How to use Venmo Balance instead of bank account? (Steps)

Venmo is one of the best peer-to-peer payment transfer wallets or apps in the United States, with more than 83 million members. With the app, you can view transactions and feeds of other users without necessarily being a friend.

Social Feed, where users can sneak into each other’s history, sets it apart from other money transfer apps. 

It allows you to pay someone via different payment methods, including debit/credit card, gift card, and bank account. There is also one more way to pay: the Venmo balance. 

If you’ve access to the balance, you can use that fund to pay someone and make a payment at your favorite retailers.

What is Venmo Balance?

The app uses your account balance by default whenever you send money to someone. It pulls funds to your default payment method if the entire payment is insufficient. 

Any funds you receive from others sit in your Venmo account balance that you can withdraw anytime to your default payment method or make a payment online or in-stores.

The money is not directly deposited into your bank account. Instead, it reaches your app’s wallet. Apart from cashing out, you can use that fund to send money or pay at your favorite stores.

When you apply for a debit card, you are more likely to earn various rewards and cashback when spending your funds. Here, your Venmo account balance is connected to your Venmo debit card and acts like a bank account.

If you cross a certain transaction per week, you may need to verify your identity to use your balance.

How do I access my Venmo balance? 

If anyone sends you money, you can move that funds to your debit card or bank account. But you cannot use your account funds or apply for a debit card unless you’re a verified member. Only members who have verified their profiles can make payments with the app’s Balance and unlock everything it offers. 

Verified users may unlock the transfer limit from $299 to $6,999 monthly. 

How to verify your Venmo identity? 

You can verify your identity by submitting some of your personal information like SSN, home address, and other government IDs.

If somehow you’re unable to verify your identity on Venmo, you can still send and receive money via your bank account or credit card. But you can’t access your Venmo balance, or if you’ve any funds, you can only withdraw them after verification.

However, verifying your identity can increase your daily or weekly sending limit, so it’s always preferable.

  • Launch the app.
  • Tap the three-line icon.
  • Under your profile picture, Go to Settings.
  • Under Settings, inside the Security options, tap Identity Verification.
  • Now follow the prompts and provide all the information it asks for. 

You may require your legal name, address, U.S. passport, Driver’s license, SSN, ITIN, or other ID documents. 

Once you provide all the information, wait about 3-5 days to complete the verification process. 

How to use or pay with Venmo balance instead of a bank account?

Paying with your account balance is no different than paying with any other linked payment method. As soon as your account gets verified, you may be able to make payments to others with your account balance – There is no hype around this. 

The app uses your account’s balance by default, and if it doesn’t cover the entire payment, it pulls Cash from your bank to complete the transaction. 

Simply reload your account via bank account, debit/credit card, or Cash a check.

You can select any funding method to refill your account for free and use it to pay online or make payments. The only similarity between your account money and other linked funding sources is that you get the same transfer limit. 

The fastest way to transfer your money from the app is via debit card. If you have the company’s Mastercard debit card, you can withdraw your Cash from MoneyPass ATMs across the U.S. 

Ways to use Venmo Balance

QR Code – One of the smartest ways to pay & receive funds is via QR Code. Just scan the QR code to pay in-stores or users for touch-free payments. Choose your default Payment method as “Venmo Balance” and enjoy contactless shopping anywhere where QR Code is supported. 

Debit card – The app provides a Mastercard debit card with access to MoneyPass ATMs. Also, you can use the debit card to shop online and rack up rewards and cashback at your favorite eligible stores. 

Transfer and receive funds – As we have already discussed. Whenever someone sends money to your email ID, QR Code, Bank account, or Username, it reaches your Venmo account balance. Once you receive the fund from another user, you can transfer it to your Bank account at a tap of a button.

Early Paychecks – This P2P money transfer app is not just a payment-sharing platform; it a one step further. With the direct deposit setup, you can receive up to two days’ early paychecks directly to your Venmo account. 

Crypto – Another way to use your fund is to invest in Crypto. The company allows you to invest in cryptocurrencies for as little as $1. You can buy, sell and hold Crypto as long as you want. So far, only verified users can trade Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. 

Explore: Can you Venmo yourself? (Explained)

How to use Venmo to pay online or in-store/apps?

There is no hard rule about using the app. When your payment method is linked up and your account reloaded, You’re ready to pay in-store or online. There is one thing to remember only eligible online stores accept the company at checkout. Therefore, you won’t find the company’s logo where it is not supported. 

You can scan a QR code at eligible in-store to pay or checkout at any online store via the company’s debit card, where MasterCard is accepted.

To pay in stores –

  • Access the app.
  • Tap the Scan button located at the bottom of the home screen. 
  • Next, Allow the app to access your camera.
  • Tap “Scan code” and adjust your camera to the merchant’s QR code to pay. 

To pay online with the app.

First, you have to set up Chrome with Venmo. In order to do that, you need to download Google Chrome and enable mobile web purchases in the app settings. App>Settings>Enable mobile web purchases. Now you can pay with the app in Chrome anywhere Paypal is accepted. 

  • Go to the store in your Chrome browser. 
  • Add your item to the cart.
  • Proceed to checkout and choose Paypal.
  • From the checkout screen. Tap Continue with Venmo.
  • Open with the app.
  • Add your address, and after the screen processes back to check out, tap submit Order.
  • That’s all. 

Additional FAQS

Why Can’t I use my Venmo balance to pay?

If you’ve already set up and verified your account and have a sufficient balance, there is no need to fret about it. Make sure your app is updated to the latest version. You can also check out the article if your Venmo app is not working

Do I need a linked payment source to use the balance?

You don’t need to add your funding sources to use the funds. Even if you’re not a verified user, you can request the cash from your friends or family. However, you cannot withdraw cash from your account until you add and verify one of your funding sources. 

Can my identity be verified if I have no SSN or ITIN number?

Unfortunately, you cannot. However, you can still pay with your default funding method and transfer your money from the website or app. 

How to Transfer Money from Venmo to a debit card?

Simply set your default payment source where you wish your funds to go. Follow the steps below.

  • Launch the app.
  • Tap the menu icon. 
  • Under your profile icon, click Manage Balance.
  • Now, choose Transfer to Bank”.
  • Tap the Instant Transfer or Standard option. 
  • And select a debit card as your preferred transfer option. 
  • Hit the Transfer button. You’re done. 

(Note that there is a 3% fee on credit card transfers or withdrawals). Wait 1-3 days if you choose the Standard method. 

Wrapping it Up

So you’ve learned how to use a Venmo balance instead of a Bank account or debit card. In this article, we gave well-thought-out insights on how you can access and use the account balance. We’ve narrowed it down step by step so you can hold onto things easily. If you’re looking for something else, please let us know.

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