The money in your Venmo account is made up of payments you received from friends that you did not spend did not send, or did not transfer to your bank account. On the web, you can see how much money is in your account by going to your profile page. If you have a balance, you can use the money in your account to make payments to friends. You can also use Venmo at checkout from authorized merchant apps or mobile websites. Some merchants also allow Venmo QR code purchases in the billing store. Some Venmo users also have a Venmo debit card which can be used anywhere in the United States where Mastercard is accepted. Venmo should not be used in any other way to make purchases, unless expressly authorized by Venmo. Here in this article, we discuss how to transfer money from Venmo to bank.
If you do not have access to a balance. You can still receive payments in Venmo and transfer the money to a bank account, but you cannot use the money in your account to make payments in Venmo until you verify your identity.
How to transfer money to a bank account
Add a bank account
To add a bank account to your Venmo account from a computer.
- Navigate to the “You” tab by selecting the single person icon blobid1.png
- Tap the Settings tool in the upper right and then “Payment methods.”
- Tap “Add bank or card …” and then select “Bank”
- Select your preferred verification method
If you choose to add your bank account manually, do not enter the check number that appears after your account number. This could lead to your bank failing or rejecting the transfer. Also, when you manually add your Venmo bank account, venmo send micro-transfers to your bank account to verify ownership (each of which will be $ 1 or less). To avoid overdrafts or other bank charges, make sure you have at least $ 2 in your bank account.
Verify your bank account
To send payments directly from your bank account, you will need to verify them. We also recommend taking the time to verify your bank account before transferring funds to avoid complications.
If you entered the wrong account information, a few things can happen:
Your bank will not be able to locate your account and your wire transfer will fail. It is possible that the money will be returned to us after a few days and returned to your Venmo account, but we cannot guarantee that this will happen. If the bank does not return the transfer, the funds may be lost. Venmo is not responsible for lost transfers as a result of incorrect bank credentials. Your bank will be the best point of contact in this situation.
Transfer funds to a bank account
Once your bank account has been added and verified, transfer funds to your bank account if you are using a computer. You can also use the Venmo app to send the money in your Venmo account to your bank using the Standard or Instant method. If you’re in the Venmo app, go to the “You” tab by selecting the individual blobid0.png icon, then tap the “Add or Transfer” button below your profile picture. Then follow these steps to start your transfer:
- Enter or edit what you want to transfer to your bank
- Tap “Instant” (for a small fee) or “1-3 business days” (free of charge) and select your preferred bank account or debit card.
- Confirm your transfer details and touch the green “Transfer” button
Before you go, I hope that the above article how to transfer money from Venmo to bank will be helpful and informational for you.