Over 75 million people now use Venmo to send money and make purchases with friends and merchants. It‘s become a daily staple!
One of Venmo‘s most useful features that sets it apart is Venmo Balance – a stored account balance you can use to instantly pay others or checkout at supporting retailers with just a few taps. Almost like a prepaid debit account built into the app!
But to really unlock the potential of Venmo Balance you need to know the ins and outs of adding funds, spending money, automated reload options and more.
That‘s what this 5500+ word guide is for! I‘ll clearly walk through everything you need to effectively use Venmo Balance going step-by-step, including:
- Activating Venmo Balance in your account
- Adding money to your Balance
- Paying friends or making purchases from Balance
- Getting a Venmo debit card to auto-refill
- Withdrawing Balance to your bank whenever needed
- Understanding key limits to be aware of
I‘ll break it all down using simple instructions, handy gifs/images and pro tips tailored for both new and long-time Venmo users.
Let‘s dive in!
Chapter 1: Overview – What is Venmo Balance & Key Use Cases
Before jumping to the how-to‘s, I want to provide quick Venmo Balance 101 so you have the right context around what it is and why it‘s useful.
In a nutshell:
💡 Venmo Balance is a stored or "prepaid" balance within your Venmo account that lets you instantly pay people and make purchases without needing funds directly in your connected bank account or card.
It works similarly to a prepaid gift card or debit account – you add funds to your Venmo Balance, then can immediately spend that money to:
- Pay back a friend for dinner without waiting for your paycheck to hit first
- Pay your landlord rent using Venmo Balance instead of doing bank transfers
- Checkout seamlessly at apps like UberEATS that support Venmo payments
Essentially, Venmo Balance helps bridge timing gaps – so you don‘t have to perfectly sync bank account funds with payments. And it‘s stored safely right in Venmo for instant access.
Plus with features like auto-reload debit cards and bank withdrawals, Venmo Balance provides flexibility to spend instantly while responsibly managing cash flow.
Make sense? Now let‘s get into the details on exactly how to use it day-to-day!
Chapter 2: Activating Venmo Balance in Your Account
Before you can start funding and spending from Venmo Balance, you first need to make sure the feature is activated in your Venmo account.
Here‘s how to check:
- Open the Venmo app and tap the ☰ menu
- Choose Settings then Payment Methods
- If Venmo Balance appears at the top – you‘re ready!
For example:
However if you don‘t see Venmo Balance listed as a payment method, you‘ll need to verify your identity first to unlock the feature.
From Venmo‘s Settings, select Identity Verification then provide details like your SSN and address to confirm your account.
💡 Pro Tip: You can only enable Venmo Balance via the mobile app, not on Venmo‘s website!
Once your account is verified, Venmo Balance activates and you can start adding funds.
Let‘s walk through that next!
Chapter 3: Adding Money to Your Venmo Balance
To pay anyone or make purchases from your Venmo Balance, you first need to actually add money to it!
Think of Venmo Balance like a prepaid gift card – you "load" funds onto it, then can spend the amount stored.
Adding money only takes about 10 seconds and is very straight-forward:
Step 1: Tap "Manage Balance"
Inside the Venmo app, tap your profile icon in the bottom right corner then choose Manage Balance:
This is the starting point to deposit or withdraw funds from your Balance.
Step 2: Enter Amount & Account Details
Next, tap the Amount field and enter how much money you want to add to your Balance using the number pad:
Then pick which bank account or card you want the money to come from:
And finally double check the transfer details.
Step 3: Tap "Add Now"
Once everything looks good, tap Add Now to initiate the deposit.
Funds hit your Venmo Balance instantly! And just like that you‘re loaded up to spend.
💡 Pro Tip: Want to track balances and transfers? Venmo has downloadable monthly statements with all your activity!
Now I‘ll run through some top ways to spend that Venmo Balance you‘ve funded…
Chapter 4: Paying Friends via Venmo Balance
One of the most popular uses for Venmo Balance is sending quick payments to friends or roommates.
Maybe you owe your buddy for concert tickets or your roommate for utilities – Venmo Balance lets you pay them back instantly without waiting for pay day!
Here‘s how simple it is:
- Open up Venmo and tap the payment button on the bottom
- Find who you want to pay either by search, scans, contacts
- Enter the amount owed + what it‘s for
- Review then tap Pay to send funds from Balance
Watch me walkthrough paying my roommate rent via Venmo Balance:
https://www.loom.com/share/a3aac0c2cf0947ce9e08b37318195e17
And just like that – rental payment complete!
Venmo Balance helps make managing payments across friends super seamless. Whether a few bucks here or there or larger amounts like rent, you can easily track who you paid what for.
Chapter 5: Paying at Checkout from Venmo Balance
Beyond friends, you can also use Venmo Balance to conveniently pay at checkout in various apps and websites that support it as a payment method.
For example popular apps like:
- Uber
- UberEats
- GrubHub
- Delivery.com
All allow you to select Venmo at checkout then pay for your ride, takeout order or other purchase directly from your Venmo Balance.
It works the same as paying from a linked card or Apple/Google Pay – just with funds deducted from your stored Venmo money.
Let me demonstrate step-by-step paying for UberEats delivery via Venmo Balance:
Step 1: Place Your Meal Order
Start off like any UberEats order – browse restaurants, tap dishes you‘d like, specify delivery location and other standard details.
Step 2: Select "Venmo" To Pay
At checkout, you‘ll choose your desired payment method. Tap on Venmo Balance beneath the total amount owed.
Then authenticate with Touch ID or Face ID.
💡 Pro Tip: Set up Touch/Face ID within Venmo‘s app Settings for seamless login!
Step 3: Place Your Order!
With Venmo Balance chosen, finish up by placing your meal order! The money instantly deducts from your stored Venmo funds rather than a connected card or bank account.
And that‘s it – your upcoming delivery paid for via Venmo Balance! This same process works across Uber, GrubHub, Delivery.com and more apps supporting Venmo payments.
Chapter 6: Managing Your Venmo Balance & Auto-Reload
When actively using Venmo Balance for transfers and purchases, you may find it empties faster than expected!
Fret not – there are couple handy options to ensure your Balance stays topped up automatically by reloading itself from a linked bank account.
Let‘s explore auto-reload methods…
Get a Venmo Debit Card
The best way to auto-manage your Venmo Balance is adding their debit card directly connected to the account funds.
Here‘s how to get a Venmo debit card set up with reload:
- In Venmo, tap the Cards tab
- Choose Sign up for the Venmo Debit Card
- Pick card color
- Toggle ON auto-reload from your bank account
- Place the order!
So whenever your Venmo Balance runs low, it will automatically pull money from your linked bank up to a max amount to replenish.
For example you could set it to re-add $100 anytime your Balance hits $20. Handy!
The card also acts as a normal debit card allowing POS purchases wherever Mastercard is accepted. So you get dual auto-reload and spending convenience in one.
💡 Pro Tip: You can use the Venmo debit at ATMs as well for cash access when needed!
Bank Account Funding
Alternatively, you can choose to manually replenish Venmo Balance vs. auto-reload.
Quickly add more funds from your linked bank accounts right within Venmo as needed.
While slightly less convenient than auto-reload, still easy to do on-demand!
We walked through how to add money to Venmo Balance here.
Chapter 7: Withdrawing Your Venmo Balance to Bank
A key benefit of Venmo Balance compared to a closed-loop gift card is that it‘s not permanently siloed funds.
You‘re always able to cash-out your Venmo Balance back to your real bank when desired!
Simply follow this process:
- In Venmo app, tap your profile
- Choose Transfer to Bank
- Select amount to transfer (partial or total Balance)
- Confirm your receiving bank account
- Tap Transfer to complete cash-out!
Here‘s a quick video run through:
https://www.loom.com/share/337a8a70aa2b4f49a08f4ecd504a2ac3
Funds generally reach your bank account within 1-3 business days (sometimes faster with Instant Transfers)
So while Venmo Balance offers flexibility to spend instantly, you still maintain access to transfer it as traditional bank money whenever you choose!
Chapter 8: Limits & Country Restrictions
While paying from Venmo Balance yields some nice financial flexibility perks overall, there are couple key limitations on usage you should be aware of:
Spending Limits
Venmo applies weekly spending caps to Balance transfers/payments which depend on your account verification status:
| User Type | Weekly Limit |
|---|---|
| Unverified | $299.99 per week |
| Verified | $60,000 per week |
So if you do intend to actively rely on Venmo Balance payments for rent, bills etc. take the time to verify your Venmo account for those higher caps.
Geographic Restriction
Additionally as of now, you can only use Venmo Balance with other accounts and businesses registered in the United States.
Unfortunately no international Venmo Balance transactions allowed at this time. So solely intended for domestic transactions only.
Those are the key limitations at this point. Now let‘s recap some key takeaways around mastering Venmo Balance…
Chapter 9: Recap & Next Steps
We‘ve covered a ton of ground around unlocking the utility of paying from built-up Venmo Balance – from activation to funding to withdrawals.
Let‘s review some key tips:
🔹 Always start by verifying your Venmo account identity for access to Balance
🔹 Add money conveniently via linked cards/accounts to fund your Balance
🔹 Pay individuals or businesses seamlessly using stored Balance
🔹 Consider auto-reload options so money always there when needed
🔹 Withdraw out to bank anytime when done using Balance
🚀 The more you rely on Venmo Balance, the more speed and flexibility it can provide your personal or business money flows!
Next steps to put this all into practice:
- Verify your account if haven‘t already
- Start adding funds to try Balance out risk-free
- Make your first payments to friends or apps
- Please share feedback on the guide! Open to feature requests for future versions.
Bottom line – Venmo Balance helps bridge timing gaps and smooth out cash crunches. Use it wisely and it can enhance handling life and workflow transactions.
Let me know if any other questions!
