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How To Get Your Money Back On Venmo
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It is very easy to receive money on Venmo once your account is set up and transfer funds from Venmo to the linked bank account. Shutterstock
Earning money on Venmo is relatively easy, especially if you’ve done the work of setting up an account completely by adding a bank account.
You don’t need to officially receive a payment into your account (it should appear in your account after someone sends money to your username), but there are steps you need to take to get the funds deposited into your bank account once it’s added to your account.
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Before you can receive money on Venmo, you must add a bank account to your account. Here’s how:
While you don’t need to verify your bank account after adding it to your Venmo account, it is highly recommended.
Once you’ve added your bank details, here’s how to transfer funds from your Venmo account to your bank account using the Venmo app.
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3. Select “Bank Transfer” or “Money Transfer” (you may need to select “Manage Balance” first, depending on your device).
4. Add the amount you want to transfer to your bank account and how you want to transfer it (“Soon” for a fee or one to three business days, free).
Devon Delfino is a Brooklyn-based freelance journalist specializing in personal finance, culture, politics and identity. Her work has been featured in publications such as The Los Angeles Times, Teen Vogue, Business Insider, and CNBC. Follow him on Twitter at @devondefino.
WATCH NOW: 80% of the initial money goes to 3 states — this is what a visionary does to help spread wealth. Venmo is a great platform for sending and receiving money, ranking close to the popularity of PayPal. Whether you need to send money to a friend or pay for a service directly on the website, you can do that using Venmo. However, accidents can happen and you could accidentally send your payment to the wrong person, get scammed, or just need a refund.
How To Get Money Back On Venmo
While it may seem complicated at first—especially for first-time Venmo users—the refund process isn’t rocket science. This article will share everything you need to know about refunding your Venmo account. We’ll also share common pitfalls you may encounter in the process so you know what to expect.
Paying the wrong person is one of the most common mistakes made on money transfer platforms like Venmo. Many people have similar usernames, and things can get even more confusing when people don’t change the default Venmo username from the original account settings.
As you already know, the money you send is automatically added to the user’s account and he will be able to transfer the funds to his bank account. This means that before you contact Venmo support, you must first request a refund from the person you accidentally paid.
Recipients may not see your message right away, so you can always send them a reminder. Here’s how to do it:
I Accidentally Transferred My Funds To The Wrong Venmo Account.
Once the person accepts your request, the money will be sent back to your account. However, if you never get your money back, you can contact Venmo for support. Please note that the company does not guarantee to refund your money. But they will give you the best options available.
We recommend that you have payment information to speed up the process. Make sure you have the payment amount and date, as well as the recipient’s username, handy. It may also be useful to enter the username, phone number, and email address of the person you wish to pay.
Maybe you accidentally entered the wrong username and your transaction went to an account that doesn’t exist. If the email or phone number you paid for is not active on Venmo, you can cancel the payment and get your money back.
Payments will appear in the Incomplete section under Pending. This means that you paid a bill that wasn’t connected to Venmo, or that the recipient hasn’t verified their account (the money will only appear in the recipient’s balance if they verify their account in the meantime). Otherwise, you can get your money back without having to contact Venmo.
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Funds will now be returned to your original funding source. If you use a credit or debit card to pay, you will receive the money there. And if you sent funds using your Venmo balance, you’ll see a refund there.
However, if the person you want to send money to initially wants to receive it, they will need to register or add another valid email address to their Venmo account.
With a platform as popular as Venmo, it is almost inevitable that you will run into scams. There are dozens of fraudulent methods out there, and scammers always seem to find a way to steal other people’s valuable information and money. Therefore, you must be very careful with every transaction you make or receive.
However, it is possible that you have been scammed and want your money back. Unfortunately, if you have already paid money to an existing Venmo account (scam or not), it is not possible to simply reverse your payment. The standard procedure is to send a refund request to the account you sent the funds to and wait for them to send the money back.
Common Scams On Venmo
However, with deception, this scenario is highly unlikely to work. Since Venmo doesn’t usually get involved in disputes involving fraud, you should take some precautions yourself, including:
Here’s more practical information on how to avoid Venmo scams. For full details, be sure to check out Vemo’s Common Scams page.
Some common scams involve messages from someone asking you to send them a small amount of money, and they will send you a larger amount in return. This scammer collects the user’s money but never returns it. Be aware that this offer may appear to come from someone you know. Any offer that seems too good to be true probably is.
Many users have also reported SMS phishing scams. They receive a notification that their account will be charged and need to sign in quickly to prevent the action. By logging in, the scam victim reveals their username and password to the fraudster, who then has full control over their Venmo account. Never click on a link in an SMS if it’s from a suspicious domain, is truncated, has spelling errors, or you received it as random text.
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In addition, there are scams where scammers can pretend to be friends to ask for money. They can change their username and profile picture and use information from public feeds to contact people who your friends have connected with, including you.
Whenever you get a request like this, check back with the friend to make sure they actually made the request. Call that friend outside of the Venmo app to be sure.
Remember: Make payments only to official Venmo accounts and don’t accept offers that seem too good to be true.
Venmo is an excellent app for accepting payments or sending money. But there is always something new to learn. If you have any questions, keep reading.
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Refund times depend on the business or person you sent the payment to. Once the payment is returned by the recipient, it will take 1-5 business days for Venmo to send the payment back to you.
Unfortunately there isn’t. When you send funds to Venmo, they are automatically made available to others. Therefore, you cannot cancel the payment.
If you accidentally pay the wrong person or send money to a Venmo account that doesn’t exist, you can always request a refund or get your money back through the app. If things get complicated, Venmo support is on hand to help. However, the platform does not deal with fraud, which means you have to be very careful when sending money or providing sensitive information.
Either way, you should always double-check your payment information before transferring funds to avoid any unpleasant surprises. The most important thing is to stay informed about ongoing fraudulent campaigns so that you can identify them immediately if you find them.
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We hope this article answered all your questions about Venmo refunds. If there’s anything else you’d like to ask,
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