Venmo can transfer money to a linked savings account, but only through your checking account first
Venmo does not transfer directly to a savings account. When you move money out of Venmo, it goes to a linked checking account only. If you want the money in savings, you must first transfer it from Venmo to your checking account, then move it from checking to savings using your bank's tools or a separate transfer.
The reason is technical: Venmo's transfer system is built around ACH (Automated Clearing House) transfers, which route through checking accounts as the standard endpoint. Savings accounts can receive ACH transfers, but Venmo's interface does not offer that option directly. You control the second step yourself.
Key Takeaways
- Venmo transfers money only to a checking account you have linked; you cannot select a savings account as the destination.
- After money lands in your checking account, you can transfer it to savings using your bank's app, website, or by calling the bank.
- The first transfer (Venmo to checking) takes one to three business days; the second transfer (checking to savings) is usually instant or next-day.
- Some banks let you set up automatic transfers from checking to savings on a schedule, so you do not have to move money manually each time.
- Venmo charges no fee for transfers to a linked bank account, but your bank may charge a fee if you exceed the federal limit on savings account transfers.
How to link a checking account to Venmo
Open Venmo and go to Settings (the gear icon). Tap "Payment Methods" and select "Add Bank Account." Venmo will ask for your bank's routing number and your account number. You can find both on a check, or log into your bank's website and look for account details.
Venmo will make two small test deposits to your checking account within one to two business days. Log back into Venmo, go to Payment Methods, and confirm the amounts of those deposits. Once confirmed, your checking account is linked and ready to receive transfers.
You can link multiple checking accounts to Venmo, but only one at a time will be set as your default. When you request a transfer, Venmo sends the money to whichever account is currently set as default.
Steps to move money from Venmo to savings
First, transfer from Venmo to your checking account. Open Venmo, tap the three horizontal lines (menu), select "Transfer Money," and choose "Transfer to Bank." Enter the amount and confirm. Venmo will show you the expected arrival date, usually one to three business days depending on your bank.
Once the money arrives in your checking account, log into your bank's app or website. Look for "Transfers," "Move Money," or "Send Money." Select your savings account as the destination and your checking account as the source. Enter the amount and confirm. Most banks process this transfer instantly or by the next business day.
If your bank offers automatic transfers, you can set one up so money moves from checking to savings on a schedule—for example, every payday or the first of the month. This removes the need to transfer manually each time.
Timing: how long each step takes
Venmo to checking account: one to three business days. Weekends and bank holidays add time. If you transfer on a Friday evening, the money may not arrive until Tuesday.
Checking to savings account: instant to one business day, depending on your bank. Most large banks process internal transfers instantly. Credit unions and smaller banks may take a business day.
Total time from Venmo to savings: one to four business days in most cases. If you need the money in savings quickly, ask your bank whether it offers instant transfers between your own accounts.
Fees and limits to know
Venmo charges no fee for transfers to a linked bank account. However, your bank may charge a fee if you move money between your own accounts too many times in a month. Federal rules once limited savings account transfers to six per month, but that rule was suspended in 2020. Many banks have kept their own limits anyway, typically allowing six to ten transfers per month before charging a fee (usually $1 to $5 per transfer over the limit).
Check your bank's fee schedule or call customer service to learn your limit. If you move money frequently, ask whether your bank offers a money market account or high-yield checking account instead of savings, since those accounts often have fewer transfer restrictions.
Venmo itself has no daily or monthly limit on how much you can transfer to your bank account, but your bank may. Most banks allow transfers up to your account balance or a set daily limit (often $5,000 to $25,000). Check your bank's terms.
What to do if the transfer is delayed
If money does not arrive in your checking account within three business days, log into Venmo and check the transfer status. Tap the three lines, select "Transfer Money," and look for "Transfer History." If the transfer shows "Pending" or "In Progress," wait another business day.
If it shows "Failed" or "Returned," Venmo will have sent the money back to your Venmo balance. This usually happens because the account number or routing number was wrong, or your bank rejected the transfer. Try linking your account again and double-check the numbers.
If the transfer shows "Completed" but the money is not in your checking account, contact your bank. Give them the transfer date and amount. Your bank can trace the ACH transfer and tell you where it went. This is rare but can happen if your bank's system is slow or if there was a processing error on their end.
Alternatives if you cannot link a checking account
If you do not have a checking account or do not want to link one to Venmo, you have other options. You can transfer money from Venmo to a debit card instead, then use that card to deposit cash at an ATM or branch. This is slower and may cost more in fees, but it works.
You can also request a paper check from Venmo, though this takes seven to ten business days and Venmo charges a $1.50 fee. Some users do this as a last resort.
Another option is to use a different peer-to-peer app that links directly to savings accounts. PayPal, for example, allows transfers to savings accounts in some cases. However, most mainstream apps work the same way Venmo does—checking account only.
Frequently Asked Questions
Can I transfer from Venmo to a savings account at a different bank?
Yes, but only through your checking account first. Link your checking account at Bank A to Venmo, transfer money there, then use Bank A's tools to send it to your savings account at Bank B. Most banks allow transfers between institutions, though it may take an extra business day.
What if I link the wrong checking account to Venmo?
Unlink it and add the correct one. Go to Settings, Payment Methods, and tap the account you want to remove. Select "Remove This Account." Then add the correct account using the same process. If you already transferred money to the wrong account, contact that bank to retrieve it.
Does Venmo report transfers to savings as income?
No. Venmo reports peer-to-peer payments you receive from other users, not transfers you make to your own bank account. Transfers to your bank are your own money moving, not income.
Can I set up automatic transfers from Venmo to savings?
Venmo does not offer automatic transfers. You must request each transfer manually. However, once money is in your checking account, your bank can set up automatic transfers to savings on a schedule you choose.
Is it safe to link my checking account to Venmo?
Venmo uses encryption and fraud monitoring, so the link itself is secure. However, if someone gains access to your Venmo account, they can transfer money out. Use a strong password and enable two-factor authentication on Venmo to reduce this risk.