Who likes the idea of saving? Well, for all the people into saving and likes to save or keep a cushion of finance for future. Venmo is one such digital saving platform like Metamask. Thus, we are here with a guide on how to withdraw money from Venmo.
If we travel a while back in time and understand, where the concept of digital wallets originated then, it was in July 2004 and Oxigen Wallet was the first-ever e-wallet or mobile wallet launched in India. Later Wallet365.com was launched in the year 2006 by media firm Times Group in association with YES Bank.
The evolution of wallets has leaped forward and been introduced in digital wallets or e-wallet. With the introduction of e-wallets, it has become simple rather convenient to carry out transactions and pay all your bills online. Digital wallets are composed of both digital wallet devices and digital wallet systems. Venmo is a digital mobile payment service or can call it an e-wallet that makes dealing easy and more convenient. Although, now the company is majorly managed by PayPal after the big amalgamation.
In this article, we are offering you the steps of how to withdraw money from Venmo, and carry forward your day-to-day transactions safely and hassle-free without the worry of fraud.
What Is Venmo?
Who doesn’t like to save a part of their income to invest further? Well, we believe everybody does. Saving brings along numerous benefits. Although, saving is intact with its nature, but has been transformed into saving in your digital wallets.
It all started from the concept and idea of a piggy bank, it further evolved into wallets and now it has come down to digital wallets that save your money. They are the digital piggy banks that keep your money secured and safe. Similarly, Venmo is a digital wallet that keeps your money safe and secure.
Venmo is an American mobile payment service founded in 2009 and is now owned by PayPal since 2012. Venmo was aimed at friends and family who wish to split bills, e.g. for movies, dinner, rent, or event tickets. Account-holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States.
Despite all the new ways that Venmo has made it easier to access and manage your money in the past year or two, the app is still super simple to use. It’s still social Venmo features a stream showing everyone’s transactions and is still fun, with the use of emojis to indicate what a payment is for.
Some are the listed features of Venmo:
- ACH Payment Processing
- Customer Engagement
- Data Security
- Data Synchronization
- Debit/Credit Card Processing
- Electronic Payments
- In-Person Payments
- Mobile Access
Is Venmo A Safe Platform?
Even if it seems reckless to send real money through an app, Venmo is relatively safe to use. That is because it uses data encryption technology to protect your account information, which means no one else can access your credit card or bank account. Thus keeping it safe and secure.
Related: How To Withdraw Money From Crypto.com | Easy Steps To Follow
How to Withdraw Money From Venmo?
Often wonder, how to withdraw money from Venmo? Well, here we have some of the steps below that will make your process to withdraw money from Venmo easy. Open Venmo App> Sign in> Link your bank account to Venmo Account> Tap on ☰ Menu> Tap to Transfer to Bank> Enter the amount you wish to transfer> Tap Account> Select an Account> Tap Next> Tap Confirm Transfer.
Below are 10 simple steps that will help you to understand how to withdraw money from Venmo, quick and easy.
Step 1: Open the Venmo App
It’s a light blue icon with a bold, white V. You’ll often find it on the home screen, in the app drawer (on an Android), or inside of a folder.
Step 2: Enter Your Username and Password and Tap Sign In
If you’re already signed in, just skip to the next step. If you have set up a different sign-in method, such as Touch ID, follow the on-screen instructions to verify your identity.
Step 3: Link a Bank Account or Debit Card to Your Venmo Account
Transferring directly to your bank account is free and you’ll have access to your funds in 1-to 3 business days. If you need your money in the next hour, have a Visa or Mastercard-branded debit card, and are willing to pay a 1% fee (with a maximum of $10), you can transfer funds to a debit card.
Step 4: Tap the ☰ Menu.
Select the menu on your top-right Venmo App.
Step 5: Click Transfer to Bank.
If you have a balance of $0.00, you clearly will not be able to transfer money from your account.
Step 6: Enter the Amount You Want to Transfer
To start typing, tap the $0 amount to spring open the keyboard. If your Venmo account is unverified, you can withdraw up to $999.99 per week. If you confirm your identity at Venmo, you can withdraw up to $19,999 per week.
Step 7: Tap the Account Drop-Down Menu
It’s the menu at the bottom of the screen (right above the “Next” button) that usually displays your bank account name. This opens a list of payment methods.
Step 8: Select An Account
If you want to transfer the money to a debit card, select the card from the “Instant” menu at the top of the screen. To transfer to a bank account, tap an option under the “Standard” header. If a debit card you want to use is grayed out and you can’t tap it, this typically means it’s not a Visa or Mastercard.
Step 9: Tap Next
It’s the button at the bottom of the screen. A preview of your transfer will appear.
Step 10: Tap Confirm Transfer
It’s the green button. You’ll see a checkmark once the transfer is accepted. Estimated arrival date will appear. Look for the amount to appear in your bank account within one full business day. Transferring to a bank account should make your funds available within 1-3 business days. If it’s been more than 4 days since you initiated the transfer, call your bank to check on the status.
Related: How to Withdraw Money From Safemoon Wallet | An Easy Guide To All
How to Withdraw Money From Venmo Without A Card?
Have you lost your Venmo card, otherwise haven’t ordered one? Are you now left wondering whether or not you can withdraw money from Venmo without a card?
Although it is impossible to use a cardless ATM with Venmo, there are a few workarounds to get the job done instead.
The Step of how to withdraw money from Venmo without a card is listed below:
- Transferring to another bank account and debit card
- Asking a friend to help your out.
- Getting a Venmo card.
- Using a global prepaid debit card.
How to Add A Bank Account To Your Venmo Account
If you do have not your bank account linked to your Venmo account then neither you will be able to understand how to withdraw money from your Venmo account nor you can access your money out from your Venmo account.
However, we have a simple guide of 4 steps below that explain how to add a bank account to your Venmo account.
1. Go to the “You” tab by selecting the single person icon
2. Tap the Settings gear in the top right then “Payment Methods”
3. Tap “Add a bank or card” and then select “Bank”
4. Select your preferred verification method
Related: How To Withdraw Money From Robinhood?
Wrapping Up
Here was the article and everything you can expect out of an article regarding Venmo and how to withdraw money from Venmo. We hope that this guide was quite helpful to you. Furthermore, if you have any queries regarding this article then you go ahead and request your queries in the comment section below. If you liked this article, or have any remarks, feel free to share. Hope you had a happy reading.
