What to do After Receiving Money?
- Accepting Payments (Rare): In some cases, you may receive a message saying “Payment Pending” with an “Accept” option. Tap “Accept” to claim the money into your Venmo balance. This is usually only necessary for new users or certain types of transactions.
- Transfer to Bank: Once the money is in your Venmo balance, you can transfer it to your bank account via a standard (free, 1-3 days) or instant (fee applies) transfer.
How to Receive Money with Venmo?
Venmo offers several convenient ways to receive payments from friends, family, and even some businesses. Here’s a breakdown of how to receive money using the platform:
Understanding the Process
- Account Setup: Before receiving money you’ll need a Venmo account. If you don’t have one, it’s easy to set up (Go through “How to Set Up Venmo“).
- Sending Payments: The person paying you needs to initiate a payment from their Venmo account. They’ll need your username, phone number, or email associated with Venmo.
- Notifications: You’ll receive a notification when someone sends you money. It’ll appear in your Venmo feed and you may receive an email and/or push notification.
- Venmo Balance: The money they send initially goes into your Venmo balance before you transfer it elsewhere.
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