Venmo Frequently Asked Questions
- What is Venmo?
- Do I need to open an account with Venmo to deposit?
- Can I use my existing Venmo account?
- How do I get a Venmo account?
- How do I fund my Venmo account?
- How do I fund my account using Venmo?
- Can I set up recurring payments with Venmo?
- Do I need to login to Venmo each time to make a deposit?
- Are there any fees associated with Venmo?
- How long will it take for my transfer to reach my account?
- Can I withdraw to Venmo?
- Is it safe to use Venmo?
- Which currencies does Venmo transact in?
- Can I withdraw more than my initial deposit using Venmo?
- Can I withdraw via another withdrawal option other than Venmo?
The below points are specific to BETMGM US labels.
- I have not reached my deposit limit. Why am I unable to make a deposit?
- Why is the deposit time displayed on the Payment History page different from the time I made the deposit?
1. What is Venmo?
Venmo is a fast and secure online payment solution which can be used as a funding source and payout method for your BetMGM account.
2. Do I need to open an account with Venmo to deposit?
Yes. You must open a free account in order to make a deposit using Venmo. Signing up with Venmo is fast and easy: Open your account today.
3. Can I use my existing Venmo account?
Yes. You can fund your BetMGM account from your existing Venmo account.
4. How do I get a Venmo account?
5. How do I fund my Venmo account?
You need to link your bank account as a funding source for Venmo transactions. To link your bank account in Venmo please follow the steps listed here. When you fund your BetMGM account (see step 6) either your bank account or your Venmo balance(depending on if your current Venmo balance covers the deposit) will be used as the funding source for the transaction.
6. How do I fund my BetMGM account using Venmo?
- Log in to your account.
- Go to the "Cashier" tab and select "Deposit".
- You will now see the Venmo logo. To select this deposit option simply click on the icon.
- Enter or select your deposit amount and bonus code (if applicable), then click on "Deposit". You will now be re-directed to Venmo where you'll be asked to log in to your Venmo account and confirm the payment by selecting your payment method and clicking "Pay now". You will receive instant confirmation of the transaction when you've completed this process. You'll then be redirected to the "Cashier".
7. Can I set up recurring payments with Venmo?
Unfortunately, we do not currently support recurring payments with Venmo. Due to regulatory requirements payments need to be client initiated.
8. Do I need to login to Venmo each time to make a deposit?
No. Your Venmo account will be securely stored so future deposits will not require you to authenticate your Venmo credentials.
9. Are there any fees associated with Venmo?
There is no charge for deposits made using Venmo.
10. How long will it take for my transfer to reach my account?
It takes 10-20 seconds to approve if you already have a Venmo account. You can fund your Venmo account by Electronic Funds Transfer from your bank account.
11. Can I withdraw to Venmo?
Yes, to withdraw using Venmo you need to have made a successful deposit with your Venmo account. If you have made a successful deposit, visit the cashier, select the "Withdrawals" tab and then select the Venmo logo. The amount of your withdrawal will be sent electronically to your Venmo account after our internal procedure has been completed.
12. Is it safe to use Venmo?
Absolutely! With Venmo, you can make completely secure online banking transactions.
13. Which currencies does Venmo transact in?
Venmo transacts in USD only.
14. Can I withdraw more than my initial deposit using Venmo?
Yes, you may withdraw more than your initial deposit via Venmo.
15. Can I withdraw via another withdrawal option other than Venmo?
Yes, however, if Venmo is one of multiple deposit methods you have used to fund your account and is also your highest value deposit method during the last three months, you will be required to withdraw via Venmo the amount equal to the cumulative deposits made via Venmo before being able to request withdrawals via other withdrawal options. In the event that the total amount deposited is equal a first in, a first out rule will apply. For example, if the first deposit made using Venmo is of $500 and the second deposit made using credit card is of $500, you will again first be required to withdraw an amount equal to $500 using Venmo before being able to withdraw using any other option.
The below points are specific to BETMGM US labels.
1. I have not reached my deposit limit. Why am I unable to make a deposit?
It’s possible that you may have reached the limit based on a deposit you made in another state. All BetMGM deposits are included when we apply the Responsible Gaming Deposit Limit to your account. The total of all deposits cannot exceed the limit that you have specified.
2. Why is the deposit time displayed on the Payment History page different from the time I made the deposit?
All deposits are displayed in EST (Eastern Standard Time).