Moving money from your Venmo account to a bank account? Check out these frequently asked questions.
Do payments sent to me automatically show up in my bank account?
Nope! Whenever you receive a payment on Venmo, that money is put into your Venmo account. You'll need to initiate a bank transfer to send the funds to your bank account.
You can send the money in your Venmo account to your bank using the Standard or Instant method. If you’re on the Venmo app, go to the Me tab, then tap Add or Transfer under Wallet (some users may see a Manage button here instead).
Next, choose "Instant" (1.75% fee, minimum of $0.25 and maximum of $25) or "1-3 biz days" (no fee) and tap Transfer. Please note that transfers are reviewed which could cause a delay or for funds to be frozen or removed from your Venmo account.
What is the limit on bank transfers?
If you’ve verified your identity with us, your weekly rolling limit for bank transfers is $19,999 ($5000 per transfer). Your limit will be set at $999.99 if you haven’t verified your identity. Transfers can be declined for reasons other than the limit. To learn more about limits, or how to verify your identity, please see this article. As noted in Venmo’s User Agreement, these limits may change from time to time in Venmo’s sole discretion.
Can you rush my bank transfer?
If you’ve already initiated a standard bank transfer, there’s no way for us to expedite that process. Once you request a transfer, the money leaves our system, and the money is sent to your bank to process. For more info about when you can expect to receive those funds, please see this article.
If you’d like to move the money from your Venmo account into your bank account more quickly, you might consider an instant transfer in the future.
- Instant transfer is a feature that allows Venmo users to transfer the money in their Venmo account to certain bank accounts or eligible Visa and Mastercard debit cards, typically within 30 minutes. A 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25) is deducted from the transfer amount for each transfer.
What is the difference between instant transfer and standard bank transfer?
There are two ways to get your money out of your Venmo account:
- Instant transfer to your eligible bank account or debit card. This type of transfer incurs a 1.75% fee (a minimum fee of $0.25 and a maximum fee of $25 is deducted from the transfer amount for each transfer) and typically arrives within 30 minutes. Please see more information here.
- Standard transfer through the ACH network to your verified checking account (which is free but typically arrives 1-3 business days after you request the transfer.)
Please note, transfers are reviewed which may result in delays or funds being frozen or removed from your Venmo account. Learn more here.