Venmo is a peer-to-peer online payment system that works with a wide range of cards, including some prepaid cards as well. In this modern age, linking a bank account allows users to manage their in-app finances easily. However, if you have just created a Venmo account and are using prepaid card, learning how to add money to Venmo with prepaid card can come in handy.
Can You Add Money to Venmo with a Prepaid Card?
Yes, you can add money to Venmo with a Prepaid Card, without opening a bank account. Venmo allows several debit cards and prepaid cards like American Express, MasterCard, Discover or Visa cards.
You can link your prepaid account to Venmo and transfer money to your friends and family with a click without worrying about hefty transfer fees and tedious procedures.
1. Create Venmo Account
To add money from a prepaid card, you must first open a Venmo account. All you need is the right smart device and a reliable internet connection. The following are the steps to create a Venmo account:
- From Play Store download, Venmo app on your smartphone.
- After downloading, you will be required to Sign up to make an account. Add your email address or you may use your Facebook account to access your Venmo account.
- For security reasons, enter your phone number into your account, A message will be sent to your phone by Venmo. Add 4 digit code on your phone to your account to verify your identity.
- Further, verification requires you to upload your profile picture, to get access to your new account.
- A new screen will pop up showing your profile based on your credentials provided.
- To get more information, about your friends and family members using a Venmo account you are required to sync your Facebook Account by allowing Venmo to access your profile information.
- To keep updated about more Venmo features and the latest information, you also have an option to turn on a notification option.
2. Find Cards That Work With Venmo
The next step is to link your prepaid card to Venmo account, Venmo card allows prepaid cards such as Mastercard, American Express, Discover or Visa cards and also prepaid gift cards.
You can add up to 4 cards to your Venmo account registered by your name. These cards are accepted by Venmo, However, make sure to read the terms and policy of gift cards linked to your account to avoid compromising your account.
3. Link Prepaid Card To Venmo
- First of all, you need to open your Venmo account.
- To link the prepaid card, tap on the setting option, from the menu bar written at the top of the page.
- Then scroll down and select Payment Methods, written under the Preferences option.
- You will be given a choice to Add your bank or Card, Choose the Card option given.
- Add your correct prepaid card information, or you can add the picture of your authorized prepaid card by taking a picture and uploading it.
- In the zip code section, simple enter your own address and click on the Add option to successfully link your account
You can instantly start sending money once you have linked the prepaid card to Venmo account. The transaction itself may take up to 3-5 business days.
What Are The Fees For Sending Money From Prepaid Card to Venmo?
Venmo only incurs a 3 percent fee for every transaction you make with your account.However, to make a new account, online purchases, transaction failures, and get updated about account statements, Venmo does not charge any fee for its customers.
If you use Crypto or own a retail shop you have to pay a fee with every transaction.
Similarly, for an instant transfer, there will be a 0.5 percent charge on this specific feature. Other than that money transfer is mostly free. If you don’t want to pay a transaction fee, then add money to your account using a prepaid card to avoid further charges.
What Are Other Ways To Add Money To Venmo?
If you don’t have a prepaid account and wish to add money to your Venmo account with other sources, you do have some options in stock. Some of the platform you can consider are:
1. Linked Bank Account
- Go to your Venmo app and click on the menu bar written at the top corner of the screen.
- Click on the menu bar and choose the setting option below.
- Tap on the Payment Methods and Choose your payment option, Add bank or card.
- Then select the Bank option.
After adding your bank details, verify your details given to proceed. One of the simplest ways to add money to Venmo account is to link your bank account though you may occasionally see Venmo lost connection with bank error which can be fixed easily.
You can verify your details via Instant transfers, Micro transfers, and Direct deposit. After verifying your account, you can transfer money to another account and can also add money from Venmo account to bank account.
Make sure, to write your bank account details correctly, as providing wrong information may result in freezing of account, loss of money and your transactions may bounce.
However, the policy of verification requires you to have some balance in your account. The micro transfer requires you to have at least 2$ in your account, and instant verification doesn’t require any fee, you just need to link your online bank account to Venmo account.
After verification, it takes about 1-3 days to verify and complete the transfer process. Venmo will send a transfer of less than 1$ each to confirm adding the actual account. You can also Venmo yourself via bank.
- To add money, open the Venmo app, and enter your login credentials to get access to your account.
- Then, Click on the Manage Balance option.
- You will be required to then tap the Add Money option.
- Add the amount of money you wish to transfer.
- Make sure to write the correct detail, then click to confirm the transfer details
2. Direct Deposit
You can activate direct deposit on Venmo just by using its account number and routing number. This would allow your employer to transfer the pay check digitally to your account without any delays.
Direct deposits can also be similarly used for obtaining government benefits and tax returns. These would be sent by concerned departments to your Venmo account once you have enable direct deposits from them.
3. Friends and Family
If you are running short of money, you may ask your close friends and family members to add money to your account. As, Venmo does not allow direct transfers that’s why the sender, needs to make a Venmo account and needs to access your correct mobile number to transfer money.
4. Check Deposit
The last option of transferring money is through a check deposit. For this, Venmo needs the official picture of your concerning checks, make sure to upload them to your account and sign at the back of your check to avoid fraud and errors.
Before You Go!
Venmo is a user-friendly app that is available to everyone and comes stacked with other benefits such as you can borrow money from Venmo or get free drinks through it. Venmo also offers a wide range of payment options for transferring and sending money. It enables the addition of funds using debit cards and a variety of prepaid cards, including American Express, Mastercard, Visa, and gift cards.
To proceed with the payment procedure, you may also select one of the alternative choices stated above. If prepaid card is not an option, look into how you can link a bank account or check direct/check deposit for money transfers instead.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.