Yes, you can transfer money from Venmo to a savings account, but the path depends on which bank holds that account
Venmo lets you send money to a linked bank account, but that account must be one you've already connected to Venmo during setup. You cannot transfer directly to a savings account at a different bank than the one Venmo knows about. The transfer goes to whichever checking or savings account you designated when you linked your bank to Venmo—usually a checking account, because that's what most people link first.
If your savings account is at the same bank as your Venmo-linked account, the money will arrive there within one to three business days. If it's at a different bank, you have two options: transfer the money from your linked account to your savings account yourself after it arrives, or add your savings account directly to Venmo before you transfer.
Key Takeaways
- Venmo transfers only to bank accounts you have already linked to your Venmo profile, not to new accounts you name during a transfer.
- Most people link a checking account to Venmo, so you may need to move the money a second time to reach your savings account.
- Adding a savings account to Venmo takes five to seven business days for verification, so plan ahead if you want to transfer directly.
- Transfers from Venmo to any linked bank account take one to three business days and are free.
- You can only transfer money that is in your Venmo balance—not money owed to you by other users.
How to add a savings account to Venmo
Open the Venmo app and go to Settings, then Payments. Select "Add a Bank Account" and enter your savings account number, routing number, and account type. Venmo will verify the account by depositing two small amounts (usually under $1 each) into that savings account over the next five to seven business days.
Once those deposits arrive, go back to Settings and confirm the amounts. After Venmo verifies the account, you can transfer your Venmo balance directly to that savings account. This is the cleanest route if you want the money to land in savings without an extra step.
Transferring money when your savings account is already linked
If your savings account is already connected to Venmo, open the app and tap the menu icon (three horizontal lines). Select "Transfer to Bank" and choose the savings account from the dropdown. Enter the amount you want to transfer and confirm. The money will leave your Venmo balance when ready, but it will not arrive in your savings account for one to three business days.
Venmo processes transfers on business days only, so a transfer you request on Friday evening may not arrive until Tuesday. There is no fee for this transfer, regardless of the amount.
What happens if your savings account is at a different bank
If your savings account is at Bank B but you linked a checking account at Bank A to Venmo, you have two choices. The first is to let the transfer go to Bank A, then move it yourself from checking to savings using your bank's app or website. This takes two transfers total and two to six business days end-to-end.
The second is to add your Bank B savings account to Venmo before you transfer. This requires waiting five to seven days for verification, but then the money goes directly to savings in one transfer. Choose the first route if you need the money quickly; choose the second if you want to avoid the extra step.
Transfers that fail or take longer than expected
A transfer can fail if your bank rejects it—usually because the account number is wrong, the account is closed, or your bank flagged it as suspicious. Venmo will notify you in the app if a transfer fails, and the money returns to your Venmo balance within one to three business days.
If a transfer is taking longer than three business days, check your bank's website first to see if it has arrived there but hasn't posted yet. If it is not there, contact Venmo support through the app and provide your transfer confirmation number. Venmo can see the status on their end and will tell you whether the money is stuck with them or with your bank.
Limits on how much you can transfer
Venmo's transfer limit depends on how long you have had your account and how much you have transferred before. New accounts typically start at $300 per week. As you use Venmo, this limit increases, and some accounts can transfer $20,000 or more per week. Your specific limit appears in the app when you go to transfer.
If you hit your limit, you can request a higher one through Settings, but Venmo does not always grant it. You can also wait until the next week for your limit to reset. There is no way to bypass the limit in a single transfer, but you can make multiple transfers across different weeks.
Frequently Asked Questions
Does Venmo charge a fee to transfer to my savings account?
No. Transfers from Venmo to any linked bank account are free. Venmo does not charge for standard transfers, which take one to three business days. If you pay extra for an when ready transfer (available in some states), that costs 1.5% of the amount, but that is a different product.
Can I transfer money to someone else's savings account through Venmo?
No. You can only transfer your own Venmo balance to a bank account in your own name. If you want to send money to someone else, you use Venmo's peer-to-peer payment feature, which sends it to their Venmo account, not directly to their bank.
What if I don't remember which bank account I linked to Venmo?
Open the app, go to Settings, then Payments. You will see the bank account you linked, usually shown as the last four digits and the bank name. If you linked multiple accounts, they will all appear here. You can remove an account and add a new one, but you cannot change which account a transfer goes to once it has been sent.
How long does it take for Venmo to verify a new savings account?
Venmo deposits two small amounts into your savings account, which usually takes five to seven business days. Once they arrive, you confirm the amounts in the app, and the account is verified when ready. After that, you can transfer to it right away.
Can I transfer money from Venmo to a savings account at a credit union?
Yes, as long as the credit union participates in the ACH network, which most do. Add the account the same way you would for a bank—with the account number and routing number. Verification and transfer times are the same as for a bank account.