Cashing Out Venmo Balance
Today, we will be talking about Venmo. Venmo is a digital wallet that lets you make and share payments with people, a peer to peer payment app, a money transfer app that you can use to pay for things or send money to someone. For example, you go out for dinner with some friends and you split the bill, one person covers the bill and the rest of you transfer the money to this person via Venmo just by using their ID, or their email or their phone number. It’s just easier than counting cash.
If you haven’t downloaded it yet, look for the Venmo app in the App Store or in Google Play. You can also click on the link that the description of the video at the bottom of this article contains, as it has a referral code with which you can get $5 from Venmo.
In this article we will specifically talk about how to cash out Venmo. You’ll have to connect your bank account to Venmo. What that allows you to do is transfer money from your bank account through Venmo to a person.
But what happens when someone sends you money? How do you get it out? When a person transfers money to you, also, it goes into your Venmo account and sits there. You can just keep it there, on a similar way to a bank account and use it to pay for other things in the future or maybe you would prefer transferring it to your bank account. Let’s go through the steps on how to do this:
1) Open up your app and look for the three little lines at the top left corner of the screen, and click there.
If you haven’t downloaded it yet, look for the Venmo app in the App Store or in Google Play. You can also click on the link that the description of the video at the bottom of this article contains, as it has a referral code with which you can get $5 from Venmo.
In this article we will specifically talk about how to cash out Venmo. You’ll have to connect your bank account to Venmo. What that allows you to do is transfer money from your bank account through Venmo to a person.
But what happens when someone sends you money? How do you get it out? When a person transfers money to you, also, it goes into your Venmo account and sits there. You can just keep it there, on a similar way to a bank account and use it to pay for other things in the future or maybe you would prefer transferring it to your bank account. Let’s go through the steps on how to do this:
1) Open up your app and look for the three little lines at the top left corner of the screen, and click there.
2) Once you’ve clicked there, you’ll be able to see the Settings screen for your account. You’ll look for the dollar amount (this is your balance in Venmo), right next to it, there’s a button that says Transfer to Bank, click it.
3) At the bottom of the screen you’ll see an option that says Select Card or Bank, click it.
4) Here, you’ll find two different options. First, you’ll see the Instant Transfer option, which has a 1% fee (with a minimum of $0.25 and a maximum of $10) and then, there’s the Standard Transfer, which takes from 1 up to 3 business days to go into your bank account, but has no fee. Click the option that you like the most and the bank account or card that you have attached to your Venmo.
5) In this new screen, you’ll be able to see the balance that is about to be transferred to your bank account. You’ll also see a disclaimer about the amount of time that it will take for transfers to hit your account or your card. Once again, the time will not exceed 3 business days, it’s pretty quick. Click Next to proceed with the transfer.
6) You’ll see a pop up with all the data related to the transfer that you are about to perform. If you would like to confirm the transaction, click the Transfer to Bank green button.
And that should do it, that’s how you cash out your Venmo balance and move your money from the app to your card or bank account. Keep posted up for more articles and be sure to watch the video if you would like to find more information about Venmo and how to cash out your balance:
https://www.youtube.com/watch?v=1lESnZ1UW-o&feature=youtu.be
https://www.youtube.com/watch?v=1lESnZ1UW-o&feature=youtu.be