To pay with a Venmo balance, you’ll first need to transfer your balance to your bank account. You can do this on the Payments tab in the Venmo app under Transfers using the methods shown on the screen, which include direct deposit and ACH transfer. Once you’ve done that, you can use your Venmo balance to pay at millions of locations across the U.S., including online and in stores with mobile payments through Apple Pay, Android Pay, Samsung Pay, and Microsoft Wallet.

how to pay with venmo balance

How To Pay with Venmo Balance

How does it work? Payments in your Venmo balance are tied directly to your bank account, so paying friends is as easy as sending them money. If you have a debit card on file, you can also spend your balance by swiping at any merchant that accepts Mastercard. To add money to your Venmo balance, simply transfer funds from your bank account using our one-step Instant Transfer feature.

1) Buy Gift Cards
You can buy gift cards for various stores and restaurants directly from Venmo, which means you don’t have to go through other websites or apps. To find a gift card that works for you, select a category such as Retail or Restaurant.

The app will then show nearby vendors who offer e-gift cards. After you choose your gift card, type in an amount and choose your payment method before submitting your order.

2) Grab Discounts at Retailers
No matter how you use your Venmo balance, there are certain ways to get discounts. From taking advantage of special offers and using affiliate codes, you can make sure that every dollar spent on your account is a dollar well spent.

And if you’re more of a retailer than an online shopper, don’t fret: Many stores offer in-store discounts when customers use their Venmo balance instead of cash or credit cards.

3) Pay Your Friends Back for Dinner
When you’re out on a Friday night grabbing dinner and drinks with your friends, it can be difficult to calculate who owes what. Instead of trying to pull out your calculator, whip out your phone and use Venmo.

With Venmo, you can quickly and easily pay a friend back for dinner by sending them cash over social media or text message—which is even easier than pulling out cash from an ATM.

4) Donate to Charity
Charitable giving can help in all sorts of ways, from reducing stress and improving your health to increasing your self-esteem. And if you want a guaranteed tax deduction or simply want to increase your regular donations, consider donating through a donor-advised fund (DAF).

DAFs are administered by community foundations and other philanthropic organizations, meaning that—unlike with private foundations—you can donate up to 60 percent of your income directly into it each year.

5) Fund an IRA or Health Savings Account
If you’re like most millennials, you could use a helping hand in saving for retirement. IRAs and HSAs offer tax benefits for retirement savings and health care expenses, respectively.

One easy way to contribute is by connecting your bank account or debit card to your PayPal account and transferring funds from there; Venmo makes it easy to pay friends back.

6) Send Money Abroad
Now that you can pay with a Venmo balance, it’s easier than ever to send money abroad. Just tap Pay using Venmo balance on a payments screen and enter your recipient’s email address or phone number.

If they have an account, they’ll receive payment right away. If not, there may be a delay of up to 2 days while we send them an invite to sign up for a free account.

7) Stock Up on Basic Supplies
It’s also a good idea to keep a few household basics on hand, in case you need to pay someone back quickly or head out of town for work. It’s never fun running out of things like toilet paper, toothpaste, and soap.

From toothpaste and toilet paper to hand soap and dish detergent, there are all kinds of essentials you need on a regular basis. It’s always a good idea to have them stocked in your home or office—just in case someone sends you $50 for lunch or your work requires you to travel out of town.

8) Avoid ATM Fees
If you’re going out for dinner, don’t use your debit card. Since most restaurants accept credit cards and charge a 3 percent fee for customers who want to pay with their debit card, paying with cash is more beneficial.

And remember: When you withdraw money from an ATM outside of your bank’s network, that transaction is considered a cash advance on your card and carries a higher interest rate.

9) Prepay Utilities
Whether you’re moving into a new home or apartment, or just want to start being more responsible about your finances, prepaying your utilities is a smart move.

This will lock in a predictable rate for several months at a time, as opposed to paying utilities on a monthly basis—which can make your payments jump up or down depending on usage.

10) Run Errands in Bulk
When you run errands in bulk, it’s an easy way to save time and money. Make a list of everything you need at one time—groceries, dog food, medicine—and try to run all of your errands at once. A common mistake is trying to shop based on what’s on sale when you should be shopping based on what you need.

Instead, use your errands as an opportunity to buy more of what you need for less money. Here are a few things you can do:

1. Start a stockpile of items that don’t expire and get them when they’re on sale.

2. Pay attention to unit prices, not just price per item

3. Use coupons at places where you typically purchase non-perishable items

4. Purchase pet food when it’s on sale, even if it means buying in bulk.

PEOPLE ALSO READ; The fitmax Smartwatch Complete Review Price

Chris A.

Chris is a profound internet and Digital marketer who loves to find solutions for all your queries and doubts on tech and marketing likewise.


Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *