Do payments sent to me automatically show up in my bank account?
Nope - whenever you receive a payment from one of your friends, the money is put in your Venmo account. You need to initiate a bank transfer for the funds to be sent to your bank account. You can do that by tapping the "☰" icon at the top of the app and then "Transfer to Bank" or “Transfer Money” (Alternately: Tap “Manage Balance” and then “Transfer to Bank”). Then, choose "Instant" (1% fee, minimum of $0.25 and maximum of $10.00) or "1-3 biz days" (no fee). Please note that transfers are reviewed which could cause a delay or for funds to be frozen or removed from your Venmo account.
Find out more about the money in your Venmo account here.
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 ($2,999.99 per transfer). Your limit will be set at $999.99 if you haven’t verified your identity. 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’d like to move the money from your Venmo account into your bank account more quickly, you might consider an instant transfer. 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% fee (with a minimum fee of $0.25 and a maximum fee of $10) is deducted from the transfer amount for each transfer.
If you’ve already initiated a standard bank transfer, there’s not a 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.
Where is my bank transfer?
Missing your transfer in your bank account? It’s possible your bank could have back-dated the transfer to an unexpected date. We recommend checking your bank statement within a range of two days around the expected date that you were shown when you initiated the transfer. You should see something along the lines of “VENMO-0 CASHOUT”. If you’re still not seeing the funds in your bank account, check out this article for more information and ways to contact us about it.
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% fee (a minimum fee of $0.25 and a maximum fee of $10 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.