Does Chime work with Venmo? [2021 Detailed Guide]

Chime and Venmo are two popular payment apps with millennials. If you are looking to make these two great apps work together and get the best of both, you are on the right post. It is indeed possible to make Chime work with Venmo. And in this post, we will cover all the steps to link your Venmo account to Chime account and transfer funds from Chime to Venmo account and vice versa.

While Chime is not a bank in itself (being a Fintech company), it offers online-only banking services in partnership with The Bancorp Bank and Strides Bank, N.A. The Chime app gives you all the features and services of a bank like direct deposit, mobile cheque deposit, ATM access,  etc.with almost no fees. Not to mention the FDIC insurance of upto USD 250K through its bank partners.

Another great benefit for non-tech savvy people is the ability to deposit cash in your Chime Account by walking in at retail locations including 7-Eleven, Walmart, Speedway etc (more than 90,000).  While this deposit is subject to some charges, it is a very convenient option. You can even withdraw funds at ATMs

Venmo app, on the other hand, allows you to send or split money with your friends with a cool social touch. Being owned by Paypal, it has a rapidly growing user base and keeps adding new features.

Chime is a banking app while Venmo is a mobile wallet that makes it easy to make payments to your friends and family members.

Being a mobile wallet, Venmo allows you to link your external bank account to its app and make payments directly from such linked bank accounts.

Does Chime work with Venmo?

Venmo App allows you to link a bank account or debit card through a verification process. And Venmo supports Chime among the many debit cards or bank that can be added as payment method on their app. So you can use Chime with Venmo by simply adding or linking your Chime debit card or bank account to Venmo app.

So, there are 2 ways in which you can link your Chime Bank Account to Venmo and make Chime and Venmo work together. The first way is to add the Chime Debit Card to your Venmo App (which gives you the advantage of instant transfer). The second way is to add a Chime Bank account to Venmo using Plaid verification.

So this is the method we can use to link your Venmo account with Chime and transfer funds from your Chime account to Venmo and vice versa i.e. from Venmo App to Chime Account.

Once you link your Chime Bank Account in the Venmo App,.  you can add funds to the Venmo Account or even cash out when needed using this linked Chime bank account or debit card. 

Infact, you can make payments using the Venmo app directly from such linked debit card or bank account without even adding funds to Venmo account. 

Also Read: How to Cash Out Venmo [Easy Ways]

Let’s look at the steps involved under both these ways in detail.

Steps to Link Chime Account with Venmo [using Chime Debit Card ]

You can add your Chime Debit card to your Venmo account by following the steps below:

  1. Tap the “☰” icon at the top on home page of the Venmo app
  2. Next select “Settings” from list of options
  3. Next tap on “Payment Methods” (bank icon)
  4. Tap “Add bank or card…” 
  5. Next Select “Card”
  6. Enter your Chime card details like card No., expiration date, security code, zip code etc.  manually or with your phone’s camera
  7. Next tap on “Add”

Steps to Link Chime Account with Venmo [Using Bank Account details]

If you’re in the app please follow the instructions below:

  1. Tap the “☰” icon at the top of the app
  2. Tap “Settings” and then “Payment Methods”
  3. Tap “Add a bank or card…” and then select “Bank”
  4. Select your preferred verification method which can be through
    1. Instant Verification” (online instant verification using Plaid)
    2. Manual verification (can take upto 3 business days where Venmo uses small micro debits to authenticate)
  5. Select the Bank account by typing in the bank name in the search bar. The bank account associated with your Chime Account will be either Bancorp Bank or Strides Bank. You can find this bank name on the back of your Chime debit Card

How to Transfer Money to Venmo from Chime?

Once you have linked your Chime Debit card or bank account in Venmo App, you can easily move funds to and fro from Venmo to Chime

  1. Tap on the “☰” icon on top right to open menu from Venmo Home Screen
  2. Select “Manage Balance” from the list of options (Noted: This option is visible only when you have applied for and received a Venmo Debit Card)
  3. Next Tap “Add Money“ (move money to Venmo account)
  4. Enter the amount you want to transfer and confirm
  5. Choose the Chime bank account from where you want to transfer money from
  6. Review details and tap “Add Money“

How to cash out Venmo funds to Chime (transfer money from Venmo to Chime)

Once you have linked your Chime Debit card or bank account in Venmo App, you can easily move funds to and fro from Venmo to Chime

  1. Tap on the “☰” icon on top right to open menu from Venmo Home Screen
  2. Select “Manage Balance” from the list of options (Noted: This option is visible only when you have applied for and received a Venmo Debit Card)
  3. Next Tap “Transfer to Bank“ (move money to Venmo account)
  4. Enter the amount you want to transfer and confirm
  5. Select the linked Chime bank account or Chime Debit Card
  6. Select transfer option “Instant” (transfer occurs within 30 minutes and subject to 1% fees upto max. $10)  or “1-3 Biz days” (which is free but takes 1-3 business days). If you are transferring to a linked Chime Debit card, it will allow only the “Instant Transfer Option”
  7. Review details and tap “Transfer to Bank“

If you pay for an amount that is less than or equal to the amount sitting in your Venmo balance, it’ll be fully funded by your Venmo balance. If the amount to be paid is greater than your Venmo balance, it will be funded fully by your linked payment method ie.. Chime bank account or Chime Debit card.

To check which payment method is being used to fund the payment, check the bottom of the screen when you enter the payment details.

How long does Venmo take to transfer to Chime?

If you have linked your Chime Debit Card to the Venmo App, you can use the instant transfer option in Venmo to cash out your Venmo funds to your Chime Card. This is subject to a 1% charge (up  to a maximum $10) but you get the benefit of speed and instant transfer.

On the other hand, if you use the 1-3 Standard Bank Transfer option, it will take 1-3 working days for money to move to your Chime Bank Account from Venmo.

Also Read: How to Deposit Check with Chime [Easy Steps]

Wrap Up

So you can conveniently link your Chime Bank Account to the Venmo App, using either of the above ways. I prefer to link Chime Debit Card to Venmo App, which gives the benefit of instant transfer. This way you can enjoy the benefits of moving funds between these apps.

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