Yes, you can transfer money from Venmo to your bank account
Venmo lets you move money out of your Venmo balance and into a connected bank account or debit card. The process takes a few days, and Venmo offers two speeds: a standard transfer that is free, and an when ready transfer that costs a small fee. You control which account the money goes to, and you can transfer as much as Venmo's limits allow.
The catch is that not all money in Venmo moves the same way. Money you received from another person can transfer to your bank account. Money you received as a refund or from a business may have different rules. And if you have never linked a bank account to Venmo before, you will need to do that first.
Key Takeaways
- Standard transfers from Venmo to your bank account are free and take one to three business days.
- when ready transfers cost 1% of the amount you are moving (with a minimum fee of 25 cents) and arrive within 30 minutes.
- You must link a bank account or debit card to Venmo before you can transfer money out.
- Venmo sets weekly and monthly limits on how much you can transfer, and these limits vary based on your account history and verification status.
How to link a bank account to Venmo
Before you can move money to your bank, you need to tell Venmo which account to send it to. Open the Venmo app, tap the three horizontal lines in the bottom right corner, and select "Settings." Then tap "Payment Methods" and choose "Add a Bank Account."
Venmo will ask for your bank's routing number and your account number. You can find both on a check, or log into your bank's website or app and look for account details. Venmo will verify the account by depositing two small amounts (usually under a dollar) into it within a few days. Once those deposits arrive, go back to Venmo, tap the account, and enter the two amounts to confirm you own the account.
If you want to transfer money faster, you can also link a debit card instead of a bank account. Debit card linking is when ready, but when ready transfers to a debit card cost more than transfers to a bank account.
Standard transfers: free but slower
A standard transfer takes your Venmo balance and moves it to your bank account at no cost. The money usually arrives in one to three business days. Venmo processes transfers on weekdays, so a transfer you request on Friday afternoon may not start moving until Monday.
Standard transfers work well if you are not in a hurry. The trade-off is time: you cannot use that money when ready. If you need the cash today or tomorrow, a standard transfer will not work.
when ready transfers: fast but with a fee
An when ready transfer sends your money to your bank account or debit card within 30 minutes, but Venmo charges a fee. The fee is 1% of the amount you transfer, with a minimum of 25 cents and a maximum of $25 per transfer. So if you transfer $100, you pay $1. If you transfer $10, you pay 25 cents.
when ready transfers to a debit card cost slightly more than when ready transfers to a bank account. Check the fee before you confirm the transfer — Venmo shows it to you on the screen.
Transfer limits and how they work
Venmo does not let you transfer unlimited amounts. The limits depend on how long you have had your account, whether you have verified your identity, and your transaction history. New accounts have lower limits than established ones.
Venmo sets both a weekly limit and a monthly limit. For example, your weekly limit might be $1,000 and your monthly limit might be $5,000. That means you can transfer up to $1,000 in a single week, but no more than $5,000 in a calendar month. If you hit your limit, you have to wait until the next week or month to transfer more.
To see your current limits, open Venmo, go to Settings, tap "Limits," and look for "Transfer to Bank." If you need a higher limit, you can request an increase in the same menu, though Venmo may ask you to verify more information about yourself first.
What happens if your transfer fails
A transfer can fail if your bank account information is wrong, if your bank rejects the deposit, or if Venmo detects suspicious activity. If a transfer fails, Venmo will send you a notification explaining why. The money stays in your Venmo balance.
If your bank rejected the transfer, contact your bank to find out why. Common reasons include a closed account, a frozen account, or a mismatch between the name on your Venmo account and the name on your bank account. Once you fix the problem, you can try the transfer again.
Transferring money you received as a refund or from a business
Money you received from another person transfers to your bank account using the same process. But money you received as a refund from a merchant or from a business may have restrictions. Some refunds can only go back to the original payment method, not to a different bank account.
If you are trying to transfer a refund and Venmo will not let you, check the transaction details. Venmo usually explains which account the refund must go to. You may have to wait for the refund to process through the original payment method first.
Frequently Asked Questions
How long does a standard transfer really take?
One to three business days is the standard window. Venmo processes transfers on weekdays only, so weekend requests start on Monday. Your bank may also take time to receive and post the deposit, which can add another day or two depending on the bank.
Can I transfer money to someone else's bank account?
No. Venmo transfers only go to a bank account or debit card registered to your own name. To send money to another person's bank account, you would need to send them the money through Venmo first, and they would transfer it themselves.
What if I link the wrong bank account by mistake?
You can remove it and add the correct one. Go to Settings, tap Payment Methods, find the account, and delete it. Then add the correct account and verify it with the two small deposits. Any transfers already sent to the wrong account will not be recovered, so contact your bank if money went to an account you do not own.
Do I have to pay taxes on money I transfer to my bank account?
Transferring your own money to your bank account is not a taxable event. However, if the money in Venmo came from payment for goods or services you provided, that income may be taxable. Keep records of what the money was for in case you need to report it.
Can I transfer money if my Venmo account is not fully verified?
Yes, but your transfer limits will be lower. Venmo lets unverified accounts transfer smaller amounts. To increase your limits, you can verify your identity by providing your Social Security number and other personal information in the Settings menu.