Transfer money from Venmo to your bank in one to three business days
Venmo holds your balance in a digital wallet, not a bank account. To get that money into your actual bank, you initiate a transfer from the Venmo app to a linked checking or savings account. The transfer takes one to three business days, and Venmo charges no fee for a standard transfer—though a faster option exists if you need the money sooner.
You control when the money moves. Unlike a payment you send to another person (which they can decline or hold), a transfer to your own bank is final once you confirm it. The money leaves your Venmo balance and arrives in your bank account on the date Venmo tells you it will.
Key Takeaways
- Standard transfers from Venmo to your bank take one to three business days and cost nothing.
- You must link a valid U.S. checking or savings account to Venmo before you can transfer money out.
- Venmo offers an instant transfer option that moves money within 30 minutes for a fee of 1.75% of the amount transferred.
- Transfers initiated on weekends or holidays process on the next business day, so timing matters if you need the money by a specific date.
- If a transfer fails, Venmo will return the money to your Venmo balance within one to three business days.
Link your bank account to Venmo first
Venmo will not let you transfer money out until you have added a bank account. Open the Venmo app, go to Settings, and select "Payment Methods." Choose "Add Bank Account" and enter your routing number and account number. You can find both on a check, or log into your bank's website to view them.
Venmo will verify the account by depositing two small amounts (usually under $1 each) into your bank within one to two business days. Once those deposits arrive, return to Venmo and confirm the amounts to complete verification. Only then can you transfer money out.
You can link multiple bank accounts to the same Venmo profile. This is useful if you have accounts at different banks or want to split transfers between savings and checking. Each account must be verified separately before you can use it.
Start a standard transfer in the app
Open Venmo and tap the three horizontal lines (menu) at the bottom right. Select "Transfer Money." Venmo will show your current balance and ask you to choose a linked bank account. Enter the amount you want to move and confirm which account it should go to.
Review the details: the amount, the receiving bank, and the expected arrival date. Venmo shows this date based on when you initiate the transfer and your bank's processing schedule. Tap "Transfer" to confirm. The money leaves your Venmo balance immediately, even though it has not yet arrived at your bank.
You will receive a notification when the transfer is complete. Your bank may also send you a notification when the deposit arrives. If you do not see the money within the timeframe Venmo stated, contact your bank first—delays sometimes happen on their end, not Venmo's.
Use instant transfer if you need money within 30 minutes
Venmo's instant transfer option moves money to your bank account within 30 minutes instead of one to three days. The cost is 1.75% of the amount transferred. For a $100 transfer, you pay $1.75. For $1,000, you pay $17.50.
To use instant transfer, follow the same steps as a standard transfer but look for the "Instant" option when you select your bank account. Venmo will show you the fee before you confirm. The money goes to the same account, just faster. Instant transfers are available 24 hours a day, seven days a week, including weekends and holidays.
Instant transfer is most useful if you need cash urgently—to cover an unexpected bill or move money before a deadline. For routine transfers, the standard option costs nothing and the extra one to three days usually does not matter.
Understand timing and when transfers fail
Standard transfers initiated on a weekday before 5 p.m. Eastern Time usually arrive the next business day. Transfers initiated after 5 p.m. or on weekends process on the following business day. Holidays extend the timeline further. If you need money by a specific date, initiate the transfer at least two business days before that date to account for delays.
A transfer can fail if your bank account is closed, if you entered the wrong routing or account number, or if your bank flags the incoming transfer as suspicious. When this happens, Venmo returns the money to your Venmo balance within one to three business days. You will see a notification explaining why the transfer failed. Correct the account information and try again, or contact your bank to ask why they rejected the deposit.
Venmo also blocks transfers if it suspects fraud or if your account violates their terms of service. If your transfer is blocked, Venmo will notify you and explain the reason. You may need to verify your identity or provide additional information before you can transfer again.
What to do if money does not arrive on time
If the money does not appear in your bank account by the date Venmo promised, log into your bank's website or app and check your recent deposits. Sometimes the transfer arrives but under a name or reference that makes it hard to spot. Search for "Venmo" or the amount you transferred.
If the deposit is not there, contact your bank's customer service and give them the transfer date and amount. Ask them to search their incoming transfers for that day. Your bank can tell you whether the money arrived and was rejected, or whether it never came through at all. If your bank received it and rejected it, ask why—this tells you whether the problem is fixable or whether you need to use a different account.
If your bank confirms the money never arrived, go back to Venmo and check the transfer status in your transaction history. Venmo shows whether the transfer was successful on their end. If Venmo says it succeeded but your bank says it did not arrive, this is rare but does happen. Contact Venmo support with the transfer confirmation number and ask them to investigate with your bank.
Frequently Asked Questions
Can I transfer money from Venmo to someone else's bank account?
No. Venmo transfers only move money from your Venmo balance to your own linked bank account. To send money to another person, use Venmo's payment feature to send it to their Venmo account, and they can then transfer it to their own bank. You cannot transfer directly to someone else's bank account through Venmo.
What if I transfer money but then need it back in Venmo?
Once a transfer to your bank is complete, the money is in your bank account, not Venmo. To move it back to Venmo, you would need to transfer it from your bank to Venmo using the reverse process—adding Venmo as a recipient in your bank's app. This takes one to three business days and may have fees depending on your bank.
Do I pay taxes on money I transfer from Venmo to my bank?
Transferring your own money from Venmo to your bank is not a taxable event. However, if the money in your Venmo account came from payments others sent you for goods or services, that income may be taxable. Venmo reports payments over $20,000 in a calendar year to the IRS. Consult a tax professional about your specific situation.
Why does Venmo show a different amount after I pay a fee for instant transfer?
Venmo deducts the instant transfer fee (1.75%) from the amount you transfer. If you enter $100 to transfer, Venmo takes $1.75 as the fee, and your bank receives $98.25. The app shows both the original amount and the fee before you confirm, so you can see exactly what will arrive.
Can I set up automatic transfers from Venmo to my bank?
Venmo does not offer automatic recurring transfers. You must initiate each transfer manually through the app. If you want to move money regularly, you can set a reminder to transfer on the same day each week or month, but Venmo will not do it for you automatically.