The fastest way to transfer money from Venmo to your bank account
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 the balance at the top of your Venmo home screen, then tap "Transfer to Bank." Enter the amount and confirm. Standard transfers take one to three business days and cost nothing. Instant transfers arrive within 30 minutes but cost 1% of the amount you're moving (minimum 25 cents).
You need a bank account linked to Venmo before you can transfer. If you haven't added one yet, go to Settings > Payment Methods > Add a Bank Account, then enter your routing number and account number. Venmo will verify the account by depositing two small amounts (usually under a dollar) into it within one to two business days. Once verified, you can transfer money out.
The money lands in the same account you linked to Venmo. You cannot transfer to a different bank account without unlinking the current one and adding a new one, which takes another verification cycle.
Key Takeaways
- Standard transfers from Venmo to your bank account take one to three business days and have no fee.
- Instant transfers arrive within 30 minutes but cost 1% of the amount transferred, with a 25-cent minimum charge.
- Your bank account must be verified before you can transfer money out, which requires Venmo to deposit and you to confirm two small test amounts.
- Transfers only go to the bank account you have linked in your Venmo settings; you cannot choose a different account at transfer time.
How to add and verify a bank account in Venmo
Go to the Venmo app menu (three lines, bottom right), tap "Settings," then "Payment Methods," then "Add a Bank Account." Enter your bank's name or routing number. Venmo will ask for your account type (checking or savings), your full account number, and your routing number. Double-check these details—a wrong number means the verification deposits go to the wrong account and you'll have to start over.
After you submit, Venmo deposits two small amounts (typically between 1 and 99 cents each) into your account within one to two business days. Check your bank statement for these deposits. Go back to Venmo, tap the unverified account, and enter the two amounts exactly as they appear. Once confirmed, the account is active and you can transfer money out immediately.
If you enter the amounts wrong, you get two more attempts before Venmo locks you out. You'll have to remove the account and start the verification process again, which means waiting another one to two days for new test deposits.
Standard transfers versus instant transfers
A standard transfer moves your Venmo balance to your bank account at no cost. The money arrives in one to three business days. Venmo processes these transfers in batches, usually overnight, so the exact timing depends on when you initiate the transfer and your bank's processing speed. If you transfer on a Friday evening, the money may not land until Tuesday or Wednesday.
An instant transfer sends the money to your bank account within 30 minutes for a 1% fee. If you transfer $100, you pay $1. If you transfer $25, you pay 25 cents (the minimum). Instant transfers work seven days a week, including weekends and holidays. They're useful when you need cash quickly, but the fee adds up if you transfer small amounts frequently.
You choose which type at the moment you transfer. There's no setting to make all transfers instant by default—you pick the speed each time.
What happens if your transfer fails or takes longer than expected
Standard transfers occasionally get delayed by your bank, not by Venmo. If three business days pass and the money hasn't arrived, check your bank's website or app to see if there's a pending transaction. Some banks hold transfers for a day or two before posting them. If you see nothing pending, contact your bank's customer service with the transfer date and amount.
Instant transfers can fail if your bank rejects the transaction or if there's a problem with your account information. Venmo will notify you in the app if an instant transfer fails and will return the money to your Venmo balance immediately. You can try again with a standard transfer, or check with your bank to see why the instant transfer was rejected (common reasons include a closed account, incorrect routing number, or fraud blocks).
If a transfer shows as complete in Venmo but never arrives at your bank, take a screenshot of the Venmo confirmation and contact Venmo support through the app. Tap the menu, select "Help," then "Contact Us." Venmo can see the transaction on their end and will investigate. This usually takes a few business days.
Fees and limits on Venmo transfers
Standard transfers are free. Instant transfers cost 1% of the amount, with a 25-cent minimum and no stated maximum. Venmo does not charge a fee to receive money from other users or to send money to other users—fees only apply to transfers out of Venmo to your bank account.
Venmo does not publish a daily or monthly limit on how much you can transfer to your bank account. However, your bank may have its own limits on how much you can receive in a single transaction or per day. Check your bank's terms or call customer service to confirm. Some banks flag large transfers as suspicious and may hold them for review.
If you're transferring money you received from other Venmo users, note that Venmo has separate limits on how much you can send and receive in a rolling 7-day period. These limits vary based on your account age and verification status. Transfers to your bank account don't count toward these limits—only peer-to-peer payments do.
Troubleshooting a bank account that won't verify
If the two test deposits don't appear in your bank account within two business days, the routing number or account number you entered is likely wrong. Remove the account from Venmo (Settings > Payment Methods, tap the account, then "Remove") and add it again. Verify your routing number and account number by logging into your bank's website or calling the bank directly—don't rely on memory or a check.
If you enter the verification amounts incorrectly twice, Venmo locks the account. You must remove it and start over. The next set of test deposits will arrive within one to two business days. This process can take up to a week total, so if you need to transfer money urgently, consider using a different payment method in the meantime.
Some banks take longer than others to post small deposits. If your bank is known for slow processing, wait the full two business days before assuming the deposits failed. If you're still unsure, log into your bank account and search for deposits under $1—they may be there but not prominently displayed.
Frequently Asked Questions
Can I transfer money from Venmo to a different bank account than the one I linked?
No. Venmo only transfers to the bank account you have linked in your settings. If you want to transfer to a different account, you must remove the current one and add the new one, then wait for verification. This takes one to two business days.
What's the difference between my Venmo balance and money I received from someone?
Your Venmo balance is money sitting in your Venmo account. Money you receive from another Venmo user goes into your balance automatically. You can transfer your entire balance to your bank account at any time. There's no separate "received money" account—it all goes to the same balance.
If I use instant transfer, will the money definitely arrive in 30 minutes?
Venmo aims for 30 minutes, but your bank's processing speed matters too. Most instant transfers land within 30 minutes, but some banks take a few hours to post the transaction. If it hasn't arrived after an hour, check with your bank before contacting Venmo.
Can I cancel a transfer after I've started it?
Standard transfers can sometimes be canceled within a few minutes of initiating them, but once Venmo processes the batch (usually overnight), it's too late. Instant transfers cannot be canceled once initiated. If you need to cancel, try immediately, but assume it's already gone. If the transfer completes and you want the money back, you'll need to ask the recipient to send it back or contact your bank.
Do I pay taxes on money I transfer from Venmo to my bank account?
Transferring your own money from Venmo to your bank account is not a taxable event. However, if you received the money as payment for goods or services (not as a gift or personal reimbursement), that income is taxable regardless of which account it sits in. Venmo reports payments over $600 to the IRS, so keep records of what the money was for.