Venmo has become a hugely popular way for people to send money to friends and family. The app makes it easy to split bills, pay someone back, or send money as a gift.
However, one feature Venmo lacks is the ability to set up recurring or automatic payments.
So can you schedule recurring payments on Venmo?
The short answer is no.
In this article, we’ll explain why Venmo doesn’t allow recurring payments and discuss some alternative options you have for setting up automatic transfers.
What Are Recurring Payments?
Recurring payments in Venmo, also known as automatic payments or scheduled payments, are transactions that are set up to process automatically on a regular schedule.
For example, you could set up a recurring payment to:
- Pay your monthly gym membership fee
- Send weekly allowance to your child
- Pay your share of utilities to your roommate
- Make automatic rent payments to your landlord
The payment would be withdrawn from your account or charged to your card automatically each month, week, or other frequency you specify, without needing any additional action on your part.
Recurring payments are extremely convenient for bills and expenses that repeat regularly. They help ensure payments are made on time every month and remove the need to remember due dates or manually make the payment.
Why Doesn’t Venmo Allow Automatic Recurring Payments?
Unfortunately, Venmo does not currently offer users the ability to set up recurring or automatic payments. Every payment on Venmo has to be initiated individually in the app.
There are a few reasons why Venmo may not allow recurring payments:
- Venmo is designed for peer-to-peer transactions rather than bills – The primary purpose of Venmo is to send money to friends and family. Recurring payments are more useful for bills and subscriptions.
- Security concerns – There are greater risks with automatically withdrawing funds versus one-time transfers. This may be why Venmo requires active approval of each payment.
- Technical limitations – Venmo’s system may not be set up to support recurring payments right now.
- Encourages active app usage – By requiring manual payments, users have to actively open the Venmo app regularly, which benefits the company.
So for whatever reason, the option is just not available at this time. Venmo has given no indication on its roadmap about ever adding scheduled payments as a feature.
Alternative Apps for Automatic Recurring Payments
If you need the ability to set up repeating transfers or bill payments from your Venmo account, here are some alternative services you could use:
1. Your bank
Most banks allow you to schedule recurring payments and transfers from your bank account, including the account linked to your Venmo. You can set up automatic bill pay there.
2. PayPal
For recurring payments to another individual, you can use PayPal which owns Venmo. Add your bank account or debit/credit card to your PayPal wallet, then schedule automatic transfers.
3. Cash App
Cash App is another peer-to-peer payment app that offers a recurring payment feature similar to PayPal.
3. Subscription services
For recurring payments to companies, you may be able to pay directly via their website or app rather than through Venmo. Services like Netflix, Spotify, gym memberships, etc. allow automatic billing.
4. Bill pay services
Apps like Wise let you centralize and automate all your recurring bills and payments. These services can schedule payments from your Venmo balance.
5. Calendar reminders
Not a service, but simple calendar alerts can be an easy way to remember when to make your regular Venmo payments each month or week. Just set a recurring reminder for the amount owed.
While automatic payments would be a useful improvement for Venmo, there are thankfully quite a few ways to schedule recurring payments without this feature. The options above can help you avoid late fees and simplify your monthly bills.
Can You Schedule One-Time Payments on Venmo?
In addition to recurring payments, you may want to know if you can schedule a future one-time payment on Venmo rather than sending money right away.
Unfortunately, Venmo does not have an option to schedule a payment for a specific future date either. All transactions begin processing as soon as you complete them in the app.
The only way to simulate a future payment is to wait until the date you want the money sent and initiate the payment then. But there is no built-in scheduling tool.
This is likely due to the same technical and security limitations discussed above. Venmo wants real-time control over outgoing transfers.
If you need to arrange a future one-time payment (like paying your share of an upcoming group trip), you will have to remember to send the Venmo transaction on the intended date. Or look into the PayPal and Cash App alternatives which do enable scheduling transfers in advance.
How to Set Up Faster Payments with Venmo
While you can’t automate payments on Venmo, there is a useful feature that can streamline your experience for frequent transfers to the same recipients.
You can mark certain Venmo friends and family as “trusted” contacts. This will remove the need to request and wait for payment authorization each time you send money to those trusted individuals.
To try it out:
- Open your Venmo account and find the contact in your friend’s list
- Tap “Trust” next to their name
- Confirm you want to trust the user to skip verification steps
Once trusted, you’ll be able to instantly send or request money with that contact going forward. Payments will be processed right away without the normal authorization process.
For roommates, partners, or close friends on Venmo, trusted contacts can save time and allow practically “instant” payments between you. It’s the closest option to streamlining payments within the Venmo app.
You can also remove any user from your trusted contacts list in the future if you want payments to require authorization again. Just tap “Untrust” on their profile.
Pros and Cons of Venmo for Recurring Payments
Before using any money transfer platform for recurrent payments, it’s important to weigh the key benefits and drawbacks. Here are some pros and cons specifically for using Venmo:
Pros:
- Easy peer-to-peer money-sharing
- Smooth transfers between Venmo friends
- Trusted contacts remove authorization steps
- Link bank account and debit/credit cards
- Free between Venmo users (3% fee for card payments)
Cons:
- No automatic payment feature
- Can’t schedule one-time future payments
- Weekly limits on amounts transferred
- Potential security issues without recurring limits
- Need to manually make every payment
Overall, Venmo remains one of the simplest ways to pay individuals back or share expenses between friends. However, the lack of recurring payment options limits its utility for regular bill payments and subscriptions.
Also read: 19 Restaurants That Accept Venmo Near Me
Should You Use Venmo for Regular Payments and Transfers?
Venmo can still be an effective tool for frequent money transfers in certain situations:
- For infrequent transfers below your weekly limit, like paying a friend back for dinner.
- To quickly send one-time funds in real-time, like your share of the electric bill.
- Between trusted contacts you automatically Venmo each month with no approval wait.
However, for vital bills and services that require more reliability, structure, and billing tracking – a dedicated automatic payment setup through your bank or bill pay service is likely preferable over manual Venmo payments.
The right approach depends on your specific financial situation and payment relationships. However, evaluating your options can ensure you choose the most efficient transfer method.
Bottom Line
While Venmo is designed for quick peer-to-peer money sharing, its system currently lacks any functionality for recurring automatic payments or scheduled future transfers.
You will have to manually make each Venmo payment as needed from within the mobile app. Alternatives like PayPal, Cash App, or your bank’s bill pay can set up recurring payments.
However, Venmo remains an effective way to share one-time expenses and reimbursements. The “trusted contacts” tool can remove payment authorization steps between close friends to enable quick, seamless transfers that mimic automatic payments for your daily or weekly Venmo transactions.
