Yes, you can transfer money from Venmo to a bank account, but the method and timing depend on which account holds your Venmo balance

Venmo lets you move money out in two ways: from your Venmo balance to a linked bank account, or from a linked bank account directly during a payment. The first route—transferring your Venmo balance—is what most people mean when they ask this question. That transfer takes one to three business days and costs nothing if you choose the standard option, though Venmo offers a faster paid option as well.

The second route, paying directly from your bank account without holding a Venmo balance, is when ready and free but requires you to have already linked that account to Venmo and to initiate the transfer from within the Venmo app at the moment you want to send it.

The key difference is whether money is sitting in your Venmo account waiting to move, or whether you are pulling it from your bank on demand. Understanding which one you have determines which transfer method you can use.

Key Takeaways

  • Standard transfers from your Venmo balance to a linked bank account take one to three business days and have no fee.
  • when ready transfers from Venmo balance to bank account cost 1% of the amount (minimum 25 cents) and complete within 30 minutes.
  • You must link a bank account to Venmo before you can transfer money out; the app will ask for your routing and account numbers.
  • Transfers initiated on weekends or after business hours will process on the next business day, so timing matters if you need the money by a specific date.
  • If your transfer fails, Venmo will return the money to your Venmo balance within one to three business days.

How to link a bank account to Venmo

Before you can move money out of Venmo, you need to tell Venmo which bank account to send it to. Open the Venmo app, tap the three horizontal lines (menu) in the bottom right, then tap Settings. Select Banks and Cards, then tap Add Bank Account. Venmo will ask for your bank's name, your account type (checking or savings), your account number, and your routing number. You can find both numbers on a check, or by logging into your bank's website or calling the bank directly.

Venmo will verify the account by depositing two small amounts (usually under a dollar each) into that account within one to two business days. Once those deposits arrive, you return to the Venmo app, go back to Banks and Cards, and confirm the two amounts. This step proves you own the account. After confirmation, that bank account is linked and ready to receive transfers.

You can link multiple bank accounts to a single Venmo profile. If you have accounts at different banks, you can add them all and choose which one to transfer to each time you initiate a transfer.

Standard transfers: one to three business days, no fee

A standard transfer moves money from your Venmo balance to your linked bank account at no cost. Open Venmo, tap the three lines, select Transfers, then tap Transfer to Bank. Choose which linked bank account you want the money to go to, enter the amount, and confirm. Venmo will show you a confirmation screen with the amount and the expected arrival date.

The transfer will arrive within one to three business days. Venmo counts business days as Monday through Friday, excluding federal holidays. If you initiate a transfer on a Friday after 5 p.m. Eastern time, or on a weekend, it will not begin processing until Monday. A transfer started on Monday morning typically arrives by Wednesday or Thursday; one started on Thursday may not arrive until the following Monday.

Once you initiate the transfer, you cannot cancel it. If you change your mind, you will need to wait for the money to arrive in your bank account, then transfer it back to Venmo if you want to use it there again.

when ready transfers: 30 minutes, 1% fee

Venmo also offers when ready transfers for people who need the money faster. Instead of waiting one to three business days, an when ready transfer will land in your bank account within 30 minutes. The cost is 1% of the amount you transfer, with a minimum fee of 25 cents. So transferring $100 costs $1; transferring $50 costs 50 cents.

To use when ready transfer, follow the same steps as a standard transfer—tap the three lines, select Transfers, tap Transfer to Bank—but look for the option that says when ready Transfer or shows a clock icon. The app will display the fee before you confirm, so you will see exactly how much you are paying. Confirm the transfer, and Venmo will process it when ready. The money should appear in your bank account within 30 minutes, though it may take slightly longer depending on your bank.

when ready transfers work 24 hours a day, seven days a week, including weekends and holidays. If you need money on a Sunday evening, when ready transfer is your only option; standard transfer will not process until Monday.

What happens if a transfer fails

Transfers can fail for several reasons: the bank account information is incorrect, the account has been closed, or your bank rejected the transfer for security reasons. When a transfer fails, Venmo will notify you in the app and return the money to your Venmo balance within one to three business days. The fee for an when ready transfer is also returned if the transfer fails.

If a transfer fails repeatedly, check that your account number and routing number are correct. Log into your bank's website or call the bank to confirm both numbers. Some banks also have fraud filters that block transfers to new recipients; if that is the case, you may need to contact your bank and tell them to allow the transfer, then try again in Venmo.

If you initiated an when ready transfer and it failed, you will not be charged the 1% fee. Venmo refunds the fee along with the transfer amount.

Transferring directly from your bank account without holding a Venmo balance

You do not have to keep money in your Venmo account to send it to someone. When you initiate a payment to another Venmo user, you can choose to pay from a linked bank account instead of from your Venmo balance. This is when ready and free—the money moves from your bank to the recipient's Venmo account when ready, and you never hold a balance in Venmo itself.

To do this, open Venmo, tap the person you want to pay, enter the amount, and before you confirm, look for the payment source selector. It usually shows which account the money will come from. Tap it and select your linked bank account instead of your Venmo balance. Complete the payment, and it will process when ready from your bank.

This method is useful if you want to avoid keeping money in Venmo or if you want to pay someone when ready without waiting for a transfer to process. The recipient still receives the money in their Venmo account, just as they would if you had paid from your Venmo balance.

Timing and business day rules

Venmo processes transfers on business days only. A business day is Monday through Friday, excluding federal holidays like Thanksgiving, Christmas, New Year's Day, and Independence Day. If you initiate a transfer on a holiday, it will not process until the next business day.

Venmo also has cutoff times. Transfers initiated before 5 p.m. Eastern time on a business day will begin processing that day. Transfers initiated after 5 p.m. Eastern or at any time on a weekend will begin processing on the next business day. So if you need money by a specific date, initiate the transfer at least one business day before that date, and earlier in the day if possible.

when ready transfers bypass these rules and process 24/7, but they cost 1% of the amount. Standard transfers are free but require planning around business days and cutoff times.

Frequently Asked Questions

Can I transfer money from Venmo to a savings account instead of checking?

Yes. When you link a bank account to Venmo, you specify whether it is a checking or savings account. Venmo will transfer to whichever type you link. You can link both a checking and a savings account to the same Venmo profile and choose which one to transfer to each time.

What if I transfer money to the wrong bank account by mistake?

Once a transfer is initiated, you cannot cancel it. If you sent money to the wrong account, contact Venmo support through the app and explain what happened. Venmo may be able to help, but they cannot may provide recovery. The best approach is to contact the bank that received the money and ask them to reverse it, though they are not required to do so.

Do I have to pay taxes on money I transfer from Venmo to my bank account?

Transferring your own money from Venmo to your bank account is not a taxable event. However, if you received money in Venmo from someone else as payment for goods or services, that income may be taxable. Venmo reports payments over $600 to the IRS, so keep records of what payments were for.

Why is my transfer taking longer than three business days?

Most transfers arrive within one to three business days, but delays can happen if your bank is processing slowly or if there is a holiday in the window. Check your bank account to see if the money has arrived there; sometimes it shows up in your bank before the Venmo app updates. If more than five business days have passed, contact Venmo support.

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

No. Venmo transfers go only to bank accounts linked to your own Venmo profile. To send money to someone else's bank account, you would need to use a different service like a wire transfer through your bank, or send them money through Venmo and have them transfer it out themselves.