Are you sharing a bank account with someone and want to introduce them to Venmo? Or maybe you need a second Venmo account for business transactions separate from your personal Venmo account?
There are different reasons you might want a second Venmo account without the hassle of creating a new bank account.
Can Two Venmo Accounts Share One Bank Account?
Yes, you can have two Venmo accounts linked to the same bank account. This is a useful feature if you share a bank account with a partner or family member, allowing you to keep track of personal and shared expenses.
It only allows up to two personal Venmo accounts to use the same bank account information.
You can also have a business account as an extension of your personal Venmo account.
RELATED READ: How to Get Money From Venmo Without a Bank Account?
Venmo and Shared Bank Accounts
If you share a bank account with somebody else and you both would like to use Venmo on that account, you can add the shared bank account information to your Venmo account.
Once the shared account info is added to the second Venmo account, the first account will receive a security notification, so you can use that as an indicator that everything’s working fine. You both can now use Venmo to send or receive payments.
However, if you receive this security notification telling you that someone has linked your bank account (or debit card) to their Venmo account, and you’re not expecting it, we suggest you start taking preventive measures such as contacting Venmo support and your bank.
It’s also worth mentioning that it’s important to ensure that the person you use this feature with is someone you trust because you both will also share the responsibilities of using the same bank account.
For instance, if the shared bank account becomes invalid on either of your Venmo accounts, it will also be invalid on the other, effectively freezing your Venmo account until you get the issue resolved.
How to Link Your Shared Bank Account Info to Venmo
Before you link a bank account, you first need to have a separate Venmo account. If you don’t have one, follow the next steps to sign up, but if you do, you can skip to after the steps.
- Download the Venmo app through the App Store (iOS) or Play Store (Android).
- Alternatively, you can sign up on your computer through Venmo’s website.
- Open the Venmo app, and you’ll be prompted with a sign-up method.
- Choose your preferred sign-up method and fill in all the blanks.
- Verify your email address and phone number.
At this stage, you should have a blank Venmo account, and you’re ready to add your bank account info. To do so, follow the steps below.
- Open the Venmo mobile app.
- In the top-left corner, click the three stacked horizontal lines to go to settings.
- Select “Payment Method.”
- Select “Add a bank or card…” and then “Bank.”
- Pick either instant verification or manual verification.
- For instant verification: If your bank is eligible for instant verification and you’ve picked it, select your bank and add your bank information, username, and password. If you come across any problems at this stage, contact your bank or choose manual verification.
- For manual verification: If you’ve picked manual verification, add your bank account number and routing number. Then, wait 1-3 business days for Venmo to verify your bank info (see the note below for more).
- Once verification is complete, you’re all set!
Note: If you go through with manual verification, Venmo will send two micro transfers of $0-1, then they’ll instantly issue two small withdrawals to offset these transfers.
However, this means you need at least $2 in your bank account to avoid potential problems with your bank if the two micro transfers overdraft your balance.
Venmo Business Profiles
If you need a second Venmo account for business purposes, you can follow the above steps and create a second account, then adjust each account for its purposes. However, you might want to check out Venmo’s recent business profiles feature.
Business profiles work as an extension of your personal Venmo account. They allow you to send and receive payments on behalf of your business while keeping your personal transactions separate.
Although your business profile will be linked to your personal account, it’ll pretty much function as a separate account.
Plus, business profiles come with their set of benefits! For example, customers can find you easily when they search for your business since personal accounts and business profiles are queried in separate tabs.
You can also share any information you want with your customers, such as links to your website or social media, when they make a purchase.
And our personal favorite part? Venmo conducts formal tax documentation for business profiles, so that’s a big strain of a business owner’s shoulders.
Creating a Venmo business profile is simple – follow the steps below.
- Open the Venmo mobile app.
- In the top-left corner, tap on your profile picture.
- Select “Create a business profile.”
- Fill in the details of your business.
- Add a profile picture and background picture for your business.
- Tap “Publish.”
And that’s it. You now have a business profile on Venmo!
You can also easily switch between your personal account and business profile by tapping on your profile picture in the top-left corner.
The Bottom Line
That’s it for our guide on having two Venmo accounts on joint bank accounts!
To recap, you can have up to two personal Venmo accounts linked to one bank account, which is great if you’re sharing a bank account with a trusted person and want to extend this to Venmo.
If you need a separate account for business purposes, you can create a new personal account and use it for business, but we recommend creating a business profile.
