Although there are a large number of stores that accept direct payment from Venmo, you may need to learn how to transfer money from Venmo to bank account when you need funds elsewhere.
What Will We Talk About Here?
1. You have to link bank account to Venmo for money transfer by Home-screen > 3 Bars > Settings > Payment Methods > Add Bank > Verify.
2. You can transfer money from Venmo to bank account by Home-screen > 3 Bars > Transfer Money > Transfer to Bank > Amount of Money > Confirm.
3. The instant transfer would cost you 1.5% of the amount whereas standard transfers are free.
…and Much More!
How To Transfer Money From Venmo To Bank Account
The reason that many customers have been confused about how does Venmo work to receive money and send funds is that the process may look cumbersome on the surface.
- You need to link the bank account to Venmo and have it verified before you can transfer the funds from your Venmo account to the bank.
In contrast, the procedure is rather simple especially after you have fully set up your Venmo account by adding a bank account.
Attention! You can get money from Venmo without a bank account by following the simple guide Here.
Now, if you are looking to transfer money from Venmo to bank account, here’s everything you need to do.
Link Bank Account To Venmo
- Tap on the 3 horizontal bars at the top-right corner of the home-screen on your Venmo app.
- Then click on Settings and hover to Payment Methods.
- Tap on Add a Bank or Card.
- In the next step, click on Add a Bank.
- Select how you would wish to verify the action. You can either choose to provide PIN or Touch identification.
- Confirm the action.
Verify Your Bank Account
The next step is to have your bank account verified with Venmo. This will not only allow the funds transfer to proceed swiftly but also increase your daily and weekly spending limits with Venmo.
You can verify your account either through instant verification process or by using micro transfers.
- In both cases, if you enter wrong credential, bank account linking and subsequent transfer of funds would fail.
Here’s what you need to do to have your bank account verified with Venmo.
- Instant Verification
You just need to provide the username and password of the online banking account to Venmo.
After that, you would be prompted to add the bank account details to Venmo. You can also choose Manual Verification and enter the account number and routing number of the bank to have it verified.
- Micro Transfers
Micro transaction means you can send money less than $1 from Venmo to the bank account you have just added or make similar small withdrawals between the two accounts.
The deposits will show up within 1-3 days after which you can verify the bank account.
Send Money From Venmo to The Bank
Now on to the most important step i.e. how can can you transfer the funds from Venmo to your linked bank account. Good piece of news is that you are done with all the tricky steps. It only gets easier now!
- Click on the three horizontal bars on the top-right corner of the home-screen.
- Click on Transfer Money or Transfer Balance.
- Then click on Transfer to Bank.
- Enter the amount of money that you wish to send over.
- Choose the mode of transfer i.e. instant or standard.
- Confirm the transfer details and tap the Transfer button to complete the task.
How To Add Funds To Your Venmo Account
Before you can think about transferring money from Venmo to elsewhere, you would have to figure out how to Add money to Venmo account.
If you plan to do it from the linked bank account, here’s a simple guide to help you through.
- Open the Venmo app and click on the three horizontal lines.
- Tap on Payment Methods.
- Then choose to Add a Bank.
- Provide bank details such as the account number and routing number to have it verified.
- Tap on Add Money and provide the amount of money that you wish to transfer to your Venmo account.
- Confirm the transaction through PIN or via Touch ID.
Venmo To Bank Account Money Transfer Fee and Other Charges
Similar to other money transfer apps, Venmo has transfer charges.
- Instant transfer is is $1.5% of the total amount with $0.25 as minimum and $15 as maximum charges fee.
On the other hand, standard transfers to any US bank account is completely free. The only drawback is that they may take up to 3 days to complete whereas instant transfers get funds across in a minute.
Moreover, providing correct information is essential for any sort of transfer. You can have your Venmo account frozen if provided data does not match verified bank credentials.
The Bottom Line
Whether you want to receive money on Venmo or send it to the bank account, it is quite easy if you learn to link the two accounts.
- Remember to provide the right credentials or your request for money transfer would be immediately declined.
If you are hesitant doing it for the first time, opt for a micro transfer to ensure that your money is getting through before you decide to send over larger sum of funds.
Frequently Asked Questions About Money Transfer From Venmo To Bank Account
How can I send money from my Venmo account to bank account instantly?
You can transfer the funds first by linking the two accounts and then tapping on the three horizontal bars. Next, click on transfer money > transfer to bank > provide the amount of money you wish to transfer and confirm the transaction.
Remember to opt for “instant mode of transfer” if you want to send over the funds immediately.
What is the easiest way to get money out of Venmo account?
One of the best ways to withdraw money from your Venmo account is to transfer it to a linked bank account or debit card. You can select Standard mode of transfer to avoid extra charges.
Can I transfer money from Venmo to Cash App?
There is no direct way to send money from a Venmo account to Cash App. However, you can link these two apps to the same bank account and use it as a bridge to exchange funds. Find out more about how this is done Here.
Can I use Venmo to pay online?
There are a number of online merchants that now accept payments via Venmo. Some prominent names include Abercrombie & Fitch, Forever 21, and CVS.