The basic steps to transfer Venmo balance to your bank
To move money from Venmo to your bank account, open the Venmo app, tap the three-line menu icon at the bottom right, select "Transfer Money," choose "Transfer to Bank," enter the amount you want to move, and confirm the transfer. The money lands in your linked bank account within one to three business days, depending on your bank.
You need a bank account already linked to Venmo before you can transfer. If you haven't added one yet, go to Settings, select "Payment Methods," tap "Add Bank Account," and enter your routing number and account number. Venmo will verify the account by depositing two small amounts (usually under $1) into it, which you'll need to confirm back in the app within 10 days.
Venmo does not charge a fee to transfer money to your bank account. The only cost is if you use an instant transfer option, which some users see offered in the app—that typically costs 1% of the amount transferred, with a minimum of 25 cents.
Key Takeaways
- Standard bank transfers from Venmo take one to three business days and cost nothing.
- You must link a bank account to Venmo first by providing your routing and account numbers, which Venmo verifies with two small test deposits.
- Instant transfers are available in some cases but charge 1% of the amount, so use the free standard transfer unless you need the money the same day.
- Venmo holds transfers if it detects unusual activity, so keep your account secure and contact Venmo support if a transfer stalls longer than three business days.
Linking your bank account the first time
When you add a bank account to Venmo for the first time, the app asks for your routing number and account number. You can find both on a check (routing number is the first nine digits on the bottom left; account number follows it) or by logging into your bank's website or app. Some banks also display this information in their customer service phone menu.
After you enter these numbers, Venmo deposits two small amounts into the account—usually between 1 and 99 cents each. This happens within a few business days. Once the deposits appear in your bank account, you return to the Venmo app and confirm the two amounts. This verification step proves you own the account and prevents someone from linking a bank account that isn't theirs.
If you don't confirm the deposits within 10 days, Venmo removes the bank account from your profile and you'll need to add it again. If the deposits don't show up after five business days, check that you entered the routing and account numbers correctly, or contact your bank to confirm the account is set up to receive transfers.
How long transfers actually take
A standard Venmo transfer to your bank account takes one to three business days. This means if you initiate a transfer on a Friday evening, it may not land until Tuesday or Wednesday, since weekends and bank holidays don't count as business days. The exact timing depends on your bank's processing speed, not Venmo's—some banks post transfers faster than others.
If you choose an instant transfer (when available), the money reaches your bank account within 30 minutes, but Venmo charges 1% of the amount transferred, with a minimum fee of 25 cents. For a $100 transfer, that's $1. For a $20 transfer, it's still 25 cents. The instant option makes sense only if you need cash urgently and the fee is worth it to you.
Transfers can take longer if Venmo's fraud detection system flags your account. This happens if you transfer an unusually large amount, transfer frequently in a short period, or if Venmo notices activity that looks suspicious. When this occurs, Venmo may hold the transfer for review, which can add several days. You'll see a notification in the app if this happens.
What to do if a transfer is delayed or stuck
If your transfer hasn't arrived after three business days, first check the Venmo app to see its status. Open the menu, tap "Transfers," and look for the transfer in question. If it shows "Completed" or "Pending," the money is on its way or has been sent. If it shows "Failed" or "Cancelled," the transfer didn't go through and the money should be back in your Venmo balance.
If the transfer shows "Pending" after three business days, contact Venmo support through the app. Tap the menu, select "Help," search for "Transfer to Bank," and choose "Contact Us." Describe the transfer (amount, date, and destination bank) and ask them to investigate. Venmo's support team can see whether the transfer left their system and, if so, where it's stuck in your bank's processing queue.
If the transfer shows "Failed," the most common reasons are a closed or incorrect bank account, insufficient Venmo balance, or a security hold on your account. Check that your bank account is still active and that you have enough money in Venmo to cover the transfer. If your account was flagged for suspicious activity, Venmo may require you to verify your identity before allowing new transfers.
Venmo balance versus bank account transfers
Money in your Venmo account and money in your linked bank account are separate. When someone sends you money through Venmo, it lands in your Venmo balance, not your bank account. You then have to manually transfer it to your bank if you want to use it outside Venmo. This is different from some other payment apps that automatically sweep money into your bank account.
Keeping money in Venmo is convenient if you use the app regularly to pay friends or split bills, but it's not insured the same way a bank account is. Venmo balances are held by a third-party bank partner, not by Venmo itself, but the protection is not identical to FDIC insurance. If you're not planning to use the money soon, it's safer to transfer it to your own bank account.
You can also use your Venmo balance to pay bills or make purchases through Venmo's debit card (if you have one), or to send money to other Venmo users. But if you want the cash in your actual bank account, a transfer is the only way.
Security and fraud protection during transfers
Venmo verifies your bank account when you first link it to prevent fraud, but once it's linked, transfers are generally straightforward. However, if someone gains access to your Venmo account, they can transfer your balance to a bank account they've added. To protect yourself, use a strong, unique password for Venmo, enable two-factor authentication (available in Settings under "Security"), and review your linked bank accounts regularly.
If you notice a transfer you didn't make, report it to Venmo immediately through the app's Help section. Venmo can sometimes reverse transfers if they catch them quickly, but the sooner you report it, the better your chances. Also contact your bank and let them know about the unauthorized transfer—your bank may be able to reverse it on their end as well.
Venmo's fraud detection system may block a transfer if it looks unusual. This is a safety measure, but it can delay legitimate transfers. If this happens, Venmo will notify you in the app and may ask you to confirm your identity or provide additional information about the transfer.
Frequently Asked Questions
Can I transfer money from Venmo to someone else's bank account?
No. Venmo transfers only go to a bank account linked to your own Venmo profile. If you want to send money to another person's bank account, you'll need to use a different service like a wire transfer, ACH transfer through your bank, or another peer-to-peer payment app. You can send money to another Venmo user through the app, but they'll receive it in their Venmo balance, not their bank account.
What if my bank account is closed or I change banks?
If your linked bank account is closed, your next transfer attempt will fail. Remove the old account from Venmo (go to Settings, Payment Methods, and delete it) and add your new bank account using the new routing and account numbers. You'll need to confirm the two test deposits again before transfers will work.
Is there a limit to how much I can transfer at once?
Venmo sets weekly transfer limits that vary by account age and history. New accounts typically have lower limits (often $300 to $1,000 per week), while established accounts may transfer more. Check your limit in the app by going to Settings, "Limits," or by attempting a transfer—the app will tell you if you've hit your limit. You can request a higher limit through the app.
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 you received the money as payment for goods or services (not as a personal gift or reimbursement), that income may be taxable. Venmo reports payments over $600 to the IRS, so keep records of what payments were for in case you need to report them on your taxes.
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 money to move regularly, you'll need to transfer it each time, or consider using your Venmo debit card to spend the balance directly instead of transferring it.