Today I’m going to be showing you guys how to send and receive money utilizing Venmo. A couple of things. First, though, you need to download the app. It’s free on both Android, the Google store and iOS. Also, you will need to link a bank account. Um, if you link a debit or credit card, you will be charged a fee, uh, which is the beautiful thing about Venmo. If you link your bank account, there are no fees involved and you can just transfer your money directly to the account once you’re done. So it’s pretty easy to go in. Uh, once you’ve downloaded Venmo, set up an account, go to settings, which is the gear icon that you’re looking at here. And then under settings, you’ll see something where it says payment methods there underneath edit profile. And that’s where you go in and either add the bank account or the credit or debit cards.
But again, as I mentioned earlier, I would recommend adding a bank account. So if we go home here, we’re going to see my most recent transactions. We’ve got one up there for coffee that I paid for it from a friend, uh, sending the money to my friend. And then another one where I was paid by, uh, a couple to film their wedding. And so that’s kind of the things that you may be utilizing this actual app for. And so that’s, that’s neat that that’s the case. Now, if you want to send money, we’re going to do sending money first and then we’ll do receiving money next. So if you want to send money with Venmo, what you need to do is go up here in the upper right-hand corner, you’re going to see a pencil and a money icon. You click that there.
The next thing that you want to do is you want to find the person that you want to send money to. So I’m going to send money to this person here. Once I’m ready, I type in what is the actual money for. This should be a fun conversation later. Uh, but anyway, uh, you can either pay or request and in this case, we’re going to pay. So what you need to do in the upper right-hand corner where it says zero, tap that there and then enter an amount that you want to go ahead and pay. So we’ll go ahead and send $1. The next thing that you can do down there in the lower right-hand corner where it says public if you don’t want this to show up in the feed, because by the way, this thing kind of works like Facebook.
How to send money on venmo
It’s like a social platform as well, where it shows people in the feed, in their timeline, what people are paying for, what they’re sending, what they’re receiving. If you want that to be private, you can click the little public icon there and then it will be private there where no one will see it. But I’m going to go ahead and leave it as public there. You can even add some emojis and some different images if that’s what you want to do. And then once you are ready to go, go ahead and click the blue pay button there and then it says pay the person $1. It’ll tell you the actual account that it’s coming out of there where you see it blurred out. And then go ahead and press that green button. And as you can see here in your feed, you’re going to see a red number, which means that you have sent money.
If the money is green, that means that you have received the money. Now the same thing works. If you want to money, go here, tap the little icon in the upper right-hand corner, click the button there that you want to select the person, and then when you’re ready, go to request as opposed to [inaudible]. Go ahead and type in what the money’s going to be for, just like you did when you are, you know, paying someone and then click the blue request button. Then it says, request $1 from Candice Dale. Click the green button, and then now, once you receive that money from that person, you will see that as a green number in your feed. If you have any questions about how to utilize Venmo, I’ll have a direct download link in the description if it’s something that interests you, uh, after getting so tired of the PayPal fees, which by the way, Venmo is owned by PayPal. Uh, but as of right now, if you use a bank account, you will not be charged any fees, which is a fantastic deal for entrepreneurs. Uh, but just make sure you’re keeping up with everything if you are receiving a bunch of money because you do have to report it to the IRS as you would with any other income, even if it’s coming from friends or family over a certain amount.