmo to debit card is one great way to manage your funds in a flexible way. Since your debit card is linked to your bank account, getting money handy will just be pretty easy.
Venmo is one of the top apps for sending money to friends and family in the United States. The ability to move money from one platform to another facilitates money circulation. Using any electronic money transfer provider, someone in New York can send money to Alabama in minutes.
You can also use any of the transfer providers to send money overseas. Despite the fact that Venmo does not allow money transfers to other countries, services like PayPal and Payoneer allow you to send money to multiple countries in minutes. Even paying for anything in another country is possible.
Venmo is one of the platforms where millions of individuals and employees receive their payments. When your funds arrive into your Venmo account, you will want to transfer it to your debit card in order to withdraw it at an ATM of use it for your bill payments. In this case, you will need to transfer the money from your Venmo account to your debit card.
To transfer money from Venmo to debit card, you will first need to link your debit card to Venmo, navigate to the transfer section, enter the amount to send and then tap transfer. Looking for a step by step process? Then, continue reading.
Also Read: How to Borrow Money from Venmo
What is Venmo?
Venmo is a peer-to-peer (P2P) payment app for iPhones and Android phones and owned by PayPal that allows consumers to send and receive money quickly and easily.
Venmo launched as a text-message-based payment delivery system in 2009. The company then launched a platform with an integrated social network in March 2012 in an attempt to profit on the booming peer-to-peer economy.
Braintree, the mobile payment system used by Airbnb, Uber, and other ecommerce titans, acquired Venmo for $26.2 million less than six months later. 12 Venmo saw a significant increase in users less than a year later, when eBay purchased Braintree for $800 million and merged it with its PayPal subsidiary.
How Does Venmo Work?
Venmo is, at its core, a cashless method of sending and receiving money. For example, you can use Venmo to split a dinner bill with a coworker, pay for your share of a taxi journey with your aunt, or send your roommate half of your monthly rent.
However, Venmo's features extend beyond that. You can also:
- Make purchases with Venmo’s Mastercard debit card anywhere in the U.S. where Mastercard is accepted
- Pay for purchases through apps and mobile websites from authorized Venmo partners
- Use an in-store QR code to make a purchase with Venmo
- Cash certain checks after you’ve verified your identity by applying for a Venmo debit card or setting up direct deposit
- Sign up for direct deposit for your paycheck to go straight to your Venmo account, up to two days earlier than your usual payday
- Receive price alerts about four types of cryptocurrency (Bitcoin, Ethereum, Litecoin and Bitcoin Cash) that you can buy, sell or hold through Venmo
Requirements to Use Venmo
The app Venmo has three main requirements for use. You should:
- 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
- Be at least 18 years old (in most cases)
You must have a U.S. bank account or a debit card that can be used for instant money transfers in order to transfer money from your Venmo account to your bank account.
You must add a U.S. bank account, credit card, or debit card to initiate payments if you don't have access to a Venmo balance.
You must add a U.S. bank account, credit card, or debit card to initiate payments exceeding your Venmo balance if you have access to a Venmo account with a balance.
How to Open a Venmo Account
- You can open a Venmo account online either using the Venmo app or the website. The following is the process of signing up on Venmo using the app.
- Download the Venmo mobile apps: iOS and Android (unfortunately, Venmo does not have a Windows app).
- Open the Venmo app.
- Select your sign-up method.
- Create a secure password (between 8-32 characters long).
- Next, verify your mobile phone number and email address.
- Lastly, add and verify your bank account.
What Are The Fees Involved When Using Venmo
Customers are not charged monthly or annual fees by Venmo. Additionally, it does 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
Venmo, however, charges for some premium features and services. Among them are:
- 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
- A 5% fee (with a $5 minimum) for using the check-cashing feature for faster deposits of non-payroll and non-government checks
- A 1.5% fee (minimum 25 cents, maximum $15) for instantly transferring money from your Venmo account to your eligible linked debit card or bank account
- Fees ranging from 50 cents to 2.3% for buying and selling cryptocurrencies
How to Transfer Money from Venmo to Debit Card Instantly
Venmo lets you instantly transfer money from your account to your debit card.
However, you will first need to link your debit card to your Venmo account before being able to initiate the transfer process.
1. Add Your Debit Card to Venmo
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
Venmo lets you transfer money to your debit card instantly at a fee of 1.5% of the total amount to be transferred (with a minimum of $0.25 and a maximum of $15).
Follow the steps below to transfer money from Venmo to debit card:
- Log into your Venmo account.
- Tap "Transfer Money" or "Transfer Balance" (you can also tap "Manage Balance," then "Transfer to Bank").
- Tap the "$☰" 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
Once you tap the transfer button, you will receive the money instantly on your debit card. Remember that instant transfer go with a 1.5% fee of the total amount to be transferred.
Keep in mind that instant transfers may be delayed if there are issues with your account, such as unverified bank and credit cards, suspicious activities in your account that may result in fraud, among others.
How to Add Money to Venmo from a Debit Card
A bank transfer from a linked bank account is the only way to add money directly to your Venmo balance.
Even if your account balance is zero, you can send money to others using Venmo. This can be done via a linked payment method.
If the payment or transfer amount is greater than your Venmo balance, the money will come from your linked payment method rather than your Venmo balance when you send money to a friend or pay a vendor.
To send money with Venmo, you don't need to have a positive balance. All you need is a secure payment method. A credit or debit card provided by your bank is one of the payment options available to you.
You may quickly and conveniently add your credit or debit card information using the camera on your phone. If you like, you can manually enter the card number and other information.
Once your card is linked, you may use Venmo to send money or pay a merchant by selecting it as your payment option.
Please note that credit card payments are subject to a 3% fee unless the purchase is done from one of our approved merchants.
How to Add Money to Venmo Debit Card
To add money to your Venmo debit card, you will need to link your bank account to your Venmo account then fund your Venmo account. Your Venmo debit card is directly linked to your account so using your Venmo debit card for purchases will be like using your Venmo balance.
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Frequently Asked Questions
Can I transfer Venmo to my debit card?
Yes, you can transfer money from Venmo to a debit card. What's even great with this transfer is that it is made instantly and funds are available within minutes in the debit card.
How do I add money to my debit card on Venmo?
It is very easy to add money to your debit card on Venmo. In fact, you don't need to transfer the funds since they are made available for transfer through the debit card linked to Venmo. However, you can add the funds to your Venmo balance and transfer them to friends and family.
Why can't i transfer money to my debit card on Venmo?
If you can't transfer money to your debit card on Venmo, it means the debit card you linked has issues or does not support instant transfers. In this case, you might want to double-check if you linked the card properly and try again.
Final Thoughts
Venmo is one of the best P2P apps that let you conveniently send and receive money. Venmo lets you withdraw money to your debit card instantly by using the instant transfer option which will cost you a 1.5% of the total amount.
The instant transfer may however, be delay if your account has issues.
References:
https://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp
https://www.forbes.com/advisor/money-transfer/what-is-venmo-how-it-works/
https://help.venmo.com/hc/en-us/articles/210413677-Adding-a-Credit-or-Debit-Card
https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Transfers-FAQ