Venmo works with savings accounts, but only through a workaround
Venmo does not connect directly to a savings account. The app requires a linked debit card or a linked checking account to send and receive money. If you want to use your savings account, you must first transfer money from savings to a checking account, then link that checking account to Venmo. Some banks let you do this instantly within their app; others take one to three business days.
The reason Venmo avoids savings accounts is speed. Venmo is built for quick peer-to-peer transfers, and savings accounts are designed to discourage frequent withdrawals. Linking a checking account or debit card keeps transactions fast and keeps Venmo's infrastructure simple.
If you do not have a checking account, you have two alternatives: use a debit card instead, or use a prepaid card that Venmo recognizes. Both work immediately once linked.
Key Takeaways
- Venmo accepts debit cards and checking accounts but not savings accounts directly.
- To use money from savings, transfer it to checking first, then link that checking account to Venmo.
- Transfers from savings to checking take one to three business days at most banks, though some offer instant transfers.
- If you have no checking account, a debit card or prepaid card linked to Venmo works as an alternative.
- Venmo charges no fee to send money to another Venmo user, but charges 1.75% to send money to a bank account outside Venmo.
How to link a checking account to Venmo
Open Venmo and tap the menu icon (three horizontal lines). Select Settings, then Payment Methods. Tap Add a Bank Account. Enter your bank's name, your account number, and your routing number. Venmo will make two small test deposits to your account within one to two business days. Once those deposits arrive, return to Venmo, enter the amounts, and confirm. Your checking account is now linked.
You can now send money from that checking account to other Venmo users at no charge. If you want to transfer money out of Venmo back to that checking account, Venmo deposits it within one to three business days and charges no fee.
Some banks, including Chase, Bank of America, and Wells Fargo, let Venmo skip the test deposit step. If your bank is one of them, the account links instantly. Check Venmo's list of participating banks before you start; if yours is there, you will save two days.
Linking a debit card instead of a bank account
If you do not want to share your bank account number with Venmo, you can link a debit card instead. Tap Settings, then Payment Methods, then Add a Debit Card. Enter your card number, expiration date, and CVV. The card links immediately.
A debit card works the same way as a checking account for sending money to other Venmo users—no fee. However, if you want to transfer money out of Venmo to your debit card, Venmo cannot do that. You can only move money out to a linked bank account. If a debit card is your only option, you will need to use your card to send money out of Venmo, not receive it back into Venmo.
Moving money from savings to checking before you send it
Log into your bank's app or website. Find the transfer or move money section. Select your savings account as the source and your checking account as the destination. Enter the amount and confirm. Most banks process this transfer within one business day; some offer instant transfers at no charge.
Once the money lands in checking, it is available to Venmo immediately. You do not have to wait for Venmo to process anything—the delay is only between your bank accounts, not between your bank and Venmo.
If you move money frequently, ask your bank whether it offers a linked transfer feature or a sweep account. Some banks let you set up automatic transfers from savings to checking on a schedule, so you do not have to do it manually each time.
What happens if you try to link a savings account directly
Venmo's app will not accept a savings account number in the bank account field. If you enter a savings account routing number and account number, Venmo will reject it during the verification step or the test deposit will fail. You will see an error message telling you the account type is not supported.
Some users try to use a savings account by entering it as if it were a checking account, hoping Venmo will not notice. This does not work. The test deposits will fail because the account type does not match what Venmo expects, and you will have to start over with a checking account or debit card.
Fees and limits when using a linked bank account
Sending money to another Venmo user from a linked checking account costs nothing. Receiving money from another Venmo user costs nothing. The only fee appears when you transfer money out of Venmo back to your bank account: Venmo charges no fee for standard transfers (one to three business days) but charges 1.75% for instant transfers (delivered within 30 minutes).
Venmo also sets weekly limits on how much you can send. If you have not verified your identity with Venmo, the limit is $299.99 per week. Once you verify your identity by providing your full name, date of birth, address, and last four digits of your Social Security number, the limit rises to $4,999.99 per week. These limits apply whether you use a debit card or a bank account.
Alternatives if you cannot link a checking account
If your bank does not work with Venmo or you do not have a checking account, a prepaid card is your next option. Prepaid cards like Green Dot, NetSpend, and Chime work with Venmo the same way a debit card does. Link the card number, and you can send money to other Venmo users immediately. Transfers out of Venmo to a prepaid card follow the same rules as transfers to a debit card—Venmo cannot send money back to a prepaid card, only to a bank account.
Another option is to use a different peer-to-peer app. PayPal, Square Cash, and Google Pay all accept bank transfers and may have different account requirements. Check what each app supports before you commit to one.
Frequently Asked Questions
Can I send money from my savings account to Venmo without moving it to checking first?
No. Venmo does not accept savings accounts directly. You must transfer the money to a checking account first, then link that checking account to Venmo. The transfer between your own accounts takes one to three business days at most banks.
What if my bank is not on Venmo's instant verification list?
Venmo will still link your account, but it will take longer. Venmo makes two small test deposits (usually under $1 each) to your checking account. Once they arrive, you enter the amounts in Venmo to confirm the account is yours. This process takes one to two business days total.
Can I use a savings account debit card with Venmo?
Yes. If your savings account comes with a debit card, you can link that card to Venmo the same way you would link any debit card. The card works immediately. However, you cannot transfer money out of Venmo back to a debit card—only to a linked bank account.
Does Venmo charge a fee to link a bank account?
No. Linking a checking account or debit card to Venmo is free. Venmo charges fees only when you transfer money out of Venmo to your bank account (1.75% for instant transfers) or when you send money using a credit card instead of a bank account or debit card (3% fee).
What if the test deposits to my checking account fail?
A failed test deposit usually means you entered your account number or routing number incorrectly, or the account type does not match what you selected. Go back to Settings, remove the account, and try again. Double-check your routing number and account number against a blank check or your bank statement.