In this guide, I will show you how to add money to Venmo instantly with a prepaid card. Read on!
The Fintech industry has witnessed an unprecedented growth in the last few years. Diverse innovations and online platforms, apps have sprang up, offering various problem solving financial services, with each rolling out goodies to outshine the other.
Many Peer to peer payment platforms have been initiated, each with its own unique dimension of operation and customer satisfaction product and services offer. One of these Peer to peer payment platforms is Venmo, a PayPal owned mobile payment service in the United States headquartered in New York City.
About Venmo App
Founded in 2009 by 2 roommates, (Iqram Magdon-Ismail and Andrew Kortina) who met in the University of Pennsylvania as freshmen. Venmo can be tagged a social, simple, and safe way to send money.
It’s an idea birthed out of laziness actually, if you really know the story behind the inspiration for Venmo, but then, that idea has now turned to billions of dollars’ worth company. With almost 200 employees, $38 billion net worth, almost 60 million users and about 150 billion dollars transactions processed annually, there is no stopping Venmo on it trailblazing trip.
Braintree bought Venmo for $26 million in 2012, before Braintree itself got swallowed by PayPal for $800 million in 2013, and so Venmo ended up as part of one of the names that rings a loud bell in the Fintech industry all over the world.
Using Venmo to Send Money
To use Venmo to send money, open the app and click the payment icon, it’s at the top right part of the screen. You can then select a recipient or add a recipient using their Venmo username, phone number or email. There’s also the option of scanning another users QR code.
After this, put the amount and add a note describing what the payment is for. Emojis can be sent too! Be sure the money is coming from the account source you want to pay from and then confirm the payment by clicking the “Pay” button.
Venmo Fund Transfer Duration
While money transferred from a Venmo user to another arrives immediately, it’s not the same situation when you are doing money to your Venmo account from a bank account or withdrawing from Venmo to another account.
Unlike Venmo to Venmo transfer, adding money to a linked account from Venmo or withdrawing can take up to between 1 to 3 business days.
However, there is also instant transfer option. With this option funds get to Venmo account from bank account within 30 minutes at 1% fee charge.
How To Add Money To Venmo Instantly With A Prepaid Card
Having run through Venmo’s history and features and money transfer process plus the transfer durations, here we come to the major reason for this piece which is how to add money to your Venmo account instantly with a Prepaid Card.
The first step in this process is to add/link your Prepaid Card to your Venmo account just like you would link your bank account.
- Open the App and go to “Menu”. Then “settings” and “payment methods”, then “preferences”.
- You will see an option that allows you to add bank account or card.
- Fill in your Prepaid Card’s information manually or take a picture of the card for the information to be auto populated by the app.
- After linking your card, you can add money from the prepaid card to your Venmo account.
However the adding money process can take between 1 to 3 days to complete. Too slow right? There is another way, which is the instant transfer option. With this option, funds arrive in your Venmo account within 30 minute. But then, it is not free like the standard option. It costs 1% charge.
Final Words On How To Add Money To Venmo Instantly With A Prepaid Card
This is the process of instant transfer of funds from your prepaid card to your Venmo account. Please share to enlighten others.