You can send money from Venmo to your own bank account, but not directly to someone else's

Venmo lets you move money out of your Venmo balance to a linked bank account that belongs to you. This is called a transfer or withdrawal. You cannot, however, use Venmo to send money directly into another person's bank account — Venmo only moves money between Venmo users, or from your Venmo balance to your own bank.

If you need to send money to someone's bank account, you have other options: direct bank transfers, wire transfers, or services like PayPal or Wise that are built for that purpose. But if you have a Venmo balance sitting there and want to get it into your own checking or savings account, the process is straightforward and usually takes one to three business days.

Key Takeaways

  • Venmo transfers move money from your Venmo balance to a bank account in your own name, not to other people's accounts.
  • You must link a bank account to Venmo first, and that account must be in your name and match your Venmo identity.
  • Standard transfers take one to three business days and cost nothing; when ready transfers to a debit card cost 1% of the amount (minimum 25 cents).
  • If you want to send money to someone else's bank account, use your bank's bill pay or transfer service, or a service like PayPal or Wise.

How to link a bank account to Venmo

Before you can move money out, you need to add a bank account to your Venmo profile. Open the Venmo app, tap the menu icon (three horizontal lines), go to Settings, then Payments. Select Add a Bank Account. You will need your routing number and account number, which you can find on a check or by logging into your bank's website.

Venmo will verify the account by making two small deposits (usually under $1 each) to that account within one to two business days. Once those deposits show up in your bank account, you go back into Venmo and confirm the amounts. This confirms that you own the account. The whole process typically takes three to five business days from start to finish.

The two ways to move money out of Venmo

Standard transfer takes one to three business days and is free. The money goes into your linked bank account automatically. This is the slower option but costs nothing, so it is the choice most people make when they are not in a hurry.

when ready transfer moves the money to a linked debit card within minutes, but costs 1% of the amount you transfer, with a minimum fee of 25 cents. So transferring $100 costs $1, and transferring $20 costs 25 cents. This option exists if you need the money right away, but the fee adds up if you transfer frequently.

To make either transfer, open Venmo, tap the menu, go to Transfers, and choose Transfer to Bank. Select the amount and confirm. You will see which option you are using and how long it will take before you complete the transaction.

What happens if your bank account information changes

If you close the bank account you linked to Venmo, or if your account number changes, you need to update Venmo before your next transfer. A transfer to a closed or wrong account will fail, and Venmo will return the money to your Venmo balance — but this can take several days.

If you switch banks, add the new account to Venmo before removing the old one. Go to Settings, Payments, and add the new account using the same verification process (two small test deposits). Once that account is verified, you can delete the old one.

Why you cannot send Venmo directly to someone else's bank account

Venmo is built as a peer-to-peer system — it moves money between Venmo users only. The company does not have a direct connection to other people's bank accounts the way a wire transfer service does. If you want to send money to someone else's bank account, you have three better options.

Your bank's bill pay or transfer service is often free and reaches most U.S. bank accounts in one to three business days. Log into your bank's website or app, find the bill pay or transfer section, and enter the recipient's name, routing number, and account number.

PayPal can send money to a linked bank account if the recipient has a PayPal account, or you can use PayPal's money transfer feature to send to a bank account directly (this usually costs a small fee).

Wise (formerly TransferWise) is built specifically for moving money between bank accounts, especially across countries. It shows you the real exchange rate upfront and charges a transparent fee based on the amount and destination.

Limits on how much you can transfer out

Venmo sets weekly transfer limits that depend on how long you have had your account and how much you have used it. New accounts typically have lower limits — often $1,000 to $5,000 per week — while established accounts may have higher limits.

You can check your limit by going to Settings, Payments, and looking at the Transfer section. If you hit your limit, you will see a message telling you when you can transfer again. Limits reset on Sundays, so if you hit your limit on a Tuesday, you can transfer again the following Sunday.

If you regularly transfer large amounts, contact Venmo support to ask about raising your limit. They may ask for additional identity information or documentation of where the money came from.

What to do if a transfer fails or takes too long

A transfer can fail if the bank account information is wrong, the account is closed, or there is a mismatch between the name on your Venmo account and the name on the bank account. Venmo will send you a notification explaining why the transfer failed, and the money returns to your Venmo balance within one to three business days.

If a standard transfer has been pending for more than three business days, or an when ready transfer has been pending for more than a few hours, contact Venmo support through the app. Go to Settings, Help, and select Contact Us. Describe the transfer and include the date and amount. Venmo support typically responds within one to two business days.

Do not assume the money is lost. Bank transfers sometimes get delayed by your bank's processing system, especially if the transfer happened late on a Friday or over a weekend. Give it the full time window before escalating.

Frequently Asked Questions

Can I transfer money from Venmo to someone else's bank account?

No. Venmo only transfers money from your Venmo balance to a bank account in your own name. To send money to someone else's bank account, use your bank's transfer service, PayPal, or Wise instead.

Does it cost money to transfer from Venmo to my bank account?

Standard transfers are free and take one to three business days. when ready transfers to a debit card cost 1% of the amount (minimum 25 cents) and arrive within minutes. Choose standard transfer unless you need the money right away.

How long does a Venmo transfer to my bank account take?

Standard transfers take one to three business days. when ready transfers to a linked debit card take a few minutes but cost 1%. Weekends and holidays can add time to standard transfers.

What if the name on my bank account does not match my Venmo name?

Venmo requires the bank account to be in your name and to match your Venmo identity. If there is a mismatch, the transfer will fail. Update your Venmo name or link a different bank account that matches your Venmo profile.

Can I transfer money from Venmo to a savings account?

Yes, as long as the savings account is in your name and you have linked it to Venmo. The process is the same as transferring to a checking account. Standard transfers take one to three business days.