What is a group account on Venmo?
Group accounts in beta are a way to use Venmo on behalf of a group instead of an individual. Whether you are part of a student organization, athletic team, or other club, you can use Venmo’s digital wallet functionality to send and receive money as a group.
How do I create a group account?
To create a group account, go to venmo.com/groups from a computer. You will be guided through sign-up and given a tutorial of how to use your group account. Note that at this time group accounts can only be created and managed from a computer and not the mobile app.
Why do I need to sign in with my personal credentials, in order to create a group?
Every group account belongs to a group owner, the person who is responsible and personally liable for the account. In order for you to become the group owner and create an account, we first need to verify that you are a real person and existing Venmo user.
Why do I need to verify my identity in order to create a group?
In order to confirm that you are a real person and that you are who you say you are, you must verify your identity. Once you verify your identity, your weekly sending limit will be increased from $299.99 to $2,999.99.
What are the roles I can assign for my group?
There are only two roles that exist for Venmo group accounts.
- Group owner
- Group manager
What does it mean to be a group owner?
The owner is responsible and personally liable for all activity performed by the group. There can only be one owner per group, and this person can:
- Add/remove managers
- Add/remove payment methods
- Utilize all other Venmo features (send/receive money, view transaction history, etc.)
What does it mean when you say "the owner is responsible and personally liable for the group account?"
If something goes wrong with the group account, we need to know who to turn to. Because of this, every group account has to have an owner who is responsible and liable for all activity performed under the group account. This means that the owner will have to pay us back if the group account ever incurs a negative balance.
What does it mean to be a group manager?
Managers can move money, but they cannot edit group settings. There is a maximum of three managers per group, and each of these managers can:
- Send money from the group account balance and payment methods previously added by the owner
- Send charge requests from the group account
- Transfer funds from the group balance to the bank account previously added by the owner
- View transaction history
- See the last four digits of every payment method and bank account connected to the group's account
- See the name of the banking institute associated with each bank account connected to the group's account
- Utilize other Venmo features
How do I add members to my group?
You do not need to add group members in order for them to transact with your group account. Anyone on Venmo can make payments to or receive money from a group.
If you'd like to make it easier for your members to find you, you can ask them to send your group account a friend request. See how to add/delete friends.
How do I transfer ownership of a group?
Only the group owner can transfer ownership of a group. If you are the group owner, sign into the group account, navigate to the 'People' tab in settings, and select 'Leave group.' There, you can enter the information of the user you would like to transfer ownership to. This user will receive an email asking them to accept the transfer. If they accept, you will be removed from the group. If they decline, you will remain the group owner. Any imported funding sources on the account will be unlinked from the group account when the owner leaves.
Do I have to be an Owner or a Manager to pay a group?
No - anyone can make payments to or receive money from a group.
Why can’t I access my group on my mobile app?
In order to create the best experience, Venmo group accounts are only available on desktop and tablet browsers while we are still in beta. To log into your group, navigate to groups.venmo.com and enter your credentials.
Can I use the same funding source for my group account and personal account?
Yes, the group owner can import a payment method that is already linked to their personal account. To import a payment method, the group owner should log into the group account, navigate to the ‘Banks and Cards’ tab in Settings, and select ‘Import payment method.'
What is my group’s sending limit?
Venmo group accounts have spending limits that are tied to the group owner’s personal account limits. Every group owner starts out with a default weekly spending limit of $2,999.99.
Transaction limits help us screen for suspicious activity, protect your financial security, and keep Venmo a great place to send and receive money. They also help us keep our costs down so that we can continue providing an awesome service for our users.
Unfortunately we cannot increase the spending limit for a group account at this time.
How do I leave a group?
If you are the owner of a group, there is currently no way for you to leave the group other than by closing the group account. As the beta progresses we will continue working on improvements to group accounts. If this is a feature that would be helpful to your group, please let us know by sending an email to firstname.lastname@example.org.
If you are a manager, you can leave a group by signing into your group account, navigating to settings, and selecting “Leave Group.” Once you leave the group, you will not be able to make or accept payments on behalf of the group.
How do I close/delete a group?
Only the owner can close a group. To close a group, navigate to settings and select “Close Group.”
Why can’t I be the owner of more than one group?
Venmo group accounts is still in beta. In order to create the best experience for everyone involved, we are currently limiting the number of groups each person can create.
Why can’t I add more than three managers to my group?
Since managers have permissions that allow them to move money and change other attributes of the group account, for security reasons, we are currently limiting the number of managers each group can add.
How do I receive SMS, push, or email notifications about activity on my group account?
Only owners of the group account will receive email notifications about financial and social activity related to the group account.
There are no SMS or push notifications related to group accounts for now.
How do I change my group account’s email notification settings?
Group account notification settings are tied to their owner’s personal notification settings.
Owners can change their email notification settings by signing into their personal account on venmo.com and navigating to “Account Settings” --> “Notifications”. Any change made to your email notification settings will impact both your personal account and group account.