How to set up a Venmo account, connect it to your bank, and sync your contacts to easily send or receive money

ShutterstockIt’s easy to set up a Venmo account, sync your contacts, and connect it to your bank.
  • You can set up a Venmo account in just a few steps using an email address, phone number, or Facebook account.
  • After you sign up, you’ll be able to sync contacts to your Venmo account and connect your bank, making it easy to send or receive money from friends.
  • Here’s how to set up a Venmo account.
  • Visit Business Insider’s homepage for more stories.

Venmo is one of the most widely used money transfer apps out there. It allows you to easily transfer money to friends, family, or anyone else, and can link directly to your bank.

If you don’t have a Venmo account, and you’d like to set one up, the process is pretty simple. You can even connect your bank account in under a minute, if you are with a national organisation.

Here’s how to do it.

Check out the products mentioned in this article:

iPhone 11 (From $US699.99 at Best Buy)

Samsung Galaxy S10 (From $US899.99 at Best Buy)

How to set up a Venmo account

1. Download and open the Venmo app on your iPhone or Android.

2. You will see two options at the bottom, “Sign up with Facebook” or “Sign up with email.” Choose one.

AaavenmoMelanie Weir/Business InsiderSelect one of the two options.

3. If you select Facebook, the app does the work for you, and you only need to click continue and give the app the proper permissions. If you select email, you will be prompted to enter your first and last name, email, and password. Fill in the information.

Melanie Weir/Business InsiderFill out your information.

4. Venmo will now give you information about how it works. Scroll down and read as much as you feel you need to, then, when you’re done, tap “Next” at the bottom.

5. Read the User Agreement and Privacy Policy to your satisfaction, then tap “Next” in the upper right-hand corner of the screen.

6. You will be prompted to enter your phone number so that Venmo can send you a confirmation code.

Melanie Weir/Business InsiderEnter your phone number.

7. A four digit confirmation code will be sent to your phone via text. Enter it into the box, then hit “Submit Code.”

You can also add a photo or change your automatically generated username if you’d like, or do this later.

How to sync contacts on Venmo

After entering your information, you’ll then be able to sync contacts from Facebook or your phone in order to pay friends easily.

1. If you did not sign up with Facebook earlier in the process, you will be prompted to link your account. Select “Not Now” or “OK.”

2. Tap “Next” to select phone contacts to sync. If you would not like to sync any contacts at this time, simply select “Skip” in the upper right-hand corner.

3. Scroll through the privacy information by swiping left until you get to the screen that says “You’re in control.” Then tap “Done” in the upper right-hand corner.

Aaaaveno1Melanie Weir/Business InsiderTap ‘Done.’

How to connect your bank on Venmo

Now that you’ve set up your Venmo account, you should add your bank information to send or receive payments.

1. To sync your bank information, tap the three lines in the upper left-hand corner of the home screen, then tap “Transfer Balance,” displayed in blue at the top of the menu.

AvenmoMelanie Weir/Business InsiderTap ‘Transfer Balance.’

2. Select either “Instant” or “1-3 biz days” on the Balance screen.

3. A new menu labelled “Bank Verification” will pop up at the bottom of the screen. If you have an account with a major national bank, you can select “Instant Verification” and simply sign into your bank’s website to connect to Venmo. If you have an account with a smaller bank, like a local credit union, you may need to select “Manual Verification” to enter your bank’s routing number and your account number (your bank may take up to three days to verify with this method).

Melanie Weir/Business InsiderSelect ‘Instant Verification’ or ‘Manual Verification.’

4. If you choose Instant Verification, tap “Continue” twice to acknowledge that Venmo uses Plaid, an outside application, to connect to your bank.

5. Select your bank from those listed. If you do not see the name of your bank, you may search for it using the search bar at the top of the screen. If it does not appear, go back to step 3 and select “Manual Verification.”

Melanie Weir/Business InsiderSelect your bank.

6. Enter your online banking credentials to connect Venmo to your bank account.

7. Follow your bank’s on-screen instructions to verify.

Related coverage from How To Do Everything: Tech:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.