Venmo – Share Payments: How to transfer and receive money

Venmo is a social payment app that allows users to transfer money to each other. It operates as a digital wallet and can be used with any major card, such as Visa or Mastercard, or an account funded by your bank. The service also allows users to generate and receive money which is its primary purpose — and can be used as a replacement for cash.

Although Venmo doesn’t have to be just for money. It’s an app that allows people to share anything you want with your friends. You can use it to share photos, videos, thoughts, handwritten letters and even recipes.

This application is available to anyone with a mobile phone, and can be downloaded from the App Store. In this article we will be looking at how to register an account with Venmo, and also how to transfer and receive funds using the Venmo platform.

Read: Xoom, a PayPal Service: How to Send Money Online and receive transfer

• How does venmo work?

By using the Venmo app, you can instantly send funds to friends just by tapping their name in the contact list that you have synced up with your phone number. Once the funds have been authorized by your bank, they are immediately transferred to your Venmo account. Which can then be used to send funds to friends, families and loved ones or spent on non-cash purchases.

Venmo also allows users to split bills with friends, which are known as ‘Split’ payments. A ‘Split’ payment can have up to 9 friends involved – so no more than the maximum number of friends on your phone – and this limits you to splitting payments at most once a day, although you can still use Split wallets up to three times a day.

• How to register an account:

The Venmo app is free and can be downloaded on all platforms, however if you do not already have a Venmo account you will need to set one up first. You will need to head over to venmo.com and follow the steps below.
1. There are 2 options- “Sign up” and “Login” on the Home page. Click on “Sign Up.”

3. From here, fill in your information and select which payment method you’d like to use. Venmo is available through most credit cards, PayPal, cash or check. Select whichever is most convenient for you.

4. Click the “Create Account” button below once you’ve filled out all your information and selected your payment method.
5. Once your account has been created, you’ll be asked to enter your cell phone number and verify it. Click on the “Do this later” button and proceed to the next screen.

6. Next, you’ll be asked to choose a username and password for your account. Be sure to use a secure password that could not easily be guessed by others! Click on the “Create Account” button once completed.

Read: Remitly money transfer: How to Send and Transfer Money

• How to transfer money using Venmo

The easiest way is by linking your bank account or credit card, however if this isn’t an option, there are many other ways of sending money including cash and gift cards. Follow the steps below to start making transfers to your loved ones.
1. Head over to venmo.com and make sure you are signed in using your email address and password for your account.
2. Click on the three layered lines across the top of your screen. Then select Transfer.

3. After that, type in the amount you want to send.
4. Next up is to request a friend or contact. You will be prompted with a list of friends who have already added Venmo.Now, you can choose which friend’s account to pay by tapping on the friends’ names in order to bring up their details. Or you can add new contact if the person you wish to send money to is not on the list.
5. Choose the payment method you would like to use to perform the transaction and then click on pay.

Also read: Sharemoney transfer:How to Send and Transfer Money abroad

• How to receive money from Venmo

Receiving money is just as easy as sending it. When you have an incoming payment, you will get a notification on your phone. On this notification there will be a link to click on, so simply click on that and you should be able to see the details of the person who sent you money! You can either choose to pay for something for them through Venmo or send the money directly to your bank account.

 How to track payments on Venmo

To track your payment, go to www.venmo.com and login into your venmo account. Then click on “Statements”. There you’ll find all transaction confirmation and detailed payment information. You can also download the transaction receipt as a CSV file and send it to your recipient.

 

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