Are you dissatisfied with Venmo and want to know how to close your Venmo account? You’ve come to the right place. Here’s the short answer:
Go to settings in your Venmo app and choose “Account” under “Preferences”. Here, you’ll find the option to “Close Venmo Account”. Deleting your personal account will also close your business profile.
Keep on reading to find out what you need to do before you delete your Venmo account.
How to Delete Venmo Account
Deleting or closing a Venmo account is rather straightforward and can be done with a couple of taps on your smartphone.
Unlike traditional banks, most digital banks don’t charge a fee for closing your account. You’ll be happy to know that it’s also free to close your Venmo account. Here’s how to do it:
- Open the Venmo app
- Open the “You” tab (the single person icon)
- Tap on the Settings gear in the top right
- Under “Preferences”, choose “Account”
- Tap on “Close Venmo Account”
- If you transferred any remaining money from your Venmo account and have downloaded your most recent statement, tap on “Next”
- Confirm by tapping on “Close Account”
Or, if you prefer doing this on your computer:
- Sign in to your Venmo account
- If prompted, enter the code sent to your phone
- Select “Settings” from the menu on the left
- Click on “Close my Venmo Account” at the bottom of the page
- If you transferred any remaining money from your Venmo account and have downloaded your most recent statement, click on “Next”
- Confirm by clicking on “Close Account”
How to Close Venmo Business Account
If you have a business account, closing your personal account will close and delete your business profile as well.
However, you can close your business account without it affecting your personal Venmo account. In this case, you can still use Venmo for personal use.
To close only your business account, you’ll have to contact Venmo.
A couple of things to note here. Once you delete your business account, you won’t be able to reactivate it. It’s final.
The company also won’t let you create a second business profile associated with your personal account.
Before Closing Your Venmo Account
Although it’s easier to close your Venmo account than it is to close a traditional bank account, there are a couple of things you need to do beforehand.
First thing is to transfer any funds from your Venmo account to your bank account. This is to avoid the hassle of contacting their customer support because all funds that remain in your Venmo account at the time of account closure won’t be obtainable to you without contacting them.
How to Transfer Money to Bank
If you’ve never done it before, here’s how to transfer money to your bank account.
- Open the Venmo app
- Open the “You” tab by tapping the single person icon
- Tap the “Add or Transfer” button
- Enter the amount you’d like to transfer to your bank account
- Tap “Instant” (for a small fee) or “1-3 Biz Days” (free)
- Select your chosen bank account or debit card
- Confirm your transfer details
- Tap the “Transfer” button
If you need to add a bank account to Venmo, here’s how:
- Go to the “You” tab
- Tap the Settings gear
- Tap “Add a bank or card…”
- Select “Bank”
- Select the instant verification method
- Select your bank
- Provide the username and password you use for online banking
You can also add a debit card to Venmo. The process is very similar.
Read also our post Can You Send Money From Venmo To PayPal? [and vice versa] to find out if you can send your money to PayPal.
How to View And Download Transaction History
It’s also recommended to check and download your complete transaction history before closing the account. To do this, you’ll have to log in to your Venmo account from a web browser (not the Venmo app). Click on “Statement”.
You can download your whole transaction history by clicking the “Download CSV” button.
But what about your tax documents? Will you receive them when you close your Venmo account?
If you received enough payments to reach the reportable thresholds before you closed the account, you will receive tax documents for that activity in the mail.
Venmo Credit Card
If you also have a Venmo Credit Card, you can’t close your Venmo account unless you first close the credit card and pay off its entire balance.
Why Aren’t Some Venmo Users Happy With The App?
Unfortunately, most digital banks and financial apps in general, lack one thing – good customer support.
Is it because they’re growing so rapidly that they can’t keep up with hiring and training new staff, or is customer service just an afterthought for them, we’ll never know, frankly.
What we do know is that some (many?) users are dissatisfied with Venmo. Some of the discontent comes from not understanding how digital banks work (transactions are usually final), or how many scammers there are that are targeting these apps.
On the other side, there are many complaints that are warranted and have a footing in real world issues like unresponsive customer support members.
If you decided to leave Venmo for good, you might be looking for alternatives. You can find the best digital bank accounts here or continue reading about our recommendations.
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Venmo isn’t the best financial for some users and for that reason, we showed you how to close your personal and business Venmo account. We also suggested some solid alternatives if you’re in the market for a new bank account.
Whatever your reason may be for wanting to close your Venmo account, make sure to transfer all the money left in your Venmo balance to your bank account or to someone else.
Additionally, be aware that closing your personal Venmo account will terminate your business account as well if you have one.