Faster tax refunds: Venmo or the Cash app can get you cash a few days sooner
This story is partCNET’s coverage of the best tax software and everything you need to file quickly, accurately and on time.
More than 45 million Americans have already received theirthis season, with an average amount of $3,352. If you’re expecting a tax refund this year, don’t wait – due to a the IRS urges taxpayers to file early and electronically with receive their tax refunds quickly.
If you need your tax refund money ASAP, there’s an easy way to get it two days early, and you don’t even need a bank account.to like Cash App or PayPal can help you process your tax refund, and they’ll even get your money to you two days sooner than traditional banking.
Here’s how to set up direct deposit with Venmo, Cash App, or Paypal to get your refund sooner. To find out more, here are thethe this season and .
How can I get my tax refund faster through Venmo and other payment apps?
Unlike most banks, money transfer apps can make your deposits available to you as soon as they are received. This means you can collect your refund up to two days sooner because you wouldn’t have to wait for your bank to process the deposit, which could take up to a week.
How to get your refund through Venmo
Creating a Venmo account takes less than 5 minutes. Here’s how.
1. Download the Venmo app on your mobile phone and create an account or log in.
2. Select the profile icon at the bottom right of the screen.
3. Scroll down and tap Direct deposit.
4. Select “View Account Number” to access your Venmo account details.
5. When you file your tax return, enter your Venmo routing and account number. After your taxes are processed by the IRS, your refund will be sent to your Venmo account.
How to get your cashback via Cash App
If you want to set up direct deposit with Cash App, here’s how.
1. Download the Cash App on your mobile phone and create an account or login.
2. Press the Banking tab at the bottom left of your screen. It is the one that has the shape of a building.
3. Scroll down and select Direct deposit. It will note that you can get your money two days faster.
4. Next, you will need to create a free Cash Card. Faucet Get a free payment card and follow the on-screen prompts.
5. Once you are done, you can return to the Direct deposit and copy your routing and account numbers. Use them when you file your taxes.
Get your tax refund via PayPal
Just like Venmo (owned by PayPal) and Cash App, you can get your money back two days earlier with PayPal. Here’s how.
1. Download PayPal to your mobile device and sign in or create an account.
2. Scroll through the top menu options and select Set up direct deposit.
3. Faucet To start. You will need to read the terms and conditions and then select Continue.
4. Confirm your information with PayPal and select Submit.
5. Then you will need to upload a photo ID or your Social Security document or ITIN.
6. Once you are done, you will be able to access your routing and account information in your PayPal wallet.
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