How to transfer money from Venmo to bank?

How to transfer money from Venmo to bank?

Venmo stands out as one of the broadest C2C (consumer-to-consumer) payment platforms out there, offering a highly convenient means of reimbursing friends for a fun night out, dividing expenses with roommates etc. Apart from this, Venmo has an “Instant Transfer” option that lets you deposit money quickly within 30 minutes. Not only this, there are still many more features available.

In this article, we will discuss majorly the Venmo-to-bank transfer process. 

So without any delay, let’s get started and know:

How to add money to Venmo?

If you have a Venmo Mastercard Debit Card and want to add funds to your balance, it’s a simple process. However, it’s important to note that Venmo only lets you add money to your account through a linked and verified bank account. You cannot use debit or credit cards to add funds to your Venmo balance.

To add funds to Venmo using a bank account, follow these steps:

  1. Open the Venmo app.
  2. Tap on the “Me” tab.
  3. Select “Manage” in the Wallet section.
  4. Enter the amount you want to transfer and tap “Next.”
  5. Choose the bank account you want to transfer money from.
  6. Tap “Add now.”

Now, I am assuming that you have a Venmo account setup, and you should also know that to need to link a bank account to Venmo. 

So, our next question is:

How to link Bank Account to Venmo?

To be honest, you can easily withdraw Venmo funds to your Bank Account, but for that, you must have to add and link your bank account to Venmo. Here is how you can do it:

  • Tap the hamburger icon in the top-left corner of the home screen and select “Settings”.
  • Tap “Bank Accounts” and then “Add Bank Account”. Make sure you choose the correct Venmo account if you have multiple.
  • Select your bank from the list or enter the routing number manually. If you don’t know your routing number, check the bottom of your checks. Tap “Continue” after selecting or entering your bank.
  • Enter your online banking login details to let Venmo access your account securely and link it. Tap “Log In” after entering the information.
  • Review the permissions Venmo is asking for and tap “Allow” when prompted. This will finish the process and add your bank balance to Venmo for making payments.

So this is one of the initial steps to transfer Venmo money to the bank.

Moving further, let us also know some fees associated with Venmo.

Venmo Fees & Charges

Venmo is a payment service that is limited to transactions in US Dollars only. It does not support currency exchange rates, which means that you can only send or receive payments in USD. However, it’s important to note that Venmo charges a percentage-based fee for every transaction, which is applicable to all payments made through the service.

Venmo bank transfer fee is quite straightforward, with different fees for different types of transactions. If you’re funding a transfer with a credit card, you’ll be charged a 3% flat fee. For instant Venmo transfers, there’s a 1% flat fee with a minimum of $0.25. However, you won’t pay any fees for transfers made using funds in your Venmo account or for transfers funded by bank transfers, debit cards, or most prepaid cards. Additionally, merchant payments made through Venmo are completely free, even if you use a credit card to fund the payment.

Now, it’s time to know the process of transferring money from Venmo to the bank account.

How to Transfer Venmo Balance to Bank Account?

See, after adding and verifying your bank account, you can easily transfer your Venmo funds to your bank account using your computer. Alternatively, you can use the Venmo app to make the transfer. Here’s how:

  1. Open the Venmo app and go to the “Me” tab.
  2. Tap the “Add or Transfer” button under Wallet.
  3. Enter or adjust the amount you want to transfer and choose between the “Instant” option (with a small fee) or the “1-3 Biz Days” option (with no fee).
  4. Select your preferred bank account or debit card to receive the transfer.
  5. Confirm the transfer details and hit the green “Transfer” button.

So this is how you can make the Venmo direct deposit to the bank account. Usually, it takes a few minutes only with the Instant option, but sometimes, it may take more time than expected.

Conclusion

As we know that Venmo is a popular peer-to-peer payment app that allows users to send and receive money quickly and easily. It offers a simple fee structure for transactions and allows users to add funds to their accounts using a bank account, debit card, or credit card. However, it can only be used to send or receive US Dollars, and exchange rates do not apply. Venmo also allows users to transfer their funds to their bank account using either the app or a computer. 

Frequently Asked Questions

Can I transfer some money from Venmo to my bank account?

Yes, you can transfer money from your Venmo account to your bank account by linking and verifying your bank account and initiating a transfer through the Venmo app.

Why can’t I transfer money from Venmo to my bank?

You can transfer money from Venmo to your bank account once you have added and verified it.

How do I get my money out of Venmo?

To transfer money from Venmo to your bank account, you need to add and verify your bank account. Then, use the Venmo app to initiate the transfer.

How do I transfer money from bank to bank on Venmo?

To transfer money from bank to bank on Venmo, add and verify your bank account, then tap the “Transfer to Bank” option, enter the transfer amount, and select your bank account to complete the transfer.

About Robert Fuller

Avatar photoRobert Fuller is a tech writer who simplifies complex concepts and helps readers stay up-to-date with the latest technology trends

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