Connect your bank account to Venmo in three steps
Open the Venmo app and tap the three horizontal lines in the bottom right corner. Select "Settings," then "Payment Methods." Tap "Add a bank account" and choose whether you want to link via your bank's website (fastest) or by entering your routing and account numbers manually. If you choose the bank website route, you'll be taken to your bank's login page—Venmo never sees your password. If you enter the numbers yourself, Venmo will make two small deposits to your account (usually within one to two business days) and ask you to confirm the amounts to verify ownership.
Once your bank account is verified, it becomes your default funding source for sending money and your default destination when you receive payments. You can link multiple bank accounts to a single Venmo profile, but only one can be set as default at a time.
Key Takeaways
- Linking through your bank's website is faster and more secure than entering routing and account numbers manually.
- Manual verification requires you to confirm two small test deposits Venmo makes to your account, which takes one to two business days.
- You can link multiple bank accounts but must choose one as your default for automatic transfers.
- Venmo never stores your bank password when you link through your bank's website.
Why you need a bank account linked to Venmo
Without a linked bank account, you can receive money from other Venmo users, but it stays in your Venmo balance—a digital wallet that exists only within the app. To move that money into your actual bank account where you can spend it, you need a bank account on file. Similarly, if you want to send money from your bank account rather than from a Venmo balance you've already funded, you need the link in place.
Venmo also uses your linked bank account to cover payments if you don't have enough balance in the app. This prevents failed transactions when you're splitting a bill or paying someone back.
The difference between instant transfer and standard transfer
Once your bank account is linked and verified, you can move money out of Venmo in two ways. A standard transfer takes one to three business days and costs nothing. An instant transfer lands in your bank account within 30 minutes but costs 1% of the amount you're sending (with a minimum of 25 cents and a maximum of $25 per transfer).
Standard transfer is free because Venmo batches transfers and processes them in bulk with the banking system. Instant transfer uses a different network that costs Venmo money, so they pass that cost to you. If you're not in a rush, standard transfer is the cheaper choice. If you need the money today, instant transfer is available seven days a week, including weekends and holidays.
What information Venmo needs from your bank
If you link through your bank's website, Venmo needs only your login credentials for that moment—they don't store them. If you enter the information manually, you'll need your account number and routing number, both of which appear on the bottom left of any check you have from that account. You can also call your bank's customer service line and ask for your routing number; they'll give it to you in seconds.
Venmo does not need your PIN, your online banking password, or your Social Security number to link a bank account. If anyone claiming to be from Venmo asks for these, it is a scam.
Troubleshooting a failed bank link
If Venmo rejects your bank account during linking, the most common reason is a mismatch between the name on your Venmo account and the name on your bank account. Your bank account must be in your legal name, and your Venmo profile name must match it exactly. If your bank account is under "Robert James Smith" but your Venmo name is "Rob Smith," the link will fail.
The second most common issue is entering the routing number incorrectly. Double-check the nine-digit routing number against your check or your bank's website. If you've entered it three times and it still fails, call your bank and confirm the routing number with them directly—some regional banks have multiple routing numbers depending on which branch holds your account.
If you're linking through your bank's website and the connection times out or fails, try again in a few minutes. If it fails repeatedly, try the manual entry method instead. Some banks' websites have temporary connectivity issues with third-party apps.
Removing or changing a linked bank account
Go to Settings, then Payment Methods, and tap the bank account you want to remove. Select "Remove This Bank Account." Venmo will ask you to confirm. If you have a balance in Venmo at the time you remove your bank account, that balance stays in the app—it doesn't disappear. You can link a new bank account later and transfer that balance out.
If you want to change which bank account is your default, go to Payment Methods, tap the account you want to make default, and select "Make Default." This account will now receive all your incoming Venmo payments and will be charged first when you send money.
Security and fraud protection when your bank is linked
Venmo encrypts the connection between your phone and Venmo's servers, and between Venmo and your bank. Your bank account number is not displayed in full anywhere in the Venmo app—only the last four digits show. This prevents someone who gains access to your Venmo account from seeing your complete account number.
If someone sends you money through Venmo and then disputes the transaction with their bank, Venmo may reverse the payment and pull the money back from your linked bank account. This can overdraft you if you've already spent the money. For this reason, do not treat a Venmo payment as final until at least three business days have passed.
If your Venmo account is hacked, the person with access can transfer money out to any linked bank account. Change your Venmo password immediately if you suspect unauthorized access, and contact Venmo's support team. You can also report fraud to your bank, which may be able to reverse unauthorized transfers within a certain window.
Frequently Asked Questions
Can I link a savings account instead of a checking account?
Yes. Venmo accepts both checking and savings accounts. Transfers to a savings account take the same amount of time as transfers to a checking account. Some banks charge a fee if you make more than a certain number of transfers from a savings account per month, so check your account terms if you plan to use it frequently.
What happens if I unlink my bank account while money is being transferred?
If you remove your bank account while a transfer is in progress, the transfer will complete to whichever account was linked at the time the transfer was initiated. You cannot stop a transfer once it has started processing. Standard transfers take one to three business days, so the money may still be in transit when you remove the account.
Do I need to link a bank account to receive money on Venmo?
No. You can receive money without a linked bank account—it will sit in your Venmo balance. However, you cannot move that money to your actual bank account without linking one. You also cannot send money from your bank account without a link, though you can send from your Venmo balance if you've funded it another way.
How long does it take for a bank account to be verified?
If you link through your bank's website, verification is instant. If you enter your routing and account numbers manually, Venmo makes two small test deposits (usually within one to two business days) and asks you to confirm the amounts. Once you confirm, your account is verified and ready to use.
Can I link the same bank account to multiple Venmo accounts?
No. Each bank account can be linked to only one Venmo profile. If you try to link an account that's already connected to another Venmo user, the system will reject it. You can link different bank accounts to the same Venmo profile, but not the same account to multiple profiles.