Can you transfer money from your Venmo account to your Cash App account? This is a common question among the two apps' mobile money platform users. You may get money in your Venmo account and wish to transfer it to your Cash App account. To complete the transfer effectively, you must first learn how to transfer money from Venmo to Cash App.
Money is typically transferred between mobile money wallets via the internet. That means you'll need a secure and dependable internet connection to successfully transfer payments. Secure in this context means that no third party can intercept communication between two financial platforms. Such individuals can take your information, such as your PIN and username, which they can then use to steal from you.
However, you need not be concerned because mobile platforms use end-to-end encryption technology to safeguard you from hackers. The technology assures that no one else may read your information on the internet. As a result, you should use applications rather than browsers because they are more efficient in exploiting end-to-end technologies. Venmo and Cash App both have apps that you may use on your smartphone to make payments.
What is Venmo?
If you're hearing about Venmo for the first time, you might be curious about the services they provide. Venmo, on the other hand, is a mobile peer-to-peer platform that allows you to receive and send money within the United States. PayPal, the world's largest online money transfer network, owns the app, which is available in over 200 countries.
Venmo's headquarters are located in New York. The company was founded in 2009 by two roommates from the University of Pennsylvania, Andrew Kortina and Iqram Magdon-Ismail. Their inspiration for starting the business came from observing a buddy who was irritated by the lack of standard point-of-sale systems for his frozen yogurt shop. Venmo was supposed to provide a platform for receiving payments quickly and easily.
The forum was also meant to assist friends in splitting bills for movies, supper, and tickets, among other things. Since then, the company has grown immensely to serve millions of members around the country. Venmo had approximately 52 million users as of 2020 Businessofapps data. The figure represented a about 25% rise over the previous year's (2019) 40 million.
What is Cash App?
Cash App, like Venmo, is a peer-to-peer money transfer network that operates in the United States and the United Kingdom. Users can transfer and receive money using an app for Android and iOS or a desktop browser. Cash App is owned by Square, Inc., a payment corporation based in the United States. The software is available in both English and French, making it more diverse than some other apps that solely use English.
Cash App, like Venmo, has grown over the years, and the company was expected to have over 36 million active users early this year, 2021. It is projected to expand much more as more people begin to accept online money transfers.
On October 15, 2013, Cash App began operations. Later that year, Square released the $cashtag, which allowed each user to have their own unique $cashtag for fast money transfer between businesses, organizations, and even individuals. It means you may now send money to someone using their phone number, email address, or $cashtag. You may also use the $cashtag to ask for money from a friend or a specific party.
The Cash App is available in the Google Play Store and the App Store. One of the many fantastic features of Cash App is the ability to obtain debit cards for usage in online or physical transactions. I'll also show you how the card can help you transfer money from Venmo to Cash App.
Read Also: Transfer Money From Cash App to Apple Pay
How to transfer money from Venmo to Cash App
Returning to our primary topic, how to transfer payments from Venmo to cash. There are two primary methods for transferring money from Venmo to Cash App. They are as follows:
- Using direct deposit for the Cash App account
- Using a bank account that links to both Venmo and Cash App
1. Using direct deposit for the Cash App account
The direct electronic transfer of monies from one account to another is referred to as direct deposit. Direct deposit requires both an account's account and routing number. If you have a Cash Card, you might have a Cash App routing number.
In this situation, you're treating your Cash App account as if it were a bank account. You must comprehend how to obtain the Cash App's account and routing information. The steps listed below are required.
- On your App, open the Cash App.
- Hit on the $ sign on the app to navigate to the “My Cash” tab.
- Tap the “Cash” option that has a $ sign right next to it.
- Next, move to the “Direct Deposit” section and hit on the “Get Account Number” button.
- A pop-up screen will appear whereby you should tap the “Enable Account” tab.
- After that, hit the “Copy Account Details” tab under your account information.
- You should select “Copy Routing Number” and “Copy Account Number.” The details will remain in your device’s clipboard. You can paste them somewhere, like on the notepad on your phone, for future use.
Once you have your Cash App account's account and routing information, open your Venmo App and add them to the direct deposit section. You can multiply the number by the following.
- Open the Venmo Mobile App and tap the menu (three horizontal lines) at the top of the app.
- Go to the “Settings” section and select “Payment Methods.”
- Next, select “Add a Bank or Card.”
- Choose “Bank.”
- After that, provide your suitable verification method and confirm to add the details.
Check Out: How To Deposit A Check On Cash App
You can also link your Cash Card to Venmo. The procedure is the same, however this time you should select "Add Card" rather than a bank.
After entering your card information, the card will be linked. Venmo also allows you to grab card details with your camera rather than manually inputting them. Check that the shot is clear.
You can initiate a money transfer after adding your routing and account numbers or card details to Venmo. To transfer cash, follow the steps outlined below.
- Go to ☰ (Menu) and select the “Transfer Money” tab.
- Enter the amount to transfer to your Cash App account.
- Tap “Instant” (charges a small fee) or “1-3 Biz Days,” which has no fees.
- Select your preferred bank account (Cash App account) or debit card (Cash Card in our case).
- Confirm the transfer details, and tap on the “Transfer” button
- Wait for the money to reflect on your Cash App account.
The instant transfer takes around 30 minutes and costs 1% (with a minimum of $0.25 and a maximum of $10). If you do not require the funds in your Cash App account right away, you can select the 1-3 Biz Days option. If you're wondering how to get money through Venmo without a bank account, the method described above is highly effective.
2. By using a bank account that links to both Venmo and Cash App.
Another option is to use your bank to transfer money to the Cash App indirectly. After logging into your Venmo account, you can enter your bank account information, validate the account, and then transfer dollars from Venmo to the account. Follow the steps below to add a bank account to Venmo.
- Hit the “☰” (Menu) icon at the top of your app.
- Select “Settings”
- Tap “Payment Methods”
- Select “Add a bank or card. Select “Bank” for our case.
- Select the preferred verification method. You should have at least a balance of $12 in your account for the micro transfers to verify your account and to avoid overdrafts.
After successfully verifying the bank account, you can begin the transfer procedure by following the steps below.
- Select the "Transfer Money" tab from the (Menu).
- Enter the amount you want to deposit into your bank account.
- Select "Instant" (charges apply) or "1-3 Biz Days" (no fees).
- Choose your desired banking account.
- Confirm the transfer information by tapping the "Transfer" button.
- Wait for the funds to appear in your bank account.
The following step is to sign in to your Cash App account. Remember that your bank account should be linked to your Cash App as well. You must now transfer the monies in your bank account to your Cash App account as shown below.
- Tap the Balance tab on the Cash App home screen.
- Select Cash Out.
- Enter an amount to transfer and hit Cash Out.
- Select the preferred deposit speed.
- Confirm the transaction with a PIN or your Touch ID.
Funds should arrive in your Cash App according to the transfer speed you select when transferring. You can transfer funds from your bank's card to your Cash Card if you have online accounts for both your bank's debit card and your Cash App.
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Conclusion on How to Transfer Money from Venmo to Cash App
Venmo and Cash App are both internet-based mobile money transfer platforms. You can transfer money from your Venmo account to your Cash App account in two ways: via direct deposit or through a bank account that is linked to both Venmo and Cash App. Both ways are functional, but quick direct deposit is more convenient when transferring emergency cash such as hospital expenses, food purchase money, and so on.