Well, it is digital money and has to be considered as such. Preparation and caution are required to create an account and link Venmo with the bank account instead of clicking randomly. One earns too much money to lose it due to a typo or a scam.
The first step is to download the official Venmo app in either Apple App Store or Google Play. One cannot even think about using third-party websites for it, as it often becomes a trap for people who are lazy to download the official app. Create the account with a unique password as one will not use it for Netflix or Instagram accounts as it will make the job of hackers easier.
Then go to the “Me” tab and press the gear button to access settings. Go to “Security” and activate the Face ID or Touch ID option in a matter of seconds, adding one more layer of protection against people trying to steal one’s money. This procedure takes several seconds and may save one thousands of dollars.
Then go to the “Payment Methods” tab and connect the bank account with one’s Venmo account. For immediate verification, one can use Plaid connecting through the bank login credentials. For the executives who are interested in extra privacy, there is also manual verification that takes up a couple of days. Plaid uses encryption for the transactions, but one has to log out of the Wi-Fi network before logging into the application.
The most important thing one has to take into account – activate the “Private” mode for all the transactions. There is no need for people to know about the sequence of ordering one’s lunch or making the rent payments. Venmo social feed is a terrible instrument when it comes to the default settings being public.
Use the standard way of transferring money to the bank account. Such transfers are free of charges and arrive within one to three working days. If one uses the instant method, the amount of charge for such transactions will grow significantly within a year. Patience pays off here.
Double check the recipient handle each time before pressing the “send” button while making the transfer through the app. Transfers are immediate and can be reversed in extremely rare cases. Mistake with the handle “Mike_Smith” instead of “Mike_Smith_99” means that the money is gone.
Activate the notifications for all the transactions on one’s device in order to know about the flow of money immediately. In case of an unknown transaction, one has to contact the support service immediately.