What is Venmo?

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Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don't want to deal with cash. For example:

  • Splitting a lunch bill
  • Paying your friend half of a cab fare
  • Sending your roommate your half of the rent
  • Using Venmo as a payment method in authorized partner apps 

You can find out more information here.

Venmo balance

Any money living in your Venmo balance can be used to pay other users in Venmo, and can be sent to your bank account. A more detailed explanation of how your Venmo balance works can be found here.

Funding sources

When setting up your Venmo account, one of the first things you do is decide how you want to pay people, also known as setting your funding source. In Venmo, you can pay people from any of the following:

  1. Your Venmo balance
  2. A credit/debit card (imagine being able to pay a friend directly from your credit card)
  3. A U.S. bank account 

For more info on how to add funding sources, please see our articles about adding bank accounts and adding cards to your Venmo account. You can read more about fees for using Venmo here.

Bank transfers

Transferring money to your bank is simple once you connect your account to Venmo. Bank transfers that are submitted before 7 PM EST will typically be available in your bank account the next business day, excluding weekends and bank holidays. All withdrawals are reviewed by us and may be delayed or blocked if we identify a problem. You can find more information about transfer timelines in our help article.

I am not a Venmo user and I’m seeing an unauthorized charge on my bank or card statement.

If you see Venmo on your bank or card statement, please verify that no one else has authorized access to your credit card or bank account. For example, we often see family members who use their parent or spouse's card on Venmo.

If you still have questions regarding Venmo transactions appearing on your card or bank statements, or if you wish to dispute such transactions, please contact your bank or card company directly.

 

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