Want to know if you can use Chime with Venmo? We have your back. Both the platforms are U.S specific and function as a neo-bank, especially Chime. Users can move money between banks using these platforms, as well as set up a direct deposit and receive a paycheck up to two days earlier.
They may share a few common features but differ in many ways. For example, with Venmo, you can make payments across U.S. merchants, while Chime doesn’t support this feature. Likewise, Chime offers an Interest savings account, and since Venmo is not a bank, it doesn’t.
But can you use a Chime builder card with Venmo and Venmo card with Chime? In this article, we’ll understand how to use these two platforms together. Let’s jump right in.
What is Chime, and how does it work?
Chime is a fintech platform that offers savings, checking, and credit builder account without any monthly or annual fee. It’s not a bank, as it provides banking services with the help of The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Launched in 2012 in San Francisco, California, the platform has garnered over 13 million active users in the U.S. with over $24 billion in valuation at the time of this writing.
If you ever open a checking account with Chime, you’ll not be charged any fee or require any minimum deposit. With a checking account, it offers a savings account as optional that yields 2% APY.
What makes it stand apart is SpotMe, which covers up to $200 in overdraft fees on debit purchases and cash withdrawals.
Another perk of being a Chime member is that it makes paychecks available up to two days earlier than most standard banks. You only need to set up a direct deposit through the Chime app or websites.
Users can also apply for a free credit-builder account that doesn’t charge any annual interest or fee. With over 60,000 ATMs, early paychecks, and other perks, Chime is the show stealer.
About the Chime builder card
It is a secured Visa card that helps members improve their credit scores. You can apply for the Chime builder card if you receive a steady cash flow of $200 every month. If approved, you can start shopping with the card wherever Visa is accepted or use ATMs.
No interest, fee, minimum deposit, or credit check is required to access this feature. To load this card, you have to move money from your checking account to your spending account. So, when you’ve to repay your credit builder fund, you can transfer the due amount from your checking account in due time.
About Chime debit card
It’s your default Visa debit card linked to your checking account. When you apply for the checking account with Chime, you’ll receive a fee-free temporary debit card and a physical debit card within 2-7 business days. The Visa card can be used anywhere where Visa is taken or at fee-free ATMs.
You can set up a direct deposit or connect your bank account to reload the card to send and receive funds. Another way to add funds to your Chime debit card is through mobile check deposits and participating stores. Remember, a fee may be charged if you cash out from any out-of-network ATM.
If you’re enrolled for SpotMe and have insufficient funds to cover the cost of a transaction, SpotMe will fund your checking account as long as your SpotMe limit is available.
In case your card is lost or broken, you can replace it or disable transactions through the app or turn on notifications to get real-time transaction alerts.
Can you use Chime with Venmo?
Yes, you can use Chime with Venmo and Vice-versa. If you’re a chime bank user with a checking account, you can link Chime to your Venmo account via Plaid. And if you don’t want to use Plaid, you can connect your chime account manually.
Another option would be to add your Chime debit or credit build card. In case you link the credit builder card to Venmo, you’ve to make sure your spending account has enough funds.
Since Venmo allows its users to connect their Chime account through Plaid, it is no requirement to look for other ways to link Chime to Venmo. You can easily send funds from your Venmo account to a debit card or other bank account after linking Chime.
So whenever you send money to your friend, the fund will be deducted from your Chime checking account balance.
How to add a Chime account on Venmo?
Using both platforms together is a no-brainer. Make sure your Chime account is approved before linking it to any other platform as a payment source. You don’t need to manually add a debit or credit builder card because Plaid is a much more secure way to protect your bank account than when you add it manually.
To add Chime to Venmo, follow the steps below.
- Launch your Venmo app.
- Tap Me or the profile icon located at the top of the homescreen.
- Next, Tap Settings and tap Payment Methods.
- On the next screen, tap “Add a bank or card.”
- Choose Bank and then choose Instant Verification to verify your bank.
- You’ll be asked to use Plaid to connect your bank on the next screen. Click Continue.
- Select your bank from the list of banks Plaid has. You’ll find Chime in there.
- Enter your credentials and submit.
- Choose to verify your identity by phone or text.
- Confirm the code sent to your phone, and your identity will be verified.
Once your bank account is linked using Plaid, you can transfer your Venmo balance to Chime. In case you want to unlink Plaid, you can; there is a manual option.
How to add a Chime builder card or debit card to Venmo?
You can easily use your Chime builder card and a Visa debit card with Venmo. Your debit or credit card can be linked the same way you add your bank account. You only have to select “Cards” and enter your credentials.
Let’s know how to add a card to Venmo
- Open the app.
- Tap the Me tab at the bottom of the home screen.
- Tap Settings and access Payment Methods.
- Under Payment Methods, choose Cards.
- Enter your Chime Builder or debit card details and submit.
- If your card is valid, it will be added successfully.
Make sure you enter the correct card to link it successfully. Once your card is successfully linked to Venmo, you can transfer funds to another bank account.
Can you Add Venmo to Chime?
Adding Venmo to Chime may not be as straightforward as adding Chime to any other third-party app. Since Chime is a neo-bank listed by Plaid in its banks’ list, it can be linked easily. On the other hand, Venmo is not listed in a Plaid bank list, so you can’t directly add to the Chime via Plaid.
You must have a Venmo debit or credit card, as you can’t use your Venmo account number or opt for manual Bank verification to use Venmo with Chime. You can apply for the debit card through the Venmo app, and once you’ve received and activated it, connect it to Chime.
Here is the caveat, Chime only allows users to link third bank accounts to transfer funds to another bank account or debit card, as users cannot link their credit or debit cards to transfer funds. It doesn’t provide any option to connect cards for other services except to deposit funds to Chime.
So, if you want to move funds instantly to your Chime account from your Venmo debit card, you can, but drop the idea of shopping or transferring money to your friend or your Venmo account.
Note that a credit card for an Instant deposit can waive up to 3% + 1.75% fee per transaction.
Frequently Asked Questions (FAQs)
Why is Chime not working with Venmo?
There could be various reasons why it’s not working. If you’re using the incorrect card details, it won’t work. Besides, you must verify your bank account on Venmo if you haven’t yet. It is also seen that due to bank server issues, your transaction can be failed. Make sure there is no issue on your end before initiating any transaction or connecting your card.
How long does it take to transfer from Venmo to Chime?
Venmo does include the option to transfer funds instantly, but if you go for a regular transaction speed, it may take up to 3 days to reflect the amount in your bank.
What is the Chime Venmo Limit?
Venmo has a $19,999 rolling limit for weekly personal transactions for verified members and $999 for non-verified members. Users can send up to $5000 in one go. To send more, they’ve to initiate multiple transactions.
Unfortunately, there is no way to add any debit card to Chime. However, you can make an instant deposit of at least $200 or more by connecting by any debit card. Since you cannot transfer funds from Chime to Venmo, there is no such limit we can mention.
Wrapping it up
That’s there to it. That’s how you can use a Chime account, credit builder, or a debit card with Venmo to transfer funds. We’ve compiled all the possible methods to help you understand both platforms. Thanks for the read. If this article helped you, kindly share it with your loved ones.
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