A business account must be your second account if you want to have two personal Venmo accounts. There can be no more than one account per person or business. A Venmo business account can be created through the app, however, there are fees and conditions.
Creating a second Venmo account does not require a new phone number or email address, though you can use the same number only once. Separate bank accounts are not required either. Both Venmo accounts can be linked to the same bank.
There is, however, a limit of two uses. Owning and operating two Venmo accounts is not against the company’s policies. You can only associate one phone number with your Venmo account. Each Venmo account must be linked to a unique phone number, even though it can be linked to more than one email address.
Try registering for an account with the same phone number as your existing account carefully, as it may result in your existing account being deleted. Click on “settings,” then “account,” then “profile.” To determine whether your phone number already belongs to Venmo, click “account,” then “profile.” When you generate your account, you should see what mobile number you used.
Sharing a bank account with another person allows you to have separate Venmo accounts attached to it, and you can send and receive money through Venmo and transfer money to the bank account you share.
When you share a bank account with another Venmo user, you’re both responsible for it. Both Venmo accounts will stop working if a bank account becomes invalid on one.
Your first Venmo account will receive a notification when a second account is linked to your bank account or debit card. You should anticipate this message when you are setting up a new Venmo account at your bank for a new Venmo user.
We recommend contacting Venmo support immediately, then talking to anyone with your bank account details, and, if necessary, calling your bank to temporarily freeze your account if you receive this notification unexpectedly.
What is the process for creating a second Venmo account?
You must create a business profile if you already have a personal account.
Venmo business profiles can be created by following these steps:
- If you already have a Venmo account, sign in.
- On the “Me” screen, click the settings tab
- Go to “Create Business Profile” and click the button.
- Creating a profile is as simple as clicking “Create my profile”
Your Social Security Number or Business EIN must be entered.
Enter the name and username of your business.
Can I Have A Joint Venmo Account?
The Venmo account can be operated jointly with another person.
If you have a joint bank account or have business partners who send and receive money from Venmo, this might be a good option for you.
The phone number and email address associated with each account are unique, so people with joint accounts will need to select one name for the account to be associated with.
Frequently Asked Questions
Is it possible to have two Venmo accounts on one phone number?
Yes, of course. If two Venmo accounts have the same phone number as each other, as long as the Venmo profiles have different banks, this will not be a problem.
The same rule does not apply to personal and business profiles. The bank details or debit card for the second account need to be different when you have the same number.
Regardless, a Venmo KYC process must be performed while you open the two Venmo accounts; if the new Venmo account doesn’t have the same bank account as the first, it shouldn’t be an issue.
Can You Have Multiple Venmo Accounts?
Venmo allows you to connect multiple bank accounts to the same Venmo account. It would be necessary to have two separate bank accounts, however, if you share a joint bank account, you can have two Venmo accounts.
Conclusion
If one of the accounts is a personal account and the other is a business account, the user can have two Venmo accounts.
All business accounts must be associated with a personal account, and a user cannot have two personal accounts or two business accounts.
If you make over a certain amount through Venmo, you must report your income to the IRS.