Venmo New Account Bonus Promotions

Venmo is becoming one of my favorite ways to pay back friends.

During the pandemic, we were even able to use it to pay at some of my favorite restaurants – a nice no contact option that just had me scan QR code. It was super convenient.

Another reason I’m a fan of Venmo is because it integrates well with Splitwise , an app my friends and I use to split up bills. When we go on trips together, everyone can enter in what they pay for and it gets split up nicely. Splitwise then figures out the differences and limits the amount of back and forth that happens. If you have Venmo, you can take care of everything within the app and I find that extreme convenient.

So many good reasons to use it, but did you know there are promotions where you can get a few bucks for registering an account and making a payment?

Table of Contents
  1. Venmo’s $5-10 Referral New Account Promotion
  2. Venmo’s Public Non-Referral New Account Promotion [EXPIRED]
  3. Other Payment Platform Promotions

Venmo’s $5-10 Referral New Account Promotion

Venmo has a referral program that is normally $5 but for a limited time is $10. (I’ve seen it get as high as $20)

Super simple, all you need is a referral link from someone with an existing account and then:

  1. Open an account and link a bank account or credit card
  2. Make a payment of at least $5, funded by that linked bank account or credit card
  3. Do all this within 14 days of signing up

Then, when you have an account, you can refer up to ten people too.

The best way to find a link is to ask your friends who are using Venmo. You aren’t supposed to put your link out anywhere that someone other than friends or family will see, so I won’t be posting mine here.

Venmo’s Public Non-Referral New Account Promotion [EXPIRED]

Venmo will also sometimes offer a public non-referral based new account promotion and from now until March 31, 2022, that promotion can be seen here. (terms & conditions)

This new account promotion is different than the one above and the terms can change. To get the $10 for this, you just need to sign up through the invitation page and then add and verify your phone number for a new account. No need to send a payment to receive $10 from Venmo in this promotion.

If you need an account, this is the quickest and simplest way to get one and a bonus at the same time.

Eligibility: Open only to individuals who; (1) are residents of any one (1) of the fifty (50) United States or the District of Columbia, (2) are eighteen (18) years of age or older, (3) create a new U.S. Venmo account during the Offer Period (defined below), and (4) receive an email, or view a banner from PayPal inviting participation in the offer, or click through a social or paid media asset highlighting the introductory offer, (eligibility for/those who receive the Rewards will be determined solely by Venmo).

Other Payment Platform Promotions

Venmo is just one of many popular payment platforms similar to PayPal (though Venmo is owned by PayPal) and there are others that offer free money for singing up. The most popular alternative is the Cash App. You can get free money from the Cash App simply by signing up for an account and complete a $5 transaction.

The Cash App is just as convenient as Venmo and both are good. Oftentimes, it depends on what the recipient is using so I like having both since they don’t have any maintenance fees.

The downside with payment apps from a bonus perspective is that the offers are all fairly small. $10-20 is common and you won’t see them offering anything like a more traditional bank.

Here’s a look at what banks offer:

⭐ BMO Smart Advantage Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more

⭐Citi Priority Account – up to $2000

Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.

👉 Click here to learn more

Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

👉 Click here to learn more

Bank of America – $200 Bonus Offer

Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!

👉 Click here to learn more

As you can see, these are much higher numbers than $10 or $20. That’s because the economics are different and so if you want bigger dollar bonuses, you’ll need to look to banks or credit cards.

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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