How to transfer money from Venmo to your bank account
To move money from Venmo to your bank account, you link your bank account to Venmo, then use the app to initiate a transfer. The money leaves your Venmo balance and arrives in your linked bank account within one to three business days. Venmo offers two transfer speeds: a standard transfer (one to three business days, free) and an when ready transfer (minutes, with a small fee of 1% of the amount, minimum 25 cents).
The process itself takes about two minutes once your bank account is linked. You do not need to contact Venmo or your bank — the app handles the entire transfer on its own.
Key Takeaways
- You must link your bank account to Venmo before you can transfer money out, which requires your routing number and account number.
- Standard transfers are free and take one to three business days; when ready transfers cost 1% of the amount and arrive within minutes.
- Transfers happen through the Venmo app itself — you select the amount, choose your linked bank account, and confirm.
- Your bank account must be a U.S. checking or savings account; some banks process transfers faster than others.
Linking your bank account to Venmo
Before you can transfer money out, Venmo needs to know which bank account to send it to. Open the Venmo app, tap the three horizontal lines (menu) in the bottom right corner, then select "Settings." Tap "Payment Methods," then "Add a Bank Account."
Venmo will ask for your bank's routing number and your account number. You can find both on a check (the routing number is the first set of numbers on the left, the account number follows it), or you can log into your bank's website and find them in your account details. Enter both numbers, then tap "Continue." Venmo will verify the account by depositing two small amounts (usually under a dollar each) into your account over the next one to two business days.
Once those deposits arrive, go back to "Payment Methods" in Venmo, select the bank account you just added, and enter the two deposit amounts to confirm ownership. After that, your bank account is linked and ready to use for transfers.
Choosing between standard and when ready transfers
Once your bank account is linked, you can transfer money out using either method. Standard transfers are free but take one to three business days — the exact timing depends on your bank, not Venmo. when ready transfers cost 1% of the amount you send (with a minimum fee of 25 cents) and arrive in your bank account within minutes.
For example, a standard transfer of $100 costs nothing and arrives in one to three days. An when ready transfer of $100 costs $1 and arrives almost when ready. If you need the money right away, when ready transfer is worth the fee. If you can wait a few days, standard transfer saves you money.
You choose which type when you initiate the transfer — Venmo shows you both options and the fee before you confirm, so you can decide in that moment based on when you need the money.
Steps to transfer money from Venmo
Open the Venmo app and tap the card icon at the bottom of the screen (it looks like a wallet or credit card). Tap "Transfer to Bank." Venmo will show you any bank accounts you have already linked; select the one you want the money to go to.
Enter the amount you want to transfer. Venmo will show you the transfer method options — standard (free, one to three days) or when ready (1% fee, minutes). Select which one you want. Review the amount and the fee, then tap "Transfer" to confirm.
The transfer is now in progress. For a standard transfer, check your bank account in one to three business days. For an when ready transfer, the money should appear within minutes. You can see the status of any transfer by tapping the card icon again and looking at your transfer history.
What happens if your bank account is not linked yet
If you try to transfer money but have not linked a bank account, Venmo will prompt you to add one. You cannot complete a transfer without a linked account. The linking process takes one to two business days for verification, so if you need money urgently, you may need to wait before you can transfer it out.
If you are in a hurry, you can also spend money directly from your Venmo balance using the Venmo debit card (if you have one), or ask someone to send you money to your Venmo account instead of your bank account — though that just moves the money around rather than getting it into your bank.
Why transfers take different amounts of time
Standard transfers depend partly on your bank's processing speed. Venmo sends the transfer request to your bank, but your bank decides how quickly to post it to your account. Most banks process transfers within one business day, but some take up to three. Weekends and holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
when ready transfers are faster because Venmo uses a different system that does not rely on your bank's processing timeline. The money moves through Venmo's partner network and arrives almost when ready, which is why there is a fee — Venmo pays for that speed.
Limits on how much you can transfer
Venmo sets weekly transfer limits, though the exact amount varies based on your account history and how long you have been using Venmo. New accounts typically have lower limits than established ones. You can see your current limit by opening the app, tapping the card icon, and looking at the transfer screen — it will show you how much you can transfer in the current week.
If you hit your limit, you can still receive money in Venmo, but you cannot transfer it out until the next week. The weekly limit resets on Sundays. If you need to transfer a large amount, you may need to split it across two weeks or contact Venmo to request a higher limit.
Frequently Asked Questions
Can I transfer money to someone else's bank account using Venmo?
No. Venmo transfers only go to a bank account that is linked to your own Venmo account. If you want to send money to someone else's bank account, you would need to transfer it to your own bank first, then use your bank's bill pay or transfer service to send it to them.
What if I enter the wrong bank account number?
Venmo verifies the account during the linking process by depositing two small amounts. If the account number is wrong, those deposits will fail and Venmo will not let you link it. If you somehow link the wrong account and transfer money to it, contact Venmo support when ready — they may be able to reverse the transfer, but the sooner you report it the better.
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 someone sent you money as payment for goods or services (rather than as a gift or personal transfer), that income may be taxable. Venmo reports payments over a certain threshold to the IRS, so keep records of what money was for.
Can I transfer money from Venmo to a savings account instead of checking?
Yes. Venmo accepts both checking and savings accounts. When you link your account, Venmo asks what type it is — just select savings if that is what you have. The transfer process is the same either way.
What if my bank rejects the transfer?
This is rare, but it can happen if your account is closed, frozen, or flagged for fraud. If a transfer is rejected, Venmo will notify you in the app and the money will return to your Venmo balance within a few business days. Contact your bank to find out why the transfer was rejected, fix the problem, and try again.