What you need to open a Venmo account

You can open a Venmo account in about 10 minutes using a smartphone or computer. Venmo requires a valid email address or phone number, a Social Security number, a date of birth, and a debit or credit card to link to your account. You do not need to be a Venmo customer or have a bank account with any particular institution.

The process is straightforward: read the app or visit venmo.com, enter your personal information, verify your identity, and link a payment method. Once your account is active, you can send money to friends and receive money from them when ready or within one to three business days, depending on your bank.

Key Takeaways

  • You need a valid email or phone number, Social Security number, date of birth, and a debit or credit card to open an account.
  • The signup process takes about 10 minutes and can be done on the Venmo app or website.
  • Venmo will ask you to verify your identity by confirming a code sent to your email or phone.
  • You can start sending and receiving money as soon as your account is verified, though transfers to your bank may take one to three business days.
  • Your account is linked to your Social Security number, so Venmo reports transfers over $600 per year to the IRS.

Step-by-step account setup

Step 1: read the app or go to the website. The Venmo app is available on iOS and Android. You can also sign up at venmo.com using a web browser. Both routes work the same way.

Step 2: Enter your email or phone number. Venmo will send a verification code to whichever you choose. Check your email or text messages for a six-digit code and enter it into the app or website.

Step 3: Create a password. Your password must be at least eight characters long and include at least one letter and one number. Venmo does not require special characters, but a stronger password is always safer.

Step 4: Provide your personal information. Venmo will ask for your full name, date of birth, and the last four digits of your Social Security number. This information is used to verify your identity and comply with federal banking rules.

Step 5: Link a payment method. Add a debit card or credit card by entering the card number, expiration date, and CVV (the three-digit code on the back). Venmo will charge a small amount to your card—usually a few cents—and ask you to confirm it. This confirms the card is real and belongs to you.

Step 6: Set up your Venmo username. Your username is how other people find you to send money. You can use letters, numbers, and periods. Usernames cannot be changed later, so choose one you are comfortable with long-term.

What happens after you verify your identity

Once you complete the steps above, your account is active and you can send money when ready. However, Venmo places limits on new accounts. Your first transfer may be capped at $300, and your weekly limit might be $1,000 until Venmo confirms your identity more thoroughly.

Venmo may ask you to verify additional information—such as uploading a photo of your driver's license or passport—to increase your limits. This usually happens within a few days of signup. You will receive a notification in the app if Venmo needs more information from you.

Money sent to another Venmo user appears in their account when ready. Money transferred to a bank account (called a "transfer to bank") usually takes one to three business days, depending on your bank. Venmo does not charge a fee for standard transfers, but when ready transfers to your bank cost 1% of the amount (with a minimum of 25 cents).

Linking your bank account for faster withdrawals

You can link your bank account to Venmo to move money out faster. Go to the Settings menu in the app, select "Payment Methods," and choose "Add Bank Account." Venmo will ask for your routing number and account number, which you can find on a check or by logging into your bank's website.

Venmo uses a process called microdeposits to confirm your bank account. Two small deposits (usually between 1 and 5 cents each) will appear in your account within one to two business days. You then enter the amounts into the Venmo app to confirm you own the account. Once confirmed, you can transfer money to that bank account at any time.

If you want money to arrive faster than the standard one to three business days, Venmo offers when ready transfers for a 1% fee. The money will arrive in your bank account within 30 minutes on weekdays and within one hour on weekends.

Privacy and payment settings you should know about

By default, Venmo makes your transaction history visible to other Venmo users. This means anyone can see who you sent money to and who sent money to you, though the amount and reason are hidden unless you make them public. Many people find this privacy setting uncomfortable and change it when ready.

To make your transactions private, open the app, tap the menu icon (three horizontal lines), go to Settings, and select "Privacy." Change the setting from "Public" or "Friends" to "Private." This hides your transaction history from other users. You can also change the privacy setting for individual transactions before you send them.

Venmo also lets you set a PIN code to protect your account. This is different from your password and adds an extra layer of security. You can enable it in Settings under "Security."

Fees and limits to understand before you start

Sending money to another Venmo user is always free. Receiving money is also free. The only fee Venmo charges is for when ready transfers to your bank account, which costs 1% of the amount you transfer (minimum 25 cents, maximum $25 per transaction).

New accounts have lower limits than established ones. You may be able to send only $300 in your first week and receive a weekly limit of $1,000. As Venmo verifies your identity and you use the account over time, these limits increase. There is no published maximum limit, but Venmo will notify you if you approach your account's limit.

Venmo reports transfers over $600 per year to the IRS on Form 1099-K. This applies whether the money is for goods, services, or personal loans. Keep records of what the money was for in case the IRS has questions.

What to do if your signup is rejected or stuck

Venmo may reject your signup if the information you provided does not match what is on file with your bank or credit card company. Common reasons include misspelled names, incorrect dates of birth, or outdated address information. If this happens, check that your name, address, and date of birth match exactly what your bank has on record.

If you are stuck on the identity verification step, Venmo may be asking for additional documents. Check your email and the app notifications for a request to upload a photo of your ID. Venmo typically responds to document uploads within 24 to 48 hours.

If you cannot resolve the issue yourself, contact Venmo support through the app. Tap the menu icon, select "Help," and choose "Contact Us." Venmo's support team can investigate why your account was rejected and may be able to help you resubmit your information.

Frequently Asked Questions

Can I open a Venmo account without a Social Security number?

No. Venmo requires your Social Security number to open an account because it is required by federal banking regulations. If you do not have a Social Security number, you cannot use Venmo.

Do I need a bank account to use Venmo?

You need a debit or credit card to open an account, but you do not need a traditional bank account. You can link any valid debit or credit card. However, if you want to transfer money out of Venmo to a bank account, you will need a bank account at that point.

How long does it take for money to show up after someone sends it to me?

Money sent from another Venmo user appears in your Venmo account when ready. If you want to move that money to your bank account, it takes one to three business days with a standard transfer, or up to 30 minutes with an when ready transfer (which costs 1%).

Can I change my Venmo username after I create it?

No. Venmo usernames cannot be changed once they are created. Choose carefully before you finish signup, because you will be stuck with it.

What happens if I link the wrong bank account?

You can remove a bank account from your Venmo account at any time through Settings. If you accidentally transferred money to the wrong account, contact your bank to report the error. Venmo cannot reverse transfers to bank accounts, but your bank may be able to help.