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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
  6. If you want to send crypto to other Venmo users, enter their name
  7. If you want to send crypto to a PayPal user or an external wallet, enter their address
  8. You can also tap Scan a crypto address QR code to scan the recipient’s code
  9. Enter the amount of crypto you want to send – Venmo will calculate any relevant fees
  10. 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.
  11. 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, and most Ethereum addresses in wallets that support ERC-20 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
  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? 

Sending crypto outside of Venmo or the PayPal network will incur a network fee, also known as the blockchain network fee. It isn’t a Venmo transaction fee. 

The fee may fluctuate, depending on the network congestion. We will show you the amount you will pay for network fees when you send your crypto and add it to the amount of crypto you want to send. 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.

 

Can all Venmo users transfer crypto?

Venmo’s crypto services are not available in Hawaii. Crypto transfers are not available in the state of New York. Venmo users must verify their identity in order to use crypto transfers.

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