Complete Venmo guide

Find out how to add money to Venmo, if they offer an instant Venmo loan, how old you have to be to use Venmo and why they need your SSN.

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What is Venmo?

Venmo is a popular digital wallet and money transfer app that is owned by PayPal. It allows users to easily send and receive money from their friends and family, as well as make purchases at participating merchants. Venmo is available for both iOS and Android devices, and can be used to send money using a linked bank account, debit card, or credit card.

How old do you have to be to use Venmo?

To use Venmo, you must be at least 18 years old. However, if you are between the ages of 13 and 17, you may be able to use Venmo with parental supervision. In this case, your parent or guardian must create a Venmo account and link it to yours, and they will be able to monitor your activity and set spending limits.

  • Free to send money from linked bank account to debit card
  • Low fees for payments via credit card
  • Offers debit and credit card options
  • Strong reviews on App Store and Google Play store
  • Doesn’t offer loans or cash advances
  • Payments are public
  • Can’t sent international payments

Table of Contents

    How to add money to Venmo?

    There are several ways to add money to your Venmo account:

    1. Link a bank account: You can link your Venmo account to a checking or savings account, which allows you to transfer money between the two accounts. To do this, go to the “Banks & Cards” section of the Venmo app, and select “Add Bank.” Follow the prompts to link your account.
    2. Use a debit card: You can also add money to your Venmo account using a debit card. To do this, go to the “Banks & Cards” section of the app, and select “Add Card.” Follow the prompts to link your debit card.
    3. Use a credit card: You can also use a credit card to add money to your Venmo account, although this option is not recommended due to the potential for high fees and interest charges. To do this, go to the “Banks & Cards” section of the app, and select “Add Card.” Follow the prompts to link your credit card.
    4. Request money from someone: If someone owes you money, you can request that they pay you through Venmo. To do this, select the “Request” option from the home screen, and enter the amount you are requesting. The other person will receive a notification and can choose to pay you through the app.
    5. Receive money from someone: If someone pays you through Venmo, the money will be added to your account balance automatically. You can view your balance by going to the “Activity” tab in the app.

    How does Venmo make money?

    Venmo makes money in several ways:

    • Transaction fees: Venmo charges a fee for certain transactions, such as using a credit card or using a linked bank account. These fees are typically a percentage of the transaction amount, and are disclosed to the user before the transaction is completed.
    • Interest on unpaid balances: If you have a balance on your Venmo account that you do not pay off, Venmo may charge you interest on that balance.
    • Merchant fees: When you use Venmo to make a purchase at a participating merchant, the merchant may pay a fee to Venmo for processing the transaction.
    • Advertising: Venmo may also generate revenue through advertising, by displaying ads to users within the app.

    Instant Venmo loan

    Venmo does not currently offer loans, but there are other options available for borrowing money through the app. For example, some users may choose to borrow money from friends or family through Venmo, by requesting a payment and agreeing on terms such as the repayment schedule. However, it is important to note that borrowing money from individuals carries risks and should be approached with caution.

    To delete your Venmo account permanently, follow these steps:

    1. Open the Venmo app and log in.
    2. Tap the “☰” icon in the top-left corner of the screen.
    3. Tap “Settings” in the menu that appears.
    4. Scroll down and tap “Privacy and Security.”
    5. Scroll down and tap “Close Account.”
    6. Read the information presented, and tap “Continue.”
    7. Enter your password when prompted, and tap “Close Account.”

    Note that closing your Venmo account is a permanent action, and you will not be able to recover your account or access any of the transactions or information associated with it. Make sure you want to delete your account before proceeding.

    Why does Venmo need my SSN?

    Venmo may ask for your Social Security number (SSN) for several reasons. For example, Venmo may ask for your SSN when you are setting up your account, or when you are adding a bank account or credit card to your account. Venmo may also request your SSN if you exceed certain transaction limits or if you are experiencing issues with your account.

    Providing your SSN to Venmo allows the company to verify your identity and comply with financial regulations. It also helps Venmo detect and prevent fraud, and may be required by law in certain situations. If you are concerned about privacy, you can contact Venmo’s customer service team to discuss your options.

    How do I know if my Venmo payment went through?

    If you have sent a payment through Venmo, you can check the status of the payment by going to the “Activity” tab in the app. 

    • Payments that have been successfully sent will be marked as “Completed,” and payments that are still pending will be marked as “Processing.” 
    • If a payment has been declined or has failed for any other reason, it will be marked as “Failed.” You can also tap on the payment in question to view more details about it.

    If you are still unsure about the status of a payment, you can contact Venmo’s customer service team for assistance. They will be able to provide you with more information and help resolve any issues you may be experiencing.

    Wrapping up

    In conclusion, Venmo is a popular and convenient app for sending and receiving money, with features such as instant transfers and the ability to split bills with friends. However, one potential drawback of using Venmo is that it may not be the most secure option for sensitive transactions, such as large sums of money or private financial information.

    It’s important to weigh the pros and cons of using Venmo and consider whether it is the best option for your specific financial needs and circumstances.

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