Can you have 2 Venmo accounts? Do you want to create more than one Venmo account? Is it even possible? However, you can be eligible to have 2 Venmo accounts if you share a joint account. Here’s all you need to know.
Since its launch in 2009, Venmo has been a PayPal-owned payment service that is presently only available in the United States.
The Venmo website describes itself as a social money transfer software that makes it simple to send and receive money between individuals and organizations.
However, if you wish to transfer money between your Venmo account and a U.S. bank account (or a debit card that supports Instant Transfer), you must link the two accounts.
Additionally, you must link a U.S. bank account, credit card, or debit card if you wish to make payments that are greater than the amount of your Venmo balance.
Can I have 2 Venmo Accounts?
If you and another user have a joint bank account or debit card, or if you have a Venmo business account, you can open two Venmo accounts.
People who share a bank account may now more easily send and receive fast local payments using Venmo thanks to a feature that allows two accounts to be linked to a single shared bank account.
It’s important to be aware that not all users have access to the joint account feature just yet; in this case, linking a shared bank card may still be an option.
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How do I Set up a Second Venmo Account?
You may link two Venmo accounts to a single joint bank account or credit card if you have a joint bank account with a spouse, child, or other relatives.
However, when a second user tries to join the same bank account, the Venmo user who linked the bank account initially will be alerted.
This is done for security purposes so that you can always be aware of unauthorized use of your bank account. Meanwhile, the following procedures must be followed in order to link a second account to a joint bank account.
1. Open the Venmo app and sign in
2. Then, click on the stacked lines logo or the single-person logo, at the top of the screen
3. You can now select Settings and then Payment methods
4. Then, tap “Add a bank or card”
5. Also, you can add and verify your bank account information, by following the prompts on the screen
Furthermore, the quickest way to verify your bank account is to go into your online banking service, but a manual method that can take up to three business days is also available.
Can I have a Second Venmo Account for my Business?
You must create or link an existing Venmo personal account in order to create a Venmo for a business account.
Moreover, if you are qualified for a Venmo business account and already have a Venmo personal account, you can immediately link the two accounts and switch back and forth between them.
Alternatively, you can open both a personal and a business account simultaneously.
Can I use Venmo for my Business?
The company now provides a Venmo business profile option for people, single proprietors, and registered businesses to use, expanding the use of Venmo beyond peer-to-peer transactions.
Any payment methods you add to your account, for example, as a sole proprietor, link to both your personal and business profiles.
Nevertheless, the payment methods will remain distinct for you if you set up your business profile as a registered business.
This enables you to better manage your finances because any payment method you link to your business profile will only be associated with that profile and have no bearing on your personal account.
However, customers can use Venmo to pay for goods or services when they have a business profile. While there are no additional costs for the client, the business is required to pay seller transaction fees that are on a level with industry norms.
The company must pay Venmo 1.9% plus $0.10 of any payment that exceeds one dollar.
The Venmo app allows you to give and receive money from friends and family members through emoji-filled text messages that appear in a Facebook-like stream.
Meanwhile, the money is hid, and the options allow you to change the visibility to private, friends, or public.
And, yes, you can have more than one Venmo account. However, each account will require a unique phone number and email address.