Venmo started its operations in 2009 under the parent organizations PayPal and Braintree. Paypal is one of the most successful online payment platforms that operate world wide. Mostly all the areas in the world support the operation of PayPal within their borders.
On the other hand, Braintree is also a payment company with headquarters in Chicago and focuses on payment programs for e-commerce companies. Braintree was the first one to acquire Venmo in 2012, and then later, PayPal acquired Braintree in 2013.
So, in normal terms, Venmo belongs to PayPal. Venmo’s headquarters are in New York, USA. The company boasts of more than 40 million users, according to 2019 statistics that PayPal produced sometimes in April 2019. There is a greater possibility that the number has increased to greater heights since then. The number included those who had made at least a single transaction in the past 12 months.
The above is simply a recall on how Venmo came about.
Here comes our question of the day, But how can you get money from Venmo without a bank account?
How can you get money from Venmo without a bank account?
Most Venmo users usually link their US Bank account to their Venmo account that is for withdrawals or toping up. However, if you don’t have a bank account, you can still get cash from Venmo. All what you need is a Venmo Debit Card. The card operates like other regular cards from banks and credit unions. Since you can transfer money from one card to another online; Venmo Debit Card allows the same to other cards online.
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Lets get back to how you can get money from your Venmo account using Venmo Debit Card. The card is a Mastercard that operates on the Mastercard network. Therefore, you can withdraw money from your Venmo account at an ATM point accepting Mastercard. You will therefore have withdrawn cash without relying on any bank services.
How can you get the Venmo Debit Card?
- The first thing you have to do is to create a Venmo account. To open an account with Venmo, you have to be of the following.
- Must be 18 years of age
- Must be a resident in the US
- Must possess a USA cell phone and number that can send/receive SMS from shortcodes. The phone number should not have opened another account.
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Once your account is active, you can request the debit card by following the procedure below.
- Tap the “☰” icon
- Select Venmo Debit Card to start the application. You should make sure that you have the latest version of Venmo to see the option for the Debit card application.
- Next, Venmo will need to confirm your personal information, including name, home address (P.O. Box), Social Security Number (SSN), date of birth, and a copy of any government ID identification documents.
The government identification document include;
- Driver’s license
- U.S. passport
- U.S. government-issued ID
- DHS card
- Tribal ID card
- ITIN Assignment letter, and
- SSN card
Pictures in any of the identification documents must be clear to prove that they belong to you. One of the primary reasons the governments require financial institutions to verify the identity of persons applying for bank or card accounts is to prevent funding of terrorism, among other types of crime.
Without money, terrorists will not be able to recruit or buy weapons. Venmo verifies the information as soon as possible, and if there are system delays, they will always communicate to you. If you had already provided the details above when opening a Venmo card, there would be no need to submit them again when applying for the card. You will only need to reconfirm your name and address you gave when you verified your identity during the account creation.
Who issues Venmo Debit Card?
The Bancorp Bank has a license from Mastercard International to issue the Venmo Debit Card. You can use the card anywhere accepting Mastercards such as ATMs, online shops, merchant stores, and many others.
In addition, the funds have FDIC insurance so that in case the bank collapses, you will not lose your money. Once you get the card, you need to activate it by navigating to settings, then Venmo Debit Card, and follow prompts.
How long can one wait for the debit card?
Venmo debit card takes 10-15 business days to arrive at your home address once approved. If 15 days are over and you do not receive your card, you can contact Venmo for clarifications. Maybe there are some details that you need to provide.
Can I use the Venmo Debit Card internationally?
You cannot use the debit card internationally. The card usage is only applicable within US and US territories. The same applies to Venmo App, and thus the whole of Venmo is only for US residents only.
If you need to perform international transactions such as buying goods online, you can open a PayPal account that is under the same management as Venmo. PayPal also has a debit card by the name PayPal Cash Card. It also issues credit cards.
How much does it cost to apply for a Venmo Debit card?
Applying for a debit card is free. Moreover, there is no monthly fee for the card, unlike some other card issuers. Again, online purchases using the card are free of charge.
However, there are fees associated with card usage. For instance, the ATM withdrawal fee is $2.50. If you withdraw money over the counter at a bank or any other relevant institution, you will part with $3.00.
You can avoid withdrawal fees if you use the MoneyPass® ATMs within the U.S. If you purchase goods and services from merchants with labels Maestro® or PULSE, you can get cash backs depending on the merchant’s participation.
Can one apply for more than one debit card to my account?
You cannot have two cards for your account. Moreover, you cannot add someone else’s debit card to your account.
What should one do if you lost your Venmo Debit card?
Sometimes you may misplace your card, or someone may steal it from you. If any of the above incidents occur, you need to quickly and disable the card from your app. Go to Settings, then select Venmo Debit Card and see the deactivation option. Alternatively, you can call Venmo customer care via 855-204-4090 and have them deactivate the card on your behalf.
In case you get your card back, you can reactivate it back to use on your app. It should not take long. If you do not get the card, you can apply for a new card by contacting the above phone number. The same applies if your card gets damaged. Furthermore, you can permanently close your card by contacting Venmo customer care via phone call or submitting the issue.
Does Venmo Debit card expire?
All payment cards expire irrespective of whether they are debit or credit cards. You should always be keen on the expiry date to get ready for a new card. Interestingly, Venmo will always notify you within sixty (60) days of your current Venmo Debit Card’s expiration date in your app. You can thus request a replacement.
Upon getting the new card, you should activate it to start using it. Venmo permanently closes cards not activated within 90 days. You can destroy the old card since it is of no use. If you have not used the almost expiring card, you need to make at least one transaction before applying for a new one. Make sure that you update your shipping address if, for any reason, you moved to a different location.
How do I recharge my Venmo account?
When you recharge your Venmo account, the funds are available for both in-app and card usage. There are various ways you can use to recharge your Venmo account. They include the following.
1. Use your linked and verified bank account
Venmo allows you to connect a bank account to your account so that you can either fund your transactions using the bank account or withdraw money to the account. Navigate to the “Manage balance” section and;
- Enter the amount to transfer
- Tap “Done”
- Confirm your bank account to transfer money from
- Tap “Next”
- Review the information and then tap “Add Money.”
You have to be careful when entering the information above since once you authorize the process, you cannot cancel.
2. Direct deposits
If you have a debit card, you can set up a direct deposit from your employer or any other relevant party. Direct deposit requires that you provide the sender with both the routing and account numbers that every debit card must have.
3. Check deposits
Venmo allows online check deposits whereby you have to navigate to the “Manage Balance” section, select “Cash a Check.” input the check amount, signs the back of the check and take pictures of the two sides of the check and follow prompts.
Conclusion on final thoughts
You can get money from Venmo without a bank account using the Venmo Mastercard Debit card. If you visit any ATM, you can get cash for use in various transactions. You can also use the card to withdraw funds over the counter of any bank that accepts Mastercard. Even though you can withdraw some money from Venmo without the need for a bank account, you still need to add a bank account to fund your Venmo transactions when the need arises. Hope you find this interesting for if you follow the above carefully, you won't have to face any problem.