The basic steps to transfer Venmo balance to your bank
Open the Venmo app, tap the three horizontal lines (menu) in the bottom right, then select "Settings." Go to "Payment Methods" and choose the bank account you want to transfer to. Tap "Transfer to Bank," enter the amount, and confirm. Venmo will show you the transfer time — usually one to three business days, though it can take up to five depending on your bank.
The money comes from your Venmo balance, not directly from a linked card or account. If you don't have a Venmo balance yet, you'll need to add money first by transferring it in from your bank, or by receiving payments from other users.
You can only transfer to a bank account that you've already linked to your Venmo profile. If you haven't linked a bank account yet, you'll need to do that in Settings under "Payment Methods" before you can move money out.
Key Takeaways
- Transfers from Venmo to your bank account take one to five business days depending on your bank, with most arriving in one to three days.
- You can only transfer money that's sitting in your Venmo balance, not money that's pending or tied up in a transaction.
- The bank account you transfer to must already be linked to your Venmo profile in the Settings menu.
- Venmo does not charge a fee for standard transfers to your bank account, though some banks may charge their own fees on the receiving end.
How to link a new bank account if you haven't already
Go to Settings, tap "Payment Methods," then select "Add Payment Method." Choose "Bank Account" and enter your routing number and account number. You can find both on a check, or log into your bank's website to locate them. Venmo will verify the account by depositing two small amounts (usually under a dollar each) into your bank within one to two business days.
Once those deposits arrive, go back to Venmo, tap the bank account in your Payment Methods list, and enter the two amounts to confirm ownership. After that, the account is active and you can transfer money to it whenever you want.
What happens if your transfer is delayed or doesn't arrive
If your transfer hasn't shown up after five business days, check your Venmo transaction history first. Tap the transfer in your activity feed — it will show you the status and the exact date it was sent. If Venmo's side is complete, the delay is on your bank's end.
Contact your bank's customer service with the transfer date and amount. They can trace the incoming wire or ACH transfer using the reference number Venmo provides. Banks sometimes hold transfers for fraud review, especially if the receiving account is new or the amount is large. Your bank can release the hold once they've verified it.
If Venmo shows the transfer failed or is stuck in progress, open the Venmo app and try the transfer again. If it fails a second time, contact Venmo support through the app (tap the menu, then "Help") and describe what happened. They can investigate whether the issue is on Venmo's side or your bank's.
Fees and limits on Venmo transfers
Venmo does not charge you a fee to transfer money to your bank account using the standard one to three business day option. However, some banks charge their own fees when they receive incoming transfers — this is rare but worth checking your bank's fee schedule if you transfer frequently.
There is no daily or monthly limit on how much you can transfer out of Venmo to your bank account. The limit is only on how much you can send to other Venmo users in a single transaction (usually $299.99 for new accounts, higher once you've been verified). Transfers to your own bank account are not subject to that restriction.
Why your transfer might be pending or stuck
A transfer can stay pending if your bank account information is incomplete or doesn't match what your bank has on file. If you recently changed your account number or routing number, make sure the new information is saved in Venmo's Payment Methods before you transfer.
Transfers also pause if Venmo flags the transaction for security reasons — this happens more often if you're transferring a much larger amount than usual, or if you're using a newly linked bank account. Venmo will notify you in the app if this happens and may ask you to verify your identity. Once you do, the transfer usually resumes within a few hours.
If your bank account is closed or inactive, the transfer will fail and the money will return to your Venmo balance. You'll see a notification in the app explaining why. Link a different active bank account and try again.
Transferring money out vs. keeping it in Venmo
Your Venmo balance sits in a custodial account, not a traditional bank account. This means Venmo holds the money on your behalf, but it's not FDIC-insured the way a bank deposit would be. If you're not planning to use the money soon, moving it to your bank account gives you the protection of FDIC insurance (up to $250,000 per account).
Keeping money in Venmo is convenient if you send and receive payments regularly — you can use your balance to pay friends without waiting for a bank transfer. But if the money is sitting idle, your bank account is the safer place for it.
Frequently Asked Questions
Can I transfer money to someone else's bank account using Venmo?
No. Venmo transfers go only to a bank account that's registered under 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 if they want to cash out.
What if I don't have a bank account to transfer to?
You can keep your money in your Venmo balance and use it to pay other Venmo users. However, you won't be able to withdraw cash or move the money anywhere else without a linked bank account. Some users open a basic checking account at a credit union or online bank specifically to have a place to transfer Venmo funds.
Does Venmo report transfers to the IRS or affect my taxes?
Venmo reports large transfers to the IRS only if they're payments for goods or services, not personal transfers between friends. If you're receiving money from friends for shared rent or a dinner bill, that's not taxable. If you're receiving payment for work or selling something, Venmo will report it if the total reaches certain thresholds, and you may owe taxes on it.
Can I set up automatic transfers from Venmo to my bank?
Venmo does not offer automatic recurring transfers. You have to initiate each transfer manually through the app. If you want money to move automatically, you could transfer from your bank to Venmo when you need it, rather than the other way around.
What's the difference between a standard transfer and an when ready transfer?
Venmo only offers standard transfers to your bank account, which take one to five business days and have no fee. when ready transfers are only available when you're sending money to another Venmo user, not when you're cashing out to your bank.