You can send money on Venmo without a bank account, but only if you load funds onto your Venmo card or balance first
Venmo does not require you to link a bank account to send money to other people. What it does require is that you have money sitting in your Venmo account — either in your Venmo balance or on a Venmo debit card. You can load that money using a debit card, a credit card, or cash at certain retailers. Once the money is there, you can send it to anyone else on Venmo, and they receive it the same way.
The catch is that most ways to load money onto Venmo without a bank account cost you a fee. A debit card costs nothing. A credit card costs 3 percent. Cash at a retail location costs between 1 and 2 percent, depending on where you load it. If you are sending small amounts regularly, those fees add up.
Key Takeaways
- You can send money on Venmo using only a Venmo balance or Venmo card, without ever linking a bank account.
- Loading money onto Venmo with a debit card is free, but loading with a credit card costs 3 percent of the amount.
- You can load cash onto your Venmo account at Walmart, CVS, Walgreens, and other retailers for a 1 to 2 percent fee.
- Money you send from your Venmo balance reaches the other person when ready if they also use Venmo, but moving it out to their bank account takes one to three business days.
Loading money with a debit card costs nothing
If you have a debit card but no bank account, you can load money onto Venmo for free. Venmo accepts standard debit cards from any bank or credit union. The transaction is when ready — the money appears in your Venmo balance right away, though your debit card issuer may take a day or two to show the charge on your statement.
You do this through the "Add Money" button in the Venmo app. Select your debit card, enter the amount, and confirm. There is no fee from Venmo. Your debit card issuer might charge you a fee if you are using a prepaid debit card, so check your card's terms first.
Credit cards and cash both carry fees
Loading money with a credit card costs 3 percent. This is Venmo's standard rate for credit card transfers. If you are loading $100, you pay $3. If you load $1,000, you pay $30. This applies whether the card is from a bank, a credit union, or a prepaid credit card.
Loading cash costs between 1 and 2 percent, depending on where you load it. Venmo lets you add cash at Walmart, CVS, Walgreens, Family Dollar, and other retailers through their cash loading network. You go to the register, tell the cashier you want to load money onto Venmo, provide your phone number or Venmo username, and hand over cash. The retailer charges a fee — usually $1 to $2 per transaction, which Venmo calculates as a percentage of the amount you load.
What happens when you send money without a bank account
Once money is in your Venmo balance, sending it works the same way whether or not you have a bank account. You open the app, search for the person's username or phone number, enter the amount, and send. The money leaves your Venmo balance when ready.
The person who receives it sees the money in their Venmo account right away. If they also use Venmo and want to keep the money there, they have it. If they want to move it to their own bank account, that takes one to three business days — Venmo calls this an "when ready transfer" if it happens within minutes, or a standard transfer if it takes the full three days. Standard transfers are free. when ready transfers cost 25 cents to $1.25, depending on the amount.
The Venmo card lets you spend your balance directly
If you do not have a bank account but want to spend the money you load onto Venmo, you can order a Venmo debit card. This is a physical card that draws from your Venmo balance. You can use it at any store or ATM that accepts Mastercard. There is no fee to order the card or to use it at merchants.
Withdrawing cash from an ATM costs $2.50 per transaction if you use an out-of-network ATM. Venmo's network of in-network ATMs is limited, so most people end up paying the fee. If you use the card at a store instead of an ATM, there is no fee — the purchase straightforward reduces your Venmo balance.
Prepaid cards and alternative loading methods
Some people without bank accounts use prepaid debit cards as a workaround. You can load a prepaid card with cash at a retailer, then use that prepaid card to load Venmo. This adds an extra step and may involve two separate fees — one to load the prepaid card and one to load Venmo — so it is usually not the most efficient route.
Another option is to ask someone with a bank account to load money onto Venmo on your behalf, then send it to you. This works, but it requires trust and depends on someone else's willingness to help. It also does not solve the problem of how you get money into Venmo in the first place.
When sending money without a bank account makes sense
Sending money on Venmo without a bank account works best if you are sending money occasionally and have a debit card to load with. The debit card loading is free, and the sending itself is when ready. If you are loading with a credit card or cash regularly, the fees will cost you more than a basic bank account would.
If you do not have a debit card and can only load with cash or credit, consider whether a low-cost bank account might be cheaper in the long run. Many banks and credit unions offer accounts with no monthly fee and no minimum balance. The cost of opening one account is usually less than the fees you would pay loading Venmo with cash or credit over a few months.
Frequently Asked Questions
Do I need to verify my identity to send money on Venmo without a bank account?
Yes. Venmo requires all users to verify their identity with a name, date of birth, and address. You do not need a bank account to do this, but Venmo may ask for additional verification like a photo ID if you are sending large amounts or loading money frequently. This is a federal requirement, not a Venmo choice.
Can someone send me money on Venmo if I do not have a bank account?
Yes. Anyone can send you money on Venmo, and it will land in your Venmo balance. You can then spend it using the Venmo card, send it to someone else, or move it to a bank account if you open one later. You do not need a bank account to receive money.
What if I want to move money out of Venmo to cash without a bank account?
You can withdraw cash from an ATM using the Venmo debit card, though out-of-network ATM withdrawals cost $2.50 each. You can also spend your Venmo balance directly using the card at any store. There is no way to move Venmo balance directly to cash without using the card or an ATM.
Is it cheaper to use Venmo or a money transfer service if I do not have a bank account?
It depends on how much you send and how often. Venmo's debit card loading is free, making it cheaper than Western Union or MoneyGram for regular small transfers. If you can only load with credit or cash, those services may be competitive, especially for one-time large transfers. Compare the total fee for your specific amount before choosing.