36 Venmo FAQs & Step-by-Step guide

Venmo is one of the most popular peer-to-peer payment platforms and has been serving users in the US. Paypal’s sister company is known to most of the users in the United States, but still, a lot of new users try their hands on Venmo.

For all those new users, we have created a list of FAQs with detailed answers and also a step-by-step guide wherever required.

If you have just started with Venmo and are new to the club, we suggest you check these FAQs and help yourself.

If you are ready to roll, let us dive right into the details.

Venmo logo

Table of Contents

1. Is Venmo a Checking or Savings Account

Venmo is neither a checking nor a savings account. It is because Venmo is not a bank like Chase, Chime, etc. Venmo is just a peer-to-peer payments processing platform. Eligible users can use Venmo services to send money from their bank account to another account.

Venmo also works as a digital wallet, which means you can hold money in your Venmo balance and send the funds directly from the Venmo balance to someone else.

Read our detailed post: Is Venmo a Bank or Checking or Savings Account

2. Is Venmo safe to use with Strangers

No, Venmo is not safe to use with Strangers. According to the official statement by the company, Venmo is to transfer funds between friends, family, and other trusted users in your contact list.

Venmo support won’t be able to help you if you send any payments to strangers by mistake. Payment once made is permanent and cannot be reversed. If you send money to a trusted user by mistake, they can refund you the money easily.

Venmo is quite a popular app that also attracts several scammers. So, if you are making payments to a stranger, it could be possible that they might try to scam you in some way.

The best way is to stay away from the scammers by saying no to using Venmo with strangers.

Read our detailed post: Is Venmo safe to use with Strangers, Sellers, Buyers

3. Does Venmo report to IRS

Yes, Venmo reports to IRS in the USA. IRS (Internal Revenue Service) asks every fin-tech company providing payment processing services to report and share details. By accessing the report submitted by Venmo, IRS would know the details of the users who are required to pay taxes on their additional income as per federal law. There is nothing to worry about.

But, there is a threshold limit, and Venmo reports activity to IRS only after a user exceeds that amount limit.

Talking precisely about the threshold limit, for Venmo, it is 200 transactions or $20,000. If your overall transaction exceeds the mark, Venmo will report it to IRS.

Read our detailed post: Does Venmo report to IRS for personal use

4. Can you have multiple Venmo accounts

Yes, you can have multiple Venmo accounts. But, to create and use two different Venmo accounts, you will require two mobile numbers, two email addresses, and two different devices. You cannot use two different accounts on a single mobile device.

And if you want, you will have to log out and log in every time you wish to use a different account. You cannot run multiple accounts on a single device, just like you do in the Instagram app.

Read our detailed post: Can you make two Venmo accounts with the same phone number

5. How to bypass Venmo phone verification: Is it possible?

It is not possible to bypass Venmo phone verification. You will need to verify your account by submitting your details like phone number and email address. If you do not verify your Venmo account, you still will be able to use your Venmo account, but there will be restrictions on the amount you can transfer and receive in a day and month.

The best way to get the best of Venmo as a payments platform is by getting verified using your phone or email address.

Read our detailed post: Venmo Phone Verification: Guide

6. Why is Venmo identity verification not working

Venmo identity verification is not working because you might be submitting an inactive email address or phone number, submitting unclear images of your ID, or using a fake SSN for the verification procedure.

One must submit correct details that match the details submitted to Cash App during account sign-up.

Read our detailed post: Fix: Venmo identity verification issues

7. Is Venmo identity verification safe

Yes, Venmo identity verification is safe. Many users are concerned if their details like name, phone number, and address are safe when shared with Venmo. But, there is nothing to worry about; Venmo is owned by a popular FinTech company – Paypal.

Paypal has been in the global market for years, creating trustworthy relationships with users. And we never heard about any data issues from their end. That’s why it can be said that Venmo identity verification is totally safe.

Read our detailed post: Venmo identity verification: Guide

8. How to get a Venmo Card Under 18 Kid

Venmo doesn’t allow kids under 18 to get a Venmo card. It is because the handling of the debit card is considered a responsibility, and it is assumed that a minor won’t be able to understand the responsibility. That’s why it is not possible to get your under 18 kid a Venmo card of their own.

But, if it is essential to get your child a Venmo card, you get the card on your responsibility. Make sure to track each and every transaction made through the card to keep everything in your control.

Our detailed post has provided the entire procedure to get a Venmo card for your minor kid. Check it out here.

Read our detailed post: Get a Venmo Card for Minors

9. Can you Venmo yourself?

Yes, you can Venmo yourself. But, to receive funds, your Venmo account must have the ability to hold funds. And this is only possible if you have a verified Venmo account and a Venmo debit card. Venmo will limit your usage if you do not have a verified account on their platform. And Venmo card is needed to hold payments.

You can even use your credit card to Venmo yourself. But, for this, you will be charged a fee of 3% of the amount you want to transfer to your Venmo account. So, the best way is to use your debit card or bank account to make the payment.

Check out how to Venmo yourself in our dedicated post below.

Read our detailed post: How do I Venmo myself?

10. Can I pay someone on Venmo without an account

Yes, you can pay anyone on Venmo without a bank account. Obviously, you need to have a Venmo account to be able to use the services, but it is not necessary to link a bank account to pay someone. If you have funds in your Venmo balance, you can easily pay anyone, even if you do not have a linked bank account.

To send someone money, add funds to your Venmo account first and then send them to anyone in your contact list or simply add a new Venmo ID. And you will be good to go.

If you need more assistance regarding the procedure, you might like to check out a detailed post on how to use Venmo to send money to someone without a bank account.

Read our detailed post: How to Pay someone on Venmo without an account

11. Can you use a Savings Account with Venmo

No, you cannot use a savings account with Venmo. You will have to use a checking account to withdraw or add funds to your Venmo account.

You can easily add a savings account to Venmo. Follow the quick guide we mentioned below and add your savings account.

Read our detailed post: How to transfer money from Venmo to Bank Account

12. How to use Venmo balance instead of bank account

To use Venmo balance instead of bank account, you will need to change the payment method to ‘Venmo balance’ instead of your bank account or debit card while finalizing the transaction from the Venmo app.

You must also know that your Venmo balance is automatically used if the amount you select for the transaction cannot be funded entirely from your bank account. Let’s say you are buying something from an online store that costs USD 110 and your connected bank has just USD 100. Then the remaining amount, that is, USD 10, will be used from your Venmo balance.

Read our detailed post: How to use Venmo balance instead of bank account

13. Why Venmo won’t let me send money from Balance

Venmo won’t let you send money from Balance because you are not a verified user on the platform or you might not have the required Balance to fund a transaction, or there could be issues with the Venmo servers.

Before you take any other action, we would suggest you check the quick guide on how to send money from Venmo balance once.

How to send money from Venmo balance

Read our detailed post: FIX: Venmo won’t let send money from Balance

14. How to increase Venmo weekly limit

You can easily increase the Venmo weekly limit by simply getting your Venmo account verified by submitting the required personal details.

Venmo limits the amount sent or received on a Venmo account. This is done to keep any kind of money laundering in check. The possibility of the unverified account getting involved in any kind of illegal money laundering is highest. That’s why Venmo increases the weekly limit when the account is verified.

Read our detailed post: How to increase Venmo weekly limit

15. Why I can’t add bank account to Venmo

You cannot add a bank account to Venmo because you might be using the wrong login credentials, already have maximum bank accounts, adding a shared bank account, or there could be issues with Venmo or your bank servers.

There could be many more reasons why Venmo is not allowing you to add a bank account. You can check out the details in our dedicated post and the solutions to fix this particular problem.

Read our detailed post: What to do when Venmo won’t let me add bank account

16. Does Venmo automatically add friends

Yes, Venmo automatically adds friends to your friend list once you create a new account. You will be asked for access to the contact list. And the users who are already using Venmo will appear as friends on your app.

Venmo does that to help users send money to existing users without adding their details separately when sending the money.

You can choose to hide friends from the list on Venmo app. Follow the quick guide provided below.

Read our detailed post: How to hide automatically added friends on Venmo

17. Can you hide Venmo transactions

No, you cannot hide Venmo transactions whether you received or sent them from your account. You can only check the transaction history, but Venmo won’t let you delete or hide the transactions.

18. When I Remove a Friend on Venmo do they know

No, your friend on Venmo won’t get any kind of notification even if you remove or block them. And to find them again in your friend list, you will have to add their Venmo details again.

Hiding your friend on Venmo is different from blocking. They would be able to find you on their Venmo friend list and perform actions like sending or requesting money through the app.

Read our detailed post: How do Venmo friends work

19. What happens when you remind someone on Venmo

When you remind your contact on Venmo, they will receive an app-notification reminding them politely that they have to pay back you the money they owe you.

How to remind someone on Venmo

  • Open Venmo App
  • Tap the hamburger icon at the top left corner.
  • Tap “Incomplete”
  • In the “Requests” section, you’ll see all the unfulfilled requests.
  • Tap the blue “Remind” button below the request. Select the Remind option and you are done.

Read our detailed post: What happens when you remind someone on Venmo

20. Can you deny a Venmo payment

No, you cannot deny a Venmo payment. If someone has made the transaction on their end using the Venmo app, you will receive it anyway. There is no option to accept an incoming Venmo payment.

But, if the money has been sent to a deactivated Venmo account, the sender will get the option to cancel the payment on their end.

Read our detailed post: How to Cancel a Venmo Payment to an Inactive Account

21. Reasons for ‘You Can’t use this card on Venmo’

‘You can’t use this card on Venmo’ appears because your card is expired, or your card is deactivated, or you have entered incorrect billing information, you might have added a maximum number of cards, or there could be issues with Venmo servers.

Read our detailed post: Meaning of: ‘You can’t use this card on Venmo’

22. Does using a Credit card on Venmo count as a Cash advance

A majority of credit cards providers consider using their services on Venmo and similar peer-to-peer platforms as a cash advance. At the same time, some banks and credit card providers do not consider cash advances. You can confirm the same by contacting your credit card provider.

Read our detailed post: Does using a Credit card on Venmo count as a Cash advance

23. Why does Venmo say my Card is Already on File

If Venmo says that your card is ‘already on file.’ It simply means that your card has already been added to your Venmo account. And it might be a possibility that your card is added to a different Venmo account. You won’t be able to add to your current account until you unlink the previous account card.

Read our detailed post: What to do when Venmo says Card is Already on file

24. Why is Venmo Card Not Working at ATM

Venmo card is not working at ATM because you might be entering the wrong pin, your account might not have sufficient funds, your card might be locked; check your card. It won’t work if it’s damaged, your account might be blocked by Venmo, or check if your card is even activated or not.

Read our detailed post: How to fix Venmo Card Not Working at ATM

25. How long does it take Venmo to take money out of your bank account

Venmo takes 3 to 5 business days to take money out of your bank account. The money transfer from Venmo to the bank account is not instant and takes at least three days to reflect in the user’s bank account. And the transaction is made on weekends; it might take some more days to finally reflect on the bank account.

Read our detailed post: How long does it take Venmo to take money out of your bank account

26. How Does Venmo Appear on Bank statement

Only the transaction that involves the transaction of money through a linked bank account appears on the bank statement. If the transaction is made entirely through your Venmo balance, it won’t appear on the bank statement for obvious reasons.

Sometimes, even the transaction made through a bank account might use some part of the Venmo balance if the bank account doesn’t have a sufficient balance. The amount deducted from the Venmo balance won’t appear on the bank statement.

Read our detailed post: Does Venmo show who you paid on your bank statement

27. Why is Venmo not verifying bank account

Venmo is not verifying bank accounts because you might have entered incorrect bank credentials, you might have entered a check number mistakenly, there must not have funds for manual verification, banks might be putting a hold on your funds, or there could be services issue with Venmo or the bank.

Read our detailed post: How to Fix Venmo not verifying bank account

28. Why is Venmo payment not showing up in bank account

Venmo payment is not showing up in your bank account because you might have selected standard deposit instead of Instant deposit. Venmo might have flagged your payment, or there could be services issues with Venmo or the bank.

Read our detailed post: Why is Venmo payment not showing up in bank account

29. Can you Overdraft with Venmo

No, you cannot pay overdraft with Venmo. Venmo doesn’t allow an overdrafting feature, but you can take advantage of the reloading feature. With the feature, the user gets $10 in the account to cover any purchase made through the linked bank account.

Read our detailed post: Will cash withdrawals at ATM trigger reloads

30. Can you dispute a Venmo payment

Yes, you can dispute a Venmo payment that was made without your knowledge through your Venmo balance and even debit card. But, if the transaction involves a money transfer from your bank account or debit card, you might have to contact your bank to dispute.

Read our detailed post: How to dispute Venmo payment

31. Fix: Venmo password reset link not working

32. Fix: ‘Sorry this instant transfer cannot be completed’ in Venmo

33. Fix: Venmo ‘Something went wrong, Please try again’

Read our detailed post: Why does Venmo keep saying something went wrong

34. How to avoid Venmo ‘Suspicious Activity Text’ scam

To avoid Venmo ‘Suspicious Activity Text’ scam you must identify fake websites, never ever share account details with anyone, never fall for ‘money earning’ schemes and always ignore instruction through texts.

Read our detailed post: What is Venmo Suspicious Activity Text scam

35. Fix: Venmo “There was an issue with your payment”

Read our detailed post: Reasons for Venmo “There was an issue with your payment”

36. Fix: Venmo not working

Read our detailed post: Why is Venmo not working

Final Words

Allow us to wrap this article now, ladies and gentlemen. Here, in this post, we discussed all the possible FAQs along with their detailed answers and solutions.

We have tried to include almost all the related questions, but you can let us know if you have any other queries in the comments section below. We would be more than glad to answer them.

Further Reading:

What info do i give someone to pay me on Venmo

Can you deny a Venmo payment [2022]

[16 ways to Fix] Venmo not working

[13 Ways to Fix] Venmo password reset link not working

How to add Venmo to Google Pay: Step-by-Step