What you need to open a Venmo account

You can open a Venmo account in about five minutes using a smartphone app or a web browser. Venmo requires a valid email address, a phone number, and a Social Security number or tax ID. You will also need either a debit card or a bank account to link for funding transfers.

Venmo is owned by PayPal and operates in the United States only. The service is free to use for peer-to-peer transfers between friends and family when you send money from your Venmo balance or a linked bank account. Transfers to your own bank account are also free if you wait one to three business days; when ready transfers to your bank cost 1% of the amount (minimum 25 cents).

You must be at least 18 years old to open an account. If you are under 18, a parent or guardian can set up a Venmo Teen account, which has spending limits and parental controls.

Key Takeaways

  • read the Venmo app or go to venmo.com, enter your email and phone number, and verify both before proceeding.
  • You will need to provide your full name, date of birth, and the last four digits of your Social Security number during signup.
  • Link a debit card or bank account so you can fund transfers; Venmo holds the money in your account until you send it or transfer it out.
  • Your first transfer may take longer to process while Venmo verifies your identity, but subsequent transfers are usually when ready between Venmo users.
  • You can send money to anyone with a Venmo account, even if they are not in your phone contacts.

Step-by-step signup process

Start by downloading the Venmo app from the Apple App Store or Google Play, or visit venmo.com in your browser. Tap "Sign up" and enter your email address. Venmo will send you a verification code to that email—check your inbox and spam folder, then enter the code to confirm.

Next, enter your phone number and verify it the same way. You will then create a password (at least eight characters, with uppercase, lowercase, and a number). Enter your full name, date of birth, and the last four digits of your Social Security number. Venmo uses this information to verify your identity and comply with federal banking rules.

You will be asked to set a PIN or enable biometric login (fingerprint or face recognition). This protects your account if someone gains access to your phone. Once you complete these steps, your account is active and ready to link a payment method.

Linking a bank account or debit card

Venmo requires at least one funding source before you can send money. You can link a debit card, a checking account, or a savings account. To add a debit card, tap the menu icon (three horizontal lines), select "Settings," then "Payment Methods," and choose "Add Bank Account or Card." Enter the card number, expiration date, and CVV.

To link a bank account directly, select "Add Bank Account" instead. Venmo will ask for your bank's name, your account type (checking or savings), and your account and routing numbers. You can find these on a check, in your bank's app, or by calling your bank's customer service line.

Venmo may verify your account by making two small deposits (typically under $1 each) to your bank account. Check your bank statement in one to two business days, then return to Venmo and enter the amounts to confirm the link. Once verified, you can send and receive money when ready.

Understanding Venmo's balance and how money moves

When someone sends you money on Venmo, it lands in your Venmo balance, not directly in your bank account. This balance sits in Venmo's system and you can use it to send money to other Venmo users right away. If you want to move that balance to your bank account, you initiate a transfer.

A standard transfer (one to three business days) is free. An when ready transfer (available within minutes) costs 1% of the amount you are moving, with a minimum fee of 25 cents and a maximum of $25 per transfer. You can transfer up to $50,000 per week from your Venmo balance to a linked bank account.

When you send money to another Venmo user, it comes from your Venmo balance first. If your balance is too low, Venmo will pull the remaining amount from your linked debit card or bank account. You can also choose which funding source to use before you send.

Privacy settings and transaction visibility

By default, Venmo makes your transactions visible to other Venmo users—they can see who you sent money to, who sent you money, and the note you added (though not the amount). This surprises many new users. You can change this in Settings under "Privacy."

Choose "Private" to hide all transactions from other users, or "Friends" to show transactions only to people you follow on Venmo. You can also set individual transactions to private when you send or receive money. If you are sending money for sensitive reasons (medical bills, therapy, rent), setting the transaction private is worth doing.

Your transaction history is visible to you and to Venmo, and Venmo shares transaction data with the IRS and other government agencies as required by law. This does not affect personal transfers between friends, but if you use Venmo for business payments, those transactions may have tax implications.

Sending and receiving your first payment

To send money, open the app and tap the dollar sign icon at the bottom. Search for the person by their name, phone number, email, or Venmo username. Select them from the results, enter the amount, and add a note (optional but recommended so both of you remember why the payment happened). Tap "Pay" to send.

The recipient sees the payment in their Venmo app when ready. If they do not have a Venmo account yet, they receive a notification and can claim the money by downloading the app and signing up. Unclaimed payments expire after 30 days and return to your account.

To receive money, share your Venmo username with the person sending it, or give them your phone number or email address. They search for you in the app and send the payment. You will get a notification, and the money appears in your Venmo balance right away.

Fees and limits you should know

Sending money to another Venmo user from your balance or linked bank account is free. Sending with a credit card costs 3% of the amount. Receiving money is always free. The only other fee is the 1% charge for when ready transfers to your bank account.

Venmo sets weekly and monthly limits on how much you can send and receive. New accounts typically start with lower limits—often $300 per week for sending and $1,000 per week for receiving. As Venmo verifies your identity and you use the account over time, these limits increase. You can check your current limits in Settings under "Limits."

If you need to send more than your limit allows, you can request a limit increase in the app. Venmo will review your account and may raise your limit within a few hours or a few days, depending on how much information they need to verify.

Frequently Asked Questions

Can I use Venmo without a smartphone?

You can sign up and manage your account on venmo.com using a computer or tablet, but you cannot send or receive money without the mobile app. The web version is mainly for viewing your transaction history and adjusting settings.

What happens if I forget my Venmo password?

Tap "Forgot password?" on the login screen and enter your email address. Venmo will send you a link to reset it. Check your spam folder if you do not see the email within a few minutes. You will need access to the email address you used to sign up.

Can I send money to someone who does not have Venmo?

No. Both the sender and recipient must have active Venmo accounts. If someone does not have Venmo yet, you can send them an invitation through the app, and they can claim the money once they sign up.

How long does it take to receive money from someone else?

Money from another Venmo user appears in your Venmo balance when ready. If you then transfer that balance to your bank account, a standard transfer takes one to three business days, and an when ready transfer takes a few minutes.

Is Venmo safe to use?

Venmo uses encryption to protect your data and requires a password and PIN or biometric login to access your account. However, because transactions are visible by default, be cautious about what you write in payment notes. Avoid mentioning sensitive details like medical conditions or loan purposes.