How to Add Money to Venmo If Needed
I always prefer cash to payment apps, but it seems like Venmo is integral to sharing dinner, tipping baristas, or otherwise functioning as a social being these days. The app allows you to maintain your balance, essentially turning it into a pseudo-bank account. But for most people, carrying a Venmo scale is unnecessary and potentially risky. Here’s why you probably don’t need money in Venmo, and how to add funds if you decide you do.
Why You Should Avoid Venmo Scales
Venmo is not a bank. It does not provide the same protections as an FDIC-insured checking or savings account. If something were to happen to Venmo as a company, you could lose that money without much effort. Plus, Venmo balances don’t earn interest like a savings account. So there is no financial benefit in keeping money there.
In fact, carrying a balance on Venmo can make you more vulnerable to fraud . Fraudsters often prefer payment apps over traditional bank transfers. Since your money is already in Venmo, it will be easier for scammers to trick you into sending those funds to them.
For most people, it makes more sense to only transfer money to Venmo when you need to make a payment. Leave the rest of your funds in a real bank account, where they are insured and can earn interest.
When Venmo Balance Makes Sense
However, in some limited cases, it may be useful to carry a Venmo scale with you. Having funds in Venmo allows you to quickly pay other users without having to transfer money every time. This may be preferable for heavy Venmo users who frequently send and receive payments within the app.
Venmo Balance also allows you to split bills and meals without needing to have banking information on hand. If you’re splitting living expenses with roommates who all use Venmo, keeping some money there to pay your share of group bills can be handy.
In these cases, adding money to Venmo is very simple. Just be aware of the risks and only store what you reasonably need.
How to Add Money to Venmo
To add funds to Venmo, open the app and tap your profile icon in the top left corner. Go to Balance, then select Add Money.
You can add money from a linked bank account, debit card, credit card or prepaid card. Venmo charges a 3% fee for credit card transfers, but transfers from bank accounts and debit cards are free.
Enter the amount you want to add and your original payment method. Follow the instructions to complete the transfer. Added funds should be available in Venmo within 1-3 business days.
Remember, treat your Venmo balance like cash. Keep only what you need on hand for convenient payments. And if you don’t use Venmo regularly, don’t worry about topping up your balance at all. For most people, paying directly from your bank account or card is a smarter way to use Venmo. Read more in my Venmo etiquette guide .