How to Use Venmo: A Comprehensive Guide

Venmo has become a household name for quick and easy money transfers, bill splitting, and even online purchases. If you’re new to the app or just looking to understand all its features, this guide will walk you through How To Use Venmo effectively.

Setting Up Your Venmo Account

Before you can start sending or receiving money, you’ll need to create a Venmo account. Here’s how to get started:

Download the Venmo App: Venmo is primarily a mobile app, so head to the App Store (for iOS) or Google Play Store (for Android) and download the Venmo application.
Sign Up: Open the app and tap “Sign up with Email” or “Sign up with Facebook.” You’ll need to provide your phone number, email address, create a password, and agree to Venmo’s User Agreement and Privacy Policy.
Verify Your Phone Number and Email: Venmo will send verification codes to your phone number and email address. Enter these codes in the app to confirm your contact information.
Connect a Bank Account, Credit Card, or Debit Card: To send and receive money, you need to link a funding source. You can add a bank account, debit card, or credit card. Go to “Settings” (the gear icon), then “Payment Methods,” and tap “Add bank or card.” Follow the on-screen instructions to securely link your chosen method. Using a bank account or debit card is generally recommended to avoid potential credit card transaction fees.

Sending and Receiving Money

Venmo’s core function is peer-to-peer money transfer. Here’s how to send and receive funds:

Sending Money:

Tap “Pay or Request”: This is usually located at the bottom of the app screen.
Enter Recipient’s Information: Search for your friend by name, username, phone number, or email address. You can also scan their Venmo QR code if you are with them in person.
Enter the Amount: Specify the amount of money you want to send.
Add a Note (Optional but Recommended): Explain what the payment is for. This is part of Venmo’s social aspect and helps both you and the recipient remember the transaction.
Choose Payment Method: Select your preferred funding source (bank account, debit card, or Venmo balance).
Tap “Pay”: Review the details and tap the “Pay” button to send the money.

Receiving Money:

Share Your Venmo Username or QR Code: Give your Venmo username to the person who wants to pay you, or have them scan your Venmo QR code displayed in your profile.
Request Money (Alternatively): You can also proactively request money. Tap “Pay or Request,” enter the payer’s information, the amount, and a note, then tap “Request.” The payer will receive a notification to send you the money.
Money is Added to Your Venmo Balance: Once someone sends you money, it will appear in your Venmo balance. You can then use this balance to pay others, or transfer it to your linked bank account.

Paying Businesses with Venmo

Venmo is not just for personal transactions; you can also use it to pay authorized businesses:

Look for the Venmo Option at Checkout: When shopping online or in-app at participating merchants, look for the Venmo logo as a payment option.
Pay with QR Codes In-Store: Some physical stores also accept Venmo. They may display a Venmo QR code at the register. Open your Venmo app, tap the scan icon in the search bar, and scan the business’s QR code to pay.
Venmo Business Profiles: Some businesses have Venmo Business Profiles. You can find them on Venmo and pay them directly through their profile.

Exploring the Venmo Credit Card

Venmo also offers a credit card that integrates with your Venmo account, providing cashback rewards when you use it. ¹

Cashback Rewards: Earn cashback on eligible purchases. ¹
Manage Through the Venmo App: Track your spending, rewards, and make payments directly within the Venmo app.
Credit Approval Required: Application for the Venmo Credit Card is subject to credit approval. ³

If you are interested, you can apply for the Venmo Credit Card through the app. ³

A Note on Cryptocurrency on Venmo

Venmo allows users to buy, sell, and hold cryptocurrencies directly within the app. ⁶

Cryptocurrency Trading: You can buy and sell cryptocurrencies like Bitcoin, Ethereum, Litecoin, and PayPal USD (PYUSD). ⁶
Risks Involved: Be aware that cryptocurrency investments are subject to risks and potential financial losses. ⁷ Venmo and PayPal do not offer financial advice on cryptocurrency. ⁸
Fees and Exchange Rates: Venmo discloses exchange rates and fees associated with cryptocurrency transactions. ⁶

Cryptocurrency on Venmo is a feature to explore with caution and understanding of the risks involved. ⁷

Conclusion

Venmo simplifies how we handle money in today’s digital age. From splitting bills with friends to making purchases at select businesses, Venmo offers a versatile platform for financial transactions. By following this guide, you can confidently start using Venmo and explore its various features to make your financial life more convenient.

Footnotes:

¹ See Venmo Credit Card Rewards Program Terms. Use of cash back is subject to the terms of the Venmo User Agreement.

² See Terms & Rates for New Accounts.

³ Application subject to credit approval. You must be at least 18 years old and reside in the US or its territories to apply. You must have a Venmo account in good standing, that has been open for at least 30 days prior to application. An approved Venmo Credit Card application will result in a hard credit inquiry, which may impact your credit bureau score.

⁴ Each Venmo Offer Powered by DOSH is available for a limited time only at participating merchants on qualifying purchases (as stated in the particular offer and subject to the full program terms). By participating, you agree that DOSH may create a wallet for you on its system in order for you to earn and redeem Venmo Offers. Any Venmo Offer that you earn will be transferred to your Venmo account. All offers made available to you may become unavailable without notice. Additional terms and exclusions apply. See full Venmo Offers Powered by Dosh Terms of Service and Privacy Policy here.

⁵ The Venmo Teen Account is available for eligible users 13-17 years old with parent or legal guardian sign up. Terms apply

⁶ PayPal Balance or Venmo accounts required. When you buy or sell cryptocurrency on PayPal or Venmo (including when you checkout with crypto on PayPal), Paypal or Venmo will disclose an exchange rate and any fees you will be charged for that transaction. For currencies other than PYUSD, the exchange rate includes a spread that is earned on each purchase and sale. Learn more about cryptocurrency fees on PayPal and Venmo.

⁷ Buying and selling cryptocurrency is subject to a number of risks and may result in significant losses. Please see PayPal’s disclosure and Venmo’s disclosure for more details.

⁸ PayPal and Venmo do not make any recommendations regarding buying and or selling cryptocurrency. Consider seeking advice from your financial and tax advisor. Some custody, trading, and transfer services for cryptocurrency are performed for PayPal and Venmo by our licensed service provider, Paxos Trust Company, LLC. PayPal USD is issued by Paxos, not PayPal or Venmo, and is subject to the Paxos US Dollar-Backed Stablecoin Terms and Conditions.