How to Move Money From Venmo to Your Bank Account

You can transfer money from Venmo to a linked bank account in two to three business days, or when ready for a small fee

Venmo holds money in your account until you move it out. To get cash into your actual bank account, you link a debit card or bank account to Venmo, then initiate a transfer from the Venmo app. The standard transfer takes two to three business days and costs nothing. when ready transfers arrive within 30 minutes but charge a percentage fee — currently 1% of the amount, with a minimum of 25 cents.

The process itself takes less than a minute once your bank account is connected. You choose how much to move, pick the speed, and confirm. The money then leaves your Venmo balance and enters your bank account on the timeline you selected.

Key Takeaways

• Standard transfers to your bank account are free but take two to three business days to arrive.
• when ready transfers cost 1% of the amount you're moving and arrive within 30 minutes.
• You must link a U.S. bank account or debit card to Venmo before you can transfer money out.
• Transfers initiated on weekends or holidays may not begin processing until the next business day.

How to link a bank account to Venmo

Open the Venmo app and tap the three horizontal lines (menu) in the bottom right corner. Select "Settings," then "Payment Methods." Tap "Add a bank account" and choose whether you're adding a checking or savings account. Venmo will ask for your bank's routing number, your account number, and the account holder's name.

You can find your routing number on the bottom left of any check, or by searching your bank's name plus "routing number" on your bank's website. Your account number appears on the bottom center of a check, or in your online banking portal. After you enter this information, Venmo sends two small deposits (usually between 1 and 2 cents each) to your bank account within one to two business days. You then return to Venmo, enter the exact amounts of those deposits, and confirm the account.

Alternatively, you can link a debit card instead of a bank account. Tap "Add a debit card" and enter the card number, expiration date, and CVV. This process completes when ready without the verification deposits.

Standard transfers: free but slower

A standard transfer moves money from Venmo to your bank account at no cost. The transfer takes two to three business days to complete. This means if you initiate a transfer on a Tuesday, the money typically arrives by Thursday or Friday. Transfers started on Friday, Saturday, or Sunday usually don't begin processing until Monday, so they arrive Wednesday or Thursday.

Standard transfers are the default option when you open the transfer screen. You see the amount, the receiving bank account, and a message saying "Transfers typically arrive in 1-3 business days." Tap "Transfer" to confirm, and the money leaves your Venmo balance when ready, even though it hasn't reached your bank yet.

when ready transfers: fast but with a fee

An when ready transfer moves money from Venmo to your bank account within 30 minutes. Venmo charges 1% of the amount you transfer, with a minimum fee of 25 cents. So if you transfer $100, you pay $1. If you transfer $20, you pay 25 cents. The fee is deducted from the amount you're moving — if you transfer $100 with a $1 fee, your bank account receives $99.

To use when ready transfer, select the amount you want to move, then tap "when ready" instead of the standard option. The app shows you the fee before you confirm. Tap "Transfer" and the money begins moving to your bank account. Most transfers arrive within 30 minutes, though Venmo states they can take up to one hour.

when ready transfers are available only to accounts that have been verified with a Social Security number and address. If you haven't completed this verification, Venmo will prompt you to do so before offering when ready transfer as an option.

What happens if a transfer fails or takes longer

If a transfer fails, Venmo returns the money to your Venmo balance within one to two business days. Common reasons for failure include an incorrect account number, a closed bank account, or a mismatch between the name on your Venmo account and the name on your bank account. Check that the receiving account details are correct and try again.

If a standard transfer hasn't arrived after three business days, contact your bank first — the delay may be on their end. If your bank confirms they haven't received it, contact Venmo through the app by tapping the menu, selecting "Help," and choosing "Contact Us." Venmo's support team can investigate the transfer and may be able to resend it or refund the amount.

Fees and limits on transfers

Standard transfers are free. when ready transfers cost 1% with a 25-cent minimum. Venmo does not charge a fee to receive money from other users, only to move it out to your bank account.

Venmo does not publish a maximum transfer amount, but your bank may have limits on how much can be deposited in a single transaction or over a set period. Check your bank's policies if you're moving a large sum. Some banks flag transfers over a certain amount for review, which can delay the deposit by a day or two even after the transfer completes on Venmo's end.

Transferring to a debit card instead of a bank account

You can also transfer money from Venmo to a linked debit card. The process is identical to transferring to a bank account — you select the debit card as your destination, choose standard or when ready, and confirm. Standard transfers to a debit card take one to three business days. when ready transfers to a debit card cost 1.5% instead of 1%, with a 25-cent minimum.

Debit card transfers are useful if you want to move money to a card you use frequently, or if you haven't yet linked a bank account. However, the higher fee for when ready transfers makes bank account transfers the cheaper option if speed matters.

Frequently Asked Questions

Can I transfer money from Venmo on a weekend?

You can initiate a transfer on a weekend through the Venmo app, but processing doesn't begin until the next business day. A standard transfer started Saturday or Sunday typically arrives Wednesday or Thursday. when ready transfers also don't process until the next business day, so they arrive the following day.

What if the name on my Venmo account doesn't match my bank account?

Venmo requires the name on your Venmo account to match the name on your linked bank account. If they don't match, update your Venmo name in Settings before attempting a transfer. If the names still don't match after you update, contact your bank to confirm the exact spelling of the account holder's name on file.

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 money on Venmo for goods or services, that income may be taxable depending on the amount and your location. Venmo reports certain transactions to the IRS; consult a tax professional about your specific situation.

How long does it take to link a bank account to Venmo?

Linking a debit card is when ready. Linking a bank account takes one to two business days for Venmo to send the verification deposits, then a few minutes for you to confirm them once they arrive. After confirmation, the account is ready to use when ready.

Can I cancel a transfer after I've started it?

You can cancel a standard transfer within 30 minutes of initiating it. After 30 minutes, the transfer is processing and cannot be stopped. when ready transfers cannot be canceled once confirmed. If you need to cancel, open the transfer in your transaction history and look for a "Cancel" button if it's still available.