How to transfer money from Venmo to your bank account
To move money from Venmo to your bank account, open the Venmo app, tap the three horizontal lines (called a menu) at the bottom right, select "Transfer to Bank," choose the amount, pick which bank account to send it to, and confirm. The money usually arrives in one to three business days, though Venmo offers a faster option that costs a small fee if you need it sooner.
The process is straightforward once you have connected a bank account to Venmo. If you have not done that yet, you will need your bank's routing number and your account number — both appear on a check or through your bank's website or app.
Key Takeaways
- Standard transfers from Venmo to your bank account take one to three business days and cost nothing.
- Venmo also offers an when ready transfer option that deposits money within minutes but charges a fee of around 1% of the amount you transfer.
- You must connect your bank account to Venmo before you can transfer money out, which requires your routing number and account number.
- Transfers work only to the bank account you registered with Venmo — you cannot send money to someone else's account.
Setting up your bank account in Venmo for the first time
Before you can move money out of Venmo, you need to tell Venmo which bank account belongs to you. Open the Venmo app and tap the three horizontal lines at the bottom right. Select "Settings," then "Payment Methods," then "Add Bank Account."
Venmo will ask for your bank's name, your account type (checking or savings), your account number, and your routing number. Your account number and routing number both appear on a check — the routing number is the first set of numbers on the left, and your account number is the second set. You can also find both numbers by logging into your bank's website or app and looking at your account details.
After you enter this information, Venmo may send two small test deposits to your bank account — usually less than a dollar each. Check your bank account a few days later, and Venmo will ask you to confirm the amounts of those deposits. This is how Venmo verifies that the account is actually yours. Once you confirm, your bank account is linked and ready to use.
The standard transfer: free but slower
A standard transfer takes one to three business days. This means if you request a transfer on a Tuesday, the money might not arrive until Thursday or Friday. Weekends and bank holidays do not count as business days, so a transfer requested on Friday might not arrive until Tuesday.
Standard transfers are free — Venmo charges you nothing. This makes them the cheapest way to move money out of Venmo if you are not in a rush. Open the app, tap the three lines, select "Transfer to Bank," choose how much to send, pick your bank account from the list, and tap "Transfer." Venmo will show you a confirmation screen with the amount and the expected arrival date. Tap again to confirm, and the transfer is on its way.
The when ready transfer: faster but with a fee
If you need the money right away, Venmo offers when ready transfers that arrive within minutes instead of days. The trade-off is a fee — Venmo charges around 1% of the amount you transfer, though the exact percentage can vary. For example, transferring $100 when ready might cost you about $1.
To use when ready transfer, follow the same steps as a standard transfer, but look for the option that says "when ready" or "when ready Transfer" when you choose your bank account. The app will show you the fee before you confirm, so you know exactly what it will cost. when ready transfers work only to certain banks — if your bank is not supported, the option will not appear, and you will need to use the standard transfer instead.
What to do if your transfer does not arrive
If you requested a standard transfer and it has been more than three business days, or an when ready transfer and it has been more than a few hours, contact your bank first. Sometimes the money arrives in your bank's system but takes extra time to show up in your account — your bank can tell you whether it has been received.
If your bank has not received it, open the Venmo app and go to your transaction history. Find the transfer you are asking about, tap it, and look for a "Help" or "Report a Problem" button. Venmo's support team can investigate what happened. Keep in mind that Venmo customer support can take several days to respond, so contacting your bank first usually gets you an answer faster.
Limits on how much you can transfer
Venmo sets limits on how much money you can transfer to your bank account in a single transaction and over a period of time. These limits vary depending on how long you have had your Venmo account, how much you have used it, and whether Venmo has verified your identity. New accounts typically have lower limits than established ones.
To find your specific limit, open Venmo, tap the three lines, go to "Settings," then "Limits," and look for "Transfer to Bank." Venmo will show you how much you can transfer at once and how much you can transfer per week or per month. If you need to transfer more than your limit allows, you can do multiple transfers over time, or you can contact Venmo support to ask about increasing your limit.
Transfers to accounts that are not yours
Venmo only transfers money to the bank account you registered when you set up your payment method. You cannot transfer money to someone else's bank account directly through Venmo. If you need to send money to another person, you have two options: send them money through Venmo's person-to-person payment feature (which moves money between Venmo accounts, not to banks), or withdraw the money to your own bank account and then transfer it from there using your bank's own transfer tools.
This restriction exists partly for security — it prevents someone from hacking your Venmo account and sending your money somewhere you did not authorize. It also means you should be careful about who has access to your Venmo login, since anyone with access can transfer your money to the bank account you registered.
Frequently Asked Questions
Can I transfer money from Venmo to a savings account instead of checking?
Yes. When you add your bank account to Venmo, you choose whether it is a checking or savings account. You can add both types and then choose which one to transfer to each time. Some people keep their everyday money in checking and transfer larger amounts to savings.
What happens if I transfer money but then change my bank account?
If you have already requested a transfer, changing your bank account in Venmo will not stop it — the money will still go to the original account you linked. If you need the money sent somewhere else, contact Venmo support right away. For future transfers, update your bank account information in Venmo's settings first.
Do I 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 through Venmo for goods or services (not as a gift), that income may be taxable. Venmo reports large transactions to the IRS, so keep records of what money was for.
Why is my when ready transfer option grayed out or missing?
when ready transfers are not available to all banks, and some accounts do not have access yet. Check whether your bank is on Venmo's supported list. If it is, try updating the Venmo app or logging out and back in. If the option still does not appear, contact Venmo support — they can tell you whether your account is may be able to access.
Can I cancel a transfer after I have requested it?
For standard transfers, you usually have a short window (often a few hours) to cancel before the money leaves Venmo. Open the app, find the transfer in your history, and look for a "Cancel" button. For when ready transfers, cancellation is usually not possible because the money has already left. Contact Venmo support when ready if you need to cancel an when ready transfer.