How to transfer 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 within one to three business days, though it can take up to five depending on your bank.

Venmo does not charge you a fee for standard transfers. If you want the money faster — within one hour instead of several days — Venmo offers an when ready transfer option that costs 1% of the amount you are sending (with a minimum fee of 25 cents). Most people use the free standard transfer unless they need the money urgently.

Before you can transfer money out, you need to have a bank account linked to Venmo. If you have not done this yet, you will add it during the transfer process itself, or you can set it up ahead of time in your account settings.

Key Takeaways

  • Standard transfers from Venmo to your bank account are free and take one to three business days, though five days is possible depending on your bank.
  • when ready transfers arrive within one hour but cost 1% of the amount transferred, with a minimum fee of 25 cents.
  • You must link a bank account to Venmo before you can transfer money out; you can do this during your first transfer or in advance through settings.
  • Venmo transfers only work to bank accounts in the United States, and the account must be in your own name.

Step-by-step: sending money to your bank account

Open the Venmo app on your phone and look at the bottom of the screen. You will see five icons in a row. Tap the three horizontal lines on the far right — this opens your menu. Scroll down until you see "Transfer to Bank" and tap it.

The app will ask you how much money you want to transfer. Type the amount. Below that, you will see a dropdown menu showing which bank account the money will go to. If you have already linked a bank account, it will show there. If this is your first transfer, tap the dropdown and select "Add Bank Account" to enter your bank details.

After you choose or add your account, the app shows you whether this will be a standard transfer (free, one to three business days) or an when ready transfer (1% fee, one hour). Standard is selected by default. Tap "Transfer" to confirm, and the money is on its way.

Linking a bank account for the first time

When you add a bank account to Venmo, the app asks for your bank's name, your account number, and your routing number. Your routing number is a nine-digit code that tells Venmo which bank you use; you can find it on a check, by calling your bank, or by searching your bank's name plus "routing number" online.

After you enter this information, Venmo sends two small test deposits to your account — usually 10 cents and 20 cents. These arrive within a few business days. Once they land, you go back into Venmo, confirm the amounts, and your account is verified. Only then can you transfer money out.

This verification step exists to prove you own the account. It protects you from someone else linking a bank account that is not theirs and stealing your Venmo balance.

What happens if your transfer takes longer than expected

Most transfers arrive within one to three business days. Weekends and bank holidays do not count as business days, so a transfer you start on Friday evening might not land until Wednesday. If you are waiting for money and a holiday falls in that window, add extra days to your timeline.

If more than five business days have passed and the money has not arrived, contact Venmo support through the app. Tap the menu, scroll to "Help," and select "Contact Us." Describe what happened — include the date you transferred, the amount, and which bank account you sent it to. Venmo can investigate whether the transfer got stuck somewhere in the banking system.

In rare cases, your bank may reject the transfer if it suspects fraud or if your account information was entered incorrectly. If this happens, Venmo will send the money back to your Venmo balance, and you will see a notification in the app explaining why.

when ready transfers: when you need money faster

If you need the money within an hour instead of waiting several days, Venmo offers when ready transfers. When you go through the transfer process, instead of selecting the standard option, tap "when ready Transfer" before you confirm. The app will show you the 1% fee — for example, transferring $100 costs $1.

when ready transfers work the same way as standard transfers otherwise: the money goes to whichever bank account you have linked, and it must be in your own name. The main difference is speed and cost. Not every bank supports when ready transfers, so if your bank is not on Venmo's list, you will only see the standard option available.

Limits on how much you can transfer

Venmo sets a weekly limit on how much you can transfer out of your account. This limit varies depending on how long you have had your Venmo account and how much you have transferred before, but it typically ranges from a few hundred dollars to several thousand dollars per week. If you hit your limit, you can transfer again the following week.

To see your specific limit, open the menu, tap "Settings," then "Limits." The app shows you how much you can still transfer this week and when your limit resets. If you need to move a large amount of money and you are close to your limit, you may need to split the transfer across two weeks or contact Venmo support to ask about a higher limit.

Transfers to accounts that are not yours

Venmo only allows you to transfer money to a bank account in your own name. You cannot transfer directly to someone else's account. If you need to send money to another person, you have two options: transfer the money to your own bank account first, then use your bank's system to send it to them, or use Venmo's peer-to-peer payment feature to send money directly to another Venmo user.

This rule exists to prevent fraud and to comply with banking regulations. It means you cannot use Venmo as a way to quickly move money into someone else's account without their involvement.

Frequently Asked Questions

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

Yes. Venmo transfers work with both checking and savings accounts as long as they are in your name and at a U.S. bank. When you link your account, you choose which one to use. You can link multiple accounts and pick a different one each time you transfer.

What if I entered my bank account information wrong?

If you made a mistake when linking your account, the transfer will likely be rejected by your bank, and the money will return to your Venmo balance within a few business days. You will see a notification explaining the rejection. Delete the incorrect account from your settings and add the correct one before trying again.

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 is not a taxable event. However, if you received the money through Venmo as payment for goods or services, that income may be taxable depending on the amount and your location. Venmo reports large transactions to the IRS, so keep records of what the money was for.

Can I set up automatic transfers from Venmo to my bank account?

Venmo does not currently offer automatic recurring transfers. You must start each transfer manually through the app. If you want money to move regularly, you can set a phone reminder to transfer on a certain day each week or month.

Why is my transfer showing as pending for so long?

Standard transfers usually take one to three business days, but can take up to five depending on your bank's processing speed and whether weekends or holidays fall in that window. If it has been more than five business days, contact Venmo support through the app to investigate whether the transfer got stuck in the banking system.