Chime and Venmo are two financial apps that have served the money transfer concept for sometime now so its no brainer users usually ask does chime work with Venmo.
Chime is a online bank that offers lots of financial services including checking accounts, debit cards and even money transfer facilities through a mobile app.
Venmo is a P2P payment app that let users send and receive money online.
The ability to offer financial aid to users is a crucial aspect offered by both apps. That said, users can borrow money from Chime as well as they can borrow money from Venmo.
Cash advance apps that work with Chime also let users get cash advances before their next payday.
However, users are more interested in linking both apps together in order to easily transfer funds between both apps.
Knowing if Chime work with Venmo is important to have an idea on which method to use if you want to transfer money from Chime to Venmo or from Venmo to Chime.
That said, this article focuses on answering the question does Chime work with Venmo at the same time, providing steps to transfer funds between both apps.
Table of Contents
What is Chime?
Chime Financial, Inc. is a financial technology company based in the United States that offers fee-free mobile banking services through The Bancorp Bank or Stride Bank, N.A. Account holders are given Visa debit or credit cards and have access to an online banking system via the company's website or mobile apps.
The majority of Chime's income comes from the collecting of interchange fees.
Chime is an online bank with no physical locations and no monthly or overdraft fees.
Chime had 8 million registered users as of February 2020.
Chime's partners provide bank accounts that are protected up to the standard maximum deposit insurance sum of $250,000.
What is Venmo?
Venmo is a peer-to-peer (P2P) payment app for iPhones and Android phones 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.
Venmo was acquired by Braintree, the mobile payment system used by Airbnb, Uber, and other ecommerce companies, for $26.2 million less than six months later.
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 division.
Does Chime Work With Venmo?
Yes, Chime does work with Venmo. You can link Chime to Venmo by either entering your Chime card information into the Venmo App or, by linking your Chime bank account (with Plaid Verification) to the Venmo app.
To link Venmo and Chime – Log into your Venmo account > Tap the menu button > Select "Settings" > Select "Payment Method" > Select "Add Bank or Card" > Verify your account by entering your Chime credentials.
Can I Use Chime With Venmo?
Yes, you can use Chime with Venmo.
Venmo supports Chime as a bank and linking your Chime bank account directly to Venmo will let you use Chime on Venmo.
You can also use your Chime card to link Chime to Venmo.
How To Link Chime With Venmo
There are two ways to link Chime to Venmo.
The first way to link Chime to Venmo is by entering your Chime bank account details into the Venmo app. In this case, you can say you are linking your Chime bank account directly to Venmo.
The second way to link Chime to Venmo is by entering your Chime card details in the Venmo app. This way, you can say you are linking Chime to Venmo indirectly via a debit card.
Lets see how to go through with the two ways.
Method 1: Linking Chime to Venmo Directly (Using Your Chime Bank Account)
This method lets you link your Chime bank account directly to Venmo.
The method is similar to adding a bank account to Venmo.
Here's how to link Chime to Venmo using your Chime account details:
- Go to the "Me" tab by tapping your picture or initials
- Tap the Settings gear in the top right then "Payment Methods."
- Tap "Add a bank or card..." and then select "Bank."
- Select your preferred verification method (instant or manual verification).
Method 2: Linking Chime to Venmo Indirectly (Using Your Chime Card)
This method lets you link your Chime account to Venmo indirectly.
In this case, you will be adding your Chime card to Venmo.
Here's how to link Chime to Venmo using your Chime card:
- Go to the "Me" tab by tapping your picture or initials
- Tap the Settings gear in the top right then tap "Payment Methods."
- Tap "Add bank or card..." and then tap "Card."
- Add your Chime card information manually or with your phone's camera
How To Transfer Money From Chime To Venmo
Once you've linked your Chime account to Venmo, transferring money from Chime to Venmo is an easy task.
Below are the steps to transfer money from Chime to Venmo.
- Open your Venmo app and go to menu by tapping on the "☰" icon.
- Select "Manage Balance" from the list of options (Keep in mind that this option is visible only when you have applied for and received a Venmo Debit Card).
- Next, tap "Add Money" (move money to Venmo account).
- Enter the amount you want to transfer and confirm.
- Choose the Chime bank account from where you want to transfer money from.
- Review details and tap "Add Money".
How To Transfer Money From Venmo to Chime
Transferring money from Venmo to Chime is very easy once you've linked Chime to Venmo.
It will be similar to withdrawing money from Venmo and can take up to 3 business days to complete.
However, you can transfer funds instantly from Venmo to Chime debit card if you use the instant transfer option.
Here's how to transfer funds from Venmo to Chime.
- Open your Venmo app and go to menu by tapping on the "☰" icon.
- Select "Manage Balance" from the list of options (Keep in mind that this option is visible only when you have applied for and received a Venmo Debit Card).
- Next, tap "Transfer to Bank" (move money to Venmo account).
- Enter the amount you want to transfer and confirm.
- Select the linked Chime bank account or Chime Debit Card.
- Select transfer option "Instant" (transfer occurs within 30 minutes and subject to 1% fees up to max. $10) or "1-3 Biz days" (which is free but takes 1-3 business days). If you are transferring to a linked Chime Debit card, it will allow only the "Instant Transfer."
- Review details and tap "Transfer to Bank".
Your Venmo balance will be fully funded if you pay for an amount that is less than or equal to the amount in your Venmo balance. If the amount to be paid exceeds your Venmo balance, your associated payment method, such as a Chime bank account or a Chime debit card, will cover the difference.
How Long Does Venmo Take to Transfer to Chime?
The time it takes to transfer funds from Venmo to your Chime account is determined by the transfer method you choose.
If you've linked your Chime Debit Card to the Venmo App, you can cash out your Venmo funds to your Chime Card using the instant transfer option in Venmo.
There is a 1% fee (up to $10) for this service, but you gain the benefit of speed and quick transmission.
If you select 1-3 business days, your transfer will normally arrive in your Chime account within 1 to 3 business days.
Are There Fees for Using Venmo With Chime?
The following fees apply when using Chime with Venmo:
- A 1.5 percent fee is charged when you withdraw funds from Venmo to your Chime account and request a quick transfer.
- You will be charged a 3 percent fee if you use your Venmo account to pay for something or send money to someone.
- If you deposit a payroll or government check into your Venmo account, you will be charged a 1% fee, with a $5 minimum.
There are no fees to open an account, no monthly fees, and few extra fees associated with using your Chime account with Venmo.
Does Chime Work With Venmo Instant Transfer?
Normally, your Chime Bank account will be compatible with Venmo instant transfer.
However, there is a $15 limit for instant transfers, and you will be charged a 1.5 percent transfer fee.
Does Chime Card Work with Venmo?
Yes, the Chime card work with Venmo. Click the hamburger menu button in the top right corner of the app to use your Chime card with your Venmo account. Then select Payment Methods and Settings. Select Card and then Add a bank or card. After entering your Chime Card information, click Add.
Is Venmo Safe to Use With Chime?
Yes, using Venmo with your Chime account is usually safe, though, as with everything online, you should exercise caution and not give away your login credentials or security codes when they text them to you.
Venmo is owned by PayPal, and it's as safe as any other online payment platform in most situations.
What If I Have Problems Using Venmo With My Chime Account?
There could be a lot of reasons why you're having trouble using Venmo with your Chime account.
Contacting customer support for each is the best and most effective way to figure out what the problem is and how to fix it.
Chime Customer Support
Calling Chime customer service at (844) 244-6363 is the easiest way to get in touch with them.
Venmo Customer Support
Calling Venmo customer service at (855) 812-4430 is the easiest way to get in touch with them.
Frequently Asked Questions
Does Venmo support Chime?
Yes, Venmo supports Chime as a bank and you can link Chime to Venmo through your Chime debit card or through the Chime account and routing number.
How can I transfer money from Chime to Venmo?
Link your Chime debit card to Venmo and start transferring money between Chime and Venmo.
Final Thoughts
Chime and Venmo are two financial apps that have offer financial services through a mobile platform.
Chime is an online bank and can be linked to Venmo as a funding source.
Once Chime linked to Venmo, you will be able to transfer funds from Chime to Venmo and from Chime to Venmo.
References:
https://en.wikipedia.org/wiki/Chime_(company)
https://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp
https://help.venmo.com/hc/en-us/articles/210413677-Adding-a-Credit-or-Debit-Card
https://help.venmo.com/hc/en-us/articles/209690058-Adding-a-Bank-Account
https://www.infoabsolute.com/chime-with-venmo/
https://www.atimeforcash.net/use-chime-with-venmo/