The basic steps to transfer Venmo money to your bank
Open the Venmo app, tap the three horizontal lines (menu) in the bottom right, then select "Settings." Go to "Payment Methods" and choose the bank account you want to transfer to. Tap "Transfer to Bank" on your home screen, enter the amount, and confirm. The money will arrive in your bank account in one to three business days, depending on your bank.
Venmo does not charge a fee for standard transfers to a linked bank account. If you want the money faster, Venmo offers an instant transfer option for a small fee (usually 1% of the amount, with a minimum charge), and the money arrives within 30 minutes.
Before you can transfer, you must link a bank account to Venmo. This requires your routing number and account number, which you can find on a check or by logging into your bank's website. Venmo will verify the account by depositing two small amounts (usually under $1 each) into your bank account within one to two business days. You then confirm those amounts in the Venmo app to complete the link.
Key Takeaways
- Standard transfers from Venmo to a linked bank account take one to three business days and cost nothing.
- Instant transfers arrive within 30 minutes but charge a fee of roughly 1% of the transfer amount.
- You must link your bank account first by providing your routing and account numbers, then confirming two small test deposits Venmo sends to your bank.
- Transfers initiated on weekends or after business hours will begin processing the next business day.
Linking your bank account for the first time
Go to Settings > Payment Methods > Add a Bank Account. Enter your bank's name or search for it in the list. Venmo will ask for your account number and routing number. You can find both on a blank check (the routing number is the first nine digits on the bottom left, and the account number follows it), or log into your bank's website and look for account details or statements.
After you enter this information, Venmo deposits two small amounts into your account within one to two business days. Check your bank statement for these deposits—they will appear as "VENMO" followed by a code. Return to the Venmo app, go to Payment Methods, and select "Confirm Deposits." Enter the two amounts exactly as they appear in your bank statement. Once confirmed, your bank account is linked and ready to use.
If the deposits do not arrive within two business days, or if you cannot find them in your statement, contact your bank to confirm the account and routing numbers are correct. Some banks flag small deposits as suspicious and may hold them temporarily.
Standard transfer versus instant transfer
Standard transfer is free and takes one to three business days. The exact timing depends on your bank—some process transfers the same day, others take the full three days. If you initiate a transfer on a Friday evening, it will not begin processing until Monday morning, so the money may not arrive until Wednesday or Thursday.
Instant transfer arrives within 30 minutes, but Venmo charges a fee. The fee is typically 1% of the amount transferred, with a minimum charge (often $0.25) and a maximum (often $25). So a $100 transfer costs $1, and a $2,500 transfer costs $25. The exact fee structure can change, so check the Venmo app when you initiate the transfer to see the exact cost before you confirm.
Instant transfers are subject to daily and weekly limits. Venmo does not publish these limits publicly, but they typically range from $400 to $2,000 per transfer depending on your account history and verification status. If you hit a limit, you can either wait for it to reset or use a standard transfer instead.
What to do if a transfer fails or takes longer than expected
If a standard transfer does not arrive after three business days, open the Venmo app and check the transaction history. Tap the transfer and look for a status message. If it shows "Pending" or "Processing," wait one more business day. If it shows "Failed" or "Returned," the transfer did not go through—the money will return to your Venmo balance within one to two business days.
Common reasons for failed transfers include an incorrect account or routing number, a closed or frozen bank account, or a mismatch between the name on your Venmo account and the name on your bank account. If the name does not match exactly, contact your bank to confirm the correct legal name on the account, then update your Venmo profile to match.
If the money returned to your Venmo balance but you still need it in your bank account, try linking the account again and verifying the deposits. If the problem persists, contact Venmo support through the app (tap the menu, then "Help") and provide the transaction ID from the failed transfer. Venmo support can investigate whether the issue is on their end or your bank's end.
Limits on how much you can transfer
Venmo sets weekly transfer limits that vary by account. New accounts typically have lower limits (often $1,000 to $2,000 per week), while established accounts with verified identity information may have limits of $5,000 to $10,000 per week or higher. You can check your limit by going to Settings > Payment Methods and looking at the transfer section.
If you need to transfer more than your weekly limit, you have two options: wait for the limit to reset (usually on Monday), or split the transfer into multiple transactions if your daily limit allows. Some banks also impose their own limits on incoming transfers, so if you are transferring a large amount, contact your bank first to confirm they will accept it.
Venmo may lower your limit temporarily if you have had a failed transfer, a dispute, or unusual account activity. If this happens, you will see a message in the app explaining the restriction. Limits typically restore after 30 to 90 days of normal activity.
Timing: when transfers actually process
Transfers initiated between 9 a.m. and 5 p.m. Eastern Time on a business day (Monday through Friday) will begin processing the same day. Transfers initiated after 5 p.m. or on weekends will begin processing the next business day at 9 a.m. Eastern Time. Banks do not process transfers on federal holidays, so a transfer initiated on a holiday will not begin until the next business day.
Once processing begins, a standard transfer typically reaches your bank within one to three business days. The exact timing depends on your bank's processing speed. Some banks credit transfers the same day they receive them; others hold them for one or two business days as part of their standard procedure. If you are unsure how long your bank takes, call their customer service line and ask about their ACH transfer processing times.
Instant transfers are faster but not instantaneous—they arrive within 30 minutes during business hours. If you initiate an instant transfer after 5 p.m. Eastern Time, it will process at 9 a.m. the next business day and arrive within 30 minutes of that time.
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. To send money to another person's bank account, you would need to transfer it to your own bank first, then use your bank's bill pay or wire transfer service to send it to them. Alternatively, you can send money directly to another Venmo user through the app, and they can transfer it to their own bank account.
What if my bank account information changes?
Go to Settings > Payment Methods, find the linked account, and tap "Remove." Then add your new bank account by following the linking process again. You will need to confirm the two test deposits Venmo sends to the new account. Your old account will no longer receive transfers, but any pending transfers to it will still process.
Do I have to 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 money on Venmo for goods or services (not a personal transfer from a friend), that income may be taxable. Venmo reports payments over $600 to the IRS, so keep records of what payments were for personal reasons and what were for business or services.
Why is my transfer showing as pending after three days?
A transfer that stays pending longer than three business days usually means your bank has not yet credited it. Contact your bank's customer service with the transfer date and amount, and ask them to check if the ACH transfer arrived. They can tell you whether it is in their queue or if there was a problem on their end. Provide Venmo's transaction ID if the bank asks for it.
Can I cancel a transfer after I have started it?
If the transfer is still showing as "Pending" in the Venmo app, you may be able to cancel it by tapping the transaction and selecting "Cancel Transfer." Once the transfer shows as "Processing" or "Completed," it cannot be cancelled—the money is on its way to your bank and will arrive according to the timeline. If you need to reverse a completed transfer, you will have to contact your bank to request a reversal.