How to Move Money From Venmo to Your Bank Account

You can transfer money from Venmo to a linked bank account in one to three business days

Venmo holds your balance in a Venmo account, not a bank account. To move that money to your actual bank, you link a bank account to Venmo and request a transfer. The money arrives in one to three business days for standard transfers, or within 30 minutes for when ready transfers (which cost a small fee). You can transfer your full balance or any amount above $0.01.

The process is straightforward, but the timing and any fees depend on which transfer method you choose and which bank you use. Some banks process Venmo transfers faster than others, and when ready transfers cost money while standard transfers do not.

Key Takeaways

• Standard transfers from Venmo to a linked bank account take one to three business days and have no fee.
• when ready transfers arrive within 30 minutes but cost 1.75% of the amount you transfer (minimum 25 cents).
• You must link your bank account to Venmo before you can transfer money, which requires your routing number and account number.
• Transfers initiated on weekends or holidays may not begin processing until the next business day.
• If a transfer fails, Venmo returns the money to your Venmo balance within one to three business days.

How to link your bank account to Venmo

Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right corner. Select "Settings," then "Payment Methods." Tap "Add Bank Account" and choose whether you want to add a debit card or bank account. If you choose bank account, enter your routing number and account number. You can find both on a check, or log into your bank's website to view them.

Venmo will ask for your full name, date of birth, and the last four digits of your Social Security number to verify the account. After you submit this information, Venmo deposits two small amounts (usually under $1 each) into your bank account within one to two business days. You then return to Venmo and confirm the exact amounts of those deposits. This verification step confirms you own the bank account.

Once your bank account is verified, it appears in your Payment Methods list and you can transfer money to it when ready.

Steps to transfer money using the standard method

Open Venmo and tap the menu icon, then select "Transfers." Tap "Transfer to Bank." Choose the bank account you want to transfer to (if you have linked more than one). Enter the amount you want to transfer. Tap "Next," review the details, and tap "Transfer" to confirm.

Venmo shows a confirmation screen with a reference number. The transfer begins processing when ready, but the money does not leave your Venmo balance right away — it shows as "pending" until your bank receives it. Standard transfers typically arrive within one to three business days. If you initiated the transfer on a Friday evening or before a holiday, it may not begin processing until the next business day, which can extend the timeline.

You can check the status of a transfer by opening Venmo, tapping the menu icon, selecting "Transfers," and looking for the transaction in your history. Completed transfers show a checkmark.

How when ready transfers work and what they cost

when ready transfers move money from Venmo to your bank account within 30 minutes instead of one to three business days. To use this option, follow the same steps as a standard transfer, but select "when ready Transfer" instead of the standard option before you confirm.

when ready transfers cost 1.75% of the amount you transfer, with a minimum fee of 25 cents. If you transfer $100, the fee is $1.75. If you transfer $20, the fee is still 25 cents. The fee is deducted from your Venmo balance before the transfer is sent, so if you have $100 in Venmo and request a $100 when ready transfer, your bank receives $98.25 and your Venmo balance becomes $0.

when ready transfers are available to most Venmo users, but some banks do not support them. If your bank is not compatible, the when ready transfer option will not appear when you try to transfer. In that case, you can only use standard transfers.

What to do if a transfer fails or takes longer than expected

If a transfer fails, Venmo sends a notification explaining why. Common reasons include an incorrect routing or account number, a closed bank account, or a mismatch between the name on your Venmo account and the name on your bank account. If the transfer fails, the money returns to your Venmo balance within one to three business days.

If a transfer is taking longer than the stated timeframe, check your bank account to confirm it has not already arrived — some banks post transfers at different times of day. If the money has not arrived after three business days for a standard transfer or 30 minutes for an when ready transfer, open Venmo, find the transfer in your history, and tap it to see if there is an error message. If you see no error and the money has not arrived, contact Venmo support through the app by tapping the menu icon, selecting "Help," and choosing "Contact Us."

Your bank may also hold the transfer temporarily if it flags the transaction as unusual. Contact your bank directly if you see the transfer has been sent but has not posted to your account after the expected time.

Transferring money on weekends and holidays

Venmo processes transfers 24 hours a day, but your bank only processes them during business hours. If you request a standard transfer on a Saturday, Sunday, or federal holiday, Venmo accepts the request when ready, but your bank does not begin processing it until the next business day. This means a transfer requested on Friday evening may not arrive until Tuesday or Wednesday, even though Venmo shows it as sent.

when ready transfers also depend on your bank's processing schedule. If you request an when ready transfer outside business hours, it may take longer to arrive because your bank cannot post it until it reopens. Check your bank's hours if a transfer seems delayed.

Removing or changing a linked bank account

To remove a bank account from Venmo, open the app, tap the menu icon, select "Settings," then "Payment Methods." Find the bank account you want to remove and tap it. Scroll down and tap "Remove This Bank Account." Confirm the removal. You cannot remove a bank account if a transfer to it is currently pending.

To change which bank account you transfer to, straightforward select a different account when you initiate a new transfer. You can link up to five bank accounts to a single Venmo account, so you can keep multiple options available without removing and re-adding accounts.

Frequently Asked Questions

Can I transfer money from Venmo to someone else's bank account?

No. Venmo only transfers money to a bank account that is linked to your own Venmo account. 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 transfer service to send it to them.

What is the maximum amount I can transfer at once?

Venmo does not publish a single maximum transfer amount. Limits vary based on your account history, how long you have used Venmo, and your bank's policies. If you try to transfer an amount that exceeds your limit, Venmo shows an error message. You can transfer smaller amounts multiple times if you need to move a large balance.

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 in Venmo as payment for goods or services, that income may be taxable depending on the amount and your location. Venmo reports payments over $5,000 to the IRS, and some states have lower reporting thresholds. Consult a tax professional about your specific situation.

Why is my transfer still pending after three business days?

Check your bank account first — the money may have arrived but not posted yet. If it has not arrived, the transfer may have failed due to an incorrect account number or a closed account. Open Venmo, find the transfer in your history, and tap it to see if an error message appears. If you see no error, contact your bank to confirm they have received the transfer.

Can I cancel a transfer after I have sent it?

You can cancel a standard transfer only if it is still showing as pending in Venmo and your bank has not yet processed it. Open Venmo, find the transfer, and tap it to see if a cancel option appears. Once a transfer shows as completed or your bank has posted it, you cannot cancel it through Venmo. Contact your bank if you need to reverse a completed transfer.