Have you ever wished that you could use a mobile app to transfer money to yourself? There are a lot of different circumstances where something like this might come up. Perhaps you've gone out with family or friends and you're looking for a way to split a bill at a restaurant or something similar. On the other hand, maybe you gave someone close to you some cash in order to help cover bills when they were short and now, they're looking for a way to pay you back but you're not in the same geographic area. One of the most popular apps for doing such things is called Venmo. It's been around for a while, since 2009 to be exact. Back in 2012, he was acquired by PayPal and since that time, it has become extremely popular. Considering the fact that it was designed specifically to help friends, family and coworkers split the bills on things like restaurant bills, movie tickets and even sharing household expenses, it's easy to understand why so many people still use it for exactly those types of things. The question is, how do you transfer money to yourself on this app? Fortunately, it's not as difficult as you might think at first.
Methods for Transferring Money to Yourself
Fortunately, Venmo is one of the easiest sites to use. When it comes to digital wallets and apps that can be used to transfer money from one person to another, that's not always the case. In fact, some of them can be so user-unfriendly that they don't do much besides give you a migraine and make you want to throw your phone across the room. That's not the case here, so if you're nervous about that, you can relax. If you want to transfer money to yourself, the easiest way you can do that is by utilizing two different bank accounts in order to speed up the process. This is accomplished by using multiple bank accounts and creating two different Venmo accounts for yourself. You can then transfer money freely from one account to the other. Think about it this way. Imagine that you split the bill with somebody for a night out and they want to pay you back at least part of that money, but all they have is cash. You can take the cash, deposit it in a bank account that is attached to your Venmo account, and then send that to your other Venmo account which will then allow the money to be automatically deposited into your checking or savings account. Alternatively, you can have your friend send the money to one of your Venmo accounts. You can then use Venmo to send yourself the money, putting it into your bank account of choice. It's worth noting that you can also do this with a single bank account. Nothing says you must have two different accounts. That said, you may still decide to keep two Venmo accounts in order to send yourself money without stress. It's also worth noting that typically, it takes anywhere from two to three business days for you to see that money show up in your bank account after you’ve transferred it to yourself. That's always good to know because it's important to realize that it won't show up instantly, so you shouldn't be counting on that money for at least a couple of days.
Clarifying the Matter
If you feel like all of this is clear as mud, relax. It really isn't that hard. Like a lot of things, it seems harder than it really is, especially at first. Remember, your first step to sending yourself money through Venmo is to link the bank account that you want to deduct funds from to one of your Venmo accounts. You can then send yourself money to your other Venmo account from the first bank account. It's worth noting that if you prefer to link a debit card instead of directly linking your bank account information, you can also do that. From there, simply transfer the funds to the bank account that you want to put the money in, making sure that both accounts are linked to your Venmo account or that you have two separate Venmo accounts. This will allow you to freely transfer funds from one to the other.
Putting It All Together
Of course, it only stands to reason that this will all seem a bit confusing the first time you do it. In addition, there might be just a little bit of trepidation involved, as that isn't at all uncommon when you're linking your bank account to something. The good news is that you know you can trust Venmo. Something that might put your mind at ease is the knowledge that Venmo doesn't charge any fees for transferring money from one account to the other, so you can effectively send money back and forth between different bank accounts all day long without being charged anything extra for having done so. The truth is, you can use your Venmo account to send yourself money directly into your bank account in a matter of minutes and you can do so safely. Whether you use the method that utilizes two separate bank accounts or only one, Venmo is one of the easiest ways to make sure that you get the money you need when you need it. At the end of the day, it's easy to understand why so many different people use Venmo. It's safe, effective and easy-to-use. Even for people that aren't especially tech savvy and those who aren't accustomed to using such services, it often becomes a favorite. The truth of the matter is that if you use it just a couple of times, you'll probably agree with those assumptions. It's always a little scary to try something new at first, but once you realize how easy it is to use this particular app, there's no doubt that you'll come back to it again and again.
Written by Allen Lee
Read more posts by Allen Lee