If you’re wondering when to expect your Venmo direct deposit, you’re in luck. Venmo direct deposits are made available as quickly as possible once they’re sent: while Venmo itself doesn’t mention a specific time of the day on their website, it takes about 1-5 days for the funds to hit your account. Also, the funds can land in your account up to 2 days early, compared to many banks. This guide runs through all you need to know about Venmo direct deposits. If you’re looking for an easy introduction to Venmo, you can also get our full guide to Venmo here.
If you’re planning on sending a payment overseas once your Venmo direct deposit hits, you need Wise. Wise can help with simple solutions to convert your funds into foreign currencies, and send money abroad with low and transparent fees - you can save up to 7x compared to some other providers.
Venmo also has an early payment service, which means that direct deposit transfers are available to customers as soon as the sender releases them. This can mean you get your money up to 2 days faster when you use Venmo direct deposit instead of having your money paid into your regular bank account.
It’s good to know that the exact time Venmo direct deposit payments post will depend on when they’re sent. The Venmo service team suggests you get in touch if your payment hasn’t arrived 5 days after you expected it, to see if there’s been a problem².
Does Venmo direct deposit come early?
Venmo direct deposit time may arrive up to 2 days early compared to many banks. Exact arrival time depends on when the sender releases the payment to Venmo.
How to enable direct deposit with Venmo?
To receive direct deposit payments into Venmo, you’ll first need a Venmo card. Once you have a Venmo card, you’ll be able to get your account routing number to use when setting up a direct deposit payment.
If you have your Venmo card already, here’s what to do³:
· Log into your Venmo account
· Tap the Banking tab, and then select Direct Deposit
· Tap to select Get Direct Deposit Form
· Complete the direct deposit form by entering your employer’s details and how much you want to be deposited into your Venmo account
· Add your signature
· Select Email Form and enter your employer’s contact information
· Check, approve and you’re done
How do I set up direct deposit with Venmo?
You can set up a Venmo direct deposit using the direct deposit form provided in the app, as we have outlined above. As an alternative, you can also get your account and routing information from Venmo and give these directly to your employer or other payer to set up a direct deposit. Here’s how⁴:
· Log into Venmo and tap the Banking tab
· Tap the routing and account number, which you’ll see below your balance
· You’ll be given the choice to copy the numbers
· Paste the numbers into an email or your employer’s own form for direct deposit payments
· Send your account and routing details according to your payer’s requirements, and you’re done
Is Venmo safe for direct deposit?
Venmo is safe to use, although you’ll need to keep your account details safe and secure, as with any account product⁵. Generally, using a direct deposit to get paid by your employer or any other regular payer is much safer than the alternatives of getting a check or being paid in cash. You can’t lose the payment, and it can’t be stolen on the way to your account, making direct deposits a smart choice for any type of regular transfer.
Need to send money abroad? Try Wise
Planning on sending money to friends and family overseas or shopping online with international retailers once your direct deposit lands? Check out Wise to see how much you could save when you convert currencies and send international payments.
Wise uses the real mid-market exchange rate with no markups and no hidden fees. You’ll only ever pay a low transparent charge when you convert or send currencies, which can mean you save compared to your regular bank. Open a free online Wise multi-currency account to hold 50+ currencies, switch between them in the Wise app and spend any currency you hold - fee free - using your debit card. It couldn’t be easier.
Setting up a Venmo direct deposit hit is easy, and can mean you get your money faster compared to having your payments sent to a traditional bank account. Now you just have to decide how to spend your direct deposit payment. Check out Wise if you’re sending or spending in foreign currencies, to see if you can save.