Managing your Venmo payments doesn’t have to be complicated, especially when you want to use your existing balance instead of linking it to your bank account or card. Let me walk you through the process and share some helpful tips I’ve learned from using Venmo regularly.
Understanding Your Venmo Balance
Your Venmo balance is like a digital wallet that holds money from payments you’ve received from friends and family. Think of it as cash sitting in a separate account, ready to be used for your next payment. When someone sends you money through Venmo, it automatically goes into this balance unless you’ve set up instant transfer to your bank account.
Making Payments with Your Balance
To use your Venmo balance for payments, here’s what you need to do:
1. Open your Venmo app
2. Before making a payment, tap the payment method option
3. Select “Venmo Balance” as your preferred payment method
4. Proceed with your payment as usual
Important Things to Remember
One thing I always tell my friends is that you can only use your Venmo balance if you have enough funds to cover the entire payment. If your balance is $20 and you need to send $25, Venmo will automatically switch to your backup payment method for the full amount – it won’t split the payment between your balance and card.
Setting Venmo Balance as Default
Here’s a pro tip: You can make your Venmo balance your default payment method. I recommend doing this if you regularly keep money in your Venmo account. Just go to Settings > Payment Methods and set your balance as the preferred option. This saves you from having to select it manually every time.
When You Can’t Use Your Balance
There are a few situations where you might not be able to use your Venmo balance:
– Making payments to authorized merchants
– Paying for Venmo Debit Card purchases
– When your balance is insufficient for the full payment amount
Safety and Security
As someone who’s been using Venmo for years, I always remind people that keeping large amounts in your Venmo balance isn’t recommended. While it’s convenient for frequent transactions, remember that Venmo isn’t a bank – your balance isn’t FDIC insured. I suggest transferring larger amounts to your linked bank account and keeping only what you need for regular transactions in your Venmo balance.
By 2025, we’ll likely see even more features added to how we can use our Venmo balances, but for now, these basics will help you manage your digital wallet effectively. Just remember to keep an eye on your balance and always ensure you have enough funds before initiating a payment.
