How to transfer money from Venmo to your bank account
To move money from Venmo to your bank account, open the Venmo app, tap the three-line menu icon, select "Transfer to Bank," choose your linked bank account, enter the amount, and confirm. The transfer takes one to three business days to arrive, depending on your bank. Venmo does not charge a fee for standard transfers, but you can pay a small fee (1% of the amount, minimum $0.25) to move the money the same day.
You must have a bank account linked to your Venmo profile before you can transfer. If you have not linked one yet, go to Settings, select "Payment Methods," tap "Add Bank Account," and follow the prompts to connect your checking or savings account. Venmo will verify the account by depositing two small amounts (usually under $1 each) into it, which you then confirm in the app.
Key Takeaways
- Standard transfers from Venmo to your bank account take one to three business days and cost nothing.
- You can pay 1% of the transfer amount (minimum $0.25) to receive the money the same day instead.
- Your bank account must be linked and verified in Venmo Settings before you can transfer money out.
- Transfers initiated on weekends or holidays will process on the next business day.
- Venmo holds your money in a Venmo balance until you transfer it; it does not automatically move to your bank.
Standard transfer vs. instant transfer: speed and cost
Venmo offers two ways to move money to your bank. A standard transfer takes one to three business days and costs nothing. An instant transfer arrives within 30 minutes and costs 1% of the amount you send, with a minimum fee of $0.25 and a maximum of $25 per transfer.
Standard transfers are best if you are not in a hurry. If you need the money the same day—to cover an unexpected bill or to move funds before a deadline—instant transfer is the faster option, though the fee adds up if you move money frequently. You choose which type when you initiate the transfer; Venmo shows you the fee before you confirm.
Transfers initiated after 9 p.m. Eastern time or on weekends and holidays will process on the next business day, even if you choose instant transfer. Some banks also take longer to post deposits, so the money may not show in your account immediately even after Venmo sends it.
Linking and verifying your bank account
Before you can transfer money out of Venmo, you must add and verify a bank account. Open the Venmo app, tap the three-line menu, go to Settings, select "Payment Methods," and tap "Add Bank Account." Enter your bank's name, your account number, and your routing number. You can find your routing number on a check or on your bank's website.
Venmo will deposit two small amounts (usually between $0.01 and $0.99) into your account within one to two business days. Once they arrive, go back to the app, tap "Confirm Deposits," and enter the two amounts. After you confirm, your account is verified and ready to use for transfers.
If you do not see the deposits after two business days, check your bank account statement carefully—they may be listed under a different name or description. If they do not appear, contact Venmo support through the app to request a resend. The verification process is free and protects both you and Venmo by confirming you own the account.
What happens if a transfer fails or takes too long
If a transfer does not arrive within the expected timeframe, first check that you initiated it correctly. Open your Venmo transaction history, find the transfer, and tap it to see its status. Venmo will show whether it is pending, processing, or completed. If the status says completed but your bank has not received it, contact your bank directly—the delay is usually on their end, not Venmo's.
A transfer can fail if your bank account information is incorrect, your account is closed, or your bank rejects the deposit for fraud prevention reasons. If Venmo shows the transfer failed, the money returns to your Venmo balance within one to three business days. You can then try again with corrected information or contact Venmo support if you believe the information was correct.
If you paid for an instant transfer and it did not arrive within 30 minutes, Venmo usually refunds the fee. Contact Venmo support through the app with the transaction ID and explain the delay. Keep screenshots of the transfer status and the time you initiated it.
Venmo balance vs. bank account: where your money sits
When someone sends you money on Venmo or you receive a refund, the money lands in your Venmo balance, not your bank account. Your Venmo balance is money held by Venmo that you can spend using your Venmo card, send to other Venmo users, or transfer to your bank. It is separate from your actual bank account.
Venmo does not automatically move money from your balance to your bank account. You must initiate a transfer yourself each time. This means if you receive $200 from a friend, that $200 stays in Venmo until you transfer it out. Some people use their Venmo balance like a digital wallet and leave money there; others transfer it to their bank immediately.
Your Venmo balance is protected by Venmo's fraud policies, but it is not FDIC-insured the way money in a bank account is. If you prefer your money in a bank account where it earns interest and has federal protection, transfer it out regularly rather than letting it accumulate in Venmo.
Transfers from a Venmo card or Venmo debit card
If you have a Venmo debit card, you can use it to spend money directly from your Venmo balance at stores and online. However, you cannot transfer money from the card itself to your bank account—the card is a spending tool, not a transfer tool. To move money to your bank, you must use the transfer feature in the Venmo app, which pulls from your Venmo balance regardless of whether you have a card.
If you want to move money from a Venmo card to your bank account, first make sure the funds are in your Venmo balance (not pending or frozen), then use the app to initiate a transfer. The card is linked to your balance, so transferring your balance is the same as transferring the money the card can access.
Frequently Asked Questions
Can I transfer money from Venmo to someone else's bank account?
No. Venmo transfers only go to the 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 bank first, then use your bank's bill pay or wire transfer service. Venmo is designed for peer-to-peer transfers between Venmo users, not for moving money into other people's accounts.
What if my bank account is not verified yet?
You cannot transfer money until your account is verified. Wait for the two small deposits from Venmo to arrive (one to two business days), then confirm them in the app. If deposits do not arrive after two business days, contact Venmo support to request a resend or try adding the account again with your routing number and account number.
Do I pay taxes on Venmo transfers to my bank account?
Transferring your own money from Venmo to your bank is not a taxable event. However, if you use Venmo to receive payment for goods or services (not just splitting bills with friends), Venmo reports those transactions to the IRS if they exceed $5,000 in a calendar year. Keep records of what each payment was for in case you need to report it on your taxes.
Why is my transfer still pending after three business days?
Check your Venmo app to confirm the transfer status. If it shows completed, the delay is likely at your bank—contact them to see if the deposit is in process or if there is a hold. If Venmo shows it is still pending, contact Venmo support with your transaction ID. Transfers initiated on weekends or holidays process on the next business day, so timing can add a day or two.
Can I cancel a transfer after I start it?
If the transfer is still pending, you can usually cancel it through the app by tapping the transaction and selecting cancel. Once it shows completed, you cannot cancel it—the money has left Venmo. If it was sent to the wrong account, contact Venmo support immediately with the transaction ID and explain the error.