How to Transfer Money from Venmo to Your Bank: A Complete Guide

 

Venmo makes it easy to manage money, split bills, and pay friends all within one app. Once you've accumulated funds in your Venmo balance, you might want to transfer that money to your bank account. This guide will walk you through how to transfer money to Venmo, move funds from Venmo to your bank, and make other essential payments with Venmo.

How to Transfer Money from Venmo to Your Bank Account

Transferring funds from Venmo to your bank is a simple and quick process. Follow these steps:

1. Open the Venmo App: Download the Venmo app if you haven't already, and log into your account.
2. Go to the “Me” Tab: Tap on your profile picture in the bottom right corner to access your account details.
3. Tap “Transfer to Bank”: Here, you’ll find options for transferring money from Venmo to your linked bank account.
4. Choose Transfer Type:
• Standard Transfer: This option is free and will typically take 1-3 business days to complete.
• Instant Transfer: For a small fee (1.5% of the transfer amount, with a minimum fee of $0.25 and a maximum of $15), you can transfer the money within minutes.
5. Select the Amount: Enter the amount you wish to transfer and choose your bank account if you have multiple linked.
6. Review and Confirm: Double-check your transfer details, and then confirm the transaction. Your funds will move to your bank according to the transfer type you selected.

How to Get Money from Venmo to Your Bank

If you want to access funds from your Venmo balance directly in your bank, follow these steps:

• Link a Bank Account: Make sure you’ve linked a bank account to Venmo. To add a bank account, go to Settings, select "Payment Methods," and add your bank details. Venmo will verify your bank with a test deposit and withdrawal, which could take 1-2 days.
• Transfer Funds from Venmo Balance: Once your bank is linked and verified, go to your Venmo balance, select “Transfer to Bank,” and follow the prompts.
• Choose Standard or Instant Transfer: For immediate access to funds, choose Instant Transfer. Standard transfer is free but requires a short waiting period.

How to Pay Someone on Venmo

Paying someone on Venmo is a fast and secure way to settle debts, split bills, or pay friends directly.

1. Go to “Pay or Request”: Tap the blue “Pay or Request” button on the home screen.
2. Find the Recipient: Enter the username, email, or phone number of the person you want to pay. Double-check the name and profile picture to ensure you have the right person.
3. Enter Payment Amount: Type in the amount you want to pay and add a brief note explaining the payment purpose (e.g., “dinner,” “movie tickets”).
4. Select Payment Method: Venmo allows you to pay directly from your linked bank account, debit card, or Venmo balance. Remember, using a credit card incurs a 3% fee.
5. Complete the Payment: Confirm and tap “Pay” to send the funds. The recipient will get the money instantly in their Venmo account.

How to Pay Someone with Venmo Using a QR Code

If you're paying someone in person, Venmo’s QR code feature is a quick way to make a payment.

1. Open Venmo and Tap “Scan”: Open the Venmo app, go to the home screen, and tap on the "Scan" icon.
2. Scan Their QR Code: Ask the recipient to display their QR code. Scan it with your camera to find their Venmo profile.
3. Enter the Payment Amount: Type the amount, add a note if needed, and tap “Pay” to complete the transaction.
4. Complete the Payment: Review the details and confirm. Your payment will be instantly sent to the recipient’s Venmo account.

How to Send Venmo Money from Your Bank Account

If you don’t have a balance in your Venmo account, you can still send money using a linked bank account. Here’s how:

1. Go to “Pay or Request”: Tap on the “Pay or Request” button and enter the recipient’s details.
2. Select Your Bank Account: Before finalizing, choose your linked bank account as the funding source. Venmo will pull funds directly from your bank, so you don’t need to maintain a Venmo balance.
3. Confirm and Send Money: Double-check the details, tap “Pay,” and Venmo will process the transaction. Your bank account will be debited, and the recipient’s Venmo account will be credited immediately.

How Do I Pay Someone on Venmo Without Linking a Bank Account?

If you prefer not to link a bank account, you can still pay someone on Venmo using a debit or credit card.

1. Add a Card: In the app, go to “Payment Methods,” then add your debit or credit card details.
2. Go to “Pay or Request”: Tap “Pay or Request,” find the recipient, enter the amount, and choose your card as the funding source.
3. Review and Confirm: Complete the payment by tapping “Pay.” Remember, using a credit card will incur a 3% fee.

Conclusion

Venmo provides users with multiple ways to manage money, whether you’re transferring funds to your bank, paying someone, or using a card for quick transactions. With the flexibility to choose between instant and standard transfers, you can control both the cost and speed of moving money. By following these steps, you can master how to transfer money from Venmo to your bank, pay friends, and keep your transactions as seamless as possible.

Frequently Asked Questions (FAQs)

1. Is it free to transfer money from Venmo to my bank account?

Yes, standard bank transfers are free, but they take 1-3 business days. Instant transfers are available for a 1.5% fee.

2. Can I transfer money from Venmo to my bank without a Venmo balance?

Yes, Venmo allows you to send payments directly from a linked bank account or card, so you don’t need a Venmo balance to make payments.

3. How fast are instant transfers from Venmo?

Instant transfers typically take 30 minutes or less to complete, depending on your bank.

4. Is there a limit to how much I can transfer from Venmo to my bank?

For verified accounts, the Venmo weekly transfer limit is $19,999.99. Standard users have a lower limit, so consider verifying your account for larger transfers.

5. Can I use Venmo internationally?

No, Venmo is only available for users within the United States and cannot be used for international payments.