Venmo has recently gained immense popularity as a digital wallet and online transaction service. With so many people using Venmo daily, you might need to make your own Venmo soon.
The app is a handy way to send, receive, and spend money using only your phone. People usually add money to their Venmo account by linking a bank account, credit card, or debit card. But not everyone has a bank account.
Then, how can you use Venmo when you don’t have a bank account? Read on to find ways to add or withdraw money from Venmo without linking it to your bank account.
So without further ado, let’s dive in!
Methods of adding money to Venmo
Venmo is a payment app by PayPal that lets users send and receive money using their phones. You can use this quick method to pay friends back for splitting a pizza or buy a new pair of shoes. Venmo also allows businesses to accept payments through the app and everything you need for your transactions in one place.
Various methods are available if you’re planning to utilize Venmo to make payments. You can fund your Venmo account via bank transfer, direct deposit, check deposit, credit card, debit card, or any combination thereof.
The most common source of using Venmo is linking it to your bank or cards since it’s more convenient and is required for most of these methods.
However, if you don’t have a bank account of your own, you ca,n use other options like asking a friend or a family member to send money to your Venmo in return for cash. There is also an option of cashing in a check from someone else and keeping that money in your Venmo balance or setting up a direct deposit.
So let’s see how you can use these options and fill your Venmo with money!
1. Ask a friend or family member.
Since you can make payments through Venmo to any user who accepts Venmo, your payment is sent directly to Venmo and automatically appears in their account within minutes.
If a friend or family member already uses Venmo or has a bank account, you can ask them to send you money in Venmo and return that in cash. Although this method is inconvenient to use frequently or at times for emergencies, it’s a great way to deposit money into your Venmo without a personal bank account.
2. Set up a direct deposit
Another option to add money to Venmo is to set up a direct deposit through your workplace. For this, you need to take note of the information provided by your Venmo and enter it into the appropriate fields for your paycheck transfer. You can also directly ask your employer to pay you through Venmo and send them your details.
To set up a direct deposit, follow these instructions:
- Open Venmo.
- Select the ‘You’ option.
- From the Settings, select the ‘Direct Deposit option.
- Here you will see the ‘Show Account Number’ tab.
- Click on the tab and take note of the account information.
- Use your Venmo account information to fill out your employer’s direct deposit form.
If you are asked for your bank’s name and address when filling out the form, you can find the details of their partner bank on the Venmo customer service website.
When you have filled out the information about direct deposits, it is up to you and your employer to start setting up direct deposits into your Venmo account. You should check back regularly to ensure they are being processed correctly.
With this, you’ll have money rolling into your Venmo every week/month without any worries, so Venmo can also function as your bank account if you get a job.
3. Cash a check
You must have a Venmo debit card to use this service. You can order one from your account online if you don’t already have one. If you have a Venmo card, follow these steps to cash a check to add money to your Venmo from someone else’s bank account.
- Select the ‘You’ option from your Venmo menu.
- Select Manage Balance.
- Here you’ll find the ‘Cash a Check’ option.
- After choosing this option, you will have to enter the amount and take pictures of the front and back of your check.
- Select the time you want to receive your funds (faster costs more in fees).
- The processing usually takes a few minutes.
- If your request is approved, the app will tell you to write VOID on your check. (Never do this before it’s processed).
- Next, you’ll have to take photos of the void check, and the app will redirect you to a summary of your transfer.
Although this feature is a convenient method to add money to your Venmo, it can take up to 10 days for your funds to be available if you wish to pay the lowest processing fee. You can access your money in a few minutes if you pay the highest fee.
How to withdraw money from Venmo without a bank account
Now, to withdraw money from your Venmo account without a bank account, you’ll need to apply for a Venmo debit card if you don’t have one. Once approved, you can use it to get money from ATMs or to spend any remaining Venmo balance on purchases.
This option isn’t necessary if you’re using your Venmo solely for online purchases and peer-to-peer transactions. Still, the Venmo debit card can work just like any other card to withdraw cash when needed.
Regardless of your method, your Venmo will be the ideal app to manage your day-to-day savings and spending and make easy online transactions. Most online banking services do not work without a bank account, and it’s better to have a local bank account as an adult.