Yes, you can transfer money from Venmo to a savings account, but only through your checking account first
Venmo does not connect directly to a savings account. When you move money out of Venmo, it goes to a linked checking account — the same one you connected when you set up Venmo. From there, you can move the money into savings using your bank's own tools.
The process takes two steps instead of one, but both are straightforward. The first step (Venmo to checking) usually takes one to three business days. The second step (checking to savings) depends on your bank and can happen the same day or take a few days.
Key Takeaways
- Venmo transfers money only to the checking account you linked when you created your Venmo account.
- You can move money from that checking account to a savings account using your bank's website, app, or by calling the bank.
- Venmo transfers to your checking account usually take one to three business days and cost nothing.
- Moving money from checking to savings at the same bank is usually free and can happen the same day or within a few days.
- If your savings account is at a different bank, the transfer may take longer and might have a small fee depending on the method you use.
How to move money from Venmo to your checking account
Open the Venmo app and tap the icon that looks like three horizontal lines (called a menu) in the bottom right corner. Tap "Transfer to Bank." The app will show you the checking account you linked — it displays the last four digits of the account number so you can confirm it is the right one.
Enter the amount you want to transfer and tap "Transfer." Venmo will ask you to confirm. Once you do, the money leaves Venmo and heads to your checking account. You will see a notification when it arrives, usually within one to three business days. Transfers made on a weekend or holiday may take longer because banks do not process them until the next business day.
There is no fee for transferring from Venmo to your checking account, no matter how much you move.
Moving money from checking to savings at the same bank
Once the money lands in your checking account, you can move it to savings using your bank's app or website. Log into your bank account and look for a button or menu item that says "Transfer" or "Move Money." Most banks let you transfer between your own accounts (checking to savings, for example) without any fee and often on the same day.
If you prefer to call, your bank's customer service number is on the back of your debit card or on your bank statements. Tell them you want to transfer a specific amount from checking to savings. They can do it over the phone in a few minutes.
Some banks also let you set up automatic transfers — for example, moving a set amount from checking to savings every payday. This can help you save without thinking about it. Ask your bank whether this option is available.
Transferring to a savings account at a different bank
If your savings account is at a different bank than your checking account, the process is the same idea but takes longer. After the money arrives in your checking account, you can transfer it to the other bank using what is called an external transfer.
To set this up, log into your checking account's app or website and look for "Transfer" or "Send Money." You will need to add the other bank's account number and routing number (a nine-digit code that identifies the bank). Your savings account statement or the other bank's website will have both numbers.
Transfers between different banks usually take three to five business days. Some banks charge a small fee (usually $1 to $3) for outgoing transfers, though many do not. Check your checking bank's fee schedule or call to ask before you transfer.
Why Venmo does not connect directly to savings
Venmo is designed to work with checking accounts because that is where you keep money you use regularly. Savings accounts are meant to hold money you are not spending right away, and banks treat them differently for legal and safety reasons.
Venmo's system is built to connect to one account — the one you use for everyday spending. Adding a second account would make the app more complicated and would require Venmo to store more information about you. The one-account design keeps things straightforward and keeps your data safer.
What to do if you do not have a checking account
Venmo requires a checking account to work. If you only have a savings account, you will need to open a checking account first. Many banks offer free checking accounts with no minimum balance. Credit unions and online banks often have straightforward options that take just a few minutes to open.
Once your checking account is open and linked to Venmo, you can transfer money from Venmo to checking, then move it to your savings account using the steps above.
Frequently Asked Questions
How long does it take to get money from Venmo to savings?
One to three business days to reach your checking account, then another one to five business days to move from checking to savings at a different bank. If both accounts are at the same bank, the whole process can take two to four business days total, sometimes faster.
Can I set up automatic transfers from Venmo to savings?
Venmo does not offer automatic transfers. You have to manually transfer money from Venmo to checking each time. However, once the money is in your checking account, your bank may let you set up automatic transfers from checking to savings.
Does Venmo charge a fee to transfer to my bank?
No. Venmo does not charge to move money to your checking account. Your bank might charge a fee for transfers between different banks, but transfers within the same bank are usually free.
What if I linked the wrong checking account to Venmo?
You can change which checking account Venmo uses. In the app, go to Settings, then Payment Methods, and remove the old account. Then add your correct checking account. Future transfers will go to the new account.
Can I transfer money from savings back into Venmo?
Only if you move it to your checking account first. Transfer from savings to checking using your bank's app or website, then transfer from checking to Venmo using the Venmo app. The process is the reverse of moving money out.