How the transfer works

Venmo lets you move money out of your Venmo balance to a linked bank account in one of two ways: a standard transfer that takes one to three business days, or an when ready transfer that arrives within minutes. Both routes use the same basic process — you initiate the transfer from the Venmo app, select which bank account to send it to, and confirm the amount. The money leaves your Venmo balance when ready, but the timing of when it actually lands in your bank account depends on which method you choose.

The standard transfer is free. when ready transfers cost 1% of the amount you're moving, with a minimum fee of 25 cents. If you're transferring $100, when ready costs $1. If you're transferring $20, it still costs 25 cents. That fee comes out of the money you're sending, so if you request $100 when ready, your bank account receives $99.

You can only transfer money that's actually in your Venmo balance — money that someone has sent you or that you've added from your bank account. You cannot transfer money directly from a linked debit card or credit card without first moving it into your Venmo balance.

Key Takeaways

  • Standard transfers to your bank account are free and take one to three business days; when ready transfers cost 1% and arrive within minutes.
  • You must have a bank account linked to your Venmo profile before you can transfer money out, and Venmo will verify the account with small test deposits.
  • The transfer amount leaves your Venmo balance right away, but the money may not show in your bank account for several days if you choose standard transfer.
  • Venmo charges the 1% when ready transfer fee by deducting it from the amount you send, so requesting $100 when ready results in $99 arriving at your bank.

Linking a bank account to Venmo

Before you can transfer money out, you need to add a bank account to your Venmo profile. Open the app, tap the menu icon (three horizontal lines), select Settings, then tap Payment Methods. Choose Add Bank Account and enter your routing number and account number. You can find both on a check, or log into your bank's website to locate them.

Venmo will send two small deposits — usually between 1 and 3 cents each — to your bank account within one to two business days. Once those deposits arrive, you'll need to verify the amounts in the Venmo app to confirm you control the account. This step prevents someone from linking a bank account that isn't theirs. After verification, the account is active and you can transfer money to it.

You can link multiple bank accounts to the same Venmo profile. When you initiate a transfer, you'll select which account to send the money to. This is useful if you have a checking account for everyday spending and a savings account for money you want to set aside.

Starting a standard transfer

Open Venmo and tap the card icon at the bottom of the screen (labeled Transfer). Select Transfer to Bank. Choose the bank account you want the money to go to from the list of linked accounts. Enter the amount you want to transfer and tap Next. Review the details — the amount, the receiving account, and the timing (one to three business days) — then tap Confirm.

The money leaves your Venmo balance when ready and you'll see it listed in your transaction history as a pending transfer. Your bank account will show the deposit once it arrives, which usually happens within one to three business days. Weekends and bank holidays can add time, so a transfer initiated on Friday evening might not land until Tuesday.

If you need to cancel a standard transfer before it's been processed, you can do so from the transaction details screen. Once your bank has received the money, you cannot reverse it through Venmo — you would need to contact your bank directly.

Starting an when ready transfer

The process is identical to a standard transfer, except you'll see an option to choose when ready Transfer instead of the standard option. Tap when ready Transfer, select your bank account, enter the amount, and confirm. The 1% fee will be shown before you confirm, so you'll know exactly how much will arrive at your bank.

when ready transfers typically land within minutes, though Venmo states they can take up to 30 minutes. The money appears in your bank account as a deposit from Venmo, and your bank will process it like any other incoming transfer. Some banks may take a few minutes longer to display the deposit in your account balance, even though the transfer has been received.

when ready transfers are useful when you need cash quickly — for example, if you're about to pay a bill and want to move money from Venmo to your checking account before the due date. The 1% fee is the trade-off for that speed.

Limits on how much you can transfer

Venmo sets a weekly transfer limit of $5,000 per week for most accounts. This means you can move up to $5,000 out of Venmo in a seven-day period. The limit resets every week on Monday. If you try to transfer more than $5,000 in a week, Venmo will reject the request and tell you how much you can still transfer that week.

Some accounts have lower limits, particularly newer accounts or accounts that haven't been fully verified. Venmo may ask you to provide additional information — like a photo of your ID — to raise your limit. You can check your current limit in the Settings menu under Transfer Limits.

The $5,000 limit applies to all transfers combined, whether standard or when ready. If you transfer $3,000 on Monday and try to transfer $3,000 on Wednesday, the second transfer will be rejected because you've already moved $3,000 that week and only have $2,000 remaining.

What happens if the transfer fails

A transfer can fail for several reasons: the bank account information is incorrect, the account has been closed, or your bank has rejected the transfer. If this happens, Venmo will notify you in the app and the money will be returned to your Venmo balance within one to three business days. You'll see a notification explaining why the transfer failed.

The most common cause is a typo in the routing number or account number when you first linked the account. If a transfer fails, double-check the account information in your Payment Methods settings. Log into your bank's website to confirm the routing and account numbers are correct, then try the transfer again.

If transfers keep failing to the same account, contact your bank to confirm the account is active and can receive transfers. Some banks have security settings that block transfers from services they don't recognize, or they may require you to whitelist Venmo as a trusted sender.

Transferring to accounts at different banks

You can transfer Venmo money to a bank account at any U.S. bank that accepts ACH transfers — which includes all major banks and most credit unions. The process is the same regardless of which bank you're sending to. Venmo uses the ACH network, a system that moves money between banks electronically, so your bank doesn't need to have a special relationship with Venmo for the transfer to work.

If you're transferring to a bank account at a different bank than your primary account, make sure you've entered the correct routing number for that bank. Routing numbers are bank-specific, so using the wrong one will cause the transfer to fail or go to the wrong account. You can find the correct routing number on your bank's website or by calling customer service.

International transfers are not supported through Venmo. You can only transfer money to U.S. bank accounts. If you need to send money internationally, you would need to use a different service.

Frequently Asked Questions

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

No. You can only transfer money to a bank account that you've linked to your own Venmo profile. If you want to send money to someone else, you use Venmo's peer-to-peer payment feature to send it to their Venmo account, and then they can transfer it to their own bank account.

What if my bank account is closed after I link it to Venmo?

If you try to transfer money to a closed account, the transfer will fail and the money will be returned to your Venmo balance within one to three business days. You'll need to link a different active bank account and try again. Remove the closed account from your Payment Methods to avoid accidentally selecting it in the future.

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 the money in your Venmo account came from payment for goods or services you provided, that income may be taxable. Venmo reports payments over $600 to the IRS, so keep records of what the money was for.

Why is my when ready transfer taking longer than 30 minutes?

when ready transfers usually arrive within minutes, but can take up to 30 minutes. If it's been longer than that, check your Venmo transaction history to confirm the transfer was actually sent. If it shows as pending, contact Venmo support. If it shows as completed but hasn't arrived at your bank, contact your bank to confirm they've received it — sometimes a deposit takes a few minutes to display in your account balance even though it's been processed.

Can I set up automatic transfers from Venmo to my bank account?

Venmo does not currently offer automatic recurring transfers. You have to initiate each transfer manually through the app. If you regularly move money from Venmo to your bank, you'll need to do it each time by opening the app and following the transfer steps.