Payment Services

How To Transfer Money From Venmo to Bank Account Via App?

Although many stores accept direct payment from Venmo, you may need to learn how to transfer money from Venmo to your bank account when you need funds elsewhere. 

What Will We Talk About Here?
  • You have to link bank account to Venmo for money transfer by Home-screen > 3 Bars > Settings > Payment Methods > Add Bank > Verify.
  • You can transfer money from Venmo to bank account by Home-screen > 3 Bars > Transfer Money > Transfer to Bank > Amount of Money > Confirm.
  • 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 Online

Many customers need clarification about how Venmo works to receive money and send funds because the process may look cumbersome on the surface. 

  • You need to link the bank account to Venmo and verify it before transferring the funds from your Venmo account to the bank. 

In contrast, the procedure is relatively 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

  1. Tap on the 3 horizontal bars at the top-right corner of the home screen on your Venmo app. 
  2. Then click on Settings and hover to Payment Methods. 
  3. Tap on Add a Bank or Card. 
  4. In the next step, click on Add a Bank. 
  5. Select how you would wish to verify the action. You can choose to provide a PIN or touch identification. 
  6. Confirm the action. 
Note! The newer version of Venmo App has replaced the three horizontal bars with “You”. This is what you should tap on to begin the process.

Verify Your Bank Account

The next step is to have your bank account verified with Venmo. This will allow the funds transfer to proceed swiftly and increase your daily and weekly spending limits with Venmo

You can verify your account through an instant verification process or micro-transfer. 

  • If you enter the wrong credentials, bank account linking and subsequent funds transfer will fail in both cases. 

Here’s what you need to do to have your bank account verified with Venmo. 

  • Instant Verification 

You need to provide Venmo with the username and password of the online banking account.

After that, you will be prompted to add the bank account details to Venmo. You can also choose Manual Verification and enter the bank’s account number and routing number to have it verified. 

  • Micro Transfers 

Microtransactions mean you can send money less than $1 from Venmo to the bank account you 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 crucial step, i.e., how can you transfer the funds from Venmo to your linked bank account? The excellent news is that you are done with all the tricky steps. It only gets easier now! 

  1. Click on the three horizontal bars on the top-right corner of the home screen. 
  2. Click on Transfer Money or Transfer Balance. 
  3. Then click on Transfer to Bank. 
  4. Enter the amount of money that you wish to send over. 
  5. Choose the mode of transfer, i.e. instant or standard. 
  6. Confirm the transfer details and tap the Transfer button to complete the task. 

Extra Reading

How To Add Funds To Your Venmo Account

Before transferring Money from Venmo to elsewhere, you must figure out how to Add Money to your Venmo account

If you plan to do it from the linked bank account, here’s a simple guide to help you through. 

  1. Open the Venmo app and click on the three horizontal lines. 
  2. Tap on Payment Methods
  3. Then choose to Add a Bank. 
  4. Provide bank details such as the account number and routing number so it can be verified. 
  5. Tap on Add Money and provide the amount you wish to transfer to your Venmo account. 
  6. 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. 

  • The instant transfer is $1.5% of the total amount, with $0.25 as a minimum and $15 as the maximum charge fee. 

On the other hand, standard transfers to any US bank account are entirely free. The only drawback is that they may take up to 3 days to complete, whereas instant transfers transfer funds in a minute. 

Attention! Regardless of the mode of transfer that you choose, they may be cancelled, blocked or postponed if the company identifies an issue.

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 time it takes for a Venmo payment to appear in your account depends on which mode of transfer you choose. 

  • Standard transfers typically arrive between 1-3 business days, whereas instant transfers are available within minutes. 

Sometimes, Venmo delays the transaction to review details, which may freeze the funds for hours or days. If this happens, you can contact Venmo customer support service for guidance. 

There can be many reasons why your money transfer from your Venmo account to your bank is blocked. Some of the issues to explore include: 

  • Your Venmo account may be blocked due to suspicious activities. 
  • A restriction or limit on your Venmo account may prevent you from completing the transfer. 
  • The debit card or bank account you use for the transfer may not be eligible. 
  • The bank account information you have provided can be incorrect. If the data does not match what you have registered on file, you may need to remove the bank and link it again. 

You can still get money from Venmo if you need a bank account. Some of the most reliable ways to do so are discussed below:

  • You can order a Venmo card from the app or website. You can use it to withdraw funds at an ATM or make purchases anywhere a Mastercard is accepted. 
  • Get a prepaid debit card from a major retailer. Then, funds can be transferred from Venmo to the prepaid card and used to make purchases. You can also withdraw funds from the prepaid card at an ATM.
  • Ask a friend with a Cash App account to transfer funds to your Venmo. You can repay them by withdrawing money from an ATM.
  • Similarly, Zelle can send money to your Venmo username/phone number. Ask a friend with a Zelle account to help you out. You can shop at stores that accept Zelle or withdraw cash at an ATM. 
  • You can transfer money from Venmo to PayPal, withdraw it to your bank account, or purchase items online. 
  • Use Venmo to purchase a Walmart MoneyCard or transfer funds to one. You can use the card to make Walmart purchases or cash at an ATM. Similarly, cards like Green Dot or Netspend can be used. 

The Bottom Line

Learning to link the two accounts makes it easy to receive money on Venmo or send it to a bank account. 

  • Remember to provide the proper credentials, or your request for a money transfer will be immediately declined. 

If you are hesitant about it for the first time, opt for a micro-transfer to ensure that your money gets through before you send over more significant funds. 

Frequently Asked Questions About Money Transfer From Venmo To Bank Account

How do you transfer money from Venmo to a bank on an iPhone?

In-app Venmo to bank transfer works the same way, regardless of your device. You need to download the Venmo app on your iPhone, open your account, and tap on Add or Transfer. Select the transfer mode and the amount you want to send to your bank account. Review and confirm the transaction. 

How can I instantly send money from my Venmo account to my bank account? 

You can transfer the funds by linking the two accounts and tapping the three horizontal bars. Next, click on transfer money > transfer to bank > provide the amount you wish to transfer and confirm the transaction. 

Remember to opt for an “instant mode of transfer” to send over the funds immediately. 

What is the easiest way to get money out of your 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. To avoid extra charges, select the Standard mode of transfer. 

How do you transfer money from Venmo to Cash App?

There is no direct way to send money from a Venmo account to a 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? 

Several online merchants now accept payments via Venmo. Some prominent names include Abercrombie & Fitch, Forever 21, and CVS.