Yes, you can transfer Venmo balance to a savings account, but the path depends on where your money sits right now
Venmo holds your balance in a Venmo balance account, which is not a bank account. To move money into a savings account at your bank, you first transfer from Venmo to your linked checking account (which takes one to three business days), then move it from checking to savings using your bank's app or website. If you want to skip the checking account step, some banks let you link Venmo directly to a savings account, though this is less common and depends on your bank's rules.
The process is free when you use a standard transfer. Instant transfers from Venmo to your bank cost 1% of the amount (with a minimum fee of 25 cents), so if speed matters more than cost, that option exists—but it lands in checking, not savings, and you would still need to move it yourself.
Key Takeaways
- Standard transfers from Venmo to your bank take one to three business days and cost nothing.
- You must transfer to a linked checking account first; Venmo does not send money directly to most savings accounts.
- Once the money reaches your checking account, you can move it to savings through your bank's app or by calling customer service.
- Instant transfers cost 1% and arrive within minutes, but they go to checking only and you still have to move the money to savings yourself.
- Some banks allow you to link a savings account to Venmo directly, so check with your bank before assuming you need checking as a middleman.
How to transfer Venmo balance to your checking account
Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right. Select "Transfer Balance" or "Manage Balance," then choose "Transfer to Bank." Venmo will show you any linked bank accounts. Select the one you want to use, enter the amount, and confirm.
A standard transfer takes one to three business days. Venmo processes the request immediately, but your bank controls when the money actually lands in your account. Weekends and bank holidays add time. If you transfer on a Friday afternoon, expect the money Tuesday or Wednesday.
If you have not yet linked a bank account to Venmo, you will need to add one first. Tap the menu, go to "Settings," then "Payment Methods," and select "Add Bank Account." Venmo will ask for your routing number and account number (found on a check or through your bank's website). The bank will verify the account by sending two small deposits, which you confirm in the Venmo app.
Moving money from checking to savings at your bank
Once the transfer lands in your checking account, log into your bank's app or website. Look for a "Transfer" or "Move Money" option, usually in the main menu or under account settings. Select your checking account as the source and your savings account as the destination, enter the amount, and confirm.
This transfer is instant or same-day at most banks. Some banks charge a fee for moving money between accounts, but most do not—check your account agreement or call customer service if you are unsure. If your bank charges per transfer, you might hit a limit (federal rules once capped these at six per month, though that rule changed; your bank may still have its own limit).
Linking a savings account directly to Venmo
Some banks allow you to link a savings account to Venmo instead of a checking account. This skips the middle step. Call your bank or check their website to see if they support this. If they do, you can add the savings account the same way you would add checking: through Venmo's "Add Bank Account" option, using your routing and account numbers.
Not all banks allow this. Larger banks like Chase, Bank of America, and Wells Fargo typically support it, but smaller regional banks and credit unions may not. If your bank does not allow it, you will need to use checking as a pass-through.
When to use instant transfer instead of standard transfer
Instant transfer moves money from Venmo to your bank in minutes, but it costs 1% of the amount (minimum 25 cents). On a $100 transfer, you pay $1. On a $1,000 transfer, you pay $10. The money lands in your checking account, not savings, so you still have to move it yourself afterward.
Use instant transfer only if you need the money urgently and the 1% fee is worth it to you. For routine transfers, standard transfer is free and only takes a few days.
What to do if your transfer is delayed or stuck
If a standard transfer does not arrive within three business days, check Venmo first. Open the app, go to your transaction history, and look for the transfer. If it shows "Pending," it is still processing. If it shows "Complete" but the money is not in your bank account, contact your bank—the delay is on their end.
If Venmo shows an error or the transfer failed, you may see a message like "Transfer Failed" or "Bank Account Not Verified." Try transferring again, or remove and re-add your bank account. If the problem persists, contact Venmo support through the app (tap the menu, then "Help") or visit help.venmo.com.
If your bank account was recently closed or the routing number changed, Venmo will reject the transfer. Update your bank account information in Venmo's settings before trying again.
Fees and limits on Venmo transfers
Standard transfers to your bank are free. Instant transfers cost 1%. Venmo does not charge a fee to receive money from other people, but the person sending to you may pay a fee if they use instant transfer.
Venmo does not publish a single transfer limit that applies to everyone. Your limit depends on how long you have used Venmo, your account history, and your bank's rules. New accounts have lower limits (often $300 to $500 per week). Older, verified accounts can transfer more. If you hit your limit, Venmo will tell you when you can transfer again. Your bank may also have its own daily or monthly transfer limits—check with them if you are moving large amounts.
Frequently Asked Questions
Can I transfer Venmo money directly to a savings account without using checking first?
Some banks allow you to link a savings account to Venmo directly. Call your bank or check their website to see if they support this. If not, you will need to transfer to checking first, then move the money to savings through your bank's app.
How long does it take for money to show up in my bank account?
Standard transfers take one to three business days. Instant transfers arrive within minutes but cost 1%. Weekends and bank holidays can add time to standard transfers.
What if I transferred money to the wrong bank account?
If the transfer has not completed yet, cancel it in Venmo's transaction history and start over. If it already landed in the wrong account, contact that bank to reverse it. Once money leaves Venmo, Venmo cannot retrieve it.
Do I pay taxes on money I transfer from Venmo to my savings account?
No. Transferring your own money between accounts is not a taxable event. Taxes apply only to income—money you earned. If you received money on Venmo as payment for goods or services, that income may be taxable, but moving it to savings does not change that.
Can I set up automatic transfers from Venmo to my savings account?
Venmo does not offer automatic recurring transfers. You have to initiate each transfer manually through the app. Some banks let you set up automatic transfers from your Venmo-linked checking account to savings, which is a workaround if you want to automate the second step.