You can transfer money to yourself in Venmo. This can be done by creating two different Venmo accounts or by depositing the money back into your checking/bank account. The transfer will usually take 2-3 business days to complete.
Venmo is a mobile payment app used to pay friends and share expenses.
Can You Pay Yourself on Venmo?
Can You Pay Yourself on Venmo? Can’t you just deposit money into your account from a bank account, then use it for payments? Here’s what you need to know: First, you must understand that Venmo was created to move money between two different accounts.
Since Venmo doesn’t allow a person to have more than one Account at a time, ultimately, this renders you unable to pay yourself on Venmo, be any payment method you prefer. If Venmo has approved you to have a Venmo Card, you can deposit money from your bank account into your Venmo Balance, and you can then use this money to make payments.
Can You Send Money to Yourself on Venmo by Using Two of Your Payment Methods?
Can you send money to yourself on Venmo using two of your payment methods? The answer is no. Venmo was not made with that intention in mind, meaning it’s simply used for monetary exchange between different individuals and thus cannot be used to move money between your various payment methods.
Can You Venmo Yourself From One Venmo Account to Another?
So, can you use Venmo to send yourself money? It’s often the first question people ask when they find out about this popular app.
In theory, if you have two Venmo accounts, each with its own US bank account and phone number, you can technically use Venmo to move your money between the two versions. However, in practice, that’s not a good idea. Why? You may ask.
Venmo doesn’t allow its users to have more than one Venmo Account. If the company finds out that a person has more than one Venmo Account linked to the same person, it’ll automatically ban both accounts.
We strongly recommend that you don’t create two Venmo accounts to avoid this problem. However, if you decide to take your chances, make sure to stay away from the reasons below:
1.) Transaction Ineligibility
If the Transaction is ineligible (payment is too low, you don’t have enough money in your Account, etc.), your Venmo account could temporarily be frozen. So if you’re thinking about using Venmo to transfer money between two versions, make sure that the transactions are eligible first.
2.) Increased Fees
Since Venmo is a free app to use, it would make sense that they’d get their money from somewhere else. In this case, the primary source of revenue for Venmo is transaction fees. By using Venmo for between two different accounts, you will be paying a lot more in costs than if you made a payment with a friend or a transfer to your bank account.
3.) Account Closure
As we mentioned earlier, Venmo has the right to close your Account if it suspects that you’re using it for unlawful purposes. This can include transferring money between two accounts linked to the same person. So, if you want to avoid any possible problems with your Venmo account, we recommend not using it to transfer money between two accounts.
FAQs
Can You Venmo to Send Money to the Paypal Account?
Venmo is a subsidiary of PayPal, but it does not offer any features by which you can transfer your money from Venmo to other accounts. Luckily, there is an easy workaround. Just link both your Venmo and PayPal accounts to the same bank account. You can withdraw money in Venmo and deposit it into your PayPal account by clicking on the “Add Money” option.
So Venmo doesn’t let you transfer your money to other accounts; there is a way around it. You have to link both Venmo and PayPal accounts to the same bank account via online banking. When you withdraw money from your Venmo account, you can deposit it into your PayPal account by clicking on “Add Money.”
With PayPal, the same rules apply. You cannot transfer money directly from PayPal to Venmo or vice versa, and you can get around this restriction by linking both accounts to the same bank account. Once you do this, you should be able to move funds between your accounts by withdrawing funds in Venmo and depositing them into your PayPal account.
However, you can get around this issue by linking both accounts to the same bank account. Once you do this, you can now withdraw funds from your Venmo account into your bank account, then deposit those funds into your PayPal account by clicking on “Add Money.”
How Do You Add Money to Your Venmo Balance?
Adding money to your Venmo Balance is quick and easy. Here’s how:
1. Click on the three parallel horizontal lines (≡), then click Manage Balance.
2. Put in the amount you want to add.
3. Click Done.
4. Review the bank information, then click Next.
Hopefully, this article has helped clear up any questions about using Venmo to send money between two accounts. If you have any other questions, feel free to leave a comment below, and we’ll do our best to answer them. Thanks for reading!
