Once you’ve used Venmo for a while, you start to see how useful it is in daily life and how convenient money transactions are with it.
As a next step, you might want to create a second Venmo account for your business transactions separate from your personal account that you use with friends and family.
Yes, You can have two Venmo accounts linked to different or the same bank accounts, ideal for joint accounts. Sharing with others, Venmo limits two accounts per bank for security reasons. Multiple accounts can help track personal and shared expenses.
However, perhaps you’re not sure if Venmo’s policies allow multiple accounts. And even if they do, is your situation in line with Venmo’s guidelines in terms of bank accounts?
If you find yourself asking these questions, then read on as we’ll answer them all in this quick guide.
Can You Have Multiple Venmo Accounts?
Yes, You can have more than one Venmo account with different bank accounts. You would need two different bank accounts however, you can have two Venmo accounts on the same bank if you share a joint bank account.
Can Two Venmo Accounts Share One Bank Account?
If you and another person are sharing a bank account, you can both have separate Venmo accounts connected to that one bank account, and you’ll both be able to send and receive payments through Venmo and transfer money to your shared bank account.
Note that when you and another Venmo user share a bank account, you’re both responsible for it. For example, if a bank account becomes invalid on either Venmo account, it will stop working on the other.
When a second Venmo account is linked to your bank account or debit card, the first account will receive a notification about this. So if you’re helping a new Venmo user set up their account on your bank, you should anticipate this message to ensure everything’s fine.
However, if you get this notification unexpectedly, we recommend you contact Venmo support immediately, then talk to anyone you know who might have your bank account details and, if needed, call your bank to have your account temporarily frozen.
With that out of the way, the ability to have joint accounts is wonderful if you share your account with a family member, partner, or anybody else. To take advantage of this perk, you need to create a new Venmo account to which you’ll add your bank account.
>> Read: Can you Delete Venmo History? How to Clear Transaction History on Venmo?
How to Add a Bank Account to a New Venmo Account
- Open the Venmo app on your phone.
- Tap the ☰ icon on the top-left corner.
- Tap “Settings” then select “Payment Methods.”
- Tap “Add bank or card…” then select “Bank.”
- Choose a bank account verification method. You can either pick “Instant” to sign in to your bank account and instantly verify or “Manual” to verify by entering your bank account and routing number (see the notes below on instant and manual verification).
- Follow the verification instructions until your account is verified.
Note on instant verification: If you incorrectly type in your login information in your bank multiple times, you might be locked out of instant verification for the day as banks have limits on that. If this happens to you, wait until the next day and try it again. But if you need to send money right away, you can add your debit card instead.
Note on manual verification: If you pick manual verification, enter your account number without the check number that appears right after it. Once you’re set and done, the verification process takes between one and three business days.
Moreover, Venmo will send micro transfers of $1 or less to your bank account to verify it, so make sure you have at least $2 in your account to avoid unnecessary bank fees or complications due to overdraft.
Can You Have a Business Account?
Perhaps you need a second account for business purposes rather than for a partner or family member. In that case, you can create a business account on Venmo to ease up business transactions and client payments.
Unfortunately, business accounts are only possible for users in the United States at the moment, but we expect more countries to get added soon.
Some of the benefits of using a Venmo business account are increased business exposure in the Venmo app, referral links, providing customers with additional info, and tax documentation.
Before we show you how to create a business account, there are two things you need to know.
First, a business account is an extension of your personal account and isn’t a separate, independent Venmo account. So you’ll need to set up a personal Venmo account first if you don’t have one.
Second, Venmo takes a fee of 1.9% of the payment + $0.10 on each business transaction above $1. So if your business receives $100, Venmo takes $1.9 + $0.1 = $2, and you receive $98.
To sign up for a Venmo business account, follow these steps:
- Open the Venmo app on your phone.
- Tap the ☰ icon on the top-left corner.
- Tap “Settings” then select “Create Business Profile.”
- Customize your business profile as you need.
Once your business account is set up, you can switch between it and your personal account by tapping your photo in the app.
Remember, a business account is linked to your personal account, so you use your main account’s credentials if you want to sign in to your business account.
Once you’re all set up, make sure you opt your business into the search feature in your business profile settings so that it shows up when someone searches for it. Also, go over the privacy settings to ensure they’re all good.
The Bottom Line
To recap, you can have several Venmo accounts on different bank accounts, but if you’re using a single bank account, then the limit is two Venmo accounts.
If you need a second Venmo account for business purposes, you can create a business profile as an extension of your personal Venmo account.
