Do you need a bank account for Venmo? What do I need a bank account for? These are some of the questions that Venmo users demand answers to. If you are one of those who want to know if you need a bank account for Venmo, read this article to find the most accurate answers.
What Is Venmo? Before we begin to answer”do you need a bank account for Venmo“, let us get a clear picture of what Venmo is. Venmo which was launched in 2009 is a money transfer mobile app that gives you a simple, stress-free, and inexpensive experience while transferring money from one person to another.
It was originally designed to be a peer-to-peer payment platform for sending and receiving money. It is a mobile app and hence cannot be used on a PC. You can send money to anyone on Venmo irrespective of where they are and also receive money from them.
Not forgetting, Venmo has elements of social media where you can connect with friends and also see their transactions history, drop a comment on their transactions, and even funny Venmo captions.
This feature makes it stand out from every other mobile payment app. But it is often asked, “do you need a bank account for Venmo?” As you continue reading you will find the answer.
How Does Venmo Work?
While we gradually proceed towards “do you need a bank account for Venmo”, let’s see how it works. We mentioned earlier that Venmo is used to send and receive money as well as pay bills and other money exchanging transactions.
And to send and receive money on Venmo, you must first of all, download the Venmo mobile application either for Android or iOS. Venmo does not have a web version.
After that, you can use it to send money to family and friends, request money from them, and make online purchases since it is owned by PayPal. Yes, Venmo can be used at the checkout section of online stores that accept PayPal.
Seeing how important or useful the application is, one is not out of place to ask ” do you need a bank account for Venmo”. See the answer below.
Do You Need A Bank Account For Venmo?
Now here is what you have been waiting for. Do you need a bank account for Venmo? The answer is Yes and No. Confused? Don’t worry, I will explain it clearly to your understanding.
Originally, you do not need a bank account for Venmo as the transactions are purely peer-to-peer. As such, you can simply transfer funds to your friends, family, and business associates with their Venmo account details. So in this vein, the answer to “do you need a bank account for Venmo” is No.
On the other hand, you would need a bank account to process some transactions on Venmo, especially a checking account. Although there are some other ways, one of the best ways to add money to your Venmo account as well as withdraw cash is through a bank account hence I say Yes, you would need a bank account for Venmo. You will understand this better as you read through the next section.
Do You Need A Bank Account For Venmo Cash Withdrawal?
Do you need a bank account for Venmo? Yes, if you want to withdraw cash from your Venmo account. Venmo does not have a physical bank at any location. It also does not have an ATM where you can withdraw your money. So how do you get your money from Venmo in cash? It is through the use of a bank account.
To do this, you have to first add your bank account to Venmo and afterward, transfer the funds from your Venmo account to the added or linked bank account. See how to add your bank account to Venmo below.
How To Add A Bank Account To Venmo
Adding a bank account to Venmo is quite simple. And with it, the transfer of money between the two accounts becomes straightforward. You must have downloaded and opened a Venmo account before you begin this process. See the steps to add a bank account to Venmo below.
- Log in to your Venmo account on your mobile device using your login details.
- Navigate to the “Me” tab by clicking on your profile picture or your Initials.
- Tap on the Settings gear ⚙️ located at the top right corner of the screen.
- Click on Payment Methods on the Settings menu.
- Click on “Add bank or Card”
- Select Bank.
- Choose a verification method and follow the prompts to complete the process.
Note that your added bank account must be a US bank account. Now that you have added your bank account, the next thing to do in the process of withdrawing cash from your bank account is to transfer the funds to your bank account.
Remember we said that the answer to “do you need a bank account for Venmo” is Yes, especially as it concerns cash withdrawals. So, see how to transfer money to your bank account below.
How To Transfer Money From Venmo To A Bank Account
- Log in to Venmo.
- Go to the “Me” tab by tapping on your profile or initials.
- Under your profile picture, tap tap “Add or transfer”
- Enter the amount that you wish to withdraw.
- Select a transfer method “Instant or Standard”.
- Select your preferred bank account that has been added.
- Confirm your transfer details and tap on the transfer button.
With this, the fund will arrive in your bank account and you can withdraw it with your usual bank debit card.
Do You Need A Bank Account For Venmo To Add Money?
Yes, just as it is with withdrawing cash from your Venmo account through a bank account, you can also add funds to your Venmo using a bank account. So ” do you need a bank account for Venmo?” Yes, to find the Venmo account.
To do this, you must first add your bank account to Venmo using the steps discussed above. After that, you can then proceed to transfer the money to your Venmo account using the steps below.
How To Add Money To Venmo From A Bank Account
- Login to your Venmo account and navigate to the “Me” tab.
- Go to the top of your personal transaction feed and tap “Manage Balance”
- Enter the amount you would like to receive
- Tap Next.
- Confirm the bank account you would like to transfer the money from.
- Tap Add (the amount) Now.
With this, the money will be added to your Venmo account within an estimated time.
How To Withdraw Money From Venmo Without A Bank Account
Although “do you need a bank account for Venmo” is yes, there are other ways to withdraw money from your Venmo account. Some of them are through the use of the Venmo debit card, Credit cards, transferring to your friends, etc.
Do you need a bank account for Venmo? Yes, you need a bank account for cash withdrawal and to add money to your Venmo account. The Steps involved in carrying this out have all been discussed in the post above.