Where to find your payment method settings
Your payment method on Venmo lives in your account settings, not in the payment screen itself. Open the Venmo app, tap the three horizontal lines (menu icon) in the bottom right corner, then tap "Settings." From there, select "Payment Methods" to see what you have linked and change which one Venmo uses by default.
The payment method you set here is what Venmo will pull from when you send money to someone. It is separate from where Venmo deposits money when someone sends it to you — that goes to your Venmo balance first, and you decide later whether to keep it there or transfer it out.
Key Takeaways
- Your default payment method is in Settings > Payment Methods, not on the payment screen itself.
- You can link a debit card, credit card, or bank account, but Venmo charges a fee for credit cards and a smaller fee for when ready transfers to your bank.
- Changing your default method takes one tap once you are in Payment Methods, and the change happens when ready.
- If you remove a payment method entirely, Venmo will ask you to pick a new default before you can send money again.
What payment methods Venmo accepts
Venmo lets you link a debit card, a credit card, or a bank account. Each one has a different cost attached. A debit card or bank account transfer costs nothing for standard transfers (which take one to three business days). A credit card costs 3% of the amount you send. An when ready transfer to your bank account costs 1% (with a minimum of 25 cents).
When you add a new payment method, Venmo will verify it by sending a small deposit to a bank account or by asking you to confirm a code sent to your card. This takes a few minutes to a few hours. Once it is verified, you can set it as your default or use it for individual payments.
How to add a new payment method
Go to Settings > Payment Methods and tap "Add Payment Method." Choose whether you are adding a card or a bank account. If you are adding a card, type in the number, expiration date, and CVV. If you are adding a bank account, Venmo will ask for your routing number and account number — you can find both on a check or by logging into your bank's website.
After you enter the information, Venmo will verify it. For a card, this usually takes a few minutes. For a bank account, Venmo deposits two small amounts (usually under a dollar each) and asks you to confirm the amounts — this can take up to three business days. Once verified, the method appears in your Payment Methods list and you can make it your default.
Setting a new default payment method
Once a payment method is verified, go back to Settings > Payment Methods. You will see all your linked methods with a checkmark next to the current default. Tap on the method you want to use instead, and the checkmark moves to it. The change takes effect when ready — your next payment will use the new default.
Venmo remembers your choice, so you will not have to reset it each time you open the app. If you want to use a different method for just one payment without changing your default, you can tap on the payment method name during the payment process and pick a different one for that transaction only.
Removing a payment method you no longer use
Swipe left on a payment method in your Payment Methods list (or tap and hold on Android) to see a delete option. Tap it to remove the method. Venmo will not let you delete your only payment method — if you try, it will ask you to add a new one first and set it as your default.
If you remove the method that is currently set as your default, Venmo will automatically switch your default to another linked method. If you have only one method left and you delete it, you will not be able to send money until you add a new one.
Why Venmo might reject or lock a payment method
Venmo sometimes locks a payment method if it detects unusual activity, if a payment failed, or if your bank flagged the transaction. You will usually see a message in the app explaining why. Common reasons include a wrong address on file at your bank, a card that has expired, or a bank account that has been closed.
If your method is locked, try removing it and adding it again. If the problem persists, contact your bank to make sure the account is active and your address is current. Venmo's support team can see that a method is locked but cannot unlock it — the issue is almost always on the bank's side.
Changing payment methods on the web version
If you use Venmo on a computer, the process is similar. Log in at venmo.com, click the three horizontal lines in the top left, select "Settings," then "Payment Methods." You can add, remove, or change your default the same way as in the app. The web version and the app stay in sync, so a change on one shows up on the other within seconds.
The web version is sometimes easier for adding a bank account because you can see your routing and account numbers side by side with the form. If you are having trouble adding a method in the app, try the web version instead.
Frequently Asked Questions
Can I use a different payment method for each person I send money to?
No. Your default payment method applies to all payments. However, you can change which method you use for a single payment by tapping the payment method name during checkout and picking a different one. After that payment goes through, your default stays the same.
What happens to my default payment method if my card expires?
Venmo will lock the expired card and ask you to pick a new default before you can send money again. You can update the card's expiration date if you have a new card from the same account, or remove it and add a different method.
Does Venmo charge a fee no matter which payment method I use?
No. Bank accounts and debit cards are free for standard transfers. Credit cards cost 3%. when ready transfers to your bank cost 1%. If you want to avoid fees, use a debit card or bank account and accept the one to three business day wait.
Can I set up Venmo to pull from my savings account instead of checking?
Yes. When you add a bank account, Venmo does not care whether it is checking or savings — you just enter the routing and account number. Both work the same way.
What if I want to remove all my payment methods?
Venmo will not let you. You must have at least one payment method linked at all times. If you want to stop using Venmo, you can delete the app, but you cannot empty your payment methods list while your account exists.