The basic process: three steps and one to three business days

To send 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 at your bank account within one to three business days. Venmo calls this a "transfer to bank" and it is the standard way to get your Venmo balance back into the account you actually use.

The speed and any fees depend on which transfer method you choose. Venmo offers two options: a standard transfer that takes one to three business days with no fee, and an when ready transfer that arrives within 30 minutes but costs between 1% and 2% of the amount you send. Most people use the standard transfer unless they need the money when ready.

Key Takeaways

  • Standard transfers from Venmo to your bank account take one to three business days and have no fee.
  • when ready transfers arrive within 30 minutes but cost 1% to 2% of the amount transferred.
  • You must link a bank account to your Venmo profile before you can transfer money out.
  • Transfers initiated on weekends or holidays may not begin processing until the next business day.

Linking your bank account to Venmo

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

Venmo verifies the account by making two small deposits to it—usually between $0.01 and $0.99 each. These deposits appear in your bank account within one to two business days. Once they arrive, go back to Venmo, tap "Confirm Bank Account," and enter the two amounts. After confirmation, the account is linked and you can transfer money to it.

You can link multiple bank accounts to Venmo, but you can only transfer to one at a time. If you want to change which account receives transfers, go back to Payment Methods and select a different account as your default.

How to initiate a standard transfer (one to three business days, no fee)

Open the Venmo app and tap the three horizontal lines in the bottom right. Select "Transfer to Bank." The app will show your Venmo balance and ask how much you want to transfer. Enter the amount and tap "Next." Venmo will confirm the receiving bank account and the transfer method (standard or when ready). Select "Standard Transfer" and tap "Transfer."

The transfer is now in the queue. Venmo will send a confirmation to your phone and email. The money leaves your Venmo balance when ready, but it does not arrive at your bank account right away. Standard transfers process during business hours on business days, so a transfer you initiate on a Friday afternoon may not begin processing until Monday morning. Once processing begins, it typically takes one to three business days to reach your account.

How to initiate an when ready transfer (30 minutes, 1% to 2% fee)

If you need the money faster, Venmo's when ready transfer option moves it within 30 minutes. The cost is 1% of the amount for most users, though some accounts may see 2%. Open the Venmo app, tap the three horizontal lines, and select "Transfer to Bank." Enter the amount you want to transfer and tap "Next." This time, select "when ready Transfer" instead of Standard Transfer.

Venmo will show you the fee before you confirm. For example, a $100 when ready transfer costs $1 to $2, so you receive $98 to $99 in your bank account. Tap "Transfer" to complete it. The money typically arrives within 30 minutes, though Venmo says it can take up to one hour. when ready transfers process seven days a week, including weekends and holidays.

What happens if your transfer fails or is delayed

A transfer can fail if your bank account information is incorrect, if your bank rejects the deposit, or if there is a problem with your Venmo account. If a standard transfer fails, Venmo will send you a notification and the money returns to your Venmo balance within one to three business days. You can then try again with corrected information.

when ready transfers can also fail, and the fee is not refunded if the transfer does not go through. If an when ready transfer fails, contact Venmo support through the app. Tap the three horizontal lines, select "Help," then "Contact Us." Explain what happened and Venmo will investigate. They may refund the fee or retry the transfer at no cost.

If a transfer is delayed beyond the stated timeframe, it is usually because your bank is processing it slowly. Contact your bank's customer service to confirm they received the transfer. If your bank says they never received it, contact Venmo support with your transfer confirmation number (found in your transaction history).

Limits on how much you can transfer

Venmo sets weekly transfer limits that vary by account. Most accounts can transfer up to $19,999.99 per week to a bank account. However, your bank may have its own limits on how much it will accept in a single deposit or per week. If you hit Venmo's limit, you will need to wait until the next week to transfer more. Weeks run Sunday through Saturday.

New accounts or accounts with limited history may have lower limits. If you see a message saying your transfer exceeds your limit, you can either transfer a smaller amount now or wait until your limit increases. Venmo does not publish a timeline for when limits increase, but they typically rise as you use the account longer and build a transaction history.

Timing: when transfers actually process

Standard transfers process during business hours on business days only. If you initiate a transfer on a Saturday, Sunday, or holiday, it enters the queue but does not begin processing until the next business day. Once processing begins, it takes one to three business days to reach your bank account. This means a transfer you start on Friday afternoon might not arrive until Wednesday or Thursday.

when ready transfers process when ready, seven days a week. If you initiate an when ready transfer at 11 p.m. on a Sunday, it will process and arrive within 30 minutes. This is the main reason people choose when ready transfer—not for speed on a weekday, but for the ability to move money on nights and weekends when standard processing is not available.

Frequently Asked Questions

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

No. Venmo transfers go only to a bank account linked to your own Venmo profile. To send money to another person's bank account, you would need to send them money through Venmo (which they receive in their Venmo balance), and they would then transfer it to their own bank account. Alternatively, use a different service like a wire transfer or ACH transfer through your bank.

What if I accidentally transferred to the wrong bank account?

Contact Venmo support when ready through the app. Tap the three horizontal lines, select "Help," then "Contact Us." Explain that you transferred to the wrong account and provide your transfer confirmation number. Venmo will investigate, but they cannot may provide recovery if the money has already been deposited and withdrawn from the wrong account. This is why it is important to verify your bank account information before confirming a transfer.

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 balance came from payment for goods or services, it may be taxable income. Venmo reports payments over $600 to the IRS, so keep records of what the money was for. Consult a tax professional if you are unsure whether your Venmo income is taxable.

Why is my transfer taking longer than three business days?

Standard transfers usually take one to three business days, but delays happen. Your bank may be processing it slowly, or there may be a problem with your account information. Check your bank's website to see if the deposit has arrived. If not, contact your bank's customer service. If your bank confirms they never received it, contact Venmo support with your transfer confirmation number.

Can I cancel a transfer after I initiate it?

For standard transfers, you can cancel within a few minutes of initiating it, before Venmo begins processing. Open the app, go to your transaction history, find the transfer, and tap "Cancel Transfer" if the option appears. For when ready transfers, cancellation is not possible once initiated because the money is already in motion. Always double-check the amount and receiving account before confirming any transfer.