If you haven't already created an account on Laso Finance, you can follow our guide to doing so here. If you have already created an account, but haven't funded it yet, you follow our steps on making your first deposit here.
Step by step guide to making your first Venmo transfer
From the Laso Finance Dashboard, you can select Venmo from a couple of places, or you can click the button below to go directly to the product:
You can click on the Venmo tile on the dashboard, or at any time you can choose the 'Send Money' option and select 'Venmo' from the drop-down menu.
Now you will be on the Venmo product page, you will be shown details of the minimums, maximums, fees and how long it takes to arrive at the receiving account:
Before your first Venmo payment, you must verify your Identity to be able to use the product and send your first payment.
Choose Computer or Phone, then select Verify identity.
Clicking 'Verify identity' will allow you to continue on Computer.
Choosing 'Phone' will give you a QR code to scan with your phone's camera to be brought directly to sumsub:
Next you will be brought to sumsub to complete the verification:
Accepted documents are:
Passport
Driver's license
ID card
Residence permit
For detailed instructions for completing the verification check through sumsub you can follow their guide here: Sumsub verification stepsPlease note: You will only ever have to complete this verification once with sumsub to use any other products requiring this additional verification, or, of course, to use Venmo again in the future.
If another product/provider requires your verification, sumsub will share a token, with your permission, to confirm the verification check on the other providers side meaning you will not have to go through verification a second time.Once you have completed the verification, which should be almost instant, you can proceed with your first Venmo transfer.
Required details are:Valid U.S. phone number
(note that Venmo usernames like @johndoe aren't supported)
Optional information:
Recipient name
Finally enter the amount you wish to transfer and confirm the fees and total:
Please note: The minimum fee is $1.50, so for transfers from $10-$30.50, the fee amount will be $1.50 rather than 4.9$ of the amount you are sending.
Once you are happy with the amount and fee, you click 'Send' to initiate the transaction.
The funds should arrive at the receiving account within a few minutes, on rare occasions, it can take up to 15 minutes or the transaction status may take a little to show complete, in these cases make sure to check in on the recipient account to see if the funds have been received.When you make a transfer, your recipient will be added to your 'Address Book', here you can save 5 recipient accounts so that you can easily and quickly make transfers again in the future:
You can check your transactions progress and your individual past transactions by clicking the 'Transactions' tab:
