How to transfer Venmo money to your bank account

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 lands in your account within one to three business days for standard transfers, or within 30 minutes for when ready transfers (which cost a small fee). The process takes about five minutes to set up the first time.

Venmo holds your balance in a digital wallet until you move it out. Unlike a checking account, that balance is not FDIC-insured while it sits in Venmo. Moving it to your bank account is the step that puts it under your bank's protection.

Key Takeaways

  • You must link a real bank account to Venmo before you can transfer money out; a debit card alone is not enough.
  • Standard transfers take one to three business days and cost nothing; when ready transfers arrive in 30 minutes but charge a percentage fee (usually 1 percent).
  • The transfer happens inside the Venmo app under a "Transfer to Bank" or "Withdraw" button, not through your bank's website.
  • Venmo will ask you to verify the bank account by depositing two small amounts and having you confirm the numbers, which takes one to two business days the first time.

Linking your bank account to Venmo

Open the Venmo app and go to Settings (the gear icon). Tap "Payment Methods" and select "Add a Bank Account." Venmo will ask for your routing number and account number. You can find both on a check, or log into your bank's website and look for account details. Enter your account type (checking or savings) and confirm.

Venmo will then deposit two small amounts—usually between 1 and 25 cents each—into that account. This takes one to two business days. Once the deposits land, go back to Settings, find the bank account you just added, and tap "Confirm." Venmo will ask you to enter the exact amounts of those two deposits. Once you confirm, the account is linked and ready to use.

You only have to do this once. After the account is verified, you can transfer money to it whenever you want.

Standard transfers versus when ready transfers

A standard transfer takes one to three business days and costs nothing. The money leaves your Venmo balance when ready, but your bank account does not receive it right away. This delay exists because Venmo and your bank are separate systems that communicate on a schedule, not in real time.

An when ready transfer arrives in your bank account within 30 minutes, but Venmo charges a fee. The fee is usually 1 percent of the amount you transfer, with a minimum of 25 cents. So transferring $100 when ready costs $1.00; transferring $10 costs 25 cents. The exact percentage varies slightly and Venmo shows you the fee before you confirm.

For most people, standard transfers work fine. Use when ready transfers only when you need the money the same day.

The step-by-step transfer process

Open Venmo and look at your balance at the top of the screen. Tap the three dots or menu icon next to your balance, or look for a button labeled "Transfer to Bank" or "Withdraw." (The exact label depends on your app version.) Tap it.

Venmo will show you the linked bank accounts. Select the one you want the money to go to. Enter the amount you want to transfer. Venmo will show you the fee if you choose when ready transfer, or confirm that standard transfer is free. Review the details and tap "Transfer" or "Confirm."

The money leaves your Venmo balance right away. For standard transfers, check your bank account in one to three business days. For when ready transfers, it should arrive within 30 minutes. If it does not, contact Venmo support through the app.

What happens if the transfer fails

A transfer can fail if your bank account information is wrong, if your bank rejects the deposit for fraud reasons, or if you do not have enough balance in Venmo to cover the amount plus any fee. Venmo will send you a notification explaining why the transfer did not go through.

If your bank rejected it, log into your bank's website and check whether there is a pending transaction you need to confirm. Some banks flag transfers from unfamiliar sources as suspicious. You may need to call your bank and tell them to allow Venmo transfers. Once you do, try the transfer again.

If the bank account information is wrong, go back to Settings, remove the account, and add it again with the correct routing and account numbers.

Transferring money you received from someone else

When someone sends you money through Venmo, it lands in your Venmo balance, not your bank account. You then follow the same transfer steps above to move it to your bank. There is no difference in the process—Venmo does not distinguish between money you added yourself and money someone sent you.

The only exception is if you set up a direct deposit to Venmo, which some employers offer. In that case, your paycheck can go straight into Venmo instead of your bank. But most people receive money through Venmo and then transfer it out, rather than keeping it there.

Fees and limits on transfers

Standard transfers are free. when ready transfers charge a percentage fee, usually 1 percent, shown before you confirm. Venmo does not charge a fee for receiving money from other people or for holding a balance.

Venmo has weekly and monthly limits on how much you can transfer. The exact limits depend on how long you have had your account and whether you have verified your identity. New accounts typically have lower limits—sometimes $300 per week. As your account ages and you complete identity verification, the limits increase. You can see your current limit in Settings under "Limits."

If you hit your limit, you have to wait until the next week or month to transfer more. Venmo will tell you when your limit resets.

Frequently Asked Questions

How long does it really take for money to show up in my bank account?

Standard transfers take one to three business days. Weekends and holidays do not count as business days, so a transfer you start on Friday afternoon might not land until Tuesday. when ready transfers arrive within 30 minutes on business days; on weekends or holidays, they may take longer. Check your bank account, not just Venmo, to confirm the money arrived.

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

No. Venmo transfers only go to a bank account registered under your own name. You cannot transfer Venmo money to another person's account. If you want to send money to someone else, you send it through Venmo to their Venmo account, and they transfer it to their own bank account.

What if I link the wrong bank account by mistake?

Go to Settings, find the bank account under Payment Methods, and delete it. Then add the correct account. If you already transferred money to the wrong account, contact Venmo support when ready through the app. They may be able to reverse the transfer, but the sooner you report it, the better your chances.

Do I need a Venmo debit card to transfer money to my bank?

No. The Venmo debit card is optional. You can transfer money to your bank account without ever getting a card. The card is useful only if you want to spend directly from your Venmo balance at stores or ATMs.

Is my money safe while it sits in Venmo?

Venmo is owned by PayPal and uses encryption to protect your account. However, your balance is not FDIC-insured while it is in Venmo's system. Once you transfer it to your bank account, it becomes part of your bank's deposits and is protected up to the FDIC limit (usually $250,000). If you are holding a large balance in Venmo, transfer it to your bank to may support it is fully protected.