As someone who has been using Venmo for quite some time now, I can confidently say that the Venmo balance feature is a game changer. It allows you to keep money in your Venmo account and use it for various transactions. In this article, I will guide you through the process of using the Venmo balance and share some personal insights along the way.
Setting up Venmo Balance
Before you can start using the Venmo balance feature, you need to link a bank account or debit card to your Venmo account. This will enable you to transfer money between your Venmo balance and your linked bank account or card.
Once your bank account or card is linked, you can add money to your Venmo balance by clicking on the “☰” icon in the top left corner of the Venmo app, selecting “Transfer to Bank”, and then tapping on “Add Money.” You can choose the amount you want to add and confirm the transfer.
Using Your Venmo Balance
Now that you have money in your Venmo balance, you can use it for various transactions. One of the most common uses is sending money to your friends. Simply open the Venmo app, click on the “☰” icon, and select “Pay or Request.” Enter the username or phone number of the person you want to send money to, specify the amount, and tap on “Pay.”
Another great feature of the Venmo balance is the ability to make payments at select merchants. Look for the “Pay with Venmo” option at checkout and select it. You will be prompted to enter your Venmo login credentials and choose whether to pay with your Venmo balance or your linked bank account or card.
Additionally, you can transfer money from your Venmo balance back to your bank account or card. This can be useful if you have extra funds in your Venmo balance that you want to use elsewhere. To do this, go to the Venmo app, tap on the “☰” icon, select “Transfer to Bank,” and follow the prompts to initiate the transfer.
Personal Tips and Insights
Having used the Venmo balance feature extensively, I have a few tips to share:
- Keep track of your Venmo balance: It’s easy to lose track of how much money you have in your Venmo balance, so make sure to regularly check your balance to avoid any surprises.
- Use your Venmo balance strategically: If you have a large balance in your Venmo account, consider using it for payments instead of transferring the money back to your bank account. This can help you keep better control over your finances.
- Take advantage of offers: Venmo often partners with merchants to offer exclusive deals and discounts when you use your Venmo balance for payments. Keep an eye out for these offers, as they can help you save money.
Conclusion
The Venmo balance feature is a convenient and versatile tool that allows you to keep money in your Venmo account and use it for payments to friends and select merchants. By following the steps outlined in this article, you can easily set up and start using your Venmo balance. Just remember to keep track of your balance and take advantage of any offers that come your way. Happy Venmo-ing!