Can You Have 2 Venmo Accounts? (Updated 2022)





Venmo is one of the most popular smartphone apps for money transfers.


People can pay each other for services rendered, friends can get even on dinner bills, and customers can purchase retail items at certain stores.

With such a lucrative service, people might want to open several Venmo accounts for personal and business purposes.




Can I Have Two Venmo Accounts?

thinking woman


Yes, you can have two Venmo accounts.

You do not even need to set up a new phone number or email address to do this.


You do not even need to link it to a separate bank account.

It is not against Venmo’s policy to own and operate two accounts.

You can create your second account through the Venmo app, but there are conditions to this.

You can only have two Venmo accounts if one of them is a joint account that you share with another user, or if your other account is a business profile.

In other words, you can have one business account and one personal account.

Here is another catch.

Your Venmo account can only be associated with one phone number.

Though it can be linked to multiple email addresses, a unique phone number must be linked to each Venmo account.

Be careful if you try to register for an account with the same phone number as your other account, because it may result in the deletion of your first account.

You should be able to check if your phone number is already associated with a Venmo account by clicking “settings,” then “profile” and “accounts” and choosing your username.

That screen should show you which mobile number you used to generate your account.


How Can I Create My Second Venmo Account?

Pointing on venmo


First, sign in to your Venmo account (if you have one already).

Then, open your settings tab on the top right of the home screen.

Under “Accounts,” click on “Profile.”

Then, click on your username.

There should be an option at the bottom of the page to “Create another account with this email address.”

Follow the instructions on the screen and you should be able to open and operate your second Venmo account.


Can I Have A Joint Venmo Account?

Venmo on phone


Yes, you can operate a Venmo account in conjunction with another person.

This might be a good option for business partners who send and receive money from their Venmo account or for couples who have joint bank accounts.

Just note that each account is associated with one phone number and one email address, so people operating joint accounts will need to choose one person’s contact information to be associated with the account.


Can One Bank Account Be Used for Multiple Venmo Profiles?


This is another good question for couples with merged bank accounts or businesses who use a business account.

Yes, you can link multiple Venmo accounts with the same bank account, but you cannot link more than two Venmo profiles to the same bank account.

For example, three business employees cannot have three separate Venmo profiles linked to the same Venmo account.

Similarly, parents and their children cannot all have separate Venmo profiles linked to the same account.

Each payment method used on Venmo can only be linked to two accounts at once.


Can I Link Multiple Payment Methods To My Venmo?

Thinking man


Yes, this is one of the best things about Venmo.

You can link multiple bank accounts, credit cards, debit cards, PayPal, you name it!

All you must do is add a payment method in your settings.

The settings option looks like three horizontal bars in the top right corner of the screen.

Then, select “payment methods” and choose “add bank or card.”

This should bring you to a screen where you can put in the relevant payment information.

If you want to add a bank account for direct withdrawals, choose “bank”, or choose “card” if you want to add a card.

There is no transaction fee on debit cards.

But, be warned that there is a 3% fee on credit cards.

If you are adding a bank account, you can choose to add it instantly or manually.

If it is instant, you can sign into your bank account through the Venmo app.

Otherwise, you will have to manually input your routing number and account number.

Don’t be alarmed if you see a $1 charge in your bank account from Venmo.

This is just Venmo’s way of testing that your account has been added correctly.

Venmo will deposit the $1 back to you once your account has been verified.

There are a few other shortcuts to adding a new payment balance, outside of the settings menu.

Another way is when you go to transfer your balance to an external account, you can choose to add your payment information there.

Alternatively, when you are about to pay for something, an option will come up where you can choose which payment method you want to use.

At the bottom of that menu, there should be an option where you can add a new payment method.


Can I Have Two Different Venmo Names?

Holding Venmo


The short answer is yes.

You can have different Venmo names, for personal and business accounts.

People who already have a Venmo account can choose to use their existing username for their new business account, or they can opt to choose a new username for the second profile.


Is It Possible To Have Just A Business Account?

Thinking man


Unfortunately, no.

If you open a business account, you will also need to have a personal account.

It is possible to have a personal account without opening a business one.


What Is The Incentive Of Having Two Separate Venmo Accounts?

Venmo website


Having two Venmo accounts is crucial for people who like to keep their personal and business expenses organized and separate.

Business expenses are taxed differently than personal ones, so it would be wise to use two separate accounts for legal purposes.

Also, having a business account will allow you to share it with your business partner, as an easy way to share communication about the company’s expenses.

Venmo for business has become extremely useful because the transactions can also sync with other financial software like Quickbooks.

The transaction will show in the ledger as a Venmo transaction, complete with a transaction number and dollar amount.

All the user needs to do is input what the transaction was for and the category of the expense or payment.


How Secure Is Venmo?

Holding phone with venmo


Well, it’s complicated.

Though Venmo is relatively secure and known for its double-end data encryption technology, it is not entirely foolproof.

Encryption protects your account information from being leaked, so no one else can access your account and wrongfully send or receive money.

However, if your phone gets stolen or your password gets leaked, it is possible for hackers to enter your Venmo account.

One user reported having his phone stolen on the street, and the robber then sent himself thousands of dollars via Venmo.

Venmo was unable to get the money back for the sender, and the sender was barred from using Venmo because of the breach.

One way to eliminate potential problems is to add friends to your Venmo account to make sure that you are paying the right person.

Unfortunately, if you pay the wrong person, Venmo does not guarantee that they will be able to get your money back, so you will have to rely on the good faith of the payee to return your money to you.

Many Venmo profiles have a picture, so you will be able to check if you are paying the correct person.

If you want to add more security to your account, Venmo gives users the option to create a PIN code and a thumbprint scan or Face ID for the phones that allow it.

This means users will need to verify their identity in some other way to gain access to the account, thereby preventing illicit users or hackers from sending or receiving money from someone’s account.

Users should always be aware that with any form of mobile app or technology, there is always the risk of a data breach.

It is wise to not keep too much money in your Venmo balance and to transfer it to your bank when it gets over a certain amount.

This past May, U.S. President Joe Biden’s Venmo account was leaked, which revealed the privacy vulnerabilities of the payment network.

Since it has the social media element, several of Biden’s private social connections were revealed, contributing to a national security issue.

His Venmo feed showed that he had sent money to his grandchildren and had a lot of his extended family and senior White House officials in his Venmo friends’ list.

It is impossible to hide your friend’s list on Venmo.

As soon as this was leaked, the President’s Venmo account was deleted.


If Venmo Is Free, How Do They Make Their Money?

Thinking man


Venmo makes money in several ways.

One of the main ways is instant transfer fees.

If you receive money in your Venmo account and want it transferred to your bank account immediately, you can do so.

Venmo charges a 1% fee for this, or you can wait for one to two days if you do not want to pay the fee.

If you have a credit card linked to Venmo, there is also a fee associated with that.

Credit cards incur a 3% processing fee.

The fee comes from the credit card companies, not Venmo, but the user is responsible for paying them.

Merchants who accept payment through Venmo must also pay a fee.

Since the app is designed for peer-to-peer transactions, merchants do not fall into this category and must pay the price.

Merchants must pay a 2.9% transaction fee plus an additional 30 cents for each transaction accepted through Venmo.

Venmo also offers its own branded debit card, which is linked to your Venmo balance and can be used to pay for things in stores, much like regular debit cards do.

It is a Mastercard and can be used at any ATM or merchant where Mastercard is accepted.


What Is Venmo Anyway?

Venmo app on phone


Venmo is a “peer-to-peer” (P2P) payment app that allows you to send and receive payments for free.

You can connect your checking or savings accounts or credit and debit cards to your account.

You can then choose which payment method you would like to use when transferring or sending money.

It is especially handy when you do not have the exact amount of cash available for your share of the dinner tab or need to pay someone for a service like housecleaning or babysitting.

You can even use it to send birthday money as an easier and faster alternative to a paper check.

It started in 2009 as a text message payment system.

The famous Venmo app was launched in 2012.

It was quickly bought by Braintree, another mobile payment application, and then, it was acquired by PayPal.

There are seasonal competitions and rewards for Venmo users.

For example, during the Chinese New Year, Venmo offered a promotion where, if you sent money as a gift through the app, you could win lucky money.

Other promotions come from retailers, such as Chipotle, that periodically offer sweepstakes for free food if payment is done via Venmo.

In recent years, Venmo has started to partner with more retailers and servicers like Gap, Uber, and Lyft.

You can connect Venmo to your rideshare app to pay with your Venmo balance, or Venmo will automatically deduct payment from your linked bank account.

If you use Venmo to pay inside a store, there are often cash back incentives and other rewards.

The best thing about Venmo is that it is free.

It is an easy alternative to cash when you need to request or send money.

It also allows you to pay organizations and vendors without going to their location to pay in person.

While several other services charge transaction fees, Venmo is free (if it is for personal use).

Venmo also has a fun side and operates like a social media platform where you can view your friends’ recent transactions, and recent transactions from strangers around the world.

However, it is optional to share your own transactions.

You can choose to always make your content private, or you can choose to make certain transactions private when you are sending and receiving money.

What happens if my first account gets deleted by making a second Venmo account?

If your first account gets deleted, you can contact Venmo customer service at [email protected].


How Does Venmo Work With Taxes?

Top view of wooden blocks arranged in taxes word


There are no taxes levied on peer-to-peer transactions, such as paying your friend back for a coffee or charging someone for a babysitting gig, but if you run your business on Venmo, there will be taxes on transactions that surpass a certain amount.

You will have to report this on your tax returns.

In the most recent tax year, the threshold was $20,000 in gross payments and more than 200 transactions in the year.

Venmo has also started to charge tax on peer-to-peer transactions that are captioned to seem like a service rendered.

For example, if you charge a friend for gas money and write “car ride,” your friend might receive a bit less than the full amount, because Venmo might think it is a service rendered through a business.

Therefore, if you’re just doing peer-to-peer transactions, be careful how you write your captions.



Venmo is a revolutionary method of payment in the 21st century.

It makes it easy to split the bill among friends and ask for money without having to deal with cash and exact change.

Venmo has become so popular for personal use that it has made its foray into the business world with business accounts.

Users can only have two Venmo accounts if one of them is personal and one of them is a business account, or one is a joint account.

A user cannot have two personal accounts or two business accounts, and all business accounts must also be associated with a personal account.

If you run your business through Venmo, you will still be responsible for reporting your income to the IRS if you make over a certain amount.

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