How do I transfer crypto out of my Venmo account?
You can transfer crypto in your Venmo account to other Venmo users, PayPal users, or external crypto wallets. First, you’ll need to verify your identity with Venmo, then, follow these steps:
- Go to the Crypto tab
- Pick the crypto you want to send
- Note: PayPal USD (PYUSD) can only be sent to wallets that support it
- Tap the transfer arrows in the bottom right corner
- Tap Send
- Enter the recipient’s information – you can enter a Venmo username, an external wallet address, or select from recent recipients
- If you’re sending PYUSD, you may need to confirm the recipient’s wallet type
- Enter the amount of crypto you want to send and Venmo will calculate any relevant fees
- You may be able to select which network you want to use to send the transfer – make sure you and the recipient make the same choice or the transfer could be lost
- Review the transaction details
- Remember: Crypto transfers cannot be cancelled or reversed. Be sure the recipient’s details are correct. Crypto sent tothe wrong recipient, wrong address, or via unsupported networks will be lost.
- Hit Send to initiate the transfer
You can review your previous transactions in the feed on the Crypto tab.
What wallets support PayPal USD (PYUSD)?
PayPal USD (PYUSD) is PayPal’s stablecoin. It can be sent to other Venmo users, PayPal accounts, most Ethereum addresses in wallets that support ERC-20 tokens, and most Solana wallets that support SPL tokens.
If you’re planning to send PYUSD to a third-party wallet, please check to make sure that wallet supports PYUSD first.
What is a cryptocurrency network?
A cryptocurrency network refers to the specific blockchain that hosts a digital asset. For instance, the Ethereum token operates on the Ethereum blockchain. Some cryptocurrencies available on PayPal, such PayPal USD (PYUSD), are supported across multiple blockchains, allowing users to select their preferred network for deposits and withdrawals.
These networks may offer different benefits, such as lower fees or faster settlement times. Ethereum’s network offers Layer 2s, which can allow higher capacity and lower costs. Learn more about Layer 2 Crypto Transfers.
Some networks require additional information to process transfers correctly (e.g. memos on Stellar network), and some networks may not be available in certain regions due to regulatory requirements.
When you send or receive PYUSD using PayPal or an external wallet, you’ll have the option to select from supported networks during the transaction process.
Important: Always make sure both you and the other party are using the same network for the transfer. Sending assets to an incompatible address can result in loss of funds.
How do I receive a crypto transfer to my Venmo account?
If you’ve verified your identity with Venmo, you can receive crypto transfers from other Venmo users, PayPal users, and external wallets:
- Go to the Crypto tab
- Pick the crypto you want to receive
- Tap the transfer arrows in the bottom right corner
- Tap Receive
- You’ll see your crypto address QR code
- If you’re receiving PYUSD, you can toggle between networks like Ethereum and Solana – make sure you and the sender make the same selection or the transfer could be lost
- Depending on the selected network, additional information may be required to transfer the funds properly (e.g., memos on Stellar network)
- You can share your address with other people or they can scan the QR code
We’ll let you know by email when you receive crypto. You can always view the transfer status in your Crypto tab.
Make sure you check the crypto address type based on what is being transferred (for example, BTC should utilize a BTC address or ETH should utilize an ETH address). Crypto sent to the wrong address type (for example, sending BTC using a BCH address) or over an unsupported network (for example, sending via Arbitrum network to a wallet that only supports Ethereum mainnet network) may be lost.
Each time you receive crypto, your address will change for privacy reasons, previous addresses will be permanent and able to receive crypto.
Are there fees for sending or receiving crypto transfers on Venmo?
You can transfer crypto to other Venmo and PayPal accounts without fees. There are network fees for sending it outside of the Venmo and PayPal network.
How long does it take for a crypto transfer to process?
Crypto transfers to other Venmo users happen right away. If you are sending crypto to an external wallet, it can vary from a few minutes to a few hours depending on the blockchain used and network congestion – the app will give you an estimated completion time when you initiate the transfer.
In rare circumstances, an external transfer from a third-party crypto platform may not arrive by the expected time. In these cases, we recommend reaching out to the other platform to request a more specific timeline.
If a Venmo user receives a crypto transfer but they haven’t yet verified their identity, they’ll have 30 days to do so. Otherwise, the crypto will be returned to the sender.
Recipients can verify their identity in the Venmo app:
- Go to the Crypto tab
- Pick the crypto you want to receive
- Tap the transfer arrows in the bottom right corner
- Tap Receive
If needed, you’ll be asked to verify your identity.
If you’re unsure of the status of a crypto transfer, you can use the transaction hash in the confirmation email to check the status on your preferred blockchain verification website.
Can all Venmo users transfer crypto?
Venmo users must verify their identity in order to use crypto transfers.