Getting Started with a Venmo Teen Account

To get started with a Venmo Teen Account, you'll need to be at least 13 years old and have a parent or guardian who is already a Venmo user.

Your parent or guardian will need to sign up for a Venmo account and add you as a child user.

This will give you access to a Venmo Teen Account, which has some restrictions to ensure your safety.

You'll be able to send and receive money, but you won't be able to link a credit or debit card to your account.

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A Venmo Teen Account has limited functionality compared to a regular Venmo account. You can use the Venmo Teen Debit Card, set up Direct Deposit, and send and receive Person-to-Person payments with friends and family.

Teens can also add payment methods to their Teen Account, but parents or guardians will be notified when a Teen Account sends or receives money and when a new payment method is added. The following actions are not available for Venmo Teen Accounts, including signing up for the Venmo Credit Card and using Venmo's Crypto features.

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Here are the available features for a Venmo Teen Account:

The parent or guardian will be notified when a Teen Account sends or receives money and when a new payment method is added.

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A Venmo Teen Account has limited functionality compared to a regular Venmo account. You can use the Venmo Teen Debit Card, set up Direct Deposit, and send and receive Person-to-Person payments with friends and family.

You can also use the Venmo app, but with limited features. The parent or guardian will be notified when a Teen Account sends or receives money and when the Teen Account adds any additional payment methods.

To receive payments to your Venmo Teen Account, you can scan the QR code or send a payment to the phone number or email linked to the account. By default, Teen Accounts are not searchable by users who are not their friends.

Here are the features you can use with a Venmo Teen Account:

Some features are not available for Venmo Teen Accounts. These include signing up for the Venmo Credit Card, creating a Business or Charity Profile, using Venmo's Crypto features, receiving payments for goods & services, and cashing a check.

To set up a Venmo Teen Account, you'll need to follow the steps outlined in the Venmo app. Make sure your app is updated to access the option to create a teen account.

Parents or legal guardians must sign up for a Venmo Teen Account on their teen's behalf. You can do this by tapping your name in the top left corner of the home screen and tapping "Create a teen account."

To finish setting up your Teen Account, your teen will need to click the link you texted them, tap Get Started, and follow the prompts to add their phone number, verify their phone number, and create a username and password.

If you're having trouble finding the option to create a teen account, check if you have the latest version of the Venmo app. If not, update your app to access the option.

Once you've created the teen account, you can invite your teen to use the Venmo app by sending them an app invite link via text. They'll need to confirm their number using a code, add personal information, and create a username and password to activate their account.

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Here's a step-by-step guide to setting up your teen's Venmo account:

Remember, you'll receive the teen debit card, which you can activate online through your Venmo app.

You can add a bank or card to your Venmo account for sending payments or making in-store QR code purchases.

To add a bank, go to the Me tab, then select Wallet and tap Add a bank or card. Select Bank and choose your preferred verification method.

To add a card, go to the Me tab, then select Wallet and tap Add a bank or card. Select Card and add your debit card details.

Your parent or guardian will receive notification that you have added the bank or card to the Teen Account.

Here's a step-by-step guide to adding a bank or card:

Remember to double-check with your parent or guardian that the card or bank account you want to add to Venmo can be used.

The Venmo Teen Debit Card is a convenient way for teens to make purchases and manage their money. It's linked to a Venmo Teen Account, which can be funded by parents or guardians.

The debit card can be used anywhere Mastercard is accepted in the U.S. and its territories. However, some merchants may be restricted due to their merchant category codes.

The Venmo Teen Debit Card has no monthly fee, purchase fee, or in-network ATM withdrawal fee. Out-of-network ATM withdrawals will incur a $2.50 fee. ATM balance inquiries are also free.

Here's a breakdown of the debit card's fees:

Note that the ATM limit for Teen Accounts is $400 per day, which is lower than the standard Venmo ATM limit.

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The Venmo Teen Account has some great benefits for teens and their parents. One of the main advantages is that there's no monthly fee, making it a cost-effective option. This is similar to many banks' standard no-fee teen debit accounts.

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The account also comes with a wide fee-free ATM network through its partnership with MoneyPass, providing teens with more convenient access to cash. You can add funds to the account by Venmo transfer or direct deposit, making it easy to manage.

Here are some key pros and cons to consider:

Venmo for Teens is a great way to introduce your kids to the world of personal finance. It's free to use, with no monthly fees. This is similar to many banks' standard no-fee teen debit accounts.

The app comes with parental controls and safety features, giving you peace of mind while your teen learns to manage their money. You can also use it to teach your kids about online scams and how to protect themselves.

One of the best features of Venmo for Teens is that it encourages open communication about personal finance. This can help your kids become money-smart adults. The key to successfully using a product like Venmo for Teens is to have regular conversations with your kids about money.

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Here are some pros of Venmo for Teens:

Venmo for Teens also promotes financial conversations and gives families ways to build money management skills together. Research shows that more than 50% of parents want to use an app to start these conversations, and more than 45% of teens want to learn about personal finance from an adult in their lives.

One of the main cons of the Venmo Teen Account is that it doesn't offer rebates on ATM fees, so if your teen uses ATMs outside the network, you won't be able to recoup those costs.

You'll also need to consider that the Venmo Teen Account debit card can only be used in the U.S., which may limit its usefulness for international transactions.

Another con is that you can only add funds to a Venmo Teen Account by Venmo transfer, direct deposit, or by someone else transferring funds via Venmo. This is less flexible than other teen accounts that allow remote check deposit, bank transfer, and debit card transfer.

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Some teens may find it too easy to make impulsive purchases or spend beyond their means using the app. They might also feel pressured to spend money or split costs with friends, even if they can't afford it.

Additionally, some users may leave their Venmo transactions public, which can include explicit, offensive, or unsuitable content for younger teenage users.

The teen account could also be hacked, although you'll have the ability to lock or close the account if that happens. Scammers may take advantage of teens' limited experience, tricking them into fraudulent transactions.

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