What you need to set up Venmo

Venmo requires a smartphone with either iOS or Android, a valid email address or phone number, and a Social Security number or Individual Taxpayer Identification Number. You'll also need a U.S. bank account or debit card to link as your funding source—Venmo doesn't work without one. The whole setup takes about five minutes.

You must be at least 18 years old. Venmo will ask for your legal name, date of birth, and address during signup. Have your bank account or debit card details ready before you start, though you can add them after creating your account if you prefer.

Key Takeaways

  • Download the Venmo app, enter your email or phone number, and create a password to open an account in minutes.
  • Link a U.S. bank account or debit card to fund transfers; Venmo cannot send money without a funding source connected.
  • Your Venmo account is private by default, but you can change transaction visibility in settings if you want friends to see payment details.
  • Transfers to bank accounts take one to three business days; instant transfers to a linked debit card cost 1% of the amount (minimum 25 cents).
  • Venmo holds new accounts for up to 24 hours before releasing funds, and weekly transfer limits start at $299.99 for unverified accounts.

Download the app and create your account

Go to the App Store (iPhone) or Google Play (Android) and search for "Venmo." Download the official app made by PayPal. Open it and tap "Sign up." Enter either your email address or phone number—Venmo will send a verification code to whichever you choose. Enter that code, then create a password at least eight characters long with a mix of letters, numbers, and symbols.

Venmo will ask for your first name, last name, date of birth, and address. This information is required and cannot be skipped. Once you enter it, your account is created, but you won't be able to send or receive money until you add a funding source.

Link your bank account or debit card

Tap the menu icon (three horizontal lines) at the bottom right of the app, then select "Settings." Choose "Payment methods" and tap "Add a bank account" or "Add a debit card." If you add a bank account, Venmo will ask for your routing number and account number—you can find both on a check or by logging into your bank's website. If you add a debit card, enter the card number, expiration date, and CVV.

Venmo will verify your bank account by depositing two small amounts (usually under $1 each) into it within one to two business days. Check your bank statement, then return to the Venmo app and enter those amounts to confirm ownership. Debit cards verify instantly. You can link multiple bank accounts and debit cards, but you can only use one as your primary funding source at a time.

Understand Venmo's limits and holds on new accounts

Venmo places a temporary hold on new accounts for up to 24 hours after you link a funding source. During this time, you can send money to other Venmo users, but the funds won't leave your bank account or debit card until the hold lifts. This is a security measure to prevent fraud.

Weekly transfer limits for unverified accounts start at $299.99. You can increase this limit by confirming your identity—Venmo will ask for your Social Security number or ITIN, which you may have already provided during signup. Verified accounts have higher limits, though Venmo does not publish the exact amounts. If you hit your limit, you must wait until the following week to send more money.

Choose how your transactions appear to others

By default, your Venmo transactions are private—only you and the person you're sending money to can see the payment. However, Venmo's default setting for the payment note (the description of why you're sending money) is public, meaning anyone on Venmo can see it if they search for your name. This catches many users off guard.

To change this, go to Settings, tap "Privacy," and select "Private" for transaction visibility. You can also edit individual payment notes before sending—tap the note field and change it to something generic or leave it blank. If you've already sent money, you can edit the note afterward by tapping the transaction and selecting "Edit note."

Send money and choose your transfer speed

To send money, tap the "Pay" button (usually at the bottom center of the app), search for the person by name, phone number, or email, and select them. Enter the amount and add a note if you want. Tap "Pay" to send.

The money will arrive in one of two ways. A standard transfer to a linked bank account takes one to three business days and is free. An instant transfer to a linked debit card arrives within 30 minutes but costs 1% of the amount you're sending, with a minimum fee of 25 cents. For example, sending $50 instantly costs $0.50. Choose your transfer method before confirming the payment—you cannot change it afterward.

Receive money and cash out

When someone sends you money on Venmo, it lands in your Venmo balance, not directly in your bank account. You can use this balance to send money to other Venmo users immediately, but to move it to your bank account, you must transfer it out. Tap the menu icon, select "Transfer money," choose "Transfer to bank," enter the amount, and select your bank account. Standard transfers take one to three business days and are free. Instant transfers to a debit card cost 1%.

You can also use your Venmo balance to pay for things at certain retailers if Venmo has partnered with them, though this is not available everywhere. Check the app to see which merchants near you accept Venmo payments.

Frequently Asked Questions

Can I use Venmo without a bank account?

No. Venmo requires a linked bank account or debit card to send money. You can receive money without one, but you won't be able to transfer it out to a bank account—it will sit in your Venmo balance. If you don't have a bank account, consider opening one at a credit union or online bank before using Venmo.

What happens if I forget my Venmo password?

Tap "Forgot password?" on the login screen. Venmo will send a reset link to your email or a code to your phone number. Follow the link or enter the code, then create a new password. You'll be logged out of all devices and must log back in with your new password.

Can I send money internationally with Venmo?

No. Venmo only works for transfers between U.S. bank accounts and debit cards. If you need to send money abroad, use a service like Wise, OFX, or your bank's international transfer option.

Is Venmo safe to use?

Venmo uses encryption to protect your data and is backed by PayPal, which has fraud protection in place. However, Venmo is not a bank—your money in your Venmo balance is not FDIC insured. Transfer money to your bank account if you want it protected. Also, keep your password strong and never share your login details with anyone.

Do I pay taxes on money I receive through Venmo?

Money you receive from friends for shared expenses (like splitting rent or a meal) is not taxable. However, if you receive money for goods or services you provided, it may be taxable income. Venmo reports payments over $20,000 in a calendar year to the IRS, though this threshold may change. Consult a tax professional if you're unsure whether your Venmo income is taxable.