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Crypto Transfers

  • Updated

Excited to move crypto in or out of your Venmo account? Look here for more info.  

 

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:

  1. Go to the Crypto tab
  2. Pick the crypto you want to send
    • Note: PayPal USD (PYUSD) can only be sent to wallets that support it
  3. Tap the transfer arrows in the bottom right corner
  4. Tap Send
  5. Enter the recipient’s information – you can search for then, enter a Venmo username, enter an external wallet address, or select from recent recipients
    • If you’re sending PYUSD, you may need to confirm the recipient’s wallet type
  6. Enter the amount of crypto you want to send and Venmo will calculate any relevant fees
  7. Review the transaction details
    • Remember: Crypto transfers cannot be cancelled or reversed. Be sure the recipient’s details are correct. Crypto sent to the wrong address will be lost.
  8. 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.  

 

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:

  1. Go to the Crypto tab
  2. Pick the crypto you want to receive
  3. Tap the transfer arrows in the bottom right corner
  4. Tap Receive
  5. You’ll see your crypto address QR code
    • If you’re receiving PYUSD, you can toggle between networks like Ethereum and Solana to make sure the address is compatible with the sender’s platform
  6. 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) will 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 . 

Learn more about fees on Venmo.

 

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:

  1. Go to the Crypto tab
  2. Pick the crypto you want to receive
  3. Tap the transfer arrows in the bottom right corner
  4. 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.

 

What is Ethereum Name Service (ENS) and how does it help me search for external crypto addresses?

Ethereum Name Service (ENS) is a domain naming system built on the Ethereum blockchain. It allows users to use recognizable names or words for their crypto wallet addresses, rather than the string of randomly generated letters and numbers of a standard Ethereum.

If you know your recipient’s ENS address, you can search for that instead of entering their wallet’s address.

 

Can I save crypto addresses to my Venmo account?

You can save crypto wallet addresses in the Venmo app:

  1. Go to the Crypto tab
  2. Tap the Settings gear in the top right
  3. Tap Address book
  4. Tap Add an address
  5. Enter the wallet address information and a nickname
  6. Tap Save address

When you send future crypto transfers, you’ll be able to enter a new wallet address, pick from recently used addresses, or pick a saved address.

If you want to manage your saved addresses, go to Address book in your crypto settings.

 

Can all Venmo users transfer crypto?

Venmo users must verify their identity in order to use crypto transfers. 

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