How to transfer money from Venmo to your bank account
To move money from Venmo to your bank account, you open the Venmo app, tap the three horizontal lines (called a menu) at the bottom right, select "Transfer to Bank," choose the amount, pick which bank account to send it to, and confirm. The money usually arrives within one to three business days, though Venmo offers a faster option that costs a small fee.
The process is straightforward once you have linked a bank account to Venmo — which you likely did when you first set up the app. If you have not linked an account yet, Venmo will ask you to do that before you can transfer money out.
Key Takeaways
- Standard transfers from Venmo to your bank account take one to three business days and cost nothing.
- Venmo offers an when ready transfer option that moves money within 30 minutes but charges a small percentage fee (usually around 1%).
- You can only transfer money to a bank account you have already linked to your Venmo profile.
- Transfers work the same way whether your bank is large or small, as long as Venmo supports it.
The standard transfer: free but slower
The free option is what most people use. You tap "Transfer to Bank," enter the amount, select your bank account from the list of accounts you have already added, and tap "Transfer." Venmo then sends your request to your bank, which processes it on their end. This usually takes one to three business days — sometimes longer if you transfer on a weekend or holiday, since banks do not process transfers then.
The wait happens because banks process transfers in batches at set times, not when ready. Your money is not lost or stuck; it is straightforward moving through the banking system. You can check the status in the Venmo app by looking at your transfer history.
The when ready transfer: faster but with a cost
If you need the money right away, Venmo offers an when ready transfer that lands in your account within 30 minutes on business days. This option charges a fee — usually around 1% of the amount you are transferring, though the exact percentage can vary. For example, transferring $100 when ready might cost you about $1.
To use when ready transfer, follow the same steps as a standard transfer, but look for the option that says "when ready" or shows the fee before you confirm. The app will show you exactly how much the fee is before you commit, so you can decide whether the speed is worth the cost.
Linking a new bank account to Venmo
If you have not yet linked a bank account, or if you want to add a second one, go to the menu (three lines at the bottom right), tap "Settings," then "Payment Methods." From there, select "Add Bank Account." Venmo will ask for your bank's routing number and your account number — both of which appear on the bottom left of any check you have from that account.
Venmo verifies the account by making two small deposits (usually less than a dollar each) to your bank account. Your bank will show these deposits in your account within a few days. Once you see them, Venmo will ask you to confirm the amounts. After you do, the account is linked and ready to use for transfers.
This verification step protects you by making sure you actually own the bank account you are linking. It takes a few extra days the first time, but you only have to do it once per account.
What happens if a transfer fails or gets stuck
Transfers occasionally fail if your bank account information is wrong, if your bank rejects the transfer for security reasons, or if there is a temporary problem with the banking system. If this happens, Venmo will send you a notification explaining why, and the money stays in your Venmo balance.
If you see an error message, check that your account number and routing number are correct in your Venmo settings. If they are correct but the transfer still fails, contact your bank directly — they may have flagged the transfer as suspicious. Once your bank approves it, you can try the transfer again.
Limits on how much you can transfer
Venmo sets weekly limits on how much you can transfer to your bank account. The exact limit depends on how long you have had your Venmo account and your account history, but it is typically several thousand dollars per week. You can see your current limit in the app under Settings.
If you hit your limit, you straightforward have to wait until the next week to transfer more. The limit resets on a rolling basis — meaning if you transfer $2,000 on Monday, you can transfer another $2,000 the following Monday, not seven days later.
Frequently Asked Questions
Can I transfer money to someone else's bank account using Venmo?
No. Venmo transfers only go to a bank account linked to your own Venmo profile. If you want to send money to another person's bank account, you would need to send it to them through Venmo first (as a peer-to-peer payment), and then they would transfer it to their own bank account.
What if my bank is not showing up when I try to link it?
Venmo works with most major banks and many smaller ones, but not all banks are supported. If your bank does not appear in the list, you can still link it by entering your routing and account numbers manually instead of searching for the bank name. If that does not work, contact your bank to ask if they support Venmo transfers.
Do I pay taxes on money I transfer from Venmo to my bank account?
Transferring your own money from Venmo to your bank is not a taxable event — you are just moving money you already have. However, if the money in Venmo came from someone paying you for goods or services (not just splitting a meal or rent), that payment itself may be taxable income. Venmo reports large payments to the IRS, so keep records of what payments were for.
Why is my transfer taking longer than three days?
Transfers initiated on weekends or holidays do not process until the next business day, which can add time. Your bank may also take longer if they are experiencing delays or if they flagged the transfer for review. Check your Venmo app for any error messages, and contact your bank if the transfer has been pending for more than five business days.