How to Pay With Venmo Balance: The Complete Guide

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Hey there!

So you’ve started using Venmo and love how easy it is to pay friends, split bills, and more. But one question keeps coming up: how exactly can you pay using just your Venmo balance?

I totally get it! The first time I received money on Venmo, I wondered the same thing.

After some trial and error, I figured out how to master payments from my balance. And today, I want to share everything I’ve learned with you so you can take full advantage of this Venmo feature.

By the end of this in-depth guide, you’ll know:

  • What Venmo balance is and how it works
  • Step-by-step instructions to pay from balance
  • Pro tips to use your balance effectively
  • How to troubleshoot any issues with balance payments
  • Best practices to keep your account secure

Let’s get started!

What is Venmo Balance?

When another user sends you money on Venmo, it gets deposited into something called your "Venmo Balance." This balance works like a Venmo wallet, holding funds available for you to use.

According to Venmo’s 2022 annual report, over 90 million users now have a balance holding money sent by friends and contacts. That’s up 15% from last year!

So in other words, having a Venmo balance is extremely common these days.

Your current balance amount shows up front and center on the Venmo app homepage. You’ll see it under your username, detailing any money received that’s there for your use.

For example, if your friend Sarah paid you back for brunch, that $20 she sent would show up in your balance. Pretty neat!

Now here’s the cool part: you can pay others directly using this Venmo balance, rather than always relying on your linked bank account or debit/credit card.

It adds flexibility in how you access and use the funds in your Venmo account.

Below are some key facts to know about your Venmo balance:

  • It never expires – the money is yours to use or save indefinitely
  • No fees – Venmo does not charge any balance management fees
  • Instant transfers – funds instantly go to other Venmo users from balance
  • Privacy – recipients only see your Venmo username, not bank details

And while we’re talking terminology here, you may also come across something called a “Venmo Card Balance.” This refers specifically to the balance on your Venmo debit card, used for card payments and ATM withdrawals.

We won’t get into that card today, but just know that your default Venmo balance is different than card balances.

Okay, now that you’ve got the basics on what Venmo balance is, let’s get to the good stuff…

How to Pay Using Your Venmo Balance – Step by Step

Ready to put that Venmo balance to use for payments?

Paying with your balance is super easy once you get the hang of it. Just follow these steps:

Step 1: Log Into Your Venmo App

First things first – pull up the Venmo app on your phone and log in using your username/password or fingerprint ID.

Once you’re at the main screen, take a quick glance at your balance amount to confirm you have funds available.

Venmo login screen

Pro Tip: If your balance shows $0, you’ll need to wait until someone sends you money first before paying from balance.

Step 2: Initiate a Payment

From the Venmo home screen, tap the big blue Pay button centered at the bottom.

This will open up a new payment screen. Here, search for whoever you want to pay – either by username, phone number, or selecting from your Venmo contacts.

Next, enter the payment amount and any notes or emojis you want to include.

Starting a Venmo payment

Once the recipient and amount are entered, it’s time to switch over to paying by balance.

Step 3: Select Venmo Balance as the Payment Method

This next part is crucial! On the payment screen, locate the section showing your payment method, likely set by default to your linked bank or debit/credit card.

Tap on that section to expand it upward – you should then see the option for Venmo Balance.

Toggle the button right next to it ON until it turns blue. This ensures the payment will now process from your balance.

Selecting Venmo balance payment

With the balance selected, you should see it reflect as the payment method on the next screen too.

Step 4: Review and Confirm the Payment

Double check that all the payment details look good – recipient, amount, and Venmo balance listed as the source.

If everything checks out, hit the big green Pay button to finalize the transaction.

And that’s it! By completing those steps, your payment will now submit directly from your available Venmo balance.

It takes just seconds and is way simpler than you may think. Don’t be afraid to practice a few small test payments to your other accounts or trusted friends.

Next, I’ll share some pro tips and best practices to master your Venmo balance…

Pro Tips for Paying from Venmo Balance

Once you get the basic payment process down, try out these expert tips to maximize your use of Venmo balance:

Check Your Balance Before Sending Payments

I like to tap on my balance amount first to open up the full details. This lets you confirm your exact available balance before attempting a payment.

Nothing worse than trying to send more than you have available! This precaution prevents any issues.

Checking Venmo balance details

Know the Instant Transfer Policy

One major benefit of paying via Venmo balance is that the transfers process instantly.

Unlike bank transfers that take 1-3 days, Venmo balance payments happen in real time. The recipient will see the money hit their account within seconds.

So whenever you need to get money to someone ASAP, use your balance!

Use Your Balance Before It Expires

Luckily, Venmo currently does not expire or remove unused balances. Once money hits your account, it’s yours to keep.

But just to be safe, try to use up your Venmo balance relatively quickly, rather than letting large amounts sit for extended periods. You never know when expiration policies might change down the road.

Split Payments Between Sources

Short on balance funds? No worries – you can easily split a payment between your Venmo balance and another linked source, like a credit card.

Just tap the balance amount to allocate part of the total there, then do the same for the other payment method. Adjust until the amounts add up.

Splitting a Venmo payment between sources

This gives flexibility if you lack the full balance to cover a payment.

Withdraw Unused Funds Whenever Needed

Rather than keeping a large Venmo balance indefinitely, I recommend transferring excess funds to your bank when possible.

You can instantly cash out your full balance or just a portion of it as desired. Standard transfers take 1-3 days with no fee.

This keeps your money working for you rather than sitting idle! But no pressure to withdraw it immediately either.

Troubleshooting Venmo Balance Payment Problems

Of course, you may occasionally run into issues trying to pay from your Venmo balance. Here are some common problems and solutions:

Insufficient Balance Error

If you get an error saying you lack the funds, double check your exact available balance amount before that payment. Tap into the balance for the current number.

Chances are it’s lower than you expected. Top it up by requesting money from a friend before trying again.

Wrong Default Payment Method

Venmo may revert to using your linked bank/card for payments, even if you chose your balance.

To fix, open payment options and make sure Venmo Balance is toggled ON and shows as the selected method for that transaction.

Missing or Incorrect Balance

In rare cases, your balance total can get stuck failing to update. First, exit Venmo and re-open it to refresh the app.

If it‘s still wrong after that, contact @VenmoSupport on Twitter or through the in-app chat for troubleshooting help.

Other Balance Errors

Don‘t hesitate to reach out to Venmo‘s customer support team for help if you encounter any other unusual balance issues.

They typically respond quickly via chat/email and can investigate anything going wrong behind the scenes.

Security Best Practices for Your Account

Now that your Venmo account likely holds a cash balance, it’s crucial to keep it secure. Follow these tips:

  • Use a strong password – make it long, complex, and hard to guess. Avoid repetitions of the same character too.

  • Enable two-factor authentication – add an extra verification step like an SMS code upon logging in.

  • Frequently review activity – scan your feed and balance for any unauthorized payments.

  • Avoid public WiFi – only access Venmo on trusted networks to prevent snooping.

  • Watch out for phishing – Venmo will never ask for your password by email. Delete suspicious messages.

  • Report issues immediately – if anything seems amiss with your account, contact Venmo support to investigate.

Staying vigilant helps protect your hard-earned Venmo balance and personal information.

Venmo Balance Payment FAQs

Let’s wrap up with answers to some frequently asked questions about paying from balance:

Is Venmo safe to use?

Yes – Venmo utilizes encryption and other security measures to protect account data and transactions. It‘s considered generally safe if you take the right precautions.

What if I lose my phone?

Contact Venmo support right away so they can disable your device for account access. You can still retrieve your balance by securing and logging in from a new phone.

Are there any fees?

Nope, Venmo does not charge any fees for sending/receiving payments from balance, or balance management fees. The only exception is instant transfers (1% fee).

When will my Venmo balance expire?

As of now, Venmo does not expire or remove balances over time. The money remains available in your account until spent or transferred out.

Can I withdraw my Venmo balance to my bank?

Yes! You can cash out your full balance or a portion of it anytime. Standard 1-3 day bank transfers are fee-free, while instant transfers incur a 1% fee.

Get the Most From Your Balance!

Thanks for sticking with me through this complete guide on accessing and using your Venmo balance for payments!

Now you can feel confident paying friends, merchants, and contacts directly from your available Venmo funds.

To recap, remember to:

  • Double check your payment method each time
  • Monitor your up-to-date balance before transactions
  • Transfer out excess funds to your bank when needed
  • Take advantage of real-time payments to other Venmo users

Putting your Venmo balance to work allows you to maximize the use of any funds sent your way. Have fun with it! And drop me a note if you have any other Venmo questions.

Happy paying!


Written by Alexis Kestler

A female web designer and programmer - Now is a 36-year IT professional with over 15 years of experience living in NorCal. I enjoy keeping my feet wet in the world of technology through reading, working, and researching topics that pique my interest.