The basic process: link your bank, then transfer out

To move money from Venmo to your bank account, you link a bank account to your Venmo profile, then initiate a transfer from the Venmo app. The money leaves your Venmo balance and arrives in your linked bank account within one to three business days. You do not need to pay a fee for standard transfers, though Venmo offers a faster option that costs 1.75% of the amount.

The process itself takes about five minutes to set up the first time. After that, transfers are a few taps in the app. The main delay is not the app—it is your bank's processing time on the receiving end.

Key Takeaways

  • Standard transfers from Venmo to your bank account are free and take one to three business days to arrive.
  • You must link a valid U.S. bank account or debit card to your Venmo profile before you can transfer money out.
  • when ready transfers to a debit card cost 1.75% of the amount and arrive within 30 minutes, but standard transfers cost nothing.
  • Venmo holds transfers for up to 24 hours if it detects unusual activity, so plan ahead if you need the money on a specific date.

How to link your bank account to Venmo

Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right. Select Settings, then Payment Methods. Tap Add a Bank Account. Venmo will ask for your bank's routing number and your account number, which you can find on a check or by logging into your bank's website.

Some banks let Venmo verify your account when ready by checking two small deposits Venmo makes to your account. Other banks require you to confirm the amounts of those deposits manually in the Venmo app within 10 days. Once verified, your bank account is linked and ready to use for transfers.

If you want to transfer money faster, you can also link a debit card instead of a bank account. Debit card transfers arrive within 30 minutes but cost 1.75% of the amount you send. Bank account transfers are free but slower.

Starting a transfer from Venmo to your bank

In the Venmo app, tap the menu icon and select Transfers. Tap Transfer to Bank. Choose the bank account or debit card you want to send money to, enter the amount, and tap Transfer. Venmo will show you the arrival date before you confirm.

If you choose the standard free option, Venmo tells you the transfer will arrive in one to three business days. If you choose when ready transfer to a debit card, it shows 30 minutes. Weekends and bank holidays can add time to the standard option, so a Friday transfer might not arrive until Tuesday.

When Venmo holds or delays your transfer

Venmo can place a hold on your transfer for up to 24 hours if the app's fraud detection system flags the transaction as unusual. This happens most often if you are transferring a larger amount than you normally do, transferring from a new device, or transferring to a new bank account you just linked.

You will see a message in the app telling you the transfer is on hold and when it will be released. You cannot speed this up by contacting Venmo—the hold lifts automatically. If you need the money by a specific date, plan your transfer at least two days earlier than you think you will need it.

Your bank may also delay the deposit on its end. Some banks hold transfers from third-party payment apps for 24 to 48 hours before crediting them to your account. Check your bank's policy if you are expecting money and it has not arrived within three business days.

What to do if your transfer fails or gets stuck

A transfer can fail if your linked bank account information is wrong, your account is closed, or your bank rejects the deposit for another reason. Venmo will send you a notification explaining why the transfer failed and return the money to your Venmo balance within one to three business days.

If a transfer shows as completed in Venmo but has not arrived in your bank account after three business days, contact your bank first. Give them the date and amount of the transfer and ask them to search for it. If your bank cannot find it, contact Venmo through the app by tapping Help and selecting Contact Us. Have your transaction ID ready—you can find it by tapping the transfer in your Venmo history.

Limits on how much you can transfer

Venmo sets a weekly transfer limit of $19,999.99 for most accounts. This means you can move up to that amount per week to your bank account. The limit resets every Monday. If you need to transfer more than that in a single week, you will have to wait until the following week for the next batch.

Your bank may also have its own limits on how much money it will accept in a single deposit or per day. These limits vary by bank and account type. If you are transferring a very large amount, contact your bank ahead of time to make sure it will accept the deposit without triggering a hold or rejection.

Frequently Asked Questions

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

No. Venmo transfers only go to a bank account or debit card linked to your own Venmo profile. To send money to someone else's bank account, you would need to send them money through Venmo's peer-to-peer payment feature, and they would then transfer it to their own bank account themselves.

What happens if I unlink my bank account after I start a transfer?

If you unlink your bank account before the transfer arrives, the transfer will fail and the money will return to your Venmo balance. You cannot cancel a transfer once it has been released from a hold, so plan carefully before you confirm.

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

Transferring your own money from Venmo to your bank is not a taxable event. However, if you received the money through Venmo as payment for goods or services, that income may be taxable. Venmo reports payments over $5,000 to the IRS, and your bank will report large deposits depending on your bank's policies.

Why is my transfer taking longer than three business days?

Your bank may be holding the deposit for security reasons, or Venmo may have placed a hold on the transfer due to fraud detection. Check your Venmo app to see if the transfer shows as completed. If it does, contact your bank to ask if they are holding it. If Venmo still shows it as pending, wait 24 hours for the hold to lift automatically.