Moving money from your Venmo balance to your bank account is a straightforward process, allowing you to access your funds in your personal bank. Whether you’ve received payments from friends, family, or sold goods, transferring that money to your bank offers flexibility in how you manage your finances. Here’s a comprehensive guide on how to transfer money from Venmo to your bank account.
Prerequisites: Setting Up Your Bank Account
Before initiating a transfer, you must link and verify your bank account with your Venmo account. This crucial step ensures the security and accuracy of your transactions. Venmo strongly recommends bank verification to prevent any issues with your transfers and ensure your money reaches the correct destination.
Failing to correctly input your bank details can lead to complications, and Venmo cannot be held responsible for transfers sent to the wrong bank accounts due to user error.
To add your bank, navigate to the settings within the Venmo app and select the option to add a bank account. You’ll be prompted to enter your bank account information, including routing and account numbers.
Verification typically involves Venmo making small deposits into your bank account, which you’ll then need to confirm within the Venmo app. This process confirms you are the rightful owner of the bank account.
Step-by-Step Guide to Transferring Funds
Once your bank account is successfully added and verified, transferring money from your Venmo balance is a simple process, whether you are using the mobile app or accessing Venmo from a computer.
Using the Venmo App:
- Navigate to the “Me” Tab: Open your Venmo app and locate the “Me” tab, usually found at the bottom of the screen, often represented by a single person icon or your profile picture.
- Access the Transfer Option: Underneath your Venmo balance, you’ll find an “Add or Transfer” button. Some users might see “Manage” instead. Tap this button to proceed with the transfer.
- Specify the Transfer Amount: Enter the exact amount of money you wish to transfer from your Venmo account to your linked bank.
- Choose Your Transfer Speed: Select your preferred transfer method. Venmo typically offers two options:
- Instant Transfer: This option is faster, usually completing within minutes, but comes with a fee.
- Standard Transfer (1-3 business days): This standard option usually arrives in your bank account within one to three business days and generally has no transfer fee. Be sure to note any fees associated with your chosen method before proceeding.
- Confirm and Initiate Transfer: Review all transfer details, including the amount and transfer method, and then tap the green “Transfer” button to finalize and initiate the transfer to your bank account.
Using the Venmo Website:
If you prefer using a computer, you can also transfer your Venmo balance through the website:
- Log in to Venmo: Access the Venmo website and sign in to your account using your credentials.
- Find “Transfer Balance”: In the sidebar menu, locate and click on the “Transfer balance” option. Alternatively, you may find a direct link to initiate a transfer within your account dashboard.
- Follow the App Steps: From this point, the steps are identical to those in the app. You’ll enter the transfer amount, select your transfer method (Instant or Standard), and confirm the transaction.
Important Considerations for Transfers
It’s important to remember that all transfers are subject to review by Venmo. This review process may sometimes cause delays, or in certain situations, funds might be temporarily held or removed from your Venmo account for security reasons or to ensure compliance with regulations.
While Venmo aims to process transfers quickly, especially instant transfers, processing times can vary. Standard transfers typically take 1-3 business days, excluding weekends and bank holidays. Instant transfers are generally much faster but always check the estimated arrival time provided by Venmo and be aware of any associated fees.
By following these steps, you can efficiently transfer your funds from Venmo to your bank account, giving you easy access to your money when you need it.
