How to transfer money from Venmo to your bank account
To move money from Venmo to your bank account, open the Venmo app, tap the three-line menu, select "Transfer to Bank," choose the amount, pick which bank account to send it to, and confirm. The money lands in your account within one to three business days for most banks. Venmo does not charge a fee for standard transfers, but you can pay a small fee (usually 1.75% of the amount) to get the money the same day.
The speed depends on your bank and the day of the week. Transfers sent on a Friday evening may not arrive until Monday or Tuesday. Weekends and bank holidays add time. If you transfer on a business day before 5 p.m. Eastern time, most banks receive it by the next business day.
Key Takeaways
- Standard transfers from Venmo to your bank account take one to three business days and cost nothing.
- Instant transfers cost 1.75% of the amount you send and arrive within 30 minutes on business days.
- You must add and verify your bank account in Venmo before you can transfer money out.
- Transfers sent after 5 p.m. Eastern time or on weekends will not start processing until the next business day.
- If a transfer fails, check that your bank account details are correct and that your bank has not blocked Venmo transfers.
Adding your bank account to Venmo
Before you can transfer money out, you need to link a bank account. Open Venmo, tap the three-line menu in the bottom right, go to "Settings," then "Payment Methods," and select "Add Bank Account." Enter your bank's name, your account number, and your routing number. Venmo will verify the account by making two small deposits (usually under $1 each) to your bank.
Check your bank statement a few days later for those two deposits. Go back to Venmo, tap the menu, select "Settings," find the bank account you added, and enter the exact amounts of those two deposits. Once Venmo confirms the amounts match, your account is verified and ready to use for transfers.
If you do not see the deposits after five business days, your bank may have blocked them or your account information may be wrong. Contact your bank to ask if they received transfers from Venmo. If they did not, delete the account from Venmo and add it again with the correct routing number and account number.
Standard transfers: one to three business days, no fee
A standard transfer is free and takes the longest. Tap the three-line menu, select "Transfer to Bank," enter the amount, choose which bank account to send it to, and tap "Transfer." Venmo will show you the expected arrival date. For most banks, this is one to three business days from the day you send it.
The clock starts when Venmo processes your request, not when you tap the button. Transfers sent before 5 p.m. Eastern time on a business day usually process that same day. Transfers sent after 5 p.m., on a Saturday or Sunday, or on a holiday will not process until the next business day. A transfer sent on Friday at 6 p.m. will not start moving until Monday morning, so it may not land until Wednesday.
Once Venmo sends the money to your bank, your bank controls the rest. Most banks post transfers within one business day of receiving them. Some banks, especially smaller regional banks, may take an extra day. If you do not see the money by the date Venmo promised, contact your bank and ask if they received it.
Instant transfers: 30 minutes, 1.75% fee
If you need the money faster, Venmo offers instant transfers for a fee. The fee is 1.75% of the amount you transfer, with a minimum of 25 cents. On a $100 transfer, the fee is $1.75. On a $1,000 transfer, it is $17.50. The money lands in your account within 30 minutes on business days between 8 a.m. and 9 p.m. Eastern time.
Instant transfers sent outside those hours or on weekends will process the next business day at 8 a.m. Eastern time. So if you send an instant transfer on Saturday, it will arrive by 8:30 a.m. Monday at the earliest. To use instant transfer, tap the three-line menu, select "Transfer to Bank," enter the amount, and look for the option to "Transfer Instantly." Venmo will show you the fee before you confirm.
Not all banks support instant transfers. If your bank is not on Venmo's list, the instant option will not appear. You can still use standard transfers, or you can add a different bank account that Venmo supports for instant transfers.
What to do if a transfer fails or does not arrive
If Venmo shows an error when you try to transfer, the most common reasons are a wrong account number, a wrong routing number, or your bank blocking the transfer. Check your bank statement or online banking to confirm your account number and routing number are correct. Then delete the bank account from Venmo and add it again with the correct information.
If the transfer was sent but the money never arrived, first check the date Venmo promised. If that date has passed, log into your bank account and search for any transaction from Venmo or your bank's ACH processor. If you see a failed or rejected transaction, your bank blocked it. Call your bank and ask why, and ask them to allow Venmo transfers going forward.
If you do not see any transaction at all, contact Venmo through the app. Tap the three-line menu, go to "Help," and select "Contact Us." Describe the transfer and the date you sent it. Venmo can see whether the money left their system and where it went. They can also issue a refund if the transfer was lost in transit, though this is rare.
Limits on how much you can transfer
Venmo sets weekly limits on how much you can transfer to your bank account. The limit varies based on your account history and how long you have used Venmo, but most accounts can transfer $5,000 to $20,000 per week. If you try to transfer more than your limit, Venmo will show an error and tell you how much you can transfer.
To raise your limit, Venmo may ask you to verify your identity by providing your Social Security number and date of birth. This is a security step to prevent fraud. Once you verify, your limit may increase, but it can take a few days for the change to show up in the app.
If you need to transfer a large amount, you can split it across multiple weeks or multiple transfers on the same day (as long as each transfer is under your limit). Some users also link a second bank account to Venmo, which may come with its own separate limit.
Protecting yourself from fraud and scams
Before you transfer money out of Venmo, make sure no one else has access to your account. Use a strong password that you do not use anywhere else, and turn on two-factor authentication in Venmo settings. This means Venmo will text you a code every time someone tries to log in from a new device.
If someone sends you money through Venmo and asks you to transfer it to your bank account and then send it somewhere else, this is almost always a scam. The original payment is fraudulent, and once you transfer it to your bank and send it onward, you are the one who loses money. Never move money for someone else, even if they say it is urgent.
If your Venmo account is hacked, the thief can transfer your balance to their own bank account. Check your Venmo balance regularly and review your transfer history. If you see a transfer you did not make, change your password immediately and contact Venmo support. They can sometimes reverse fraudulent transfers if you report them quickly.
Frequently Asked Questions
Can I transfer money from Venmo to someone else's bank account?
No. Venmo transfers only go to the bank account you linked to your own Venmo profile. To send money to someone else's bank account, you would need to transfer it to your bank first, then use your bank's bill pay or wire transfer service to send it to them.
Why is my transfer taking longer than three days?
Your bank may be processing it slower than usual, or you may have sent it after 5 p.m. Eastern time on a Friday or before a holiday. Contact your bank and ask if they received the transfer from Venmo. If they did, ask when they will post it. If they did not, contact Venmo to find out where the money is.
Do I pay taxes on money I transfer from Venmo to my bank?
Not on the transfer itself. But if the money came from payments for goods or services (not just splitting a bill with friends), Venmo reports it to the IRS, and you may owe income tax on it. Keep records of what the payments were for.
What happens if I transfer money to the wrong bank account?
If you entered the wrong account number, the transfer will likely fail and Venmo will show an error. If it somehow went through, contact your bank immediately and ask them to reverse it. They may be able to recover the money if the receiving bank has not already released it.
Can I cancel a transfer after I send it?
For standard transfers, you usually cannot cancel once Venmo has processed it. For instant transfers, you have a very short window (usually a few minutes) to cancel before the money leaves Venmo's system. Open the app, find the transfer in your history, and look for a cancel option. If it is gone, the money is already on its way to your bank.