If you’re a fan of apps like Venmo to send and receive payments here in the US, you may well have also come across Plaid as a smart and secure way to link your financial accounts with your favorite apps.
But do the two work together? Is Venmo on Plaid — and if so, what’s the Venmo bank name? This guide has you covered.
We’ll look at how Venmo and Plaid interact, as well as key questions like: is it safe to use Plaid on Venmo? And because Venmo isn’t an option if you’re sending a payment to someone overseas, we’ll also touch on how to use Wise to move your money internationally faster and for lower fees compared to using your bank
Learn more about Wise
What is Plaid?
We’ll dive right into Venmo and Plaid in just a moment. First up, let’s look at what Plaid is and what it does.
Plaid is an app which can help you securely link your bank or other financial accounts to apps you want to use — like Venmo, Acorns, Varo and YNAB.
In fact, Plaid works with 12,000 different financial institutions around the world, to help over 7,000 apps offer services safely to their customers.
In basic terms, Plaid acts as a middle man to let you link your bank details conveniently and safely to apps you want to use to send and receive payments, build a budget, invest or do business¹.
New to Plaid? Get your full guide to Plaid and how to make Plaid transfers here.
And if you’re not sure that you want to use Venmo for your transaction, you can also get our full guide to CashApp and Plaid — or read on for more about how a Wise Account can help you make fast, secure and low cost transfers overseas.
Is Venmo on Plaid?
On to Venmo and Plaid. Venmo and Plaid do work together in certain circ*mstances.
If you’re signing up for a Venmo account, you’ll be directed to Plaid to link your preferred bank or credit union account to fund payments.
You may also use Venmo to receive direct deposits. In this case you may be looking to link your Venmo deposit account via Plaid to another app. This may be possible, but you’ll need to take a couple of extra steps — and usually link your Venmo account manually rather than using the automatic linking features of Plaid. We’ll walk through your options later in more detail.
What bank is Venmo on Plaid?
If you have a direct deposit account with Venmo, it operates in conjunction with Venmo’s FDIC insured partner bank in order to keep your money safe and comply with financial legislation.
In most cases, Venmo works with Bancorp Bank to offer account services — here are the details you may need for Venmo’s partner bank²:
Name: The Bancorp Bank
Address: The Bancorp Bank, 6100 S Old Village Pl, Sioux Falls, SD 57108
If you’re looking to link your Venmo account to another app using Plaid you’ll also need your own account and routing numbers. We’ll look at where to find them in just a moment.
It’s worth noting, though, that at the time of writing, the Venmo direct deposit account and routing information can’t be used for outgoing payments. You also don’t have independent online login details for this deposit account, which means Plaid can’t be used to automatically link your Venmo direct deposit account to another app.
Instead you’ll need to try the Plaid manual process, and get in touch with the specific app if you run into difficulties.
How to find Venmo bank on Plaid: step by step
It’s not always possible to link a Venmo direct deposit account to another app with Plaid. You’ll need to try this process using the Venmo account and routing numbers you can find in your Venmo account. Not all apps are compatible, though, so be prepared to ask for more help from the specific app you’re trying to link if the process doesn’t work smoothly.
As a starting point, here’s how to get your Venmo account and routing information:
1. Log into your Venmo account
2. Go to the Me tab by tapping your picture or initials
3. Tap Settings then Direct Deposit
4. Tap Show Account Number
You’ll see your Venmo account and routing number on screen, and can use these to manually link to Plaid.
An international account, a local's experience: meet Wise
Venmo is a fast and easy way to send USD payments — and with Plaid it’s super convenient too. However, when it comes to sending money to someone overseas, Venmo isn’t able to help. Try Wise instead.
Open and manage a multi-currency Wise Account online or in the Wise app, to hold and exchange 50+ currencies with the mid-market exchange rate.
There’s no fee to open a personal account, no minimum balance and no ongoing charges — you’ll just need to pay a low, one time fee if you want a linked Wise international debit card for spending and withdrawals in 170+ countries.
Use your Wise account to send payments to 80+ countries, and get paid like a local with your own bank details for 30+ countries. And because Wise partners with Plaid, you can also use Wise and Plaid to link your USD account details to Venmo — or any of the other 7,000+ apps which Plaid supports, safely and securely.
Get started with Wise 🚀
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Is it safe to use Plaid on Venmo?
Plaid is safe to use. In fact, Plaid is so popular and trusted by so many individuals, businesses, app developers and financial institutions, precisely because it is so safe.
| 🔐Plaid uses a number of features to keep users safe³: |
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Can you link your Venmo account without Plaid?
In most cases, when you use Venmo to make payments to others you’ll be asked to link a bank or other financial account to Venmo to fund the transfers.
Using Plaid makes this an easy process — you’ll just need to enter your bank’s online banking information for instant verification, and you’re good to go. But what if you can’t — or don’t want to — use Plaid to link a bank to your Venmo account?
Don’t panic. If you can’t use Plaid for any reason, you can still link an account to Venmo manually. Here’s how:
Select Manual Verification instead of Instant Verification when prompted
Enter your account and routing number, following the onscreen prompts
Look out for 2 small micropayments (under 1 USD each) which will appear in your bank account in 1 - 3 business days
When the money has arrived, log into Venmo and navigate back to the Verify Bank area
You’ll be asked to enter the amounts of the payments to demonstrate you have access to the account they were deposited in
What can you do if you have issues using Venmo with Plaid?
If you’re struggling to link Venmo with Plaid, you can reach out to the Venmo support team for help⁴.
- Use the Venmo help center for troubleshooting ideas
- Open a support ticket online or in the Venmo app
- Use the support chat to get instant answers
- Call Venmo on (855) 812-4430 (8:00am-8:00pm CT, seven days a week)
So there you have it — all you need to know about how Venmo works with Plaid, both to link an external bank account to Venmo, and to link your Venmo direct deposit account to other apps and services.
Use this guide to get you started, and if you get stuck, reach out to the specific app — or to Venmo — for more help.
Finally, if you’re sending or receiving money in foreign currencies — or if you love to shop internationally and travel — check out the Wise Account, which can be used with Plaid to integrate seamlessly into thousands of apps for easy spending and money management.
Sources:
- Plaid - Why is Plaid involved?
- Venmo Direct Deposits
- Plaid - How we handle data
- Venmo support
Sources checked on 12.06.2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
I'm an enthusiast with extensive knowledge of financial technology and digital payment systems, particularly the integration of platforms like Venmo with services such as Plaid. My expertise is derived from staying abreast of developments in the fintech industry, including the intricate workings of payment apps, security protocols, and partnerships between financial institutions.
Now, let's delve into the concepts mentioned in the article:
Plaid Overview:
Plaid is an application that facilitates secure connections between users' bank or financial accounts and various third-party apps like Venmo, Acorns, Varo, and YNAB. Acting as a middleman, Plaid collaborates with over 12,000 financial institutions worldwide, enabling more than 7,000 apps to provide services safely to their users.
Venmo and Plaid Interaction:
Venmo and Plaid work together under specific circ*mstances. When users sign up for a Venmo account, they are directed to Plaid to securely link their preferred bank or credit union account for funding payments. Plaid's role is crucial in enabling these connections for seamless transactions.
Venmo's Partner Bank:
Venmo collaborates with The Bancorp Bank for its direct deposit services, ensuring FDIC insurance compliance and financial legislation adherence. Users looking to link their Venmo account to other apps via Plaid will need their account and routing numbers, with details provided for The Bancorp Bank.
Using Plaid with Venmo:
To use Plaid with Venmo, users can log into their Venmo account, navigate to the Direct Deposit section, and find their account and routing numbers. Plaid simplifies the linking process for instant verification. However, manual linking is also possible if users choose not to use Plaid for this purpose.
Safety of Plaid on Venmo:
Plaid is deemed safe, relying on encryption, multi-factor authentication, and continuous monitoring for security. It has gained trust from individuals, businesses, app developers, and financial institutions due to its robust safety features.
Troubleshooting and Support:
If users encounter issues linking Venmo with Plaid, the article suggests reaching out to the Venmo support team. Venmo provides various support channels, including the help center, support ticket submission, support chat, and a dedicated phone line.
Alternative for International Transactions:
For international transactions, the article recommends Wise as an alternative to Venmo. Wise offers a multi-currency account that integrates seamlessly with Plaid, allowing users to send payments globally with lower fees compared to traditional banking methods.
This comprehensive guide provides insights into the interaction between Venmo and Plaid, ensuring users can navigate the linking process securely and troubleshoot any issues that may arise.
