How to Transfer Money From Venmo to Your Bank
Learn how to seamlessly transfer money from your Venmo account to your bank. Get clear steps, understand options, and navigate common challenges.
Venmo, a popular peer-to-peer payment application, facilitates sending and receiving money among individuals. This guide explains how to transfer funds from your Venmo balance to a linked bank account, covering the necessary steps and important considerations.
Linking Your Bank Account to Venmo
Transferring money from your Venmo balance to an external bank account requires a linked and verified bank account. This initial setup ensures a secure pathway for your funds. To link your bank account, navigate to the “Me” tab in the Venmo app, then access the “Wallet” or “Payment Methods” section.
Select “Add a new bank account.” Venmo offers two primary methods for linking: instant verification or manual verification. Instant verification involves securely logging into your bank’s online portal through the Venmo app, which verifies the account within moments.
Alternatively, manual verification requires inputting your bank’s routing and account numbers. Venmo then sends two small deposits, usually less than $1, and corresponding withdrawals to your bank account within one to three business days. Once these “microtransfers” appear on your bank statement, confirm the exact amounts in the Venmo app to verify your account.
Initiating a Transfer to Your Bank
To initiate a transfer, open the Venmo app and locate the “Me” tab. Select the “Transfer Balance” or “Manage Balance” option, which directs you to the transfer interface.
Enter the amount to transfer. Choose between two transfer options: “Standard” or “Instant.” After selecting your preferred transfer speed, confirm the transaction details, including the destination bank account. Once confirmed, funds will process according to your chosen method, moving from your Venmo balance to your designated bank account.
Understanding Transfer Speeds, Fees, and Limits
A standard transfer processes within one to three business days and is free of charge. This method utilizes the Automated Clearing House (ACH) network. Weekends and U.S. bank holidays are not considered business days and can extend the transfer duration.
For immediate access to funds, Venmo provides an instant transfer option. This service deposits money into an eligible U.S. bank account or Visa/Mastercard debit card within 30 minutes. Instant transfers incur a fee of 1.75% of the transfer amount, with a minimum charge of $0.25 and a maximum fee of $25 per transaction.
Venmo also imposes transfer limits, which vary based on account verification status. For verified accounts, the weekly bank transfer limit can be up to $19,999.99, with a per-transaction limit of $5,000 for instant transfers. Unverified accounts have lower limits, such as $999.99 per rolling week for bank transfers.
Addressing Common Transfer Problems
Delayed transfers can occur due to bank processing times, especially if initiated after daily cutoff times or on weekends and holidays. Transfers are also subject to review for security purposes, which might cause temporary holds. Checking the estimated arrival date within the Venmo app can help manage expectations.
Failed transfers often stem from incorrect bank details, exceeding transfer limits, or issues with the linked bank account itself. Ensuring the routing and account numbers are accurately entered is essential; if incorrect, the bank account may need to be removed and re-linked. For persistent problems, contact Venmo support.