How to transfer Venmo balance to your bank account

You can move money from Venmo 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 require you to have added a bank account to your Venmo profile first. The standard transfer is free; when ready transfers cost a small percentage of the amount you're sending, usually between 1% and 2%.

Venmo does not hold your money in a way that prevents you from moving it. The money in your Venmo balance is yours to transfer whenever you want, with no waiting period or minimum amount required.

Key Takeaways

  • Standard transfers to your bank account are free and take one to three business days to arrive.
  • when ready transfers cost 1% to 2% of the amount but arrive within minutes, usually before an hour passes.
  • You must add a bank account to your Venmo profile before you can transfer money out, which takes a few minutes and requires your routing and account numbers.
  • Transfers only work from your Venmo balance to a bank account in your own name; you cannot transfer to someone else's account.

Adding a bank account to Venmo before your first transfer

Open the Venmo app and tap the three horizontal lines (menu) in the bottom right corner. Select "Settings," then "Payment Methods." Tap "Add Bank Account" and enter your bank's name or routing number. Venmo will ask for your account number and the account type (checking or savings). Once you enter this information, Venmo verifies the account by depositing two small amounts into it—usually under $0.25 each—within one to two business days.

After the deposits arrive, Venmo will ask you to confirm the amounts. Once you do, the account is verified and ready to use for transfers. You can add multiple bank accounts if you have them, and you can choose which one to transfer to each time you move money out.

Transferring money using the standard free method

Open Venmo and tap the money icon at the bottom of the screen (it looks like a dollar sign). Select "Transfer to Bank." Choose the bank account you want the money to go to, enter the amount, and tap "Transfer." Venmo will show you a confirmation screen with the amount and the expected arrival date, which is usually one to three business days away.

The money leaves your Venmo balance when ready, but it does not arrive in your bank account until the transfer window closes. If you transfer on a Friday evening, for example, the money typically arrives on Monday or Tuesday. Transfers initiated on weekends or holidays are processed the next business day.

Using when ready transfers when you need the money faster

The process is identical to a standard transfer, except you tap "when ready Transfer" instead of "Transfer to Bank." Venmo will show you the fee—usually 1% to 2% of the amount—before you confirm. The money arrives in your bank account within minutes, and in most cases within an hour. You can use when ready transfer as many times as you want, but each one costs the percentage fee.

when ready transfers are subject to a daily limit. As of now, Venmo allows up to $5,000 per when ready transfer and $20,000 per day in when ready transfers, though these limits can change. If you try to transfer more than the limit allows, Venmo will tell you so and suggest using a standard transfer instead.

What to do if a transfer fails or takes longer than expected

Standard transfers occasionally get delayed if your bank is processing a high volume of transactions or if there is a holiday. If your transfer does not arrive within four business days, contact Venmo support through the app by tapping the menu, selecting "Help," and choosing "Contact Us." Have your transfer confirmation number ready—you can find it in your transaction history.

when ready transfers can fail if your bank account information is incorrect or if your bank rejects the deposit for fraud prevention reasons. If an when ready transfer fails, Venmo refunds the fee and returns the money to your Venmo balance within one to two business days. You can then try again with a standard transfer or contact your bank to ask why the deposit was rejected.

Understanding Venmo's limits and fees

Venmo sets weekly limits on how much you can transfer out of your account. The limit depends on how long you have been using Venmo and whether you have verified your identity with a Social Security number. New users typically have a lower limit—often $5,000 per week—while established users may have limits of $20,000 or more per week. You can check your limit in the Settings menu under "Limits."

If you hit your weekly limit, you cannot transfer more money until the week resets. Venmo weeks run Sunday through Saturday. Standard transfers are always free, but when ready transfers always carry a fee. There are no other charges for moving money from Venmo to your bank account.

Frequently Asked Questions

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

No. Venmo only allows you to transfer money to a bank account in your own name. If you want to send money to someone else, you must send it to their Venmo account first, and they can then transfer it to their own bank account.

What happens if I enter the wrong bank account number?

If you enter an incorrect account number, the transfer may be rejected by your bank and the money will return to your Venmo balance within one to two business days. Venmo does not verify account numbers before processing, so it is your responsibility to double-check them. If the money goes to the wrong account at another bank, contact Venmo support with the transfer confirmation number.

Do I have to verify my identity to transfer money out?

You can make transfers without verifying your identity, but you will have a lower weekly limit. To increase your limit, Venmo asks for your full name, date of birth, and Social Security number. This verification is optional but recommended if you regularly transfer large amounts.

Why did my when ready transfer fail?

when ready transfers fail most often because the bank account information is incorrect, your bank rejected the deposit for fraud prevention, or you exceeded your daily when ready transfer limit. Check your account number and routing number, and contact your bank to ask if they blocked the deposit. If the problem persists, use a standard transfer instead.

Can I cancel a transfer after I start it?

You can cancel a standard transfer within 30 minutes of initiating it. After 30 minutes, the transfer is locked and cannot be stopped. when ready transfers cannot be canceled once they are sent. If you need to cancel, do so when ready through the app by finding the transfer in your history and selecting "Cancel."