Have you ever found yourself wishing you could quickly transfer funds between your Venmo account and thought, “Can I Venmo myself?”.
Well, if you are someone who enjoys the convenience of this peer-to-peer payment app, this is a question that might have crossed your mind. Worry not! I am here to answer.
Transferring Money With Venmo
So, Venmo was primarily designed for P2P transfers which means it’s mainly to send money between two different users. The idea of sending money to yourself might seem not possible. However, it is doable, but with certain conditions.
Why Would You Want to Send Money To Yourself?
There might be times when you want to transfer money between two bank accounts that you own. Or perhaps you are simply curious. Either way, let’s dive into this interesting topic and find out how you can Venmo yourself.
How Can You Transfer Money to Yourself on Venmo
So, how can you pay yourself on Venmo? Here’s how:
Set Up Your User Profile:
- Go to your Venmo mobile app and sign in.
- Click on the menu symbol at the top left corner.
- In the menu, tap on the Settings option.
- Under Settings, locate the Payment Method section.
- Tap on Add Bank or Card and enter your bank or credit card details.
Transferring Money:
- On the main page, select Manage Balance.
- Tap on Add Money and enter the amount.
- Then, select the bank account or credit card and confirm the transaction.
- When the amount shows in your Venmo balance, click on Send Money.
- In the recipient box, type in your own username or phone number.
- Enter the desired amount, confirm your action, and there you go! You’ve sent money to yourself.
Can you Venmo yourself between accounts?
If you have two Venmo accounts, you can send money between these accounts. But remember, both accounts should be verified and in good standing.
Few Things to Keep In Mind
Multiple Accounts
Venmo doesn’t allow two accounts with the same bank account. So, if you’re thinking of creating a second Venmo account to send money between them, think again.
Transaction Fees
Sending money to yourself using your bank account, or debit card won’t incur a fee. But, if you’re using a credit card, Venmo charges a 3% fee. Something to keep in mind to avoid unwanted surprises.
Venmo Transfer Limits
Type of Transaction | Maximum Amount |
|---|---|
P2P payments (unverified) | $299.99 per week |
Person-to-person payments (verified) | $60,000 per week |
Authorized merchants and Venmo Mastercard Debit Card transactions | $7,000 per week |
Transfer to a bank | $19,999.99 per week (standard transfer) or $5,000 per transaction (Instant Transfer) |
Can You Venmo yourself from a credit card?
Yes, you can add a credit card to your Venmo account and send money to yourself. However, Venmo charges a 3% fee for sending money with a credit card. So, if you’re looking to move money from your credit card to your bank account, keep in mind that you’ll incur this fee.
Misconceptions and Clarifications
1. Venmo Accounts and Payments
It might sound fun to create two accounts to play with, but Venmo’s terms of service are clear. Having two accounts for a single individual is a breach of their policy.
2. Transfer Money From PayPal to Venmo
Many people think that since Venmo is owned by PayPal, transferring money between the two should be easy. However, that’s not the case.
To transfer money from PayPal to Venmo, you’d first need to transfer the funds from your PayPal account to your bank. Only after this can you add the money to your Venmo balance.
Can You Venmo yourself from one card to another?
Yes, if you have multiple cards linked to your Venmo account. You can send money from the card to yourself, and then cash it out to a bank account linked to that card.
Venmo Alternatives for Self-Transaction
Although Venmo is a popular choice, it’s not the only player in town. Here are a couple of alternatives that might suit your needs better:
Platform | Standard Transfer Fees | Instant Transfer Fees | Transfer Time (Standard) |
|---|---|---|---|
Venmo | Free when linked to a bank account | 1.75% (min $0.25, max $25) | 1-3 business days |
Cash App | Free for standard transfers | 1.50% | 1-3 business days |
Zelle | Typically free (as it’s bank-sponsored) | N/A (Zelle typically doesn’t charge for its services and doesn’t offer a separate instant transfer option) | Typically within minutes if both parties are enrolled, otherwise 1-3 business days |
PayPal | Free when linked to a bank account within the U.S. | 1% (max $10) | 1-3 business days |
Google Pay | Free for both bank and debit card transfers | Not specified (but there might be charges depending on bank/card) | Up to 5 business days for bank transfers |
Conclusion
In a nutshell, while you can technically Venmo yourself, the process isn’t straightforward and comes with potential risks. It’s always best to use mobile banking platforms as they’re intended to avoid any issues.
