What is Venmo? How to Use Venmo Balance?

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You may be wondering, what is Venmo? What is Venmo? You will find that it is a highly popular mobile payment app in the U.S. You can use it to quickly send and receive payments, easily split bills, and even shop directly using your balance. After completing identity verification, you can freely use your balance for transfers, spending, or withdrawals.

Key Points

• Venmo is a popular mobile payment app in the U.S., supporting fast transfers, bill splitting, and online/offline shopping, making daily payments convenient for users.
• After completing identity verification, users can enable the balance feature, enjoying higher transfer and withdrawal limits, enhancing flexibility and security in fund usage.
• Venmo balance can be used for payments, withdrawals, and purchasing cryptocurrencies, with attention to fees and processing times during withdrawals, and linking a bank account supporting U.S. ACH transfers ensures smoother operations.

What is Venmo and Its Features

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Main Uses

You may ask, what is Venmo? Venmo is a mobile payment tool designed specifically for U.S. users. You can use it to perform various daily financial operations. Venmo’s core features include:

1. Peer-to-peer payments and fund tracking. You can directly transfer money to friends or family without needing cash or checks.
2. Bank account and card linking. You can link a U.S. local bank account or debit card, and some Hong Kong bank USD accounts are also supported for convenient fund transfers.
3. POS (Point of Sale) purchases. You can shop online or offline at merchants that support Venmo, paying directly with your balance or linked account.
4. Bill splitting and shared payments. After dining with friends, you can split the bill with one click, with each person paying their share.
5. Contact integration. Venmo allows you to find friends via Facebook or phone contacts, simplifying the transfer process.
6. Sending invoices and payment requests. You can send electronic invoices or directly request payments, reducing communication costs.
7. Comments and emoji interactions. You can leave comments on each transaction, adding a social fun element.
8. Account authorization and settings. You can edit your profile, manage payment methods, and adjust security settings at any time.
9. Built-in digital wallet. You can store funds in your Venmo balance, available for payments or withdrawals at any time.
10. Scheduled or recurring payments. You can set up recurring transfers to manage periodic bills conveniently.
11. Withdrawals to bank accounts. You can withdraw your balance to a U.S. bank account, typically arriving in 1-3 business days, or opt for instant transfers (with a fee of approximately 1.75%, minimum $0.25, maximum $25).

What is Venmo? You can think of it as the preferred tool for fast transfers among U.S. local users. You simply download the Venmo app, register an account, and complete identity verification to easily make transfers, receive payments, and shop. U.S. users commonly use Venmo for splitting bills with friends, online/offline shopping, and collecting payments for U.S. orders. You can find others via Venmo ID, phone number, or email, reducing errors and improving payment efficiency.

Social and Payment Features

You will find that what is Venmo is not just a payment tool but also a social platform. Venmo combines payments with social interactions, allowing you to add notes, comments, or even emojis to express your mood during transfers. Each transaction can be set to public or private, letting you see friends’ payment activities, adding fun to interactions.

The relationship between Venmo and PayPal is also noteworthy. Venmo has been a PayPal product since 2013, both belonging to the same company. When using Venmo, you can feel the technical and brand support from PayPal. PayPal focuses on global e-commerce payments with a broader service scope, while Venmo targets U.S. local users, emphasizing social features and is particularly popular among younger users. You can use Venmo to share payment information, split bills, make personal transfers, or pay directly at merchants. Venmo’s design emphasizes simplicity and speed, allowing you to complete payments or receive money in just a few steps.

The identity verification process is also important. After registering with Venmo, you need to provide U.S. local identification (such as SSN or ITIN), a phone number, and an email. Once verified, you can enable the balance feature, link a bank account or debit card, and ensure fund security. You can manage account settings at any time to enhance your payment experience.

Tip: If you are in China or Hong Kong, you need a U.S. local phone number and bank account to register and use Venmo. When linking a Hong Kong bank USD account, ensure it supports U.S. ACH transfers; otherwise, withdrawals may not process smoothly.

What is Venmo? You can view it as the most popular social payment tool among young Americans. You can not only send and receive payments conveniently but also interact with friends and share life moments. Whether splitting a dinner bill or shopping at merchants, Venmo provides a fast and secure payment experience.

Balance Usage and Operations

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Balance Activation

When using Venmo, you can only enable the balance feature after completing identity verification. You need to upload a U.S. government-issued ID and SSN (Social Security Number), and the system will automatically review your information. Once verified, you can use your Venmo balance for receiving payments, making payments, and withdrawals. Without identity verification, the system imposes strict transaction limits. The table below shows the main limits without verification:

After completing identity verification, your payment limit can increase to $60,000 per week, with withdrawal limits also raised accordingly. You can upload required documents on the account settings page, and the system typically completes the review within 1-3 business days.

Tip: If you register for Venmo in China or Hong Kong, you must have a U.S. local phone number and bank account. When linking a Hong Kong bank USD account, confirm it supports U.S. ACH transfers; otherwise, withdrawals may not process smoothly.

Funding and Payments

You can fund your Venmo balance in several ways. You can link a U.S. local bank account, debit card, or some Hong Kong bank USD accounts. To fund your account, select “Add Money” in the Venmo app, enter the amount, and confirm the source account. The system will transfer the funds to your Venmo balance, typically arriving in 1-3 business days.

When making payments, Venmo prioritizes using your balance. If the balance is insufficient, the system automatically deducts from your linked bank account or debit card. You can transfer money directly to friends, family, or merchants, or shop at online/offline merchants that support Venmo. Each transaction can include a note for tracking purposes.

You can also use Venmo balance to purchase cryptocurrencies. U.S. users can select Venmo as a payment method when buying Bitcoin or other cryptocurrencies on the Bitcoin.com wallet app or website. The payment process is supported by MoonPay technology, ensuring a smooth checkout experience. You simply select the cryptocurrency on the Bitcoin.com platform, choose Venmo as the payment method, and complete the payment to receive the corresponding digital assets. This partnership makes Venmo a convenient option for U.S. users to buy cryptocurrencies.

Note: Funding and payments incur no fees, but using a credit card for payments incurs a 3% fee. When shopping or transferring, it’s recommended to use your balance or debit card to reduce costs.

Withdrawals and Limits

You can withdraw your Venmo balance to a U.S. bank account or some Hong Kong bank USD accounts at any time. The withdrawal process is simple: select “Withdraw” in the Venmo app, enter the amount, choose the target bank account, and confirm. Standard withdrawals typically arrive in 1-3 business days with no fees. If you choose instant transfers, the system charges approximately 1.75% fees, with a minimum of $0.25 and a maximum of $25.

Without identity verification, your weekly withdrawal limit is $999.99. After verification, the limit increases significantly. You can check your current limits and remaining balance on the account settings page. The system automatically adjusts limits based on your identity status to ensure fund security.

Reminder: Before withdrawing, confirm that the target bank account supports U.S. ACH transfers. Some Hong Kong bank USD accounts support this feature, but you should consult your bank’s customer service in advance.

When using your Venmo balance, you should also pay attention to transfer limits. Regular users have a weekly payment limit of $60,000, with withdrawal limits adjusted based on identity status. You can check limit details on the account page to manage fund flows effectively.

You can use your Venmo balance to easily send payments and shop. You should pay attention to account security and regularly review transaction records. After identity verification, you can increase limits and access more features. When withdrawing, be mindful of fees and processing times. Venmo provides a convenient payment experience for U.S. users, suitable for various life scenarios.

FAQ

Can Venmo be used in China?

You cannot use Venmo directly in China. You need a U.S. phone number and a U.S. or Hong Kong bank account to register and operate.

Are there fees for funding or withdrawing?

Funding or standard withdrawals using a bank account incur no fees. For instant withdrawals, the system charges a 1.75% fee, with a minimum of $0.25 and a maximum of $25.

Which bank accounts does Venmo support?

You can link U.S. local bank accounts or some Hong Kong bank USD accounts that support U.S. ACH transfers.

By diving into Venmo, you’ve now mastered the various uses of this popular U.S. social payment tool. However, in practice, you might encounter a key pain point: if you need to withdraw funds from your Venmo balance to China or another country, or transfer funds from your home country to a U.S. bank account for Venmo use, traditional banking channels often come with high fees and lengthy processing times. For cross-border fund management, you need a more efficient and cost-effective solution.

BiyaPay offers a seamless cross-border financial solution to make your fund management smoother. Our platform not only supports flexible conversions between various fiat and digital currencies but also provides real-time exchange rate inquiries, ensuring you get the best rates for every financial transaction. With a simple registration, you can benefit from our ultra-low transaction fees, starting from just 0.5%, and transfer funds quickly to most countries and regions worldwide, with transfers often completed on the same day. Choose BiyaPay, and focus on Venmo’s convenience and social interactions, not on complicated financial procedures.