Yes, you can send money from Venmo to your bank account

Venmo lets you move money out of your Venmo balance and into a linked bank account. The process is straightforward: you initiate a transfer from the Venmo app, choose your bank account, and the money arrives within one to three business days. There is no fee for standard transfers, though Venmo offers a faster option that costs 1.75% of the amount you are sending.

The catch is that you must have already linked a bank account to your Venmo profile before you can transfer money out. If you have not done that yet, you will need to add one first — Venmo accepts most U.S. checking and savings accounts from banks and credit unions.

Key Takeaways

  • Standard transfers from Venmo to your bank account take one to three business days and have no fee.
  • Instant transfers cost 1.75% of the amount and arrive within minutes, but only work if you have linked a debit card to your Venmo account.
  • You must link your bank account to Venmo before you can transfer money out, which requires your routing number and account number.
  • Transfers are only available if your Venmo account is in good standing and you have not hit any daily or weekly transfer limits.

How to link a bank account to Venmo

Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right corner. Select "Settings," then "Payment Methods," then "Add Bank Account." Venmo will ask for your bank's routing number and your account number — you can find both on a check or by logging into your bank's website.

After you enter those details, Venmo will make two small deposits to your bank account, usually within one to two business days. You will then need to confirm the exact amounts of those deposits back in the Venmo app to verify that you own the account. Only after that verification is complete can you transfer money out to that bank account.

Standard transfers versus instant transfers

Standard transfers are free and take one to three business days. Venmo processes them in batches, so the exact timing depends on when you initiate the transfer and when your bank processes it on the receiving end. If you transfer money on a Friday evening, for example, it may not arrive until Tuesday.

Instant transfers arrive within minutes but cost 1.75% of the amount you send. To use instant transfer, you must have linked a debit card to your Venmo account in addition to your bank account. Venmo charges the fee to your Venmo balance, so if you have $100 in Venmo and request an instant transfer of $100, you will actually send $98.25 and pay $1.75 in fees.

If you are in no rush, standard transfer is almost always the better choice. Instant transfer makes sense only if you need the money in your bank account within the hour.

What happens if a transfer fails or gets stuck

A transfer can fail if your bank account information is wrong, if your bank rejects the deposit for any reason, or if Venmo suspects fraud. If a transfer fails, Venmo will notify you in the app and the money will return to your Venmo balance within one to three business days.

If a transfer seems stuck — you initiated it days ago and it has not arrived — contact your bank first. Give them the exact date and time you sent the transfer and ask whether they have received it. If your bank says they have not received anything, contact Venmo support through the app and provide them with the transfer confirmation number, which appears in your Venmo transaction history.

Venmo does not have a phone support line, so you will need to use the in-app support chat or submit a help request through their website. Response times vary, but Venmo typically replies within one to two business days.

Daily and weekly transfer limits

Venmo sets limits on how much you can transfer out per day and per week. The exact limits depend on your account age, verification status, and history with Venmo. New accounts typically have lower limits than established ones.

If you hit your limit, you will see an error message in the app telling you how much you can transfer and when the limit resets. You cannot raise your limit by contacting Venmo — the limits are automatic and increase over time as your account becomes older and more established.

Transfers and taxes

Transferring money from Venmo to your bank account is not a taxable event — you are moving your own money, not receiving income. However, if someone sent you money through Venmo as payment for goods or services (rather than as a personal gift), that payment may be taxable income to you.

Venmo reports certain transactions to the IRS. If you receive more than $5,000 in payments for goods or services in a calendar year, Venmo will send you a Form 1099-K and report the same information to the IRS. This does not mean you owe taxes on all of it — only on the portion that is actually income — but you will need to report it on your tax return.

Frequently Asked Questions

Can I transfer money from Venmo to someone else's bank account?

No. Venmo transfers only go to a bank account that you have linked to your own Venmo profile. If you want to send money to someone else's bank account, you will need to use a different service like ACH transfer, wire transfer, or a peer-to-peer payment app that supports transfers to other people's accounts.

What if my bank account is closed or I change banks?

If your linked bank account is closed, you will need to remove it from Venmo and link a new one. Go to Settings, Payment Methods, and delete the old account, then add your new bank account using the same verification process. Any pending transfers to the closed account will fail and the money will return to your Venmo balance.

Does Venmo charge a fee for standard transfers?

No. Standard transfers are free. The only fee is the 1.75% charge for instant transfers, which arrive within minutes instead of one to three business days.

How long does it take to verify a new bank account?

Venmo deposits two small amounts to your bank account, which usually arrive within one to two business days. Once you see them, you confirm the amounts in the Venmo app, and verification is complete. The whole process typically takes two to four business days from start to finish.