The basic process: three steps to get your money out
To transfer money from Venmo to your bank account, open the Venmo app, tap the three horizontal lines (menu) at the bottom right, select "Settings," then "Payment Methods," and choose the bank account you want to transfer to. Tap "Transfer to Bank" and enter the amount. Venmo will show you the transfer time before you confirm—standard transfers take one to three business days, while instant transfers (which cost a small fee) arrive within 30 minutes.
Your bank account must already be linked to Venmo before you can transfer money to it. If you haven't added a bank account yet, go to Settings > Payment Methods > Add Bank Account and follow the prompts. Venmo will ask for your routing number and account number, which you can find on a check or by logging into your bank's website.
The money you're transferring must be in your Venmo balance—the account where payments from other users land. If someone sent you money through Venmo, it sits in that balance until you move it. You cannot transfer money directly from a linked debit or credit card; those cards are for sending money out of Venmo, not receiving it.
Key Takeaways
- Standard bank transfers from Venmo take one to three business days and cost nothing; instant transfers arrive in 30 minutes but charge a fee (usually around 1% of the amount).
- Your bank account must be linked to Venmo before you can transfer; you'll need your routing number and account number to add it.
- You can only transfer money that is sitting in your Venmo balance, not money on a linked card.
- Transfers initiated on weekends or after business hours will process on the next business day.
Standard transfers versus instant transfers: which one to choose
Venmo offers two ways to move money to your bank. A standard transfer is free and takes one to three business days. An instant transfer costs a fee (usually around 1% of the amount you're sending, with a minimum fee of around 25 cents) and arrives in your bank account within 30 minutes on any day, including weekends and holidays.
Choose standard transfer if you can wait a few days and want to avoid the fee. Choose instant transfer if you need the money urgently and the fee is worth it to you. The fee is calculated and shown to you before you confirm the transfer, so you'll know the exact cost before you commit.
If you initiate a standard transfer on a Friday evening, it will not begin processing until Monday morning, so the money may not arrive until Wednesday or Thursday. Instant transfers work around the clock, so a transfer initiated at 11 p.m. on Saturday will still arrive within 30 minutes.
What happens if your transfer fails or takes longer than expected
Most transfers complete without problems, but delays and failures do happen. If a standard transfer does not arrive within three business days, check your Venmo app first: go to the menu, tap "Transfers," and look for the transaction. The status will tell you whether it's pending, processing, or failed.
If the transfer failed, Venmo will usually tell you why—common reasons include a mismatch between the name on your Venmo account and the name on your bank account, a closed or frozen bank account, or incorrect routing or account numbers. The money will return to your Venmo balance within one to two business days. Fix the problem (usually by updating your bank account information in Venmo settings) and try again.
If the transfer is stuck in "pending" status for more than three business days, contact Venmo support through the app. Tap the menu, select "Help," then "Contact Us." Venmo's support team can investigate delays on their end, though they cannot speed up your bank's processing time. Some banks are slower than others; smaller regional banks sometimes take longer than large national ones.
Linking a new bank account and verifying it works
When you add a bank account to Venmo for the first time, the app will ask for your account holder name, routing number, and account number. You can find these on a check (routing number is on the left side of the bottom line, account number is in the middle) or by logging into your bank's website or mobile app.
After you enter this information, Venmo may require you to verify the account by making a small test transfer. Your bank will send you two small deposits (usually under $1 each) within one to two business days. Venmo will then ask you to enter those amounts to confirm the account is yours. This step protects both you and Venmo from fraud.
Once verified, the account is ready to use for transfers. You can link multiple bank accounts to Venmo and choose which one to transfer to each time. If you close a bank account or switch banks, remove the old account from Venmo settings and add the new one.
Fees, limits, and what you should know about taxes
Standard transfers to your bank account are free. Instant transfers charge a fee of roughly 1% of the amount (with a minimum of around 25 cents and a maximum of around $25, though these amounts can change). Venmo does not charge you to receive money from other users or to keep money in your Venmo balance.
Venmo does not publish a hard cap on how much you can transfer at once, but the app may limit transfers based on your account history and verification status. If you try to transfer a very large amount and it fails, try transferring a smaller amount first, or contact Venmo support to ask about limits on your account.
Money you receive through Venmo is not automatically reported to the IRS, but if you use Venmo for business purposes (selling goods or services, not just splitting rent with friends), you may owe taxes on it. Venmo will send you a tax form if you receive more than a certain threshold in business payments in a calendar year. Keep records of what money was for, especially if you're using Venmo for work.
Protecting yourself from fraud and unauthorized transfers
Before you transfer money out of Venmo, make sure your account is secure. Use a strong, unique password (not one you use elsewhere) and enable two-factor authentication in Settings > Security. Two-factor authentication means Venmo will ask you to enter a code sent to your phone or email before you can log in from a new device, which stops someone who steals your password from accessing your account.
If you notice a transfer you did not make, report it immediately through the Venmo app. Tap the menu, select "Help," then "Contact Us," and describe what happened. Venmo's fraud team will investigate. If someone transferred money out of your account without your permission, you have a better chance of recovering it if you report it quickly.
Do not share your Venmo password, and be cautious of messages claiming to be from Venmo asking you to verify your account or confirm a transfer. Venmo will never ask for your password via email or text. If you receive a suspicious message, do not click any links—instead, open the Venmo app directly and check your account.
Transferring to a joint account or someone else's bank account
You can only transfer money from your Venmo balance to a bank account that is registered in your name. Venmo will not let you transfer to a joint account or to someone else's account, even if you have permission from the account holder.
If you need to send money to someone else's bank account, you have two options: transfer the money to your own bank account first, then send it from there using your bank's bill pay or transfer service, or send the money to the other person through Venmo and let them transfer it to their own bank account. The second option is simpler if the person you're sending to also uses Venmo.
Frequently Asked Questions
Can I transfer money from Venmo to a savings account instead of a checking account?
Yes. When you add a bank account to Venmo, you can choose either a checking or savings account. The process is the same—Venmo will ask for your routing and account numbers, which work for both types of accounts. Transfers to savings accounts take the same amount of time as transfers to checking accounts.
What if my bank account name doesn't match my Venmo name exactly?
Small differences (like "Robert" on your bank account and "Rob" on Venmo) usually do not cause problems, but exact mismatches can cause transfers to fail. If a transfer fails because of a name mismatch, update your Venmo name to match your bank account exactly, or contact your bank to see if they can update your account name. Then try the transfer again.
Do I pay taxes on money I transfer from Venmo to my bank account?
Not on the transfer itself—transferring money you already received does not create a tax event. However, if the money you received was payment for goods or services (not just a friend splitting dinner), you may owe income tax on it. Venmo will send you a tax form if you cross certain thresholds for business payments in a year.
Can I cancel a transfer after I've started it?
For instant transfers, no—once you confirm, the money is on its way and cannot be stopped. For standard transfers, you may be able to cancel within a few minutes of initiating it, but once processing begins, you cannot cancel. Check your Venmo app immediately; if the transfer still shows "pending," you might be able to cancel it by tapping the transaction and looking for a cancel option.
Why is my transfer taking longer than three business days?
Your bank may be processing it more slowly than Venmo's timeline suggests. Some banks, especially smaller regional ones, take longer to receive transfers. Contact your bank's customer service to ask if the transfer has arrived on their end. If it has not, contact Venmo support with your transfer confirmation number so they can trace it.