Venmo transfers to your bank account take one to three business days, and the speed depends on which transfer method you choose

When you transfer money from Venmo to a bank account, you are moving funds from Venmo's system into the actual bank that holds your checking or savings account. Venmo offers two ways to do this: a standard transfer that takes one to three business days and costs nothing, or an when ready transfer that arrives within minutes but charges a small fee (usually 1% of the amount, with a minimum of 25 cents).

The account you transfer to must be a U.S. bank account in your own name. You cannot transfer to someone else's account, and you cannot transfer to accounts at credit unions, investment firms, or international banks through Venmo's standard process.

Key Takeaways

  • Standard transfers from Venmo to your bank account are free and take one to three business days; when ready transfers cost 1% of the amount and arrive within minutes.
  • You must link your actual bank account to Venmo before you can transfer money out, and Venmo will verify the account with two small test deposits.
  • Transfers initiated on weekends or after 5 p.m. Eastern Time on weekdays may not process until the next business day.
  • If a transfer fails, Venmo will return the money to your Venmo balance within one to three business days.

Linking your bank account to Venmo

Before you can transfer money out, you need to add your bank account to Venmo. Open the Venmo app, go to the menu (three horizontal lines), select Settings, then Payments. Tap Add Bank Account and enter your routing number and account number. You can find both on a check, or call your bank's customer service line and ask for them.

Venmo will then send two small deposits (usually between 1 and 5 cents each) to your bank account. This takes two to three business days. When the deposits arrive, go back to Venmo, select the account you just added, and enter the two amounts. Venmo uses this to confirm you actually own the account. Once verified, that bank account is linked and ready to receive transfers.

You can link multiple bank accounts to the same Venmo profile. Each one goes through the same verification process.

How to initiate a standard transfer

Open Venmo and tap the money icon at the bottom of the screen (it looks like a dollar sign in a circle). Select Transfer to Bank. Choose the bank account you want the money to go to from the dropdown menu. Enter the amount you want to transfer and tap Transfer.

Venmo will show you a confirmation screen with the amount, the receiving bank account, and the expected arrival date. The arrival date is usually one to three business days from the day you initiate the transfer. Tap Confirm to complete it. The money leaves your Venmo balance when ready, but it does not arrive at your bank until the date shown.

If you transfer on a Friday after 5 p.m. Eastern Time, or on a weekend, the transfer will not process until Monday. Venmo does not process transfers on weekends or federal holidays.

How to use when ready transfer instead

when ready transfer works the same way as standard transfer, except you select the when ready option before you confirm. Venmo charges a fee: usually 1% of the amount you are transferring, with a minimum of 25 cents. So a $100 transfer costs $1, and a $20 transfer costs 25 cents. The fee comes out of your Venmo balance.

Once you confirm an when ready transfer, the money arrives in your bank account within minutes, usually before you close the app. This is useful if you need the money right away, but the fee adds up if you transfer frequently in small amounts.

when ready transfer is only available for linked debit cards and bank accounts that have been verified for at least 24 hours. If you just linked a new account, you will have to wait a full day before you can use when ready transfer on it.

What happens if a transfer fails

A transfer can fail for a few reasons: the bank account information is wrong, the account has been closed, or your bank rejected the transfer for security reasons. If this happens, Venmo will send you a notification and return the money to your Venmo balance within one to three business days.

If you see a failed transfer notification, check that the routing number and account number are correct. You can update them in Settings under Payments. If the numbers are correct, contact your bank and ask whether they rejected the transfer. Some banks block transfers from payment apps the first time they see them; your bank may ask you to confirm the transfer before it will go through.

Fees and limits on transfers

Standard transfers are free. when ready transfers cost 1% of the amount, with a minimum of 25 cents. Venmo does not charge a fee for standard transfers no matter how much money you move or how often you transfer.

Venmo does not publish a maximum transfer amount, but your bank may have its own limits on how much money can be deposited in a single day or week. If you are transferring a large amount and it fails, contact your bank first before trying again.

If you transfer money out of Venmo and then want to send it to someone else through Venmo, you will have to wait for the transfer to complete and then add the money back to your Venmo balance. You cannot reverse a transfer once it has been confirmed.

Timing and when transfers actually arrive

A standard transfer initiated on a Tuesday morning will usually arrive by Wednesday or Thursday. The exact timing depends on your bank's processing schedule. Some banks post transfers as soon as they receive them; others wait until the next business day.

when ready transfers arrive within minutes, but "within minutes" means the money is in your bank's system, not necessarily visible in your account yet. Most banks show when ready transfers in your account balance when ready, but some take up to an hour to display them.

If you initiate a transfer late in the day (after 5 p.m. Eastern), Venmo may not process it until the next business day. The one to three business day window starts from the day Venmo actually processes the transfer, not the day you request it.

Frequently Asked Questions

Can I transfer money from Venmo to a savings account instead of checking?

Yes. Venmo transfers to any bank account in your name, whether it is checking, savings, or money market. The process is the same. You link the account, verify it with the test deposits, and then transfer money to it.

What if I do not have a bank account yet?

You cannot transfer money from Venmo without a linked bank account. If you do not have one, you will need to open an account at a bank or credit union first. Once the account is open and you have the routing and account numbers, you can link it to Venmo.

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

No. Venmo transfers only go to a bank account in your own name. If you want to send money to someone else, you send it to their Venmo account, and they transfer it to their own bank account themselves.

Why is my transfer taking longer than three business days?

If a transfer has been pending for more than three business days, check your email for a notification from Venmo. The transfer may have failed and been returned to your balance. If you do not see a failure notice, contact Venmo support through the app and provide the transfer date and amount.

Do I have to pay taxes on money I transfer out of Venmo?

Transferring your own money from Venmo to your bank account is not a taxable event. However, if you received money in Venmo as payment for goods or services, that income may be taxable depending on the amount and your location. Venmo is required to report payments over $5,000 to the IRS.