The fastest way to get your Venmo balance into your bank account
Transfer your Venmo balance to your linked bank account by opening the app, tapping the three-line menu, selecting "Transfer to Bank," choosing your bank account, entering the amount, and confirming. Standard transfers take one to three business days and cost nothing. Instant transfers to a debit card cost 1% of the amount (minimum 25 cents) and land in minutes.
You can only transfer money you have actually received in Venmo — not money owed to you by other users. If someone owes you money, they have to pay you first before you can move it out.
Key Takeaways
- Standard transfers to your bank account are free and take one to three business days; instant transfers to a debit card cost 1% and arrive within minutes.
- You must have a bank account or debit card linked to Venmo before you can transfer money out.
- Venmo holds transfers for up to 24 hours if it flags the transaction as unusual, so plan ahead if you need the money on a specific date.
- If a transfer fails, Venmo returns the money to your Venmo balance automatically, usually within one business day.
What you need before you can transfer
Link a bank account or debit card to your Venmo account first. Go to Settings, tap "Payment Methods," and select "Add a Bank Account" or "Add a Debit Card." Venmo will ask for your routing number and account number (for a bank account) or your card number and expiration date (for a debit card). You can link multiple accounts and choose which one to transfer to each time.
Your bank account must be in your own name. You cannot transfer to someone else's account, and Venmo will reject transfers to business accounts or accounts registered under a different name.
Standard transfers versus instant transfers
Standard transfers are free and take one to three business days. Venmo processes them on weekdays only, so a transfer you request on Friday evening will not land until Monday or Tuesday. This is the cheapest option if you are not in a hurry.
Instant transfers go to a debit card only (not a bank account) and arrive within minutes. Venmo charges 1% of the transfer amount, with a minimum fee of 25 cents. If you transfer $100, you pay $1. If you transfer $20, you still pay 25 cents. The money lands in your debit card account immediately, though your card issuer may take a few hours to show it as available.
You cannot use instant transfer to move money to a savings account, money market account, or any account that is not a debit card. If you only have a bank account linked, instant transfer will not be an option.
When Venmo holds your transfer
Venmo may hold a transfer for up to 24 hours if the transaction looks unusual — for example, if you are transferring a much larger amount than you normally do, or if you are using a newly linked account. You will see a notification in the app telling you the transfer is on hold and when it will be released.
You cannot cancel a transfer that is on hold. Once the hold period ends, the transfer will go through automatically. If you need the money urgently and Venmo has flagged your transfer, contact Venmo Support through the app to ask whether they can release it early, though they do not always do so.
What happens if a transfer fails
If your bank rejects the transfer — usually because the account number is wrong, the account is closed, or the account holder's name does not match — Venmo will return the money to your Venmo balance. This reversal typically takes one business day. You will see a notification in the app explaining why the transfer failed.
Check your bank account details in Venmo Settings and correct any errors before you try again. If your bank account is closed, link a different account. If the problem persists, contact your bank to confirm they accept transfers from Venmo, as some banks block third-party transfers.
Transferring money you received from a payment request
If someone sent you money through a Venmo payment request, that money sits in your Venmo balance the same way as any other received payment. You can transfer it to your bank account using the same steps — there is no difference in how Venmo treats payment-request money versus regular payments.
However, if someone owes you money through a payment request and has not paid yet, you cannot transfer that owed amount. The money has to be in your Venmo balance first. Once they pay, wait for the payment to clear (usually instant) and then transfer it out.
Frequently Asked Questions
Can I transfer money to someone else's bank account?
No. Venmo only transfers money to bank accounts and debit cards registered in your own name. If you want to send money to someone else, use Venmo's payment feature to send it to their Venmo account, and they can transfer it to their own bank account.
Why is my transfer taking longer than three business days?
Transfers requested on weekends or holidays are processed the next business day. If your transfer is older than three business days and still has not arrived, check your bank account to see if it landed without a notification. If it is not there, contact Venmo Support with your transfer confirmation number.
Do I have to pay taxes on money I transfer out of Venmo?
Venmo reports payments over $600 in a calendar year to the IRS on Form 1099-K. Whether you owe taxes depends on whether the money is income or a personal transfer. Payments from friends for shared expenses are not taxable; payments for goods or services you provided are. Keep records of what each payment was for.
What if I link a debit card but want to transfer to my bank account instead?
You can link both a debit card and a bank account to Venmo. When you go to transfer, you will see both options and can choose which one to use. You do not have to use the same account every time.
Can I set up automatic transfers from Venmo to my bank account?
Venmo does not offer automatic recurring transfers. You have to manually request each transfer through the app. If you receive money regularly and want it to move automatically, you could set a phone reminder to transfer it weekly or monthly.