You hit “send” on your Venmo payment without verifying the phone number. Within seconds, you realize you need to cancel it because your money went to the wrong person. Is it possible to reverse a Venmo payment?
Can You Reverse a Venmo Payment?
Unfortunately, you can’t reverse a Venmo payment if you’ve sent the funds to the wrong person. The best you can do is request that the person return the money.
To do this, choose the Venmo account that you mistakenly paid. Enter the amount of the payment, and then click “Request.” Hopefully, the person will return the money. If you accidentally sent money to a friend, it might also help to reach out and explain what happened.
Venmo urges you to contact their support team if you’ve been the victim of a scam or if you’ve sent money to a stranger on accident. Provide the following:
- The username of the person you paid
- Payment amount
- Payment date
- Username, phone number, and email for the person you intended to pay
Venmo offers no guarantees you will get the money back but they will take steps to assist.
If you’ve paid the wrong business and had the “goods and services” toggled on before making hte purchase, you can request a refund.
How Long Will a Venmo Payment Be Pending?
Sending a payment to a username or email that isn’t associated with a Venmo account will be shown as Pending. The money will be deducted from your funding source, either your bank or Venmo account.
At that point, you can take back the payment. Simply click “take back” under “transactions.” You will receive a refund based on your original funding source.
Venmo will return the money to your account if you’ve used your balance to make the payment.
If you used a bank account for funding, you’ll see a deposit within three to five business days. If you used a credit card, you’ll see the refund posted on your statement within five to seven business days.
Can You Cancel a Venmo Bank Transfer?
You might realize you want to keep money in your Venmo account after completing a transfer from your bank. Or maybe you want to pay your Venmo credit card or split the bill with a friend at dinner using your Venmo balance.
Unfortunately, you can’t cancel a Venmo bank transfer. That’s because Venmo initiates the transfer almost immediately so you’ll receive your funds quickly. This is true whether you’ve requested an instant transfer or a standard, fee-free transfer.
It will take up to 30 minutes for an instant transfer to complete, and up to three business days for standard transfers.
Instant Transfers vs. Standard Transfers
The money will be available to you right away. That way there’s no holdup. You can still pay your Venmo charge, send money to a friend and make purchases.
On the other hand, with standard transfers, you’ll need to wait until the funds clear to spend them.
Before you initiate a transfer, double-check the amount, the bank account, and whether you want a standard or instant transfer.
How Do You Delete a Transaction on Venmo?
As you can see, it’s not easy to cancel or reverse most Venmo transactions. But you can hide transactions from family and friends. To hide past payments, log in to your Venmo account, click “settings” and “past payments.” Set past payments to “private.”
You can also set “all transactions” to “private” moving forward by changing your default privacy settings.
Always verify the last four digits of the person’s phone number before sending a payment to ensure you have the right person or business.
If you are transferring money out of your Venmo into your bank account, double-check the amount and the account.